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An Empirical Study on the Risk Diversification Effect of REITs (리츠의 투자위험 분산화 효과에 대한 실증연구)

  • Cho, Kyu-Su;Lee, Sang-Hyo;Kim, Jae-Jun
    • Korean Journal of Construction Engineering and Management
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    • v.14 no.1
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    • pp.23-31
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    • 2013
  • Following the U.S sub-prime mortgage crisis and a slump in properties market, the probability is rising that housing investment would not yield high profit as it used to do until early 2000s. For this reason, the nature of properties market is undergoing a change from a source of lucrative investment to a source of a relatively low but stable profit, such as profit-oriented real estate. This trend is likely to promote REITs market, which is a leading product for indirect investment. Until now, the REITs market has been growing slowly compared to a general housing market or financial markets. However, as the importance of risk management based on portfolio theories increases, stable profit generation of REITs can be effective in risk management. This study conducts an empirical analysis on how investment risks can be diversified by including REITs-a source of relatively stable profit in the equity market-in investment portfolio. The analysis results showed that, similar to food and beverage stocks of highly defensive nature, REITs has a relatively weak correlation with KOSPI that reflects the overall market performance. It also showed very low standard deviation in case of minimum variance portfolio. This suggests that including REITs in investment portfolio can be as effective as including food and beverage stocks for risk diversification. Due to uncertainties, investment always accompanies risks, and balancing potential profits and risks is essential.

Some Evidences for Glacial Landforms on the Baekdusan and Its Implications to Quaternary Volcanic Eruptions (백두산 빙하지형의 존재 가능성과 제4기 화산활동과의 관계)

  • Lee, Sung-Ee;Seong, Yeong-Bae;Kang, Hee-Cheol;Choi, Kwang-Hee
    • Journal of the Korean Geographical Society
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    • v.47 no.2
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    • pp.159-178
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    • 2012
  • Since the suggestions on the paleo-glacial landforms in and around the northern high mountains of Korean Peninsula by some western and Japanese scientists in the early 1900s, the likelihood of the glacier existence in the Baekdusan over the Quaternary glacial period has been had in common among most of the Korean geomorphologists. In the other meaning, some have cast doubt on the likelihood the paleo-glacier in the Baekdusan because there has been no unequivocal evidences for the glacier such as striation, moraines, except morphologic characteristic landforms possibly related to glacier. Here we show some evidences for the existence of the glacier in the Baekdusan and their cosmogenic $^{36}Cl$ exposure ages over the late Quaternary and would put forward a model on the Quaternary landscape evolution of the Baekdusan, with a focus on the relationship of 1000 AD explosive eruption and the glacial landforms. The exposure ages constrained by cosmogenic $^{36}Cl$ abundances of the col surface of the western slope located below the glacier yield 46~26 ka, which is inphase with the last glacial period. Given all the evidences above, we can draw a conclusion that the glacier existed on the Baekdusan over the late Quaternary and the style of glaciation changed from extensive ice cap through valley glacier to restricted cirque.

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Principles of Simulated Moving Bed Reactor(SMBR) (Simulated Moving Bed Reactor(SMBR)의 원리)

  • Song, Jae-Ryong;Kim, Jin-Il;Koo, Yoon-Mo
    • Korean Chemical Engineering Research
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    • v.49 no.2
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    • pp.129-136
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    • 2011
  • Simulated Moving Bed(SMB) process consists of multiple chromatographic columns, which are usually partitioned into four zones. Such a process characteristic allows a continuous binary separations those are impracticable in conventional batch chromatographic processes. Compared with batch chromatography, SMB has advantages of continuity, high purity and productivity. Various researches have been reported for the integration of reaction and recovery during process operation on the purpose of economics and effectiveness. Simulated Moving Bed Reactor(SMBR) is introduced to combine SMB as a continuous separation process and reactor. Several cases of SMBR have been reported for diverse reactions with catalytic, enzymatic and chemical reaction on ion exchange resin as main streams. With an early type of fixed bed using catalyst, SMBR has been developed as SMB using fluidized enzyme, SMB with immobilized enzyme and SMB with discrete reaction region. For simple modeling and optimization of SMBR, a method considering convection only is possible. A complex method considering axial dispersion and mass transfer resistance is needed to explain the real behavior of solutes in SMBR. By combining reaction and separation, SMBR has benefits of lower installation cost by minimizing equipment use, higher purity and yield by avoiding the equilibrium restriction in case of reversible reaction.

