• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.161-173
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• 2021

The shipping industry plummeted and was depressed due to the global economic crisis caused by the bankruptcy of Lehman Brothers in the US in 2008. In 2020, the shipping market also suffered from a collapse in the unstable global economic situation due to the COVID-19 pandemic, but unexpectedly, it changed to an upward trend from the end of 2020, and in 2021, it exceeded the market of the boom period of 2008. According to the Clarksons report published in May 2021, the decrease in cargo volume due to the COVID-19 pandemic in 2020 has returned to the pre-corona level by the end of 2020, and the tramper bulk carrier capacity of 103~104% of the Panamax has been in the ports due to congestion. Earnings across the bulker segments have risen to ten-year highs in recent months. In this study, as factors affecting BDI, the capacity and congestion ratio of Cape and Panamax ships on the supply side, iron ore and coal seaborne tonnge on the demand side and Granger causality test, IRF(Impulse Response Function) and FEVD(Forecast Error Variance Decomposition) were performed using VAR model to analyze the impact on BDI by congestion caused by strengthen quarantine at the port due to the COVID-19 pandemic and the loading and discharging operation delay due to the infection of the stevedore, etc and to predict the shipping market after the pandemic. As a result of the Granger causality test of variables and BDI using time series data from January 2016 to July 2021, causality was found in the Fleet and Congestion variables, and as a result of the Impulse Response Function, Congestion variable was found to have significant at both upper and lower limit of the confidence interval. As a result of the Forecast Error Variance Decomposition, Congestion variable showed an explanatory power upto 25% for the change in BDI. If the congestion in ports decreases after With Corona, it is expected that there is down-risk in the shipping market. The COVID-19 pandemic occurred not from economic factors but from an ecological factor by the pandemic is different from the past economic crisis. It is necessary to analyze from a different point of view than the past economic crisis. This study has meaningful to analyze the causality and explanatory power of Congestion factor by pandemic.

• Journal of Korean Society of Environmental Engineers
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• v.30 no.9
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• pp.955-960
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• 2008

We investigated and estimated at the characteristics of decomposition and mineralization of benomyl using a design of experiment(DOE) based on the general factorial design in an E-beam process, and also the main factors(variables) with benomyl concentration(X$_1$) and E-beam irradiation(X$_2$) which consisted of 5 levels in each factor was set up to estimate the prediction model and the optimization conditions. At frist, the benomyl in all treatment combinations except 17 and 18 trials was almost degraded and the difference in the decomposition of benomyl in the 3 blocks was not significant(p > 0.05, one-way ANOVA). However, the % of benomyl mineralization was 46%(block 1), 36.7%(block 2) and 22%(block 3) and showed the significant difference of the % that between each block(p < 0.05). The linear regression equations of benomyl mineralization in each block were also estimated as followed; block 1(Y$_1$ = 0.024X$_1$ + 34.1(R$^2$ = 0.929)), block 2(Y$_2$ = 0.026X$_2$ + 23.1(R$^2$ = 0.976)) and block 3(Y$_3$ = 0.034X$_3$ + 6.2(R$^2$ = 0.98)). The normality of benomyl mineralization obtained from Anderson-Darling test in all treatment conditions was satisfied(p > 0.05). The results of prediction model and optimization point using the canonical analysis in order to obtain the optimal operation conditions were Y = 39.96 - 9.36X$_1$ + 0.03X$_2$ - 10.67X$_1{^2}$ - 0.001X$_2{^2}$ + 0.011X$_1$X$_2$(R$^2$ = 96.3%, Adjusted R$^2$ = 94.8%) and 57.3% at 0.55 mg/L and 950 Gy, respectively. A Microtox test using V. fischeri showed that the toxicity, expressed as the inhibition(%), was reduced almost completely after an E-beam irradiation, whereas the inhibition(%) for 0.5 mg/L, 1 mg/L and 1.5 mg/L was 10.25%, 20.14% and 26.2% in the initial reactions in the absence of an E-beam illumination.

