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Fund Flow and Market Risk (펀드플로우와 시장위험)

  • Chung, Hyo-Youn;Park, Jong-Won
    • The Korean Journal of Financial Management
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    • v.27 no.2
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    • pp.169-204
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    • 2010
  • This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.

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Evaluation of Cerebral Aneurysm with High Resolution MR Angiography using Slice Interpolation Technique: Correlation wity Digital Subtraction Angiography(DSA) and MR Angiography(MRA) (Slice Interpolation기법의 고해상도 자기공명혈관조영술을 이용한 뇌동맥류의 진단 : 디지탈 감산 혈관조영술과 자기공명 혈관조영술의 비교)

  • ;;;Daisy Chien;Gerhard Laub
    • Investigative Magnetic Resonance Imaging
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    • v.1 no.1
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    • pp.94-102
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    • 1997
  • Purpose: There have been some efforts to diagnose intracranial aneurysm through a non-invasive method using MRA, although the process may be difficult when the lesion is less than 3mm. The present study prospectively compares the results of high resolution, fast speed slice interpolation MRA and DSA thereby examing the potentiality of primary non-invasive screening test. Materials and Methods: A total of 26 cerebral aneurysm lesions from 14 patients with subarachnoid hemorrhage from ruptured aneurysm (RA) and 5 patients with unruptured aneurysm(UA). In all subjects, MRA was taken to confirm the vessel of origin, definition of aneurysm neck and the relationship of the aneurysm to nearby small vessels, and the results were compared with the results of DSA. The images were obtained with 1.5T superconductive machine (Vision, Siemens, Erlangen, Germany) on 4 slabs of MRA using slice interpolation. The settings include TR/TE/FA=30/6.4/25, matrix $160{\times}512$, FOV $150{\times}200$, 7minutes 42 seconds of scan time, effective thickness of 0.7 mm and an entire thickness of 102. 2mm. The images included structures from foramen magnum to A3 portion of anterior cerebral artery. MIP was used for the image analysis, and multiplanar reconstruction (MPR) technique was used in cases of intracranial aneurysm. Results: A total of 26 intracranial aneurysm lesions from 19 patients with 2 patients having 3 lesion, 3 patients having 2 lesions and the rest of 14 patients having 1 lesion each were examined. Among those, 14 were RA and 12 were UA. Eight lesions were less than 2mm in size, 9 lesions were 3-5mm, 7 were 6-9mm and 2 were larger than IOmm. On initial exams, 25 out of 26 aneurysm lesions were detected in either MRA or DSA showing 96% sensitivity. Specificity cannot be estimated since there was no true negative of false positive findings. When MRA and MPR were used concurrently for the confirmation of size and shape, the results were equivalent to those of DSA, while in the confirmation of aneurysm neck and parent vessels, the concurrent use of MRA and MPR was far superior to the sole use of either MRA or DSA. Conclusion: High resolution MRA using slice interpolation technique showed equal results as those of DSA for the detection of intracranial aneurysm, and may be used as a primary non-invasive screening test in the future.

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Development of Korean Neurobehavioral Test Battery -Assessment of the Validity of Traditional and Computerized Neurobehavioral Tests- (한국형 신경행동검사 배터리의 개발 -면접과 컴퓨터 신경행동검사의 타당성 평가-)

