• FLOWER RESEARCH JOURNAL
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• v.18 no.4
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• pp.256-260
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• 2010

This study was carried out to investigate effects of stock plant management and foliar spray of GA on the flower quality in hydroponically grown chrysanthemum 'Shinma'. In the growth and development as affected by stock plant management, cut flower length, petal number and cut flower weight were the best in the plot of long day and chilling treatment showed 114 cm, 298 and 102 g, respectively. Chlorophyll content(SPAD-value) was the highest in the plot of foliar spray of diluted Molbia(1 : 500). Flower quality according to concentration and spray time of gibberellin showed a different pattern. Cut flower length was the longest in the plot of solution diluted to 1 : 1,000 spraying before flowering at 60 days, petal number was the most in 1 : 500 at 60 days, and cut flower weight was the heaviest in 1 : 2,000 at 60 days, respectively. However, peduncle length was tended to be elongated with foliar spray of gibberellin solution diluted to 1 : 500 or 1 : 1,000 before flowering at 45 days.

• Journal of Climate Change Research
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• v.8 no.4
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• pp.415-424
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• 2017

This study was conducted to estimate carbon stocks of Pinus densiflora with drawing volume of trees in each tree height and DBH applying the suitable stem taper equation and tree specific carbon emission factors, using collected growth data from all over the country. Information on distribution area, tree age, tree number per hectare, tree volume and volume stocks were obtained from the $5^{th}$ National Forest Inventory (2006~2010) and Statistical yearbook of forest (2016), and method provided in IPCC GPG was applied to estimate carbon stock and uptake. Performance in predicting stem diameter at a specific point along a stem in Pinus densiflora by applying Kozak's model, $d=a_{1}DBH^{a_2}a_3^{DBH}X^{b_{1}Z^2+b_2ln(Z+0.001)+b_3\sqrt{Z}+b_4e^z+b_5(\frac{DBH}{H})}$, which is well known equation in stem taper estimation, was evaluated with validations statistics, Fitness Index, Bias and Standard Error of Bias. Consequently, Kozak's model turned out to be suitable in all validations statistics. Stem volume table of P. densiflora was derived by applying Kozak's model and carbon stock tables in each tree height and DBH were developed with country-specific carbon emission factors ($WD=0.445t/m^3$, BEF = 1.445, R = 0.255) of P. densiflora. As the results of analysis in carbon uptake for each province, the values were high with Gangwon-do $9.4tCO_2/ha/yr$, Gyeongsandnam-do and Gyeonggi-do $8.7tCO_2/ha/yr$, Chungcheongnam-do $7.9tCO_2/ha/yr$ and Gyeongsangbuk-do $7.8tCO_2/ha/yr$ in order, and Jeju-do was the lowest with $6.8tC/ha/yr$. Total carbon stocks of P. densiflora were 127,677 thousands tC which is 25.5% compared with total percentage of forest and carbon stock per hectare (ha) was $84.5tC/ha/yr$ and $7.8tCO_2/ha/yr$, respectively.

• Journal of Intelligence and Information Systems
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• v.16 no.2
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• pp.19-32
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• 2010

