• 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.

• Journal of Appropriate Technology
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• v.6 no.2
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• pp.151-162
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• 2020

Education is one of the priority sectors specified in Tanzania, and it has committed to provide 11 years of compulsory free basic education for all from pre-primary to lower secondary level. Despite the Government's efforts to provide free basic education to all children, there are 2.0 million (23.2 per cent) out of 8.5 million children at the primary school age of 7-13, who are out of school in Tanzania. The ICT class should be offered as a regular class in all secondary schools in Tanzania, recommended by the ministry of education. However, many schools are struggling to implement this mandate. Most of schools offer the ICT class with theory without any real hardware. Some schools were given with computers but they were not maintained for operation. There is a huge task to make ICT education universal. Main issues include: remoteness (off-grid area), lack of ICT teachers, lack of resources such as hardware, infrastructure, and lack of practical lessons or projects to be used at schools. An innovative blended ICT/STEM education program is being conducted not only for Tanzanian public and private/international schools, but also for out-of-school adolescents through institutions, NGO centers, home visits and at the E3 Empower academy center. For effective STEM education to take place and remain sustainable, more practical curriculum, and close-up teacher support need to be accompanied concurrently. Practical, project-based simple coding lessons have been developed and employed that students experience true learning. The effectiveness of the curriculum has been demonstrated in various project centers, and it showed that students are showing new interests in exploring new discovery, even though this was a totally new area for them. It has been designed for an easy replication, thus students who learned can repeat the lessons themselves to other students. The ultimate purpose of this project is to have IT education offered as universally as possible throughout the whole Tanzania. Quality education for all children is a key for better future for all. Previously it was hoped that education with discipline will improve the active learning. But now more than ever, we believe that children have the ability to learn on their own with given proper STEM education tools, guidelines and environment. This gives promising hope to all of us, including those in the developing countries.

• Development and Reproduction
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• v.12 no.3
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• pp.289-296
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• 2008

BPES (Blepharophimosis/Ptosis/Epicanthus inversus Syndrome) is an autosomal dominant disorder caused by mutations in FOXL2. Affected individuals have premature ovarian failure (POF) in addition to small palpebral fissures, drooping eyelids, and broad nasal bridge. FOXL2 is a member of the forkhead family transcription factors. In FOXL2-deficient ovaries, granulosa cell differentiation dose not progress, leading to arrest of folliculogenesis and oocytes atresia. Using yeast two-hybrid screening of rat ovarian cDNA library with FOXL2 as bait, we found that small ubiquitin-related modifier (SUMO)-conjugating E2 enzyme UBE2I protein interacted with FOXL2 protein. UBE2I also known as UBC9 is an essential protein for processing SUMO modification. Sumoylation is a form of post-translational modification involved in diverse signaling pathways including the regulation of transcriptional activities of many transcriptional factors. In the present study, we confirmed the protein-protein interaction between FOXL2 and UBE2I in human cells, 293T, by in vivo immunoprecipitation. In addition, we generated truncated FOXL2 mutants and identified the region of FOXL2 required for its association with UBE2I using yeast-two hybrid system. Therefore, the identification of UBE2I as an interacting protein of FOXL2 further suggests a presence of novel regulatory mechanism of FOXL2 by sumoylation.

• Asian-Australasian Journal of Animal Sciences
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• v.14 no.5
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• pp.720-732
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• 2001