  • Chung, Jong-Hak;Kim, Chang-Yoon;SaKong, Joon;Jeon, Man-Joong;Park, Hong-Chin
    • Journal of Preventive Medicine and Public Health
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    • v.31 no.4 s.63
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    • pp.692-707
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    • 1998
  • Aim. A neurobehavioral test for workers exposed to organic solvents in the workplace can be affected by many factors : age, education, motivation, ethnicity, etc. To apply more suitable neurobehavioral test for Korean workers, we evaluated the validity of several items of computerized and traditional neurobehavioral tests. Methods. We have applied eleven tests : four items of computerized neurobehavioral test(Swedish Performance Evaluation System) including Addition, Symbol-Digit, Dig-it Span, and Finger tapping speed, and seven items of traditional neurobehavioral test consisting of Addition, Digit-Symbol, Digit Span, Benton visual retention test, Pursuit aiming, Pegboard, and Tapping. These tests were performed on 96 workers exposed to solvents, and 100 reference workers. The concurrent and construct validities were evaluated by group difference, correlation with age, educational level, hippuric acid level, neurotoxic symptom, current exposure level, multitrait-multimethod matrix, fator analysis, and discriminant analysis. Results. Statistically significant differences were observed between the workers exposed to solvents and referents in computerized Symbol-Digit, Finger tapping speed, traditional Digit-Symbol and Pegboard. The computerized Symbol-Digit, traditional Digit-Symbol, Addition, Benton visual retention test, and Pegboard were found to be related to the age. The performance of computerized Symbol-Digit, Addition, and traditional Digit-Symbol were found to be related to the educational level significantly. The computerized Symbol-Digit, Finger tapping speed, and traditional Digit-Symbol were found to be related to hippuric acid, and neurotoxic symptom. The discriminability of Finger tapping speed, and Pegboard was better than the other tests. In discriminant analysis, the model with two variables, the computerized Symbol-Digit and Pegboard, classified almost 70 percent of the workers correctly. Conclusions. These results suggest that the computerized Symbol-Digit, Finger tapping speed, and Pegboard are more satisfactory for our purpose, and the Addition, Tapping, Benton visual retention test, and Pursuit aiming are less valid than other items. These may allow the reasonable selection of core neurobehavioral tests for workers exposed to solvents in Korea.

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Results of Mitral Valve Repair in Patients with Congenital Mitral Disease (선천성 승모판막 기형 환자에서 승모판막 성형술)

  • Jang, Hee-Jin;Lee, Jeong-Ryul;Rho, Joon-Ryang;Kim, Yong-Jin;Kim, Woong-Han
    • Journal of Chest Surgery
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    • v.42 no.2
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    • pp.175-183
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    • 2009
  • Background: Mitral valve abnormalities in the pediatric population are rare. Mitral valve replacement or pediatric mitral lesions can cause problems such as a lack of growth potential. There re only limited experiences with mitral valve repair at any institution, so the purpose of his study is to evaluate the outcomes of mitral valve repair n pediatric patients. Material and Method: Sixty-four consecutive children (28 males and 36 females) with a mean age of $5.5{\pm}4.7$ years underwent mitral valve repair for treating their congenital mitral valve disease between January 1996 and December 2005. The patients were divided into two groups: group 1 (34 patients (53.1%)) had isolated disease (mitral anomaly with or without trial septal defect or patent ductus arteriosus) and group 2 (30 patients (46.9%)) had complex disease (mitral anomaly with concurrent intracardiac disease, except atrioventricular septal defect). Result: The overall in-hospital mortality was 6.3%; group 1 had 5.9% mortality and group 2 had 10.0% mortality. The postoperative morbidity was 18.8%; group 1 and 2 had 14.7% and 23.3% postoperative morbidity, respectively, and there as no significant difference among the groups. The median follow-up was 4.6 years range: $0.5{\sim}12.2$ years). The 10-year survival rate was 95.3%. The 10-year freedom from re-operation rate was 76.1% with 10 re-operations. The majority of the functional classifications were annular dilatation and leaflet prolapse. A mean of $2.1{\pm}1.1$ procedures per patient were performed. The echocardiography that was done at the immediate postoperative period showed a significant improvement in the mitral valve function. The follow-up echocardiographic results were significantly improved. However, mitral stenosis newly developed over time, and there ere significant differences according to the repair strategies. Conclusion: The patients who underwent mitral valve repair for congenital mitral anomalies showed good results. The follow-up echocardiography revealed satisfactory short-term and long-term results. Close follow-up is necessary to detect the development of postoperative mitral stenosis or regurgitation.