Volatility plays a central role in both academic and practical applications, especially in pricing financial derivative products and trading volatility strategies. This study presents a novel mechanism based on generalized autoregressive conditional heteroskedasticity (GARCH) models that is able to enhance the performance of intelligent volatility trading systems by predicting Korean stock market volatility more accurately. In particular, we embedded the concept of the volatility asymmetry documented widely in the literature into our model. The newly developed Korean stock market volatility index of KOSPI 200, VKOSPI, is used as a volatility proxy. It is the price of a linear portfolio of the KOSPI 200 index options and measures the effect of the expectations of dealers and option traders on stock market volatility for 30 calendar days. The KOSPI 200 index options market started in 1997 and has become the most actively traded market in the world. Its trading volume is more than 10 million contracts a day and records the highest of all the stock index option markets. Therefore, analyzing the VKOSPI has great importance in understanding volatility inherent in option prices and can afford some trading ideas for futures and option dealers. Use of the VKOSPI as volatility proxy avoids statistical estimation problems associated with other measures of volatility since the VKOSPI is model-free expected volatility of market participants calculated directly from the transacted option prices. This study estimates the symmetric and asymmetric GARCH models for the KOSPI 200 index from January 2003 to December 2006 by the maximum likelihood procedure. Asymmetric GARCH models include GJR-GARCH model of Glosten, Jagannathan and Runke, exponential GARCH model of Nelson and power autoregressive conditional heteroskedasticity (ARCH) of Ding, Granger and Engle. Symmetric GARCH model indicates basic GARCH (1, 1). Tomorrow's forecasted value and change direction of stock market volatility are obtained by recursive GARCH specifications from January 2007 to December 2009 and are compared with the VKOSPI. Empirical results indicate that negative unanticipated returns increase volatility more than positive return shocks of equal magnitude decrease volatility, indicating the existence of volatility asymmetry in the Korean stock market. The point value and change direction of tomorrow VKOSPI are estimated and forecasted by GARCH models. Volatility trading system is developed using the forecasted change direction of the VKOSPI, that is, if tomorrow VKOSPI is expected to rise, a long straddle or strangle position is established. A short straddle or strangle position is taken if VKOSPI is expected to fall tomorrow. Total profit is calculated as the cumulative sum of the VKOSPI percentage change. If forecasted direction is correct, the absolute value of the VKOSPI percentage changes is added to trading profit. It is subtracted from the trading profit if forecasted direction is not correct. For the in-sample period, the power ARCH model best fits in a statistical metric, Mean Squared Prediction Error (MSPE), and the exponential GARCH model shows the highest Mean Correct Prediction (MCP). The power ARCH model best fits also for the out-of-sample period and provides the highest probability for the VKOSPI change direction tomorrow. Generally, the power ARCH model shows the best fit for the VKOSPI. All the GARCH models provide trading profits for volatility trading system and the exponential GARCH model shows the best performance, annual profit of 197.56%, during the in-sample period. The GARCH models present trading profits during the out-of-sample period except for the exponential GARCH model. During the out-of-sample period, the power ARCH model shows the largest annual trading profit of 38%. The volatility clustering and asymmetry found in this research are the reflection of volatility non-linearity. This further suggests that combining the asymmetric GARCH models and artificial neural networks can significantly enhance the performance of the suggested volatility trading system, since artificial neural networks have been shown to effectively model nonlinear relationships.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.243-266
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• 2006

This paper tests cross hedging performance of the KOSPI 200 stock index futures to hedge the downside risk of the KOSPI, KOSPI 200 and KOSDAQ50 spot market. For this purpose we introduce the minimum variance hedge model, bivariate GARCH(1,1) and EGARCH(1,1) model as hedge models. The main results are as follows; First, we find that the direct hedge performance of KOSPI 200 index futures is better than those of indirect hedge performance. second, in case or cross hedge performance the hedge effect of KOSPI 200 stock index futures market against KOSPI 200 stock index spot market is relatively better than those of KOSPI 200 index futures against KOSPI and KOSDAQ spot position. Third, for the out-sample, hedging effectiveness of the risk-minimization with constant hedge ratios is higher than those of the time varying bivariate GARCH(1,1) and EGARCH(1,1) model. In conclusion, investors are encouraged to use simple risk-minimization model rather than the time varying hedge models like GARCH and EGARCH model to hedge the position of the Korean stock index cash markets.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.189-195
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• 2014

In this research, we investigate the relationship between volatility and the trading volumes of trader types in the KOSPI 200 index stock market, futures market, and options market. Three types of investors are considered: individual, institutional, and foreign investors. The empirical results show that the volatility of the stock market and futures market are affected by the transaction information from another market. This means that there exists the cross-market effect of trading volume to explain volatility. It turns out that the option market volatility is not explained by any trading volume of trader types. This is because the option market volatility, VKOSPI, is the volatility index that reflects traders' expectation on one month ahead underlying volatility. Third, individual investors tend to increase volatilities, whereas institutions and foreign investors tend to stabilize volatilities. These results can be used in the areas of investment strategies, risk management, and financial market stability.

• Journal of the Korean Wood Science and Technology
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• v.46 no.2
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• pp.202-210
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• 2018

This study was carried out to quantify degree of contribution of harvested wood product (HWP) on mitigation of climate change by valuation of public benefits, environmentally and economically. The potential carbon dioxide emission reduction of HWP was estimated by accounting carbon storage effect and substitution effect. Based on 2014 statistics of Korea Forest Service, domestic HWPs were sorted by two categories, such as wood products produced domestically from domestic and imported roundwood. The wood products were divided into seven items; sawnwood, plywood, particle board, fiberboard (MDF), paper (including pulp), biomass (wood pellet) and other products. The carbon stock of wood products and substitution effects during manufacturing process was evaluated by items. Based on the relevant carbon emission factor and life cycle analysis, the amount of carbon dioxide emission per unit volume on HWP was quantified. The amounts of carbon stock of HWP produced from domestic and from imported roundwood were 3.8 million $tCO_{2eq}$., and 2.6 million $tCO_{2eq}$., respectively. Also, each reduction of carbon emission by substitution effect of HWP produced from domestic and imported roundwood was 3.1 million $tCO_{2eq}$. and 2.1 million $tCO_{2eq}$., respectively. The results of this study, the amount of carbon emission reduction of HWP, can be effectively used as a basic data for promotion of wood utilization to revise and establish new wood utilization promotion policy such as 'forest carbon offset scheme', and 'carbon storage labeling system of HWP'.