Skeletal muscle is of major economic importance since it is finally converted to meat for consumers. The increase in meat production with low costs of production may be achieved by optimizing muscle growth, whereas a high meat quality requires, among other factors, the optimization of intramuscular glycogen and fat stores. Thus, research in energy metabolism aims at controling muscle metabolism, but also liver and adipose tissue metabolism in order to optimize energy partitioning in favour of muscles. Liver is characterized by high anabolic and catabolic rates. Metabolic enzymes are regulated by nutrients through short-term regulation of their activities and long-term regulation of expression of their genes. Consequences of liver metabolic regulation on energy supply to muscles may affect protein deposition (and hence growth) as well as intramuscular energy stores. Adipose tissues are important body reserves of triglycerides, which result from the balance between lipogenesis and lipolysis. Both processes depend on the feeding level and on the nature of nutrients, which indirectly affect energy delivery to muscles. In muscles, the regulation of rate-limiting nutrient transporters, of metabolic enzyme activities and of ATP production, as well as the interactions between nutrients affect free energy availability for muscle growth and modify muscle metabolic characteristics which determine meat quality. The growth of tissues and organs, the number and the characteristics of muscle fibers depend, for a great part, on early events during the fetal life. They include variations in quantitative and qualitative nutrient supply to the fetus, and hence in maternal nutrition. During the postnatal life, muscle growth and characteristics are affected by the age and the genetic type of the animals, the feeding level and the diet composition. The latter determines the nature of available nutrients and the rate of nutrient delivery to tissues, thereby regulating metabolism. Physical activity at pasture also favours the orientation of muscle metabolism, towards the oxidative type. Consequently, breeding systems may be of a great importance during the postnatal life. Research is now directed towards the determination of individual tissue and organ energy requirements, a better knowledge of nutrient partitioning between and within organs and tissues. The discovery of new molecules (e. g. leptin), of new molecular mechanisms and of more powerful techniques (DNA chips) will help to achieve these objectives. The integration of the different levels of knowledge will finally allow scientists to formulate new types of diets adapted to sustain a production of high quality meat with lower costs of production.

• Communications of Mathematical Education
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• v.29 no.3
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• pp.465-489
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• 2015

The purpose of this study is to suggest implications for the development and revision of future teaching materials for mathematically gifted students by using network text analysis of secondary mathematics materials. Subjects of the analysis were learning goals of 110 teaching materials in a gifted education center in science attached to a university from 2002 to 2014. In analysing the frequency of the texts that appeared in the learning goals, key words were selected. A co-occurrence matrix of the key words was established, and a basic information of network, centrality, centralization, component, and k-core were deducted. For the analysis, KrKwic, KrTitle, and NetMiner4.0 programs were used, respectively. The results of this study were as follows. First, there was a pivot of the network formed with core hubs including 'diversity', 'understanding' 'concept' 'method', 'application', 'connection' 'problem solving', 'basic', 'real life', and 'thinking ability' in the whole network from 2002 to 2014. In addition, knowledge aspects were well reflected in teaching materials based on the centralization analysis. Second, network text analysis based on the three periods of the Mater Plan for the promotion of gifted education was conducted. As a result, a network was built up with 'understanding', and there were strong ties among 'question', 'answer', and 'problem solving' regardless of the periods. On the contrary, the centrality analysis showed that 'communication', 'discovery', and 'proof' only appeared in the first, second, and third period of Master Plan, respectively. Therefore, the results of this study suggest that affective aspects and activities with high cognitive process should be accompanied, and learning goals' mannerism and ahistoricism be prevented in developing and revising teaching materials.

• Journal of Information Display
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• v.12 no.3
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• pp.145-152
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• 2011

Since the discovery of fullerenes as a class of nanostructure compounds, many potential applications have been suggested for their unusual structures and properties. The isolated pentagon rule (IPR) states that all pentagonal carbon rings are isolated in the most stable fullerene. Fullerenes $C_n$ are a class of spherical carbon allotrope group with unique properties. Electron transfer between fullerenes and other molecules is thought to involve the transfer of electrons between the molecules surrounding the fullerene cage. One class of electron transfer molecules is the methanofullerene derivatives ([6,6]-phenyl $C_{61}$-butyric acid methyl ester (PCBM), 4-(2-ethylhexyloxy)-[6,6]-phenyl $C_{61}$-butyric acid methyl ester (p-EHO-PCBM), and 4-(2-ethylhexyloxy)-[6,6]-phenyl $C_{61}$-butyric acid (p-EHO-PCBA), 10-12). It has been determined that $C_{60}$ does not obey IPR. Supramolecular complexes 1-9 and 10-12 are shown to possess a previously unreported host.guest interaction for electron transfer processes. The unsaturated, cis-geometry, thiocrown ethers, (1-9) (described as [X-UT-Y], where X and Y indicate the numbers of carbon and sulfur atoms, respectively), are a group of crown ethers that display interesting physiochemical properties in the light of their conformational restriction compared with a corresponding saturated system, as well as the sizes of their cavities. Topological indices have been successfully used to construct mathematical methods that relate structural data to various chemical and physical properties. To establish a good relationship between the structures of 1-9 with 10-12, a new index is introduced, ${\mu}_{cs}$. This index is the ratio of the sum of the number of carbon atoms ($n_c$) and the number of sulfur atoms ($n_s$) to the product of these two numbers for 1-9. In this study, the relationships between this index and oxidation potential ($^{ox}E_1$) of 1-9, as well as the first to third free energies of electron transfer (${\Delta}G_{et(n)}$, for n = 1-3, which is given by the Rehm-Weller equation) between 1-9 and PCBM, p-EHO-PCBM, and p-EHO-PCBA (10-12) as [X-UT-Y]@R(where R is the adduct PCBM, p-EHO-PCBM, and p-EHO-PCBA group) (13-15) supramolecular complexes are presented and investigated.

