아시아, 유럽, 미국 주식시장의 동조화에 관한 연구

학위논문 (석사)-- 서울대학교 국제대학원 : 국제학과(국제지역학전공), 2012. 8. 김현철.In old days, empirical results showed consistently low degree of correlation in returns across global stock markets. Interestingly, the correlation coefficients of returns across national stock market have been increasing lately with two reasons. Firstly, investors across the world tend to include foreign stocks in their portfolio holdings in pursuit of raising return and reducing risk. Governments opening up its domestic stock market to the globe with lesser restrictions are in support of this trend. Secondly, firms are becoming more globalized in terms of its sales, manufacturing and financing. Hence global firms and its stock price are more exposed to the global business cycle, causing national stock markets to move together. The purpose of this paper is to observe the degree of influence that a stock market of one nation has on that of the other, and to reveal the existence of comovement across national stock markets. An appropriate stock market index is to be chosen to describe the fluctuation of a stock market. Such indices will be compared with one another with regression analysis, in pursuit of observing the comovement across national stock markets. Regression analysis is applied to measure the influence between stock markets. Correlation analysis is used to examine the existence of comovement across national stock markets. The thesis also strives to answer whether the synchronization of global stock markets is a permanent phenomenon driven by fundamentals or a temporary one. The thesis demonstrates that U.S. stock market has a significant influence on Asian stock markets, an Asian stock market has a significant influence on European stock markets and that European stock market has a significant impact on U.S. stock market. However, the influence does not work the other way around. This is simply due to the sequence of stock exchange business hours. In this thesis, test results and graphs shows existence of comovement across national stock market and that its gradually increasing over time. Despite of continued fluctuation, correlation coefficients of returns on stock market index across the globe have definite upward trend. In South Korea, domestic stock market opened its door to foreign investors in 1992. Since then, the number of stock transactions by foreign investors has been increasing. As of now, it is known that around 30 percent of prevailing KOSPI stocks is owned by foreigner. Due to these facts, KOSPIs comovement with global stock markets has been increasing, as expected.Abstract i Table of Contents iii List of Figures iv List of Table ix I. Introduction 1 II. Related Literature 5 III. Stock Market Indices 13 IV. Statistics of Stock Market Indices 23 V. Analyzing Relationships among Domestic Indices 38 VI. Analyzing Relationships among National Stock Market Indices in a Given Continent 48 VII. Analyzing Relationships among National Stock Market Indices in a Given Continent 55 VIII. Conclusion 88 참고문헌 90 국문초록 92Maste

Toxicity of Cd and Cr compound to apiochilus latipes (killifish)