• Journal of KIISE:Computer Systems and Theory
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• v.33 no.3
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• pp.157-165
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• 2006

The change of external/internal factors of the cell rquires specific biological functions to maintain life. Such functions encourage particular genes to jnteract/regulate each other in multiple ways. Accordingly, we applied a linear decomposition model IFSA, which derives hidden variables, called the 'expression mode' that corresponds to the functions. To interpret gene interaction/regulation, we used a cross-correlation method given an expression mode. Linear decomposition models such as principal component analysis (PCA) and independent component analysis (ICA) were shown to be useful in analyzing high dimensional DNA microarray data, compared to clustering methods. These methods assume that gene expression is controlled by a linear combination of uncorrelated/indepdendent latent variables. However these methods have some difficulty in grouping similar patterns which are slightly time-delayed or asymmetric since only exactly matched Patterns are considered. In order to overcome this, we employ the (IFSA) method of [1] to locate phase- and shut-invariant features. Membership scoring functions play an important role to classify genes since linear decomposition models basically aim at data reduction not but at grouping data. We address a new function essential to the IFSA method. In this paper we stress that IFSA is useful in grouping functionally-related genes in the presence of time-shift and expression phase variance. Ultimately, we propose a new approach to investigate the multiple interaction information of genes.

• International Commerce and Information Review
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• v.19 no.3
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• pp.83-105
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• 2017

I tried to analyze export relation of influence in Chinese H beam(common steel), Hot Rolled Steel(common steel), Plate(common steel) which could be influenced immediately by China's cancellation of the export rebate of value added tax in 2010 through the statistic methods such as cointegration, Granger causality, impulse response and variance decomposition. In the first period they mutually influenced each other in export to Korea but in the second period, this relation of influence was lessoned. Due to production expansion of Hot Rolled Steel(common steel), Plate(common steel) in Korea, the change of import trend, the market change of steel users' industries and China's expedient export of boron steel to Korea, mutual influence among these products was greatly declined. Ever since Hyundai Steel's production expansion involving blast furnace facilities, there is need for the industry to concentrate on developing new markets for its facilities' output in Korea. Therefore, Korea's steel industry desperately needs strength of de-jure standards such as unique quality standards and related certifications, efficient distribution management, as well as export promotion strategy through its global trading network to effectively address its structural supply-demand imbalances.

• The Journal of Industrial Distribution & Business
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• v.9 no.5
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• pp.63-72
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• 2018

Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.

• The Korean Journal of Financial Management
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• v.12 no.2
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• pp.239-271
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• 1995

