An empirical study on the profitability of a moving average strategy in korean stock market

학위논문(석사) - 한국과학기술원 : 금융공학프로그램, 2017.2,[ii, 46 p. :]본 연구에서는 국내 주식시장을 대상으로 변동성, 규모, 장부가 대 시장가치비율 및 모멘텀 기준의 가치가중 10분위 포트폴리오를 구성하여, 기술적 분석의 하나인 이동평균 전략을 적용하였다. 이동평균 전략을 적용 시, 단순매입 후 보유 전략을 적용하는 경우에 비해 상당 수준 높은 평균수익률과 낮은 변동성을 보였으며, 자본자산가격결정모형, Fama-French의 3요인 모형, Carhart의 4요인 모형으로 산출한 위험조정 초과수익률은 경제적, 통계적으로 유의미한 값을 보였다. 또한, 이동평균 전략의 초과수익률은 시차, 포트폴리오 기준, 하위구간, 분석기업, 거래비용을 달리 적용하는 경우에도 여전히 유의미한 것으로 나타났으며, 마켓타이밍 능력, 경기순환, 부도위험 변수를 통해서도 설명되지 않았다.한국과학기술원 :금융공학프로그램

선체청소배출수가 조피볼락 자어에 미치는 부정적 영향

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Adverse effects of additive chemical in commercial expanded polystyrene (EPS) plastic on Rockfish: Genetic and metabolic approaches

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Photocatalyst materials manufacturing method of transition metal ion added and 10㎚ mean particle diameter sized metal oxide having semiconductor characteristic, material manufactured thereby, and filter, fan filter unit and clean room system having the same material

전이 금속 이온이 첨가된 평균 입경 10㎚ 이하 크기의 반도체성 금속 산화물로 이루어진 광촉매 물질을 제조하는 방법이 제공된다. 전이 금속 이온이 첨가된 평균 입경 10㎚ 이하 크기의 반도체성 금속 산화물로 이루어진 광촉매 물질을 제조하는 방법은 전이 금속 전구체와 산화물이 반도체 특성을 나타내는 금속의 전구체를 혼합하고, 혼합물을 투석하고, 투석된 졸을 진공 건조하고, 건조물을 소성하는 것을 포함한다

Dietary Exposed to Weathered Iranian Heavy Crude Oil : Effects on the detoxification and immune system in Rockfish (Sebastes schlegeli)

This study examines whether acute toxic responses played by the immune system depend on which metabolic pathway was induced after exposure to weathered crude oil. We exposed juvenile rockfish to weathered crude oil (Iranian Heavy Crude Oil WIHCO in gelatin capsules) from the Hebei spirit oil spill by feeding. The effects on fish hepatodetoxification enzymes (Cytochrome P4501A) and the expression level of the immune response genes, including interleukin-1beta (IL-1?), nuclear factor kappa-light-chain-enhancer of activated B cells (NF-kB), Interferon-stimulated gene 15 (ISG 15) and granulocyte colony-stimulating factor (GCSF), were measured in the liver and kidney. The WIHCO-fed fish had significantly higher concentrations of biliary fluorescent metabolites and CYP1A expression during the initial stage after exposure (6 h after exposure) than those of the control group. Similarly, expression levels of IL-1?, p53, NF-kB and ISG15 mRNA were detected highly in the kidney at the early stages of exposure (6 h after exposure). In this study, the apoptosis, phagocytosis activity and cell cycle arrest analysis of juvenile rockfish exposed to WIHCO were measured by flow cytometry, a novel approach. Our results demonstrated that WIHCO caused an increase of apoptosis and cell cycle arrest and inhibition of phagocytic activity in juvenile Rockfish. Several immune-related genes in oil-fed fish were induced at the initial stage o WIHCO in gelatin capsules) from the Hebei spirit oil spill by feeding. The effects on fish hepatodetoxification enzymes (Cytochrome P4501A) and the expression level of the immune response genes, including interleukin-1beta (IL-1?), nuclear factor kappa-light-chain-enhancer of activated B cells (NF-kB), Interferon-stimulated gene 15 (ISG 15) and granulocyte colony-stimulating factor (GCSF), were measured in the liver and kidney. The WIHCO-fed fish had significantly higher concentrations of biliary fluorescent metabolites and CYP1A expression during the initial stage after exposure (6 h after exposure) than those of the control group. Similarly, expression levels of IL-1?, p53, NF-kB and ISG15 mRNA were detected highly in the kidney at the early stages of exposure (6 h after exposure). In this study, the apoptosis, phagocytosis activity and cell cycle arrest analysis of juvenile rockfish exposed to WIHCO were measured by flow cytometry, a novel approach. Our results demonstrated that WIHCO caused an increase of apoptosis and cell cycle arrest and inhibition of phagocytic activity in juvenile Rockfish. Several immune-related genes in oil-fed fish were induced at the initial stage o1

A comparative study of RNA-seq analysis on two marine embryonic fish exposed to Iranian Heavy Crude Oil

