• Proceedings of the Safety Management and Science Conference
• /
• 2004.11a
• /
• pp.355-380
• /
• 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

• The Korean Journal of Air & Space Law and Policy
• /
• v.30 no.1
• /
• pp.3-29
• /
• 2015

In case of C-410/11, Pedro Espada $S\acute{a}nchez$ and Others v Iberia $L\acute{i}neas$ $A\acute{e}reas$ de $Espa\tilde{n}a$ SA., ECLI:EU:C:2012:747, the passengers of a flight between Barcelona and Paris, whose baggage had been lost, lodged a claim before a Spanish court, asking for compensation. More specifically, the claimants were a family of four (two adults and two children), and had stored all their personal items in two suitcases, which had been checked in and tagged but never returned to the passengers in question. The four claimants relied on the Montreal Convention, ratified by the EU, which provides that each passenger can claim up to 1,000 SDRs in compensation (i.e. ${\euro}1,100$) in case his or her baggage is lost; thus, they sought to recover ${\euro}4,400$ (4,000 SDRs, i.e. 1,000 SDRs x4). The preliminary reference issue raised by the Spanish court to the CJEU regarded the $Montr\acute{e}al$ Convention's correct interpretation; in particular, it asked whether compensation should be available only to passengers whose lost baggage had been checked in "in their own name" or whether it is also available to passengers whose personal items had been stored in the (lost) baggage of a different passenger. The CJEU held that compensation had to be granted to all passengers whose items had been lost, regardless of whether these had been stored in baggage checked in "in their own name." In fact, it maintained that the real aim of the $Montr\acute{e}al$ convention is to provide passenger-consumers with protection for the loss of their personal belongings, so the circumstance of where these were being carried is not relevant. Nevertheless, the CJEU clarified that it is for national courts to assess the evidence regarding the actual loss of an item stored in another passenger's baggage, and maintained that the fact that a group of people were travelling together as a family is a factor that may be taken into account.

• Journal of Food Hygiene and Safety
• /
• v.32 no.5
• /
• pp.348-354
• /
• 2017

Internationally different food safety regulation and standards could cause troubles in trade unless those are built on scientific knowledge. In this research, we monitored the microbial population and analyzed the results to determine the level of microbial contamination in foodstuffs using relatively new statistical analysis (microbiological sampling plan, International Commission on Microbiological Specification for Foods). The goal of this research falls on establishing entirely new standards for various food categories addressed in the Korean "Food Code". Targets for monitoring were indicator organisms (i.e. total aerobic count, coliform and Escherichia coli) and foodborne pathogens (i.e. Bacillus cereus, Staphylococcus aureus and Clostridium perfringens) in ready-to-eat (RTE) products. As the result of the monitoring, total aerobic count, coliform, E. coli, and B. cereus in RTE products were found at the mean values of 2.10 log CFU/g, -0.60 log CFU/g, -1.33 log CFU/g and -1.23 log CFU/g, respectively. S. aureus was detected with the level of -1.35 log CFU/g only in fresh-cut food, while C. perfringens was -1.37 log CFU/g only in ready-to-cook food. Other samples did not have any food borne pathogens. Total aerobic count, B. cereus, S. aureus and C. perfringens satisfied the Food Code (the MFDS). On the basis of the analysis, we proposed a draft of microbial criteria for RTE products.