Effects of Different Performance Sequences of Aerobic and Resistance Exercises for 10 Weeks on Body Composition, Physical Function and Hormones in Males aged 20s (10주간 유산소와 저항성 운동의 다른 수행 순서에 따른 20대 남성의 신체조성, 신체기능과 호르몬에 미치는 영향)

  • Kim, Daeyeol;Jeong, Jaekwan;Cho, Sungchae;Kuk, Doohong;Park, Hyeok;Lee, Hayan;Hong, Goeun;Hwang, Yeonhee;Kim, Donghee
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.19 no.1
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    • pp.446-455
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    • 2018
  • This study examined the effects of different performance sequences of aerobic and strength exercises for 10 weeks on the body composition, physical function, and hormones in males aged in their 20s. A total of 30 subjects (N=30) were assigned randomly to either aerobic and resistance exercise (n=10, A+R), resistance and aerobic exercise (n=10, R+A), or a control group (n=10, CON). The different order of aerobic (HRmax 50-80%, 30 min) and resistance (50-80% 1RM, 30 min) exercises for 10 weeks was consisted of 3 times per week and 80 minutes per session. The body composition, physical function, and hormones were measured before and after the training period. The lean body mass (p=.015) was increased and the fat mass (p=.042) and % body fat (p=.007) in the A+R were decreased. The skeletal muscle mass (p=.001) in the R+A was increased and % body fat was decreased (p=.003). The weight (p=.03) and % body fat (p=.039) in the CON were increased. The aerobic capacity (p=.011) and muscular endurance (p=.001) in the A+R group were improved. The muscular endurance (p=.0016) in the R+A was improved. The epinephrine (p=.048), norepinephrine (p=.013), and cortisol (p=.045) levels in the A+R group were increased. The epinephrine (p=.046) level in the R+A group was increased. The insulin (p=.007) level increased in the CON group. In conclusion, both A+R and R+A groups produced superior results to the CON group but the A+R group was slightly more efficient than the R+A group.

Effect of Contruals on Social Action Perception: Modulation of Motor Resonance Effect by Perspectives (사회적 행위 지각에 있어 해석 효과: 관점에 따른 운동공명효과의 조절)

  • Lee, Dong-Hoon;Shin, Cheon-Woo;Shin, Hyun-Jung
    • Korean Journal of Cognitive Science
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    • v.23 no.1
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    • pp.109-132
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    • 2012
  • According to recent embodied cognition approach, understanding of actions is not based on abstract symbolic process but based on mental simulation of sensory-motor information related to those actions. As supporting evidence, motor resonance effect is a facilitation/interference effect of motor response in terms of similarity between observed action and concurrent own action. In the current research, we investigated this effect in the situation to perceive a complex social action perception and how it would be modulated by perspectives of construals of the social action scene. For this purpose, we created three kinds of fighting action scenes of two people in terms of body actions of the subject(ie., hitting, stepping, biting), and described them in two perspectives; active and passive. During the experiment, subjects had to verify the congruency of the picture and the description first, and if they are congruent, they had to do two different actions in terms of color of following cues. In the first experiment, subjects' response time for stepping on a pedal and pressing a button were analyzed for measuring motor resonance effect for the foot movement. In the second experiment, voice response time with a microphone and button pressing time were analyzed for the mouth movement motor resonance effect. Results showed the facilitation of the foot movement(in Exp1), and the mouth movement(in Exp2) only when the action scene was described in active perspective. Our results indicate that the motor resonance effect can be occurred during perception of social actions in the real life situation, but it can be also modulated by the perspective of the mental construal of the action event.

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The Study of Reliability and Validity of Attention Deficit Disorder Evaluation Scale-School Version(ADDES-SV) (주의력결핍 과잉운동장애 아동 평가척도의 교사 평가판에 대한 신뢰도 및 타당도 연구)

