• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• The Journal of Engineering Geology
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• v.26 no.4
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• pp.515-529
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• 2016

In this study, geochemical composition, CFCs (Chlorofluorocarbons), ${\delta}^{18}O$, ${\delta}D$, ${\delta}^{13}C$ isotopes and noble gases isotopes (He, Ne) were analyzed to determine their recharge age, source of $CO_2$ gas and noble gases of carbonated hot spring water and carbonated-water samples collected in the Seoqwipo of the Jeju. The pH of the carbonated waters ranges from 6.21 to 6.84, and the high electrical conductivity range ($1,928{\sim}4,720{\mu}S/cm$). Their chemical composition is classified as $Mg(Ca,\;Na)-HCO_3$ and $Na(Ca,\;Mg)-HCO_3$ types. As a result of the calculation of groundwater age using CFCs concentrations as an environmental tracer, the carbonated water and groundwater were estimated to be about 47.5~57.2 years and about 30.3~49.5 years, respectively. The ${\delta}^{13}C$ values of carbonated water range from -1.77 to -7.27‰, and are plotted on thr deep-seated field or the mixing field of the deep-seated and inorganic origin. Noble gases isotopic ($^3He/^4He$, $^4He/^{20}Ne$) ratio shows that helium gas of carbonated hot waters comes from deep-seated magma origin.

• Economic and Environmental Geology
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• v.41 no.1
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• pp.15-32
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• 2008

The hydrochemical and isotopic (stable isotopes and noble gas isotopes) analyses for hot spring waters, cold groundwaters and surface water samples from the Seokmodo hot spring area of the Ganghwa province were carried out to characterize the hydrogeochemical characteristics of thermal waters and to interpret the source of thermal water and noble gases and the geochemical evolution of hot spring waters in the Seokmodo geothermal system. The hot spring waters and groundwaters show a weakly acidic condition with the pH values ranging from 6.42 to 6.77 and 6.01 to 7.71 respectively. The outflow temperature of the Seokmodo hot spring waters ranges from $43.3^{\circ}C\;to\;68.6^{\circ}C$. Relatively high values of the electrical conductivities which fall between 60,200 and $84,300{\mu}S/cm$ indicate that the hot spring waters were mixed with seawater in the subsurface geothermal system. The chemical compositions of the Seokmodo hot spring waters are characterized by Na-Ca-Cl water type. On the other hand, cold groundwaters and surface waters can be grouped into three types such as the Na(Ca)-$HCO_3$, Na(Ca)-$SO_4$ and Ca-$HCO_3$ types. The ${\delta}^{18}O\;and\;{\delta}D$ values of hot spring waters vary from -4.41 to -4.47%o and -32.0 to -33.5%o, respectively. Cold groundwaters range from -7.07 to -8.55%o in ${\delta}^{18}O$ and from -50.24 to -59.6%o in ${\delta}D$. The oxygen and hydrogen isotopic data indicate that the hot spring waters were originated from the local meteoric water source. The enrichments of heavy isotopes ($^{18}O\;and\;^2H$) in the Seokmodo hot spring waters imply that the thermal water was derived from the diffusion Bone between fresh and salt waters. The ${\delta}^{34}S$ values ranging from 23.1 to 23.5%o of dissolved sulfate are very close to the value of sea water sulfate of ${\delta}^{34}$S=20.2%o in this area, indicating the origin of sulfate in hot springs from sea water. The $^3H/^4He$ ratio of hot spring waters varies from $1.243{\times}10^{-6}\;to\;1.299{\times}10^{-6}cm^3STP/g$, which suggests that He gas in hot spring waters was partly originated from a mantle source. Argon isotopic ratio $(^{40}Ar/^{36}Ar=298{\times}10^{-6}cm^3STP/g)$ in hot spring waters corresponds to the atmospheric value.

• Journal of Soil and Groundwater Environment
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• v.13 no.1
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• pp.1-12
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• 2008

The purpose of this study is to characterize the hydrogeochemical characteristics of hot spring waters and to interpret the source of noble gases and the geochemical environment of the hot spring waters distributed along the eastern area of the Korean peninsula. For this purpose, We carried out the chemical, stable isotopic and noble gas isotopic analyses for eleven hot spring water and fourteen hot spring gas samples collected from six hot spring sites. The hot spring waters except the Osaek hot spring water show the pH range of 7.0 to 9.1. However, the Osaek $CO_2$-rich hot spring water shows a weak acid of pH 5.7. The temperature of hot spring waters in the study area ranges from $25.7^{\circ}C$ to $68.3^{\circ}C$. Electrical conductivity of hot spring waters varies widely from 202 to $7,130{\mu}S/cm$. High electrical conductivity (av., $3,890{\mu}S/sm$) by high Na and Cl contents of the Haeundae and the Dongrae hot spring waters indicates that the hot spring waters were mixed with seawater in the subsurface thermal system. The type of hot springs in the viewpoint of dissolved components can be grouped into three types: (1) alkaline Na-$HCO_3$ type including sulfur gas of the Osaek, Baekam, Dukgu and Chuksan hot springs, and (2) saline Na-Cl type of the Haeundae and Dongrae hot springs, and (3) weak acid $CO_2$-rich Na-$HCO_3$ type of Osaek hot spring. Tritium ratios of the Haeundae and the Dongrae hot springs indicate different residence time in their aquifers of older water of $0.0{\sim}0.3$ TU and younger water of $5.9{\sim}8.8$ TU. The ${\delta}^{18}O$ and ${\delta}D$ values of hot spring waters indicate that they originate from the meteoric water, and that the values also reflect a latitude effect according to their locations. $^3He/^4He$ ratios of the hot spring waters except Osaek $CO_2$-rich hot spring water range from $0.1{\times}10^{-6}$ to $1.1{\times}10^{-6}$ which are plotted above the mixing line between air and crustal components. It means that the He gas in hot spring waters was originated mainly from atmosphere and crust sources, and partly from mantle sources. The Osaek $CO_2$-rich hot spring water shows $3.3{\times}10^{-6}$ in $^3He/^4He$ ratio that is 2.4 times higher than those of atmosphere. It provides clearly a helium source from the deep mantle. $^{40}Ar/^{36}Ar$ ratios of hot spring water are in the range of an atmosphere source.

