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Studies on the Amino Acid and Fatty Acid Compositions in the Seed and Pulpy Substance of Feral Peach (Prunus persica Batsch var. davidiana Max.) (야생 돌복숭아 씨와 과육의 아미노산 및 지방산 조성에 관한 연구)

  • Kim, Han-Soo
    • Journal of Life Science
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    • v.17 no.1 s.81
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    • pp.125-131
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    • 2007
  • Amino acid and fatty acid compositions of the physiological activity substance in the seed and pulpy substance of feral peach (Prunus persica Batsch var. davidiana Max.) were analyzed for the use as an biohealth functional processed products. The proximate compositions in the vacuum freeze dried seed and pulpy substance of feral peach were carbohydrate 63.92% and 75.11%, crude protein 27.85% and 12.77%, moisture 3.61% and 4.69%, crude fat 1.21% and 4.80%, crude ash 3.41% and 2.63%, respectively. Total amino acid contents in the protein of feral peach seed were 3,444.35 mg%, and the major amino acids were aspartic acid(681.10 mg%), glutamic acid(495.48 mg%), alanine(283.66 mg%), serine(251.36 mg%), proline(229.80 mg%), lysine(192.31 mg%) and leucine(191.34 mg%), respectively. Total amino acid contents in the protein of feral peach pulpy substance were 1,064.02 mg%, and the major amino acids followed aspartic acid(250.15 mg%), glutamic acid(129. 63 mg%), lysine, proline, leucine, alanine and serine, in a decreasing order. The richest total amino acid content contained in feral peach seed and pulpy substance was aspartic acid, followed by glutamic acid. The amount of free amino acids of feral peach seed were 6,215.34 ms%, and the major free amino acids were glutamic acid(827.25 mg%), threonine, valine and $\beta-aminobutyric$ acid, respectively. Free amino acid contents of pulpy substance were 683.82 mg%, and the major free amino acids were glutamic acid(339.49 mg%), serine proline, alanine and $\gamma-amino-n-butyric$ acid. Especially, in the case of glutamic acid, it was highest. The compositions of major total fatty acid in the lipid feral peach (Prunus persica Batsch var. davidiana Max.) seed and pulpy sabstance were linoleic acid($C_{18:2}$, n-6) and linolenic acid($C_{18:3}$, n-3), particularly.

A Study on Comparative Analysis of Socio-economic Impact Assessment Methods on Climate Change and Necessity of Application for Water Management (기후변화 대응을 위한 발전소 온배수 활용 양식업 경제성 분석)

  • Lee, Sangsin;Kim, Shang Moon;Um, Gi Jeung
    • Journal of Korean Society of societal Security
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    • v.4 no.2
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    • pp.73-78
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    • 2011
  • In order to resolve the problem of change in global climate which is worsening as days go by and to preemptively cope with strengthened restriction on carbon emission, the government enacted 'Framework Act on Low Carbon Green Growth' in 2010 and selected green technology and green industry as new national growth engines. For this reason, the necessity to use the un-utilized waste heat across the whole industrial system has become an issue, and studies on and applications of recycling in the agricultural and fishery fields such as cultivation of tropical crops and flatfishes by utilizing the waste heat and thermal effluent generated by large industrial complexes including power plants are being actively carried out. In this study, we looked into the domestic and overseas examples of having utilized waste heat abandoned in the form of power plant thermal effluent, and carried out economic efficiency evaluation of sturgeon aquaculture utilizing thermal effluent of Yeongwol LNG Combined Cycle Power Plant in Gangwon-do. In this analysis, we analyzed the economic efficiency of a model business plan divided into three steps, starting from a small scale in order to minimize the investment risk and financial burden, which is then gradually expanded. The business operation period was assumed to be 10 years (2012~2021), and the NVP (Net Present Value) and economic efficiency (B/C) for the operation period (10 years) were estimated for different loan size by dividing the size of external loan by stage into 80% and 40% based on the basic statistics secured through a site survey. Through the result of analysis, we can see that reducing the size of the external loan is an important factor in securing greater economic efficiency as, while the B/C is 1.79 in the case the external loan is 80% of the total investment, it is presumed to be improved to 1.81 when the loan is 40%. As the findings of this study showed that the economic efficiency of sturgeon aquaculture utilizing thermal effluent of power plant can be secured, it is presumed that regional development project items with high added value can be derived though this, and, in addition, this study will greatly contribute to reinforcement of the capability of local governments to cope with climate change.