본 연구는 현재 미국에서 거래되고 있는 세 가지 주가지수선물 상호간의 일중(intradaily) 가격선도(price leadership) 관계에 관한 실증분석이다. 본 연구가 기존의 연구와 다른점은, 기존의 연구가 주가지수선물과 그 기준이 되는 현물 가격사이의 가격 선도 관계에 초점을 두고 있는데 반하여 본 연구는 주가지수선물 시장 사이에서 존재하는 가격 선도관계를 분석하고 있다는 점이다. 실증 분석의 대상이 된 주가지수선물들은 Chicago Mercantile Exchange의 Standard and Poor's 500 Index(S&P 500), New York Futures Exchange의 New York Stock Exchange Composit Index (NYSE), 그리고 Chicago Board of Trade의 Major Market Index(MMI)이다. 만약 이들 시장들이 정보의 전달에 있어서 효율적(informationally efficient) 이라면 이들 가격간에 선도-지연(lead-lag) 현상은 존재하지 않을 것이다. 그러나 어느 한 시장이 새로운 정보를 선물가격에 반영하는데 다른 시장에 비해 상대적으로 느리다면, 이들 시장 상호간에는 가격의 전이(transmission)현상이 존재하게 될 것이다. 이들 선물간의 일중 가격선도 관계 연구는 이러한 시장의 효율성 문제를 밝히는데 의의가 있을 뿐만 아니라, 시장간의 단기적 가격 괴리를 이용하려는 차익거래자들에게도 유용하게 쓰일 수 있을 것이다. 본 연구는 위에서 언급한 각각의 주가지수선물들이 가격 선도성을 가질 수 있는 이유와 관련된 다음과 같은 세 가지 가설을 설정하였다. 첫째 가설은, 가격의 선도성은 거래량과 관련이 있다는 것이다. 즉, 이들 주가지수선물 중 가장 거래량이 많은 S&P 500 선물이 다른 선물을 선도할 것이라는 가설이다. 둘째, 가격의 선도성은 주가지수를 구성하는 주식의 수에 비례한다는 가설이다. 다시 말하면, 보다 않은 수로 구성된 주가지수일수록 정보처리 속도가 빠르다는 가설이다. 따라서, 본 연구에 포함된 주가지수선물 중 가장 많은 수의 주식을 대상으로 하는 NYSE 선물이 다른 선물을 선도할 것이다. 마지막 가설은 정보의 처리는 대형주 혹은 기관선호주(institutionally-favored)들이 주도한다는 것이다. 따라서, 주로 이와 같은 주식들로 구성 된 MMI 선물이 선도성을 가질 수 있다는 것이다. 위의 가설들을 검증하고 시장간의 가격 선도관계를 분석하기 위하여 본 연구는 vector autoregressive(VAR) 모형을 이용하여 충격-반응 함수(impulse response functions)를 계산하고, 분산분해(variance decomposition)를 수행하였다. 또한 가격 상호간에 존재할지도 모르는 공적분(cointegration)관계를 Johansen(1991)과 Jokansen and Juselius (1992) 등이 제시한 다변량 공적분 검정(multivariate cointegration test)를 통하여 분석하였다. 분석기간은 1986년 1월부터 1990년 7월까지이며, 각 주가지수선물들의 5분 간격 data를 사용하였다. 연구결과, 충격-반응 분석은 어느 한 시장에서의 충격(shock)은 다른 시장으로 매우 빠르게 전달되고 있음을 보여 주었다. 그러나 충격의 지속정도는 그 충격의 진원지에 따라 달랐다. 즉, NYSE나 MMI 선물로부터 발생 한 충격은 다른 시장의 가격에 5분 안에 반영을 끝냈지 만 S&P 500 선물에서 발생한shock은 그 이상 지속되었다. 또한, 분산분해 결과 S&P 500 선물이 자기자신 뿐만 아니라 다른 시장의 예상하지 못했던 움직임(unexpected movements)을 설명하는데 가장 큰 설명력(explanatory power)을 가지고 있었다. 결론적으로 S&P 500 선물이 다른 선물을 약 5분 간격으로 선도하였다. 이는 가격의 선도가 거래량과 밀접한 관계가 있음을 보여 주는 것이다.

• Korean Journal of Food Science and Technology
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• v.26 no.4
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• pp.343-347
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• 1994

The effects of low and high-voltage-electrical-stimulation and storing temperature on concentration of adenosine triphosphate (ATP) related compounds were studied in M. Semitendinosus muscles from Korean native cattle. Seven beef carcasses were split, the one side was electrically stimulated for 1 minute by using stimulator adjusted to 400 V/60 Hz as high voltage or to 110 V/60 Hz as low voltage while the other side served as an unstimulated control. Both side samples were incubated at $5^{\circ}C\;and\;15^{\circ}C$ for 3 days. During storage, the concentration of ATP and its breakdown products were measured as a function of time. Significant differences (p<0.05) were observed in the variance of ATP, adenosine diphosphate (ADP) and inosine monophosphate (IMP) levels between low-or high-voltage-electrically stimulated muscles and unstimulated control at just after post-stimulation. The decomposition of adenosine compounds and the production of inosine compounds of low-voltage-electrically stimulated muscles were advanced more slowly than those of high-voltage-treatment muscles. With increasing storage time, the influence of electrical stimulation on changes of ATP related compounds in meat was decreased, but storing temperature begin to affect their concentration. Significant difference in the Hypoxanthine levels (p<0.05) was found of sample stored for 48 hours at $15^{\circ}C$ from samples stored at $5^{\circ}C$ regardless of electrical stimulation treatemt. IMP and inosine values in electrically stimulated muscles, higher than of a control during 72 hours of storage, indicated rapid production of flavor compounds in beef.