• Parasites, Hosts and Diseases
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• v.22 no.1
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• pp.109-115
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• 1984

In order to estimate the recent patterns of intestinal helminth infections among the residents in Taegu City, Korea, a survey based on discovery of helminth eggs by formalin-ether sedimentation and modified Graham's scotchtape anal swab techniques, were performed during the period from March to September in 1983. A total of 1, 697 fecal specimens were collected from 854 male and 843 female residents from 5 village (Dong), each of whom were selected randomly to represent 1, 000 persons referred to the census in 1982. Among the specimens examined, one or more species of helminth parasites were found in 473, revealing the overall positive rate of 27.9 per cent. Of them, Trichuris trichiura was found most frequently, in 13.2 percent, followed by Enterobius vermicularis in 7.0 per cen t. Hookworm was the least prevalent. The sex-specific rate of overall helminth infections was a little higher in females than in males, while in cases of Clonorchis sinensis, Metagonimus yokogawai and Taenia species, the infection rates in males was higher than in females. T. trichiura was most prevalent in the 20~29 age group and showed about the same prevalence in males and females of all age groups. C. sinensis infection rate increased with age while those of Ascaris lumbricoides decreased. Single infections were 82.5 per cent of all positive cases. Of these, T. trichiura revealed the highest prevalence in 31.7 per cent, followed by E. vermiculasis in 20.1 per cent and A. lumbricoides in 14.8 per cent. Of the double infections, the percentage of T. trichiura in combination with other intestinal helminths was higher than that of A. lumbricoides. It was concluded that although the infection rates of intestinal helminths among the residents in Taegu City, Korea is still high, eradication of these parasitic diseases seems to be possible with twice-a-year administration of specific anthelmintics, in combination with extensive public health education and improvement of the dietary life.

• Applied Biological Chemistry
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• v.48 no.4
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• pp.345-351
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• 2005

To access the natural products of uncultured microorganisms, we constructed and screened the metagenomic DNA libraries by using a cosmid vector and DNA inserts isolated directly from soil. Initial screening of the libraries in Escherichia coli resulted in the isolation of several clones that produce a dark brown color when grown in LB medium. One of the positive clones, designed pYS85C, was transposon mutagenized and the DNA surrounding the transposon insertions in cosmids that no longer conferred the production of brown pigment to E. coli was sequenced. Annotation of the pYS85C sequence obtained from the transposon mutagenesis experiment indicated a single 393 amino acid open reading frame (ORF) with a molecular mass of about 44.5 kDa, predicted to be a 4-hydroxyphenylpyruvate dioxygenases (HPPDs), was responsible for the observed brown pigment. In a BLAST search against deposited sequence, the translated protein from this ORF showed moderate-level identity (>60%) to the other known HPPDs and was most conserved in the C-terminal region of the protein. These results show that genes involved in natural product synthesis can be cloned directly from soil DNA and expressed in a heterologous host, supporting the idea that this technology has the potential to provide novel natural products from the wealth of environmental microbial diversity and is a potentially important new tool for drug discovery.