  • Bae, Jin-Woo;Cheung, Seung-Douk;Lee, Jong-Bum;Park, Hyung-Bae;Kim, Jin-Seung;Song, Chang-Jin
    • Journal of Yeungnam Medical Science
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    • v.14 no.2
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    • pp.415-429
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    • 1997
  • The purpose of this study was to examine the reliability and validity of attention deficit disorder evaluation scale-school version(ADDES-SV). Between October 1996 and November 1996, ADDES-SV was administered to 263 elementary school students in the second grade and between Jun 1996 and October 1996, 28 attention deficit hyperactivity disorder patients. In the reliability test, the test-retest reliability coefficient was significantly high and that of inattention was 0.88, that of impulsivity was 0.80, that of hyperactivity was 0.83 and total score was 0.83. In the reliability test by internal consistancy, the Cronbach $\alpha$ coefficient was significantly high and that of inattention was 0.98, that of impulsivity was 0.87, that of hyperactivity was 0.87(p<0.05). The half-sprit reliability coefficient by first-second half method showed high correlation and that of inattention was part 1: 0.96, part 2: 0.96 impulsivity was part 1: 0.95, part 2: 0.93, hyperactivity was part 1: 0.92, part 2: 0.94(p<0.05). Inter-rater reliability by pearson correlation coefficient was significantly high and that of inattention was 0.92, that of impulsivity was 0.87, that of hyperactivity was 0.89 and total score was 0.89. The concurrent validity between ADDES-SV and CAP scale was 0.85 in attention deficit hyperactivity disorder patient group and 0.79 in normal control group(p<0.05). In discriminant validity test between attention deficit hyperactivity disorder patient group and normal control group, the patient group showed higher score(p<0.05). The total discriminant capacity of the patient group in ADDES-SV was 94.6%. In this point of view, ADDES-SV scale showed high reliability and validity in applying to Korean subjects and was proved to be the useful screening test tool for attention deficit hyperactivity disorder research.

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Spatial problems of Korea -A delphi survey- (國土管理의 方向定立을 위한 國土診斷 -專門家 集團의 問題意識을 中心으로-)

  • Kim, Inn;Yu, Woo-Ik;Huh, Woo-Kung;Park, Young-Han;Park, Sam-Ock;Yu, Keun-bae;Choi, Byung-Seon
    • Journal of the Korean Geographical Society
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    • v.29 no.1
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    • pp.16-38
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    • 1994
  • The spatial structure of Korea has been changed drastically during the second half of this century. The events such as the Korean War and the resultant division of the Korean Peninsular into two Koreas, rapid industrialization and urbanization are the major causes among others for the spatial changes of the nation. The changes in turn have spawned a number of spatial problems. It is time, we argue, to diagnose how much the nation is now ill-structured, and to discuss of which directions the long-term spatial management be reoriented. A delphi survey was conducted during the early 1993 to fulfill such research needs. Questionnaires were distributed among geographers, planners, and high governmental officials throughout the nation. These 'experts of spatial problems' were requested to evaluate the past spatial policies and strategies, and to identify spatial and environmental problems at the national, regional and local levels. The survey included questions with regard to the spatial problems in North Korea too. A complementary literature survey in the fields of spatial sciences was accomplished as well in order to identify the major research interests and issues with regard to the nations's spatial structure. The delphi survey results indicatee that the present spatial structure: in relation to consumption, housing and economic activities is satisfactory in overall, while rather poor in terms of education, leisure and community activities. Most of the experts consider infrastructural improvements are urgent in the areas of roads, waste disposal facilitles, railroads, harbors, water supply and drainage systems. The over-concentration of economic, social and political function in the Seoul Metropolitan Region is perceived to be the most serious spatial problem in Korea. The long-term solutions suggested are strategies toward a more balanced regional development as well as toward a cleaner environment. The concensus among the experts for the short-term solution is the redistribution of population and industries from the Seoul Metropolitan Region to the intermediate and small cities. The land use policies and concurrent large-scale infrastructural projects are evaluated largely pertinent and desirable in general. It is, however, suggested that development projects be conducted in a more harmonious way with environment. The survey respondents suggest that the present environmental management policies should be reexamined critically. With regard to regional and local problems, transportation and pollutions are thought to be most serious in the Seoul Metropolitan Region, while employment opportunities, and information, education and health care services are most deprived in small cities and rural areas. The majority of the experts consider a city size of 250, 000-500, 000 population is desirable to live within. Respondents beileve that North Korea's physical environment is still not aggravated much whereas its infrastructural provisions are largely pool. The co-authors of this research figure a "environmentaly sound and spatially balanced Korean Penninsular" as the ideal type of spatial structure in Korea. The basic guidelines toward this ideal prototype are suggested: the recovery of spetial integrity, progressive restructuring of the nation, land uses geared to public welfare rather than private interests, and eco-humanistic approach in spatial policies.