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A Kinematical Analysis of Belle Motion on Parallel Bars (평행봉 Belle 기술동작의 운동학적 분석)

  • Kong, Tae-Ung
    • Korean Journal of Applied Biomechanics
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    • v.15 no.4
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    • pp.43-53
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    • 2005
  • This study is to define how the difference of athletic change influence on the last regrasp after somersault in Belle movement of parallel bars. For his study, the following conclusion was produced by analysis of athletic change by means of three dimensional visual image in three athlete of nation. 1. As the picture of S1, there are total used time(2.01 sec), S3(2.17 sec) and S2(2.19 sec). In case of a short needed time, it is difficult for them to perform the remaining movement of the vertical elevating flight easily and comfortably, it is judged as performing the small movement with restrict swing. 2 In the change of body center sped by each event, it is calculated as $-89.1^{\circ}$ the narrowest in S1, $-81.96^{\circ}$ the widest and then $86.34^{\circ}$ in S3. In E3 event, average compound speed is 4.07m/s, S2 showed the fastest speed of 4.14m/s whereas S1 the narrowest angle of 3.95m/s. 3. A shoulder joint and coxa are the period of mention in E3. In E4 which was pointed out the longest vertical distance, S2 that is indicated the highest vertical height as the period of detach in parallel bars. showed -3.91m. This is regarded as a preparatory movement for dynamic performance after using effectively elastic movement of shoulder joint and coxa while easily going up with turning back movement. In the 5th phrase, long airborne time and vertical change position is showed as the start while regrasping securely air flight movement from high position. 4. In E5, a long flight time and a long vertical displacement were shown as the regrasp after somersault efficiently in high position with stability from the point of the highest peak of the center of the body. Especially, S2 is marked as a little bit long position, while S1 is reversely indicated as performing somersault and unstable motion in a low position. 5. In E3, at the point of the largest extension of the shoulder joint and hip joint the shoulder joint is largely marked in $182^{\circ}$ and the hip point $182^{\circ}$ in S2. The shoulder joint is marked at the smallest angle in $177^{\circ}$ and the hip point $176^{\circ}$ in S1. And S1 is being judged by its performance of the less self - confident motion with lessening a breath of swing. S2 makes the most use of flexion and extension of the shoulder joint and the hip joint effectively. It was performed greatly with swinging and dropping the rotary movement and the rotary inertia naturally. 6. In E6, as the point of regrasp of the upper arm in parallel bars it is recognized by the that of components of vertical and horizontal velocity stably. During this study, the insufficient thing and the study on the parallel bars at a real game later are more activated than now. If it is really used as the basic materials by means of Belle Picked Study of Super E level after Bell movement, you may perceive the technique movement previously and perform without difficulty. Especially, such technique as crucifix is quite advantageous for oriental people thanks to small body shape condition. In conclusion we will nicely prepare for our suitable environment to gradually lessen trials and errors by analyzing and studying kinematically this movement.

Error Analysis of Image Velocimetry According to the Variation of the Interrogation Area (상관영역 크기 변화에 따른 영상유속계의 오차 분석)

  • Kim, Seojun;Yu, Kwonkyu;Yoon, Byungman
    • Journal of Korea Water Resources Association
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    • v.46 no.8
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    • pp.821-831
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    • 2013
  • Recently image velocimetries, including particle image velocimetry (PIV) and surface image velocimetry (SIV), are often used to measure flow velocities in laboratories and rivers. The most difficult point in using image velocimetries may be how to determine the sizes of the interrogation areas and the measurement uncertainties. Especially, it is a little hard for unskilled users to use these instruments, since any standardized measuring techniques or measurement uncertainties are not well evaluated. Sometimes the user's skill and understanding on the instruments may make a wide gap between velocity measurement results. The present study aims to evaluate image velocimetry's uncertainties due to the changes in the sizes of interrogation areas and searching areas with the error analyses. For the purpose, we generated 12 series of artificial images with known velocity fields and various numbers and sizes of particles. The analysis results showed that the accuracy of velocity measurements of the image velocimetry was significantly affected by the change of the size of interrogation area. Generally speaking, the error was reduced as the size of interrogation areas became small. For the same sizes of interrogation areas, the larger particle sizes and the larger number of particles resulted smaller errors. Especially, the errors of the image velocimetries were more affected by the number of particles rather than the sizes of them. As the sizes of interrogation areas were increased, the differences between the maximum and the minimum errors seemed to be reduced. For the size of the interrogation area whose average errors were less than 5%, the differences between the maximum and the minimum errors seemed a little large. For the case, in other words, the uncertainty of the velocity measurements of the image velocimetry was large. In the viewpoint of the particle density, the size of the interrogation area was small for large particle density cases. For the cases of large number of particle and small particle density, however, the minimum size of interrogation area became smaller.