Towards Integrated Pest Management of Rice in Korea

  • Lee, Seung-Chan
    • Korean journal of applied entomology
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    • v.31 no.3
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    • pp.205-240
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    • 1992
  • In reality, it is a green revolution of the entire agricultural matrix in Korea that integrated pest control plays an important role in the possible breakthrough in rice self-sufficiency. In paddy agroecosystem as man-modified environment, rice is newly established every year by transplantation under diverse water regimes which affect a microclimate. Standing water benefits rice by regulating the microclimate, but it favors the multiplication of certain pets through the amelioration of the microclimate. Further, the introduction of high yielding varieties with the changing of cultural practices results in changing occurrence pattern of certain pests. In general, japonica type varieties lack genes resistant to most of the important pests and insect-borne virus diseases, whereas indica type possesses more genes conferring varietal resistance. Thus, this differences among indica type, form the background of different approaches to pest management. The changes in rice cultivation such as double cropping, growing high-yielding varieties requiring heavy fertilization, earlier transplanting, intensvie-spacing transplanting, and intensive pesticide use as a consequence of the adoption of improves rice production technology, have intensified the pest problems rather than reduced them. The cultivation of resistant varieties are highly effective to the pest, their long term stability is threathened because of the development of new biotypes which can detroy these varieties. So far, three biotypes of N. lugens are reported in Korea. Since each resistant variety is expected to maintain several years the sequential release of another new variety with a different gene at intervals is practised as a gene rotation program. Another approach, breeding multilines that have more than two genes for resistance in a variety are successfully demonstrated. The average annual rice losses during the last 15 years of 1977-’91 are 9.3% due to insect pests without chemical control undertaken, wehreas there is a average 2.4% despite farmers’insecticide application at the same period. In other words, the average annual losses are prvented by 6.9% when chemical control is properly employed. However, the continuous use of a same group of insecticides is followed by the development of pest resistance. Resistant development of C. suppressalis, L. striatellus and N. cincticeps is observed to organophosphorous insecticides by the mid-1960s, and to carbamates by the early 1970s in various parts of the country. Thus, it is apparent that a scheduled chemical control for rice production systems becomes uneconomical and that a reduction in energy input without impairing the rice yield, is necessarily improved through the implementation of integrated pest management systems. Nationwide pest forecasting system conducted by the government organization is a unique network of investigation for purpose of making pest control timely in terms of economic thresholds. A wise plant protection is expected to establish pest management systems in appropriate integration of resistant varieties, biological agents, cultural practices and other measures in harmony with minimizing use of chemical applications as a last weapon relying on economic thresholds.

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Effect of Environment on Plant Growth of Oriental Melon in South-North Directed Ridges under East-West Oriented Vinyl house ($\cdot$서동 하우스내 이랑위치별 환경과 참외 생육)

  • Shin Yong Seub;Park So Deuk;Kim Jwoo Hwan;Seo Young Jin;Kim Byung Soo
    • Journal of Bio-Environment Control
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    • v.14 no.1
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    • pp.15-21
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    • 2005
  • This experiment was carried out to investigate the effect of ridge direction (south-north) on temperature and light intensity on early growth of oriental melon under east-west oriented vinyl house cultivation. The air-temperature of minimum between north and south-ridge in the tunnel of vinyl house was $12.5^[\circ}C\;and\;11.3^{\circ}C$ and that of maximum between north and south-ridge was $36.7^{\circ}C\;and\;34.7^{\circ}C$, respectively. The minimum and maximum air-temperature of north-ridge in the tunnel of vinyl house on Feb. 15 were $12^{\circ}C\;and\;2.0^{\circ}C$ higher than those of south-ridge, respectively. The intensity of daylight between south and north-ridge was similar during 9:00-10:30 a.m., that of south-ridge was higher than north-ridge during 10:30-11:30 a.m. and that of north-ridge was higher than south-ridge during 11:30-17:30. The plant growth after 55 days of planting on the north-ridge was prominent cultivation compared to south-ridge. The female flowering and first harvesting day were earlier in north-ridge than in south ridge. The marketable fruits rate and yields (kg/10a) were $6.7\%$ and 218kg higher in north-ridge cultivation than south-ridge, respectively. Differences of marketable fruit rate and yield (kg/10a) in each ridge were significant.