• Land and Housing Review
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• v.4 no.1
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• pp.43-54
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• 2013

This This paper investigates the variation of the factors to determinate housing price in Seoul metropolitan area after sub-prime financial crisis, in Korea, using a VAR model. The model includes housing price and housing rent (Jeonse) in Seoul metropolitan area from 1999 to 2011, and uses interest rate, real GDP, KOSPI, Producer Price Index and practices to impulse response and variance decomposition analysis to grasp the dynamic relation between a variable of macro economy and and a variable of housing price. Data is classified to 2 groups before and after the 3rd quater of 2008, when sub-prime crisis occurred; one is from the 1st quater of 1999 to the 3rd quater of 2008, and the other is from the 2nd quater of 1999 and the 4th quater of 2011. As a result, comparing before and after sub-prime crisis, housing price is more influenced by its own variation or Jeonse price's variation instead of interest rate and KOSPI. Both before and after sub-prime financial crisis, Jeonse price is also influenced by its own variation and housing price. While after sub-prime financial crisis, influences of Producer Price Index, KOSPI and interest rate were weakened, influence of real GDP is expanded. As housing price and housing rent are more influenced by real economy factors such as GDP, its own variation than before sub-prime financial crisis, the recent trend that the house prices is declined is difficult to be converted, considering domestic economic recession and uncertainty, continued by Europe financial crisis. In the future to activate the housing business, it ia necessary to promote purchasing power rather than relaxation of financial and supply regulation.

• Journal of Korean Society of Forest Science
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• v.98 no.3
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• pp.284-289
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• 2009

This study estimated the fiberboard demand using VAR and econometric model, and compared the prediction accuracy of the two models. And the variance decomposition and impulse response were analyzed using VAR model, and predicted the fiberboard demand. The VAR model was specified with lagged dependent variable, lagged own price, lagged construction product, dummy. The econometric model was specified with own price, substitute price, construction product, dummy. The dummy variable reflected the abrupt decrease in fiberboard demand in the late 1990's. The results showed that the fiberboard demand prediction can be performed more accurately by VAR model than by econometric model. In the VAR model of fiberboard demand, after twelve months, the construction product change accounts for about fifty percent of variation in the demand, and the own price change accounts for about thirty percent of variation in the demand. On the other hand, the impact of a shock to the construction product is significant for about twelve months on the demand of fiberboard, and the impact of a shock to the own price is significant for about six months on the demand of fiberboard.

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.217-240
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• 2011

In this study, vector autoregressive and vector error correction models in the short-run dynamics are considered to analyze the effect of the changes in international crude oil prices on Baltic dry index, Baltic Capesize index and Baltic Panamax index, and the intercorrelations between Capesize and Panamax prices, respectively. First, using the vector autoregressive model, the changes in international crude oil price have a statistically significant positive effect for Capesize at lag 1, for Panamax a significant negative effect at lag 3 and a significant positive effect for Baltic dry index at lag 1. From the impulse response analysis, the international crude oil price causes Baltic dry index to increase in the sort-run and the effect converges on the mean after 3 months. Second, using the vector error correction model, the empirical results for the spillover effects between Capesize and Panamax markets provide that in the case of the deviation from a long-run equilibrium the Panamax price is adjusted toward decreasing. The increases in freight rates of the Capesize market at lag 1 lead to increase the freight rates in Panamax market at present. The Panamax responses from the Capesize shocks increase rapidly for 3 months and the effect converges on the mean after 5 months. The Capesize responses from the Panamax shocks are relatively small, and increase weakly for 3 months and the effect disappears thereafter.