• Asian-Australasian Journal of Animal Sciences
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• v.21 no.12
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• pp.1689-1695
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• 2008

Leptin, the hormone product of the obese gene, is secreted predominately from white adipose tissue and regulates feed intake, energy metabolism and body composition. It has been considered a candidate gene for performance, carcass and meat quality traits in beef cattle. The objective of this study was to identify SNPs in the promoter region of the leptin gene and to evaluate the possible association of the SNP genotypes with carcass and meat quality traits in Korean cattle. We identified a total of 25 SNPs in the promoter region (1,208-3,049 bp upstream from the transcription start site) of the leptin gene, eleven (g.1508C>G, g.1540G>A, g.1545G>A, g.1551C>T, g.1746T>G, g.1798ins(G), g.1932del(T), g.1933del(T), g.1934del(T), g.1993C>T and g.2033C>T) of which have not been reported previously. Their sequences were deposited in GenBank database with accession number DQ202319. Genotyping of the SNPs located at positions g.2418C>G and g.2423G>A within the promoter region was performed by direct sequencing and PCR-SSCP method to investigate the effects of SNP genotypes on carcass and meat quality traits in Korean cattle. The SNP and SSCP genotypes from the two mutations of the leptin promoter were shown to be associated with the BF trait. The average BF value of animals with heterozygous SNP genotype was significantly greater than that of animals with the homozygous SNP genotypes for the g.2418C>G and g.2423G>A SNPs (p<0.05). Analysis of the combined genotype effect in both SNPs showed that animals with the AC SSCP genotype had higher BF value than animals with BB or AA SSCP genotypes (p<0.05). These results suggest that SNP of the leptin promoter region may be useful markers for selection of economic traits in Korean cattle.

• The Korean Journal of Quaternary Research
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• v.17 no.2
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• pp.145-148
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• 2003

The Kunang cave paleolithic site is located at Tanyang [$N37^{\circ}2'$, $128^{\circ}21'E$], Chungbuk Province, which is in the Central part of the Korean peninsula. The cave is developed at 312 amsl in a karstic mountainous area. The South Han River flows across this region and other caves can also be found near the river. The site was discovered in 1986 and excavated 3 times by the Chungbuk National University Museum until now. The cave was wellpreserved from modem human activities until the first discovery. The full length of the cave is estimated to be ca. 140 m. However, a spacious part up to 11 m from the entrance has been excavated. Eight lithological units are divided over the vertical profile at a depth of 5 m. Each unit is deposited in ascending order as follow: mud layer (Unit 9), lower complex (Unit 8) which is composed of angular blocks and fragments with a muddy matrix, lower travertine layer (Unit 7； flowstone), middle complex (Unit 6; cultural layer) which is composed of fragments with a muddy matrix, middle travertine layer (Unit 5； flowstone), yellowish muddy layer (Unit 4), upper complex (Unit 3； cultural layer) which has a similar composition to Unit 8. the upper travertine layer (Unit 2； flowstone), and finally surface soil layer (Unit 1). The most abundant vestiges in the cultural layers are the animal bones. They are small fractured pieces and mostly less than 3 cm in length. About 3,800 bone pieces from 25 animal species have been collected so far, 90 percent of them belonging to young deers. Previous archaeological study of these bone pieces shows thatprehistoric people occupied the cavenot for permanent dwelling but for temporary shelter during their seasonal hunting activity. More extensive studies of these bones together with pollen analysis are in progress to reconstruct the paleoenvironment of this cave. Only a single date (12,500 BP) obtained from a U-Th measurement of the upper travertine layer was previously available. In spite of the importance of the cave stratigraphy, there was no detail chronological investigation to establish the depositional process of the cultural layers and to understand the periodic structure of the cave strata, alternating travertine floor and complex layers. We have measured five 14C age dating (38900+/-1000, 36400+/-900, 40600+/-1600, more than 51000 and 52000 14C BP) using Seoul National University 14C AMS facility, conducted systematic process of the collagen extraction from bone fragments samples. From the result, we estimate that sedimentation rate of the cave earth is constant, and that the travertine layers, Unit 2 and Unit 3, was formed during MIS 5a(ca. 80 kBP) and MIS 5c (ca. 100 kBP) respectively. The Kunang Cave site is located at Yochonli of the region of Danyang in the mid-eastern part of Korea. This region is compased of limestones in which many caves were found and the Nam-han river flows meanderingly. The excavations were carried out three times in 1986, 1988, and 1998.