• Journal of the Korean Data and Information Science Society
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• v.22 no.1
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• pp.37-47
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• 2011

Stock price index option market has various investment strategies that have been developed. Specially, arbitrage strategies are very important to be efficient in option market. The purpose of this study is to improve profit using rough set and Box spread by using past option trading data. Option trading data was based on an actual stock exchange market tick data ranging from 2001 to 2006. Validation process was carried out by transferring the tick data into one-minute intervals. Box spread arbitrage strategies is low risk but low profit. It can be accomplished by back-testing of the existing strategy of the past data and by using rough set, which limit the time line of dealing. This study can make more stable profits with lower risk if control the strategy that can produces a higher profit module compared to that of the same level of risk.

• Journal of the Korean Data and Information Science Society
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• v.20 no.6
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• pp.1061-1073
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• 2009

Stock price index option investing is a scientific investment method and various index and investment strategies have been developed. The purpose of this study is to apply the variety of option investment strategies that have been introduced in the market and validate them using past option trading data. Option data was based on an actual stock exchange market tick data ranging from September 2001 to January 2007. Visual Basic is used to propose an option back-testing model. Validation process was carried out by transferring the tick data into ten-minute intervals and empirically analyzed. Furthermore, most option-related strategies have been applied to the model, and the usefulness of each strategies can be easily evaluated. As option investment has high leverage followed by high risks and profit, the optimal option investment strategy should be used according to the market condition at the time to make stable profit with minimum risk.

• The Plant Pathology Journal
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• v.22 no.1
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• pp.21-27
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• 2006

We immunized BALB/c mice with purified Cucumber green mottle mosaic virus isolate HY1 (CGMMV-HY1). Through the selection of positive clones that were grown on the HAT medium, four sensitive monoclonal clones (CG99-01, CG99-02, CG99-03, and CG99-04) were selected from 500 Hypoxanthine-guanine phosphoribosyltransferase positive hybridoma cells. Four sensitive clones of CGMMV-HYI were determined as IgM type of the subclass of mouse immunoglobulins Ig group. The titer of monoclonal antiserum against CGMMVHY1 was estimated 1:12,800 by the indirect ELISA. Although monoclonal antibodies (MAbs) from CG99-01 and from CG99-04 cross-reacted with Zucchini green mottle mosaic virus and Kyuri green mottle mosaic virus, MAb from the cell line CG99-03 was highly specific to CGMMV. No MAbs cross-reacted with Cucumber mosaic virus-Fny. Only CG99-04 reacted with Pepper mild mottle virus weakly and CG99-02 reacted with both CGMMV and KGMMV. CGMMV was detected from the rind of watermelon fruit by DAS-ELISA of CGMMV-HY1, but not from the flesh of watermelon. Average seed transmission rate of CGMMV in watermelon was $24\%$ from symptomatic watermelon collected from 5 regions of Gyeongnam province. CGMMV was detected by DAS-ELISA with specific MAb of CGMMVHY1 periodically from root stock, during the sequential process for nursery seedling in Haman. Necrotic spots on cotyledons of root stock seedling progressed to reveal the typical symptomatology on the primary leaves of scion upon grafting. Here, we have established MAb based ELISA system, which could accurately detect CGMMV from watermelon seeds, nursery seedlings, transplants and field samples from greenhouse or open out door field as well.

• The KIPS Transactions:PartB
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• v.11B no.4
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• pp.517-526
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• 2004

In this paper, we implemented practical application service using VoiceXML. Developers can utilize the advantages of using VoiceXML such as reducing development time and sharing contents between applications. Up to now, speech related services were developed using APIs and programming languages such as C/C++ or exclusive developing tools, which methods depend on system architectures. For this reasons, reuse of contents and resources was very difficult. If developers want to change scenarios of the application services or change platforms, they have to edit and recompile their program sources. To solve these problems, nowadays, companies develop their applications using VoiceXML. But, there's poor grip of actual problems can be occurred when they use VoiceXML. To overcome these problems, we implemented stock trading system using VoiceXML. We found out problems which occurred during developing services. We proposed solutions to these problems And, we analyzed strong points and weak points of applications using suggested system.