Experimental Studies on the Properties of Epoxy Resin Mortars (에폭시 수지 모르터의 특성에 관한 실험적 연구)

  • 연규석;강신업
    • Magazine of the Korean Society of Agricultural Engineers
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    • v.26 no.1
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    • pp.52-72
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    • 1984
  • This study was performed to obtain the basic data which can be applied to the use of epoxy resin mortars. The data was based on the properties of epoxy resin mortars depending upon various mixing ratios to compare those of cement mortar. The resin which was used at this experiment was Epi-Bis type epoxy resin which is extensively being used as concrete structures. In the case of epoxy resin mortar, mixing ratios of resin to fine aggregate were 1: 2, 1: 4, 1: 6, 1: 8, 1:10, 1 :12 and 1:14, but the ratio of cement to fine aggregate in cement mortar was 1 : 2.5. The results obtained are summarized as follows; 1.When the mixing ratio was 1: 6, the highest density was 2.01 g/cm$^3$, being lower than 2.13 g/cm$^3$ of that of cement mortar. 2.According to the water absorption and water permeability test, the watertightness was shown very high at the mixing ratios of 1: 2, 1: 4 and 1: 6. But then the mixing ratio was less than 1 : 6, the watertightness considerably decreased. By this result, it was regarded that optimum mixing ratio of epoxy resin mortar for watertight structures should be richer mixing ratio than 1: 6. 3.The hardening shrinkage was large as the mixing ratio became leaner, but the values were remarkably small as compared with cement mortar. And the influence of dryness and moisture was exerted little at richer mixing ratio than 1: 6, but its effect was obvious at the lean mixing ratio, 1: 8, 1:10,1:12 and 1:14. It was confirmed that the optimum mixing ratio for concrete structures which would be influenced by the repeated dryness and moisture should be rich mixing ratio higher than 1: 6. 4.The compressive, bending and splitting tensile strenghs were observed very high, even the value at the mixing ratio of 1:14 was higher than that of cement mortar. It showed that epoxy resin mortar especially was to have high strength in bending and splitting tensile strength. Also, the initial strength within 24 hours gave rise to high value. Thus it was clear that epoxy resin was rapid hardening material. The multiple regression equations of strength were computed depending on a function of mixing ratios and curing times. 5.The elastic moduli derived from the compressive stress-strain curve were slightly smaller than the value of cement mortar, and the toughness of epoxy resin mortar was larger than that of cement mortar. 6.The impact resistance was strong compared with cement mortar at all mixing ratios. Especially, bending impact strength by the square pillar specimens was higher than the impact resistance of flat specimens or cylinderic specimens. 7.The Brinell hardness was relatively larger than that of cement mortar, but it gradually decreased with the decline of mixing ratio, and Brinell hardness at mixing ratio of 1 :14 was much the same as cement mortar. 8.The abrasion rate of epoxy resin mortar at all mixing ratio, when Losangeles abation testing machine revolved 500 times, was very low. Even mixing ratio of 1 :14 was no more than 31.41%, which was less than critical abrasion rate 40% of coarse aggregate for cement concrete. Consequently, the abrasion rate of epoxy resin mortar was superior to cement mortar, and the relation between abrasion rate and Brinell hardness was highly significant as exponential curve. 9.The highest bond strength of epoxy resin mortar was 12.9 kg/cm$^2$ at the mixing ratio of 1:2. The failure of bonded flat steel specimens occurred on the part of epoxy resin mortar at the mixing ratio of 1: 2 and 1: 4, and that of bonded cement concrete specimens was fond on the part of combained concrete at the mixing ratio of 1 : 2 ,1: 4 and 1: 6. It was confirmed that the optimum mixing ratio for bonding of steel plate, and of cement concrete should be rich mixing ratio above 1 : 4 and 1 : 6 respectively. 10.The variations of color tone by heating began to take place at about 60˚C, and the ultimate change occurred at 120˚C. The compressive, bending and splitting tensile strengths increased with rising temperature up to 80˚ C, but these rapidly decreased when temperature was above 800 C. Accordingly, it was evident that the resistance temperature of epoxy resin mortar was about 80˚C which was generally considered lower than that of the other concrete materials. But it is likely that there is no problem in epoxy resin mortar when used for unnecessary materials of high temperature resistance. The multiple regression equations of strength were computed depending on a function of mixing ratios and heating temperatures. 11.The susceptibility to chemical attack of cement mortar was easily affected by inorganic and organic acid. and that of epoxy resin mortar with mixing ratio of 1: 4 was of great resistance. On the other hand, when mixing ratio was lower than 1 : 8 epoxy resin mortar had very poor resistance, especially being poor resistant to organicacid. Therefore, for the structures requiring chemical resistance optimum mixing of epoxy resin mortar should be rich mixing ratio higher than 1: 4.