Effect of the Particle Size of Perlite and Irrigation Amount on the Growth, Root Activity and Mineral Contents of Tomato in a Recycling System (순환식 양액재배에서 펄라이트배지의 입자 크기 및 양액공급량이 토마토의 생육, 근활력 및 무기양분 함량에 미치는 영향)

  • 강경희;권기범;최영하;이한철
    • Journal of Bio-Environment Control
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    • v.12 no.2
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    • pp.77-82
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    • 2003
  • The effect of the particle size of perlite and irrigation amount on the growth, root activity and mineral competition of tomato was investigated in a recycling system. The particle sizes used were small (SPP, øl∼2 mm), medium (MPP, ø2∼3 mm), (LPP. ø4∼5 mm). Plant height, fresh weight and dry weight of tomato at the earlier growth stage were good at 3.0 L/day in MPP and LPP, but these were not significantly affected by irrigation amount in MPP, Fruit number, weight and yield increased at 1.5 L/day in SPP and 3.0 L/day at MPP or LPP, Deformed fruits tended to increase at higher irrigation amounts regardless of particle size. Root activity increased with increasing particle size with higher irrigation amount during early stage after transplanting, but remarkably decreased at 3.0 L/day in SPP as compared with the others at 100 days. Mineral contents of plants after harvest were higher at MPP and LPP than SPP, but were highest at 3.0 L/day in LPP. In conclusion, it was regarded that tomato growth in a recycling system was optimal at MPP or LPP with irrigation amount of B.0 L/day.

A Study on Development of Modified Hydroponic System - On the Intermittent Soaking System of Soilless Culture - (새로운 수경재배방식 개발에 관한 연구 -간헐침지식 수경재배시스템에 관하여 -)

  • 양원모;진영욱
    • Journal of Bio-Environment Control
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    • v.1 no.2
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    • pp.169-174
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    • 1992
  • This experiment was carried out to investigate the possibility of practical use of intermittent soaking system(ISS) in hydroponicaly growing tomato. There were four treatments which were NFT, Aeroponics, and ISS with 10 and 15 minute soaking intervals. 1. Plant height is highest in NFT, but main root length is longest in ISS. While stem diameter and leaf number were not significantly difference. 2. Fresh and dry weight were heavier in NFT than those of other systems at early growth stage, but the heavier in ISS system, the growth more develop. 3. In 43 days after treatment, the number of flowerlet was largest in aeroponics, and then ISS and NFT in order. Fruit weight per plant was also heaviest in aeroponics. 4. Average yield per plant were 1929.1g in aeroponics, 1475.2g in ISS with 10 minute soaking interval, 1276.2g in NFT and 1084.8g in ISS with 15 minute soaking interval. 5. Average fruit number per plant were 11.0 in aeroponics, 9.7 in NFT, 8.3 in ISS with 15 minute soaking interval, and 7.7 in ISS with 10 minute soaking interval. Average fruit weight were 192.9g in aeroponics, 172.4g in ISS with 10 minute soaking interval, 134.0g in NFT and 126.0g in ISS with 15 minute soaking interval. 6. Average fruit length was longer in aeroponics and ISS with 10 minute soaking interval than in the NFT and ISS with 15 minute soaking interval. Average fruit width was similarly wider in NFT, aeroponics and ISS with 10 minute soaking interval than in ISS with 15 minute soaking interval.

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Control of Paprika Powdery Mildew Using Cooking Oil and Yolk Mixture (난황유를 이용한 파프리카 흰가루병 방제)