This study clarifies the comparative developmental effects of Iranian heavy crude oil (IHCO) on the different toxic sensitivities of transcriptional responses between fish species and the weathering status of crude oil. We utilized high-throughput (Illumina RNA-seq) to characterize the developmental toxic effects from oil exposure. The assembled contigs contain 66,070 known unigenes in flounder and 76,498 known unigenes in spotted seabass. Comparison of different gene expression profiles reveals that the numbers DEGs are differentially higher up and downregulated in embryonic seabass than those of embryonic flounder exposed to fresh IHCO (FIHCO) and weathered IHCO (WIHCO). Gene pathway analysis from the most differentially expressed gene set was classified from crude oil exposure: indicated the oxidative phosphorylation, disease pathway (Parkinson’s, Alzheimer’s, Huntington’s disease) and cardiac muscle contraction. The expression patterns of 13 differentially expressed genes were validated by quantitative real-time RT-PCR (average correlation cutoff p< 0.005). Especially, the level of genes involving detoxification (CYP1A, CYP1B1 and CYP1C1) in embryonic seabass increased higher than those of flounder but the other genes involving cell processing, development and immune system changed higher in flounder exposure to FIHCO and WIHCO. In differentially orthologous gene clusters analysis, embryonic flounder seem likeoughput (Illumina RNA-seq) to characterize the developmental toxic effects from oil exposure. The assembled contigs contain 66,070 known unigenes in flounder and 76,498 known unigenes in spotted seabass. Comparison of different gene expression profiles reveals that the numbers DEGs are differentially higher up and downregulated in embryonic seabass than those of embryonic flounder exposed to fresh IHCO (FIHCO) and weathered IHCO (WIHCO). Gene pathway analysis from the most differentially expressed gene set was classified from crude oil exposure: indicated the oxidative phosphorylation, disease pathway (Parkinson’s, Alzheimer’s, Huntington’s disease) and cardiac muscle contraction. The expression patterns of 13 differentially expressed genes were validated by quantitative real-time RT-PCR (average correlation cutoff p< 0.005). Especially, the level of genes involving detoxification (CYP1A, CYP1B1 and CYP1C1) in embryonic seabass increased higher than those of flounder but the other genes involving cell processing, development and immune system changed higher in flounder exposure to FIHCO and WIHCO. In differentially orthologous gene clusters analysis, embryonic flounder seem like1

A Comparative Developmental Toxicity Study on Embryonic Flounder Exposed to Crude Oils of Different Geological Origin

Crude oils from different origins have distinct chemical compositions, hence might produce different toxicity. In the study, embryonic flounder were independently exposed to four crude oils, Basrah Light (Iraq), Pyrenees (Australia), Sakhalin Vityaz (Russia) and MFO-380 (processed fuel oil), with oiled gravel effluent. Total PAH concentrations were highest in MFO-380 (82,600 ng/mg), followed by Sakhalin Vityaz (25,600 ng/mg), Basrah Light (13,200 ng/mg), and Pyrenees (2100 ng/mg). Pyrenees was characterized by its relatively higher compositions of three to four ring PAHs, while two ring PAHs (C0 &#8211 C3 naphthalenes) highly dominated in Sakhalin Vityaz. MFO-380 and Basrah Light showed similar relative compositions except that Basrah Light had relatively high concentrations of dibenzothiophene and its alkylated homologues. Overall, the two types of crude oil (Basrah Light and MFO-380) produced highly similar gene expression pattern, primarily characterized by the well-known effects on biotransformation, immune response, cardiac function and oogenesis. Responses also included cardiac edema, spinal curvature and tail fin defect. High frequency percentage of cardiotoxicity and the low level of nkx expression were detected in embryonic flounder exposed to pyrenees which have higher composition of three to four rings. The expression level of CYP1A was highest in embryonic flounder exposed to Sakhalin Vityaz and MFO-380.in Vityaz (Russia) and MFO-380 (processed fuel oil), with oiled gravel effluent. Total PAH concentrations were highest in MFO-380 (82,600 ng/mg), followed by Sakhalin Vityaz (25,600 ng/mg), Basrah Light (13,200 ng/mg), and Pyrenees (2100 ng/mg). Pyrenees was characterized by its relatively higher compositions of three to four ring PAHs, while two ring PAHs (C0 &#8211 C3 naphthalenes) highly dominated in Sakhalin Vityaz. MFO-380 and Basrah Light showed similar relative compositions except that Basrah Light had relatively high concentrations of dibenzothiophene and its alkylated homologues. Overall, the two types of crude oil (Basrah Light and MFO-380) produced highly similar gene expression pattern, primarily characterized by the well-known effects on biotransformation, immune response, cardiac function and oogenesis. Responses also included cardiac edema, spinal curvature and tail fin defect. High frequency percentage of cardiotoxicity and the low level of nkx expression were detected in embryonic flounder exposed to pyrenees which have higher composition of three to four rings. The expression level of CYP1A was highest in embryonic flounder exposed to Sakhalin Vityaz and MFO-380.1