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The Importance and Performance Analysis of Service Encounter Quality by Types of Restaurants (레스토랑 유형별 서비스 인카운터 품질의 중요도 및 수행도 분석)

  • Jo, Mi-Na
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.35 no.8
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    • pp.1076-1087
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    • 2006
  • The purpose of this study was to identify critical control points of service encounter by types of restaurants in order to manage moment of truth when customers encounter services. Questionnaires were collected from 812 customers (aged 15 years or older) who had used restaurants in Seoul, from October 24, 2005 to November 6, 2005. The main results of this study were as follows: Statistically significant differences were shown between importance and performance of interaction quality, physical environment quality and outcome quality. Significant differences were also shown in importance and performance of interaction and physical environment quality, and performance of outcome quality by restaurant types but no significant difference was indicated in importance of outcome quality by restaurant types. That is, the importance of outcome quality, which means the quality of food, was regarded as important by customers who use restaurants regardless of types of restaurants. The result of examining interaction quality showed that family restaurants managed waiting customers quite well and provided information on the Internet homepage. Performance of responding to customers with complaints was rated the highest in family restaurants. Regarding physical environment quality, importance and performance scores significantly differed by types of restaurants in order of fine-dining restaurants, family restaurants, and fast-food restaurants. In terms of service encounter quality, items whose importance scores were high but performance scores were low in importance-performance analysis matrix were 'quality of provided food is always uniform' and 'the space between other tables is enough' for fine-dining restaurants. In family restaurants, 'size of chairs or tables is enough', and 'the space between other tables is enough' were included in the items, while 'interior facilities are attractive', 'size of chairs and tables is enough', and 'the space between other tables is enough' were included in the items in case of fast-food restaurants. A difference was indicated depending on types of restaurants.

Effects of Simulated Acid Rain on the Chlorophyll Contents in the Needles of Pinus koraiensis and Ligustrum obtusifolium Seedlings (인공산성우(人工酸性雨)가 잣나무 및 쥐똥나무 유묘(幼苗)의 엽내(葉內) 엽록소(葉綠素) 함량(含量)에 미치는 영향(影響))

  • Kim, Chang Ho;Cheong, Yong Moon
    • Journal of Korean Society of Forest Science
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    • v.76 no.1
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    • pp.11-16
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    • 1987
  • With the purpose of pursuing the increase and decrease of chlorophyll a and chlorophyll b caused by application of the simulated acid rain treatment on Pinus koraiensis seedlings and Ligustrum obtusifolium cuttings, the experimental design of randomized block arrangement with three replications was implemented in the experimental field of Yesan National Agricultural Junior College, during the growing season of 1985. Pinus koraiensis seeds stratified in cool and moist condition were sown on pots, and in case of Ligustrum obtusifolium, C1/1 cuttings were potted for experimental use in the early spring. The regime of artificial acid rain, based upon precipitation frequency and density, was simulated from the learning of climatological data averaged from 30 years records. The spray of acid water containing pH values of 4.0 and 2.0 was initiated from the 1st of May and ended on the 31st of August. As control, ground water was also treated at the same time. To analyse the chlorophyll content, those leaves looking representative and unaffected by other harmful agents were sampled on the 18th of September, and UV-visible spectrophotometer was used. With decrease in pH values of acid rain, the content of chlorophyll a and chlorophyll b decreased in both species. The decrease in chlorophyll a could be confirmed through statistical significance, but not in chlorophyll b. And when we discussed the chlorophyll decrease index which was explained in detail in the paper, an attention might be given to similarly decreasing values in both chlorophyll a and chlorophyll b, according as pH levels of acid rain decreased. The ratios of chlorophyll a to chlorophyll b in both species were not affected by different pH leaves of acid rain.

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A Study on Intuitive IoT Interface System using 3D Depth Camera (3D 깊이 카메라를 활용한 직관적인 사물인터넷 인터페이스 시스템에 관한 연구)