• Journal of Nutrition and Health
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• v.7 no.2
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• pp.17-35
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• 1974

I. Subject of the Study A study on the nutritive composition and utilization of wheat or barley for the improvement in our national dietary life. II. Purpose and Importance of the Stu요 1. Korea has long depended on rice for its staple food, but a sharp increase in population in recent years has brought about the shortage of rice, which makes it inevitable to import a great quantity of foreign rice. It is considered therefore that the development and utilization of other cereals than rice is a serious and pressing problem facing Korea. 2. Wheat and barley are the second largest products next to rice in Korea and it is desired that the composition of several kinds of wheat and barley be analysed and their nutrition which rates with differing degrees of hulling process be specified. 3. In this study, the experiment has been carried out in the following order: first, seven species were selected among various kinds of wheat and barley produced in Korea to analyze their respective composition, and to determine the most ideal degree of hulling process on 5 kinds among the 7 kinds: second, ratio of mixing rice with wheat or barley is increase the nutrition value and to seek selfsufficiency in staple food supply: third, economical and reasonable way of improving the nutrition value in the national dietary life is suggested by developing a simple and easy recipe which is also to the taste of the population. III. Contents and Scope of the Study 1. Objectives of the study The objectives will come under five items.

• Animal Bioscience
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• v.36 no.12
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• pp.1842-1852
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• 2023

Objective: Hairy vetch is considered to improve the nutritional value of corn because of its high protein and mineral levels. To better understand the mechanism underlying hairy vetch regulated whole-plant corn silage fermentation, this experiment investigated the fermentation quality and bacterial community of whole-plant corn and hairy vetch mixture. Methods: Whole-plant corn and hairy vetch were mixed at ratios of 10:0 (Mix 10:0), 8:2 (Mix 8:2), 6:4 (Mix 6:4), 4:6 (Mix 4:6), 2:8 (Mix 2:8), and 0:10 (Mix 0:10) on a fresh weight basis. After ensiling 60 days, samples were collected to examine the fermentation dynamics, ensiling characteristics, and bacterial communities. Results: Mix 0:10, Mix 2:8, and Mix 4:6 showed poor fermentation characteristics. Mix 8:2 and Mix 6:4 silages showed high quality, based on the low pH, acetic acid, and ammonia nitrogen levels and the high lactic acid, crude protein, and crude fat contents. The bacterial diversity was affected by the mixing ratio of the two forage species. The genus Lactobacillus dominated the bacterial community in Mix 10:0 silage, whereas with the addition of hairy vetch, the relative abundance of unclassified-Enterobacter increased from 7.67% to 41.84%, and the abundance of Lactobacillus decreased from 50.66% to 13.76%. Conclusion: The silage quality of whole-plant corn can be improved with inclusion levels of hairy vetch from 20% to 40%.

• Korean Journal of Poultry Science
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• v.34 no.4
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• pp.245-251
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• 2007

This study was conducted to investigate the effects of modification of a herbal recipe(Herb $Mix^{(R)}$) on the growth of pullet and laying performance of hens. The formula of Herb $Mix^{(R)}$, a mixture of Rehmannia glutinosa, Angelica gigas, Discorea japonica, Glycyrrhiza uralensis, Schisandra chinensis and Ligusticum jeholense, was modified in mixing ratio. A total of 1,120 pullets(Hy-Line Brown) of 14 wks old were assigned to seven treatments; control, Herb $Mix^{(R)}$(HM), R. glutinosa fortified HM, A. gigas fortified HM, D. japonica fortified HM, G. uralensis fortified HM, S. chinensis fortified HM, L. jeholense fortified HM and Flavomycin supplemented diet. Each treatment had 8 replicates of 20 birds each housed in 2 birds cages. Body weight at 10% egg production was significantly(P<0.05) influenced by treatments. Birds fed A. gigas fortified HM diet were heaviest followed by L. jeholense fortified HM, HM-original and D. japonica fortified HM, Flavomycin supplemented diet and R. glutinosa while those fed control diet were lightest. Also, age reaching 50% egg production and peak production was earliest in A. gigas fortified HM and latest in the control. Egg production, feed intake, feed conversion and egg weight were significantly influenced by treatments. Significant improvement in egg production and feed intake was shown in A. gigas fortified HM treatment. Feed conversion ratio was lowest in antibiotic(Flavomycin) treatment and egg weight was heaviest in L. jeholense fortified HM treatment. There were no significant differences among treatments in intestinal microflora but cfu of Cl. perfringnes and E. coli tended to be lower in HM treatments than the control. Among the leucocytes of blood, the HM treatments were lower than the control in counts of white blood cell and heterophils. It was concluded that modification of Herb $Mix^{(R)}$ fortifying with A. gigas, D. japonica and L. jeholense significantly influence growth and laying performance of birds.