환경관리학과/석사[한글] 최근 급속한 산업발전과 고도성장은 각종 오염물질을 배출하여 그 주변 자연환경을 파괴시키고 나아가 직접, 간접으로 각 생물 및 생태계 자체에 많은 영향을 미치고 있다. 특히 독성 오염물질인 농약과 중금속을 비롯한 유해물질은 자연중에 잔유성이 매우 길며 미량으로도 수중생물에 축척과 농축이 가능하고 먹이연쇄(food chain)를 통해 인간에까지 영향을 미치게된다. 이에 중금속 중 카드뮴(CdCl^^2로 투여)과 크롬(CrO^^3로 투여)을 대상으로 담수어류인 송사리(Apiochilus latipes)에 농도별, 노출시간별 그리고 투여방법에 따른 중금속함량 변화와 반치사농도, 생물축척지수를 구하였다. 본 실험에서 얻어진 결과는 다음과 같다. 1. 카드뮴(CdCl^^2로 투여)의 24 hr-LC^^50의 값은 0.317 mg/ℓ 이며 크롬(CrO^^3로 투여)의 24 hr-LC^^50의 값은 3.83 mg/ℓ 이었다. 2. 카드뮴 (CdCl^^2로 투여)과 크롬(CrO^^3 로 투여)을 24 hr-LC^^40 농도(카드뮴- 0.3mg/ℓ, 크롬- 3.8 mg/ℓ)로 24시간 혼합투여 하였을 경우 단독투여 했을 경우와 비교한 결과, 카드뮴화합물(CdCl^^2)의 경우만 혼합투여 했을 때의 함량이 높게 나타났으며 각기 단독투여 했을 때와 혼합 투여했을 때의 축척농도의 차이가 (t = -2.38, P< 0.05)있게 나타났다. 3. 카드뮴 (CdCl^^2로 투여 )을 LC^^50의 1/5농도(0.064mg/ℓ)와 1/10농도(0.032mg/ℓ) 로 1일, 4일 및 7일 동안 노출시켜 송사리에 축척한 카드뮴의 생물축척지수(BCF)를 구하여본 결과 카드뮴농도(P, mg/ℓ)및 노출시간(T, day)과의 상관된 식을 구하였다. log BCF= 0.681 log P·T + 1.62 (r**2 = 0.805) P : pollutant concentration (mg/ℓ) T : exposure time (day) 4. 크롬( CrO^^3로 투여)을 LC^^50의 1/5농도(0.75mg/ℓ)와 1/10농도(0.38mg/ℓ)로 1일, 4일 및 7일 동안 노출시켜 송사리에 축척된 크롬의 생물축척지수(BCF)를 구하여본 결과 크롬농도(P, mg/ℓ)및 노출시간(T, day)과의 상관된 식을 구하였다. log BCF = 0.984 log P·T + 0.330 (r**2 =0.726) P : pollutant concentration (mg/ℓ) T : exposure time (day) 상기한 실험적 조건하에서 카드뮴화합물(CdCl^^2)과 크롬화합물(CrO^^3)의 농도에 따라 송사리체내 중금속함량의 변화가 있었으며 농도증가에 따라 체내 중금속함량이 증가했다. [영문] In order to investigate acute toxicity and bioconcentration of heavy metals for a freshwater fish, this study was performed in a laboratory. The fish used in his experiment was killifish, Apiochilus latipes, which is widely distributed In the clean water body such as ponds, lakes, streams and rice paddy fields. Each ten killifish was accommodated in a water tank and was treated with different concentration of Cd and Cr compound. The 24 hour LC^^50 was obtained by plotting on the log-normal distribution graph. The combined effect of Cd and Cr compound was also investigated: the fish was treated with Cd or Cr compound only, and Cd and Cr compound together, respectively. The bioconcentration factor (BCF) was determined by measuring a ratio between the Cd and Cr compound concentrations in the fish and those In water for 7 days with various Sublethal concentrations. The results were summarized as follows : 1. The 24 hour-LC^^50 's of Cd and Cr were 0.317 mg/ℓ and 3.83 mg/ℓ, respectively. 2. When single or/and combined treatment with Cd (0.3mg/ℓ) or/and Cr(3.8mg/ℓ) to Apiochilus latipes for 24 hours were performed, there was no difference between the single and the combined treatment in bioaccoumulated concentrations. 3.When Apiochilus latipes was exposed to 0.064mg'ℓ (1/5 of 24hr-LC^^50) and 0.032mg/ℓ (1/10 of LC^^50) of Cd f7r seven days, the bioconcentration factors (BCF) were 20.62 and 25.93, respectively. The BCF of Cd was obtained as a linearity according to the concentration and exposure time as follows : log BCF = 0.681 log P·T + 1.62 (r**2=0.805) where, P : pollutant concentration (mg/ℓ) T : exposure time (day) 4. When Apiochilus latipes was exposed to 0.75mg/ℓ (1/5 of 24hr-LC^^50) and 0.38 mg/ℓ (1/10 of 24hr-LC^^50) of Cr for seven days, the bioconcentration factors (BCF) were 8.62 and 10.63, respectively. The BCF of Cr was shown as a linearity according to the concentration and exposure time. log BCF = 0.984 log P·T + 0.330 (r**2=0.726) where, P: pollutant concentration (mg/ℓ) T : exposure tome (day)restrictio

응집성(Cohesion)과 배경지식(Content Schema)이 고등학생의 영문 독해에 미치는 영향에 관한 연구

학위논문(석사)--서울대학교 대학원 :외국어교육학과 영어전공,1998.Maste

Facile synthesis of hydrogel hollow microcapsules on a superhydrophobic surface

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