  • Lee, Jung-Han;Han, Ki-Soo;Kwon, Young-Sang;Kim, Dong-Kil;Kim, Hee-Kyu
    • Research in Plant Disease
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    • v.14 no.2
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    • pp.112-116
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    • 2008
  • Powdery mildew of Paprika caused by Leveillula taurica has been a serious problem in greenhouse. It is an unusual endophytic powdery mildew because the mycelia grow inside the leaf, such that the pale yellow lesions on adaxial surfaces appear first and the white powdery lesion/signs develop later on the corresponding to the spots of the abaxial leaf surface, where the conidiophores are typically emerge through the stomatal opening. Although one foliar application of cooking oil and yolk mixture(COY) to the foliage was not practically effective enough, two or three, weekly application of COY to the foliage at either 0.3 or 0.5% concentration resulted in excellent control against powdery mildew with disease index less/lower than 1, respectively. This treatment could provide protection for three weeks, which, we believe, is not only cost-effective, but also environment-friendly. Powdery mildew fungus was affected by COY treatment quickly which is recognizable in three days. Net photosynthesis and evapotranspiration was remarkably reduced by powdery mildew infection compared to healthy leaves, suggesting that prevention and early protection is the most critical strategy for peak paprika fruit yield. Moreover, COY treatment did not adversely affect the photosynthesis and evapotranspiration of foliages.

Effect of Fermented Pig Slurry Treated with Probiotics on the Productivity of Sorghum $\times$ Sudangrass Hybrid(Sorghum bicolor L. Moench) (미생물제제 이용 처리 발효돈분액비 시용이 수수교잡종 (Sorghum bicolor L. Moench)의 생산성에 미치는 영향)

  • 박남건;고서봉;고문석
    • Journal of Animal Environmental Science
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    • v.8 no.1
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    • pp.35-42
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    • 2002
  • This study was carried out to determine the effect of chemical fertilizer and two fermented types of pig slurry on the total dry matter yield and quality of sorghum $\times$ sudangrass hybrid (Sorghum bicolor L. Moench) and chemical properties of soil after harvest in Jeju area. Three treatments consisted of chemical fertilizer (CF) 200kg 7kg Nha $^1$, aerobic fermented pig slurry (PS)200kg 7kg Nha $^1$, and aerobic fermented pig slurry treated with probiotics (PS+P) 200kg 7kg Nha $^1$were arranged in a randomized block design with three replications. The results obtained are summarized as follows. The heights of plant applied fermented pig slurry were slightly taller than those of plants applied chemical fertilizer during early growing stage, but there was no difference among treatments when the plants were harvested. The total forage dry matter yields were in the range of 14,848~ 15,42kg/ha, but they were not significantly different. Also, CP, NDF, ADF and mineral contents in the forage(% of DM basis) did not differ among treatments. The pH of soil was ranged from 5.35 to 5.63, but it was not significantly different. However, the content of available $P_2O_5$ of soil was higher(P<0.05) in chemical fertilizer treatment than that of soil in fermented pig slurry treatments. The content of K was higher(p<0.05) when ffrrmented pig slurry treated with probiotics was applied after the 1st harvest. but it was not different among treatments after the and harvest.

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Proper Harvesting Time for Improving the Rice Quality in Honam Plain Area (호남평야지에서 쌀 품질 향상을 위한 적정 수확시기)

  • Kim Sang-Su;Lee Jun-Hee;Nam Jeong-Kwon;Choi Weon-Young;Back Nam-Hyun;Park Hong-Kyu;Choi Min-Gyu;Kim Chung-Kon;Jung Kwang-Yong
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.50 no.spc1
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    • pp.62-68
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    • 2005
  • The characters associated with the rice quality and the factors as the proper harvesting time of rice were examined from 2002 to 2004 at Iksan in Honam plaine area. The rice cultivars tested were Samcheonbyeo (Early maturing one). Hwaseongbyeo(Medium maturing one) and Nampyeongbyeo(Mid-late maturing one). The ripened grain rates were high when the harvesting dates after heading were between 50 to 55 days,55 to 60 days, and 60 days for Samcheonbyeo, Hwaseongbyeo and Nampyeongbyeo, respectively. The yield of rice were higher when harvested 45 to 50 days, 50 to 55 days, and 55 to 60 days after heading for Samcheonbyeo, Hwaseongbyeo and Nampyeongbyeo. The highest yields of head rice were obtained when harvested 45 days after heading, 50 days and 55 to 60 days for Samcheonbyeo, Hwaseongbyeo and Nampyeongbyeo. In conclusion, in Honam plain, taking the head rice production, rice quality level, protein content and palatability of rice into account, the best harvest times were found to be 52 days(accumulated temp. : $1,213^{\circ}C$) after heading, 56 days$(1,221^{\circ}C)$, and 60 days $(1,207^{\circ}C)$, for Samcheonbyeo, Hwaseongbyeo and Nampyeongbyeo, respectively.