• 보존과학연구
• /
• s.25
• /
• pp.197-226
• /
• 2004

This study was made to identify species of archaeological wood products excavated from three sites(Kwunbuk-ni, Gungnamgi, Wanggung-ni) of Sabi Era, Baekje. These sitesare presumably considered as capital areas of Sabi Era, Baekje. Total of 220 specimens were identified into five softwoods and eighteen hardwoods. Pinus densiflora(or Pinusthunbergii) and Quercus spp. are the most common and occupied 32%, 28% of totalspecimen, respectively. The others are follows : Torreya nucifera(1%), Abiesholophylla(3%), Cryptomeria japonica(4%), Thuja spp.(2%), Chamaecyparisobutusa(2%), Salix spp.(1%), Platycarya strobilacea (3%), Alnus spp.(1%), Carpinusspp.(0.5%), Castanea crenata(9%), Zelkova serrata (6%), Celtis spp.(0.5%), Prunusspp.(2%), Rhus verniciflua(1%), Rhus trichocarpa(0.5%), Meliosma oldhamii(1%),Hovenia dulcis(1%), Kalopanax pictus(0.5%), Cornus walteri(0.5%), Styrax japonica(1%),Fraxinus rhynchophylla (0.5%), F. sieboldiana(1%).Most of the identified species have been growing in this area until nowadays. However,a few species(Cryptomeria japonica, Thuja spp. Chamaecyparis obutusa, Torreyanucifera) didn’t grow natively around this area at that time. Two species(Cryptomeriajaponica, Chamaecyparis obutusa) are endemic species of Japan, indicating international trade or exchange of woods between Baekje Kingdom and Japan in 6-7th century. Torreyanucifera grows in limited areas in Korea (south of $35^{\circ}$10′N), however, is widely distributed in the southern Japan. Quercus spp. was identified the most in implements of Baekje and Pinus densiflora(orPinus thunbergii) was in the second place. Zelkova serrata was mainly used for raw materials of turnery products, e.g., wooden container. This species produces one of the hardest woods as 0.7 in specific gravity. It indicates that iron technologies have reached some high level in Sabi Era, Beakje.

• Korean Journal of Construction Engineering and Management
• /
• v.17 no.6
• /
• pp.24-30
• /
• 2016

Building Information Modeling, and its associated work practices, requires project participants to share not only 3D geometric data, but also information in the model that may be considered proprietary and even trade secrets. Thus protection of intellectual property, or BIM copyrights, must be in place for participants to share proprietary information among project stakeholders. Currently Korea does not have adequate copyright laws or mechanisms to provide such protection. This research examined three BIM copyright legal documents, namely U.S.' ConsensusDOCS 301, AIA Document E203/G202, and U.K.'s CIC BIM Protocol to determine how copyright protection is realized, and to formulate appropriate stipulations within the Korean construction context. The resultant requirements include stipulating ownership at to the BIM originator, adopting a license-sublicense scheme, employing a federated model, and use of a formal model delivey table to allocate responsibilities. Given Korea's adoption stage, liability should be minimal, and license revocation should be allowed if payments are not met. The three BIM legal documents focus on practical measures that allow participants to customize requirements for individual projects, and such conventions should be emulated in Korea.

• Transactions of the Korean Society of Automotive Engineers
• /
• v.18 no.5
• /
• pp.136-144
• /
• 2010

Exhaust gas recirculation (EGR) is an emission control technology allowing significant NOx emission reduction from light-and heavy duty diesel engines. The future EGR type, dual loop EGR, combining features of high pressure loop EGR and low pressure loop EGR, was developed and optimized by using a commercial engine simulation program, GT-POWER. Some variables were selected to control dual loop EGR system such as VGT (Variable Geometry Turbocharger)performance, especially turbo speed, flap valve opening diameter at the exhaust tail pipe, and EGR valve opening diameter. Applying the dual loop EGR system in the light-duty diesel engine might cause some problems, such as decrease of engine performance and increase of brake specific fuel consumption (BSFC). So proper EGR rate (or mass flow) control would be needed because there are trade-offs of two types of the EGR (HPL and LPL) features. In this study, a diesel engine under dual loop EGR system was optimized by using design of experiment (DoE). Some dominant variables were determined which had effects on torque, BSFC, NOx, and EGR rate. As a result, optimization was performed to compensate the torque and BSFC by controlling start of injection (SOI), injection mass and EGR valves, etc.