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The Family Relationship Scale : Re-validation ("가족관계척도" 활용을 위한 타당도 연구)

  • Yang, Ok-Kyung;Lee, Min-Young
    • Korean Journal of Social Welfare
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    • v.54
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    • pp.5-33
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    • 2003
  • This study is about the re-validation evaluation of the family Relationship Scale (FRS), developed to measure the family relationship in the social work practice. This study aims at re-validating the FRS, developed and validated in by Yang in 2001 for more general utilization. The sample was married mates and females residing in Seoul. For Face Validity, the content analysis was performed, and the FRS was re-validated in the dimensions of Love & Caring, Acceptance, and Recognition, positive affection, empathy, and autonomy and flexibility for each area. Internal reliability was .93, and internal consistency among three dimensions was 93%. For Empirical Validity, the Construct validity, the Criterion validity, and the Discriminant validity were performed. Construct Validity was validated through factor analyses. Commonalities for the factor analysis was 54%, and the factor loading for each factor was over .45. The confirmative factor analysis also confirmed the fitness of the scale. For Predictive Validity of Criterion Validity, regression analysis showed that the family stress scores became lower as the scores of the family relationship became higher; the discriminant analysis revealed that the family stress turned low ill tile group of high scores of family relationship. The Correlation analysis for Concurrent Validity was performed and the results showed the positive and significant relationship with a couple communication level (r=54) and a parent-child communication level (r=64). Life satisfaction and mental health level also revealed significantly positive correlation to prove Convergent Validity. Physical health level revealed a weak relationship with family relationship providing the evidence of Discriminant Validity. Discriminance was also proved by the analysis of variance with demographics. Thus, Cross Validation was confirmed the validation of the FRS through the various analyses with the married population. This study result improved the validity generalization of the Scale and verify the generalized usage of this sociometric scale in the field of social work practice.

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Palaeomagnetism of the Okchon Belt, Korea : Anisotropy of Magnetic Susceptibility (AMS) and Deformation of the Hwanggangri Formation in Chumgju-Suanbo Area (옥천대에 대한 고자기 연구:충주-수안보 일원 황강리층의 변형과 대자율 비등방성(AMS))

  • Son, Moon;Kim, In-Soo;Kang, Hee-Cheol
    • Economic and Environmental Geology
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    • v.34 no.1
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    • pp.133-146
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    • 2001
  • We report the results of structural field observation and measurement of anisotropy of magnetic susceptibility (AMS) of the diamictitic Hwanggangri Formation distributed in Chungju-Suanbo area of the Okchon Belt, Korea. The outcrops of the Hwanggangri Formation show two types of cleavage in general: slaty cleavage (SI) and crenulation cleavage (5z). 5] cleavage is, however, well observable only in the notheastem (NE) part of study area, while overwhelmed by 52 cleavage in the southwestern (5W) part, indicating stronger later deformation in 5W part of the study area. This partitioning of the study area is corroborated by both IRM and AMS parameters: NE part of the study area is characterized by higher IRM intensity, higher bulk magnetic susceptibility, higher AM5 degree, and by oblate shape of magnetic susceptibility ellipsoid. Their values become drastically lowered toward southwest, and reach to a stable minimum in the whole 5W part of the study area. In addition, degree of both metamorphism and deformation tends to increase gradually from northeast toward southwest and also from northwest toward southeast in the study area. Based on the distribution pattern of the principal axes ( $k_1, k_2, k_3$ axes) of magnetic anisotropy ellipsoids revealed in the NE part of the study area, three episodes of deformation ( $D_1, D_2, D_3$ ) are recognized: D_1$ deformation produced $S_2$ cleavage with NE-5W trend, which is caused by a strong NW-SE tlattening of a coaxial pure shear. $D_2$ deformation produced 5z cleavage characterized by a non-coaxial deformation. It was caused by a ductile or semi-ductile thrusting toward NW and concurrent sinistral shearing along $S_2$ cleavage plane. Lastly, $D_3$ deformation produced tlexural folding of all previous structures with a nearly horizontal NE fold axis. Distribution pattern of the principal axes of magnetic anisotropy ellipsoid from the SW part of the study area, on the other hand, does not show any coherency among sites or samples. We interpret that this dispersed pattern of $k_1, k_2, k_3$ axes together with lower anisotropy strength indicates that magnetic fabrics in the SW part have been disturbed either by a superposition of strong deformation/metamorphism or by a kind of reciprocal strain due to an overlapping of $D_1$ and $D_2$ or by both processes.

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