  • Park, Jongsub;Hong, June Seok;Kim, Wooju
    • The Journal of Society for e-Business Studies
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    • v.22 no.2
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    • pp.137-152
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    • 2017
  • The decline in the price of IT devices and the development of the Internet have created a new field called Internet of Things (IoT). IoT, which creates new services by connecting all the objects that are in everyday life to the Internet, is pioneering new forms of business that have not been seen before in combination with Big Data. The prospect of IoT can be said to be unlimited in its utilization. In addition, studies of standardization organizations for smooth connection of these IoT devices are also active. However, there is a part of this study that we overlook. In order to control IoT equipment or acquire information, it is necessary to separately develop interworking issues (IP address, Wi-Fi, Bluetooth, NFC, etc.) and related application software or apps. In order to solve these problems, existing research methods have been conducted on augmented reality using GPS or markers. However, there is a disadvantage in that a separate marker is required and the marker is recognized only in the vicinity. In addition, in the case of a study using a GPS address using a 2D-based camera, it was difficult to implement an active interface because the distance to the target device could not be recognized. In this study, we use 3D Depth recognition camera to be installed on smartphone and calculate the space coordinates automatically by linking the distance measurement and the sensor information of the mobile phone without a separate marker. Coordination inquiry finds equipment of IoT and enables information acquisition and control of corresponding IoT equipment. Therefore, from the user's point of view, it is possible to reduce the burden on the problem of interworking of the IoT equipment and the installation of the app. Furthermore, if this technology is used in the field of public services and smart glasses, it will reduce duplication of investment in software development and increase in public services.

A study on simple nursing activities for the registered nurses and nurse aides in the hospital (단순간호활동에 관한 간호사 및 간호조무사의 태도조사연구)

  • Lee Jung-Hee
    • Journal of Korean Public Health Nursing
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    • v.4 no.1
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    • pp.37-55
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    • 1990
  • Every country in the world has been trying to expand the basic health right for the peoples as W.H.O has established the goal 'health for AU' by the year of 2000. Related to this goal, our government authority has establish the policy 'the insurance of health for all' into effect from July 198\). Recently hospitalshave been making a ceaseless effort for the plan for the rationalization of its management the academic World is making it a subject of discussion by doing the secure of manpower at a resonable level and the increase of productivity by the manpower. As a result of the efforts the study was established to secure the numbers of nursing manpower at a resonable level and use the unskilled persons at the utilizing field and seek the possible area of their activity for more efficient service through the investigation of ablity of simple nursing activities of regiestered nurses and nurse aides for rational function according to the educational levels and talents. The method of study was established by the registered nurses and nurse and nurse aides(R.N 229, N.A 226) who are working in 15 hospitals with over 200 beds. This surrey was conducted from Mar 29, 1989 to April 8, 1989. The method to test the degree of importance, difficulties, and the abillity of performance of a simple nursing activities was classified into 35 activities on the basis of references on this field. The degree of importance was composed from point l(Not so important) to 5(Very important). the degree of difficulties. was composed as follows; very easy - Point 1 very difficult and complicated - Point 5. and the ability of performance was composed from point 1 to 5. The materials gathered through the survey were analyzed with frequency, mean standard deviation, percentage. t-test, Anova, pearson's coefficient of correlation, stepwise multiple regression. factor analysis, discriminant analysis. The obtained results are summarized as follows: 1. The recognition values of the simple nursing activities of each group of registered nurse and nurse aides show; The degree of importance; 4.04 and 4.26 The degree of difficulties; 2.72 and 2.94 The ability of performance; 2.07 and 2.38 The brief summary shows there are little differences between who two groups the simple nursing activities turned out to be easy and simple work. 2. Regardless of the degree of importance, and difficulties, the ability of performance the important in fluencing of the degree of the simple nursing activities between the registered nurses and nurse aides was the order of educational level, hospital career, working career in wards and ages of the registered nurses and ages and hospital creer of nurse aides. The result was that the simple nursing activities could easily be familiar through the training of their working environment and period of experience. 3. Among the 35 simple nursing activities the items capable of resonable entrusting to the nurse aides are 5 that is helping bed-bathing, 8itz Bath, using bed pan, care while delivering patient, accompaying patient when visitor's check. There wasn't and differences between RN and nurse aides in performing the above 5 items. In anywhere. so we can say obviosuly that this nursing activities should be performed under the nursing system of which chief of nurse are supposed to supervise nurse aides as a possible function to be entrusted. In view of the above mentioned results, therefore, this partial functional job of the simple nursing activities can able be entrusted to the nurse aides through the regular training course. In case of these functional activities could be entrusted under, the responsibility of registered nurse, we can able suggest to for that there are the following advantages: 1.. In the nursing activities-affairs, the qualified guarantee of the nursing services can be kept and increased or promotoed with accommodation of the required nursing service and roles being expanded presently. 2. In the productivity of the hospital manpower, therefore, we have comt to view and consider in favourly that when an automational administration times would be come in the near future time to hospital affairs as a reality, to utilize the existing nures aides is better rather than investing so as to develop the other source manpowers or seek its for the efficient business management in the operational strategy or its policy.

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WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • 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.

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