• Knowledge Management Research
• /
• v.19 no.2
• /
• pp.151-162
• /
• 2018

Response surface methodology (RSM) is one of popular tools to support a systematic improvement of quality of design in the product and process development stages. It consists of statistical modeling and optimization tools. RSM can be viewed as a knowledge management tool in that it systemizes knowledge about a manufacturing process through a big data analysis on products and processes. The conventional RSM aims to optimize the mean of a response, whereas dual-response surface optimization (DRSO), a special case of RSM, considers not only the mean of a response but also its variability or standard deviation for optimization. Recently, a posterior preference articulation approach receives attention in the DRSO literature. The posterior approach first seeks all (or most) of the nondominated solutions with no articulation of a decision maker (DM)'s preference. The DM then selects the best one from the set of nondominated solutions a posteriori. This method has a strength that the DM can understand the trade-off between the mean and standard deviation well by looking around the nondominated solutions. A posterior method has been proposed for DRSO. It employs an interval selection strategy for the selection step. This strategy has a limitation increasing inefficiency and complexity due to too many iterations when handling a great number (e.g., thousands ~ tens of thousands) of nondominated solutions. In this paper, a TOPSIS-based method is proposed to support a simple and efficient selection of the most preferred solution. The proposed method is illustrated through a typical DRSO problem and compared with the existing posterior method.

• Journal of Information Technology and Architecture
• /
• v.11 no.1
• /
• pp.33-44
• /
• 2014

Recently, blogs have attracted much attention as personal media. The power of blogs as a way to provide valuable resources on Internet is so tremendous because of the high speed of information dissemination and the huge influence of the circulated information on Internet users even when the information itself is not true. Especially, contents on blogs that attract a lot of public attention are sometimes reproduced or magnified in an inappropriate way. In this paper, a method to measure the trust level of contents posted on personal blogs is proposed to reduce the damage of wrong information circulated along with blog networks. Trust variables such as relationship data in SNS are used to measure the comparative trust level of blog contents. The structure of the prototype system is also designed to apply this framework to blogsphere.

• Korean Journal of Veterinary Service
• /
• v.29 no.3
• /
• pp.277-285
• /
• 2006

Plasmids are covalently closed circular molecules of DNA that are stably inherited and replicate somewhat independently of the bacterial chromosome. Genes carried on plasmids can mediate a wide variety of important functions, including antibiotics (R plasmids) and heavy metals resistance, toxins production, cell penetration, iron chelation, complement resistance, and metabolic characteristics such as sucrose and lactose fermentation. Fifty strains of lactobacilli were isolated from 26 staters and 29 fermented milk products. They were classified 27 strains as Lactobacillus paracasei subsp paracasei, 11 stains as Lactococcus lactis subsp cremoris, 6 strains as L delbrueckii subsp lactis, 4 strains as L acidophius, and 2 strains as L delbrueckii subsp bulgaricus. All of these strains were examined for drug resistance and transferability of R plasmids. All of the isolates were sensitive to Am, C, CF, E, NB, P, T, and Te. But resistant to SXT 94% (47 strains), K 66% (33 strains), S 56% (28 strains), ENR 50% (25 strains), NOR 38% (19 strains) CIP 38% (19 strains), GM 16% (8 strains), and N 14% (7 strains), in order. And 32 different resistant patterns were found. The most frequently encountered patterns were CIP-ENR-K-NOR-S-SXT (5 strains). In vitro R plasmids transfer experiment, 57 antibiotic resistant strains which were not transfer to the recipient 2 Escherichia coli strains by conjugation, These results indicate that Lactobacillus in internal trade market' stater recognize R factor but transmissible R plasmid is not existed.

• Journal of Korean Society of Transportation
• /
• v.18 no.3
• /
• pp.77-86
• /
• 2000

The shortest path problem is one of the mathematical Programming models that can be conveniently solved through the use of networks. The common shortest Path Problem is to minimize a single objective function such as distance, time or cost between two specified nodes in a transportation network. The sing1e objective model is not sufficient to reflect any Practical Problem with multiple conflicting objectives in the real world applications. In this paper, we consider the shortest Path Problem under multiple objective environment. Wile the shortest path problem with single objective is solvable in Polynomial time, the shortest Path Problem with multiple objectives is NP-complete. A genetic a1gorithm approach is developed to deal with this Problem. The results of the experimental investigation of the effectiveness of the algorithm are also Presented.