• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.105-114
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• 2022

Financial markets have long been known to be prone to behavioral biases. One such behavioural bias that is consequential yet pervasive in financial markets is the herd effect. The objective of this study is to determine whether or not there exist herd behaviour in the new and bourgeoning Decentralized Finance (DeFi) Tokens market. This is accomplished by using daily returns of 22 DeFi tokens from January 29, 2017 to August 19, 2021, and the Cross-sectional Absolute Deviation (CSAD) of market returns to capture herd behavior. The results fail to provide any evidence of herding in the DeFi token market on bullish days, that is days for which the average market returns is positive. For bearish days however, that is days for which the market returns is negative, our empirical findings point to the presence of adverse herding in the DeFi token market. This phenomenon can be explained to some extent by the investor composition of the DeFi market. The DeFi token space is a growth market dominated by experts and/or enthusiasts who are insulated against the temptation and panic of negative market swings by the level of market and technical information they possess on the assets they invest.

• Korean Journal of Veterinary Research
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• v.42 no.4
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• pp.485-493
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• 2002

The purpose of this study was to develope a computer program to help with gross diagnosis of protein-energy balance and feeding management practice and with the prediction about the risk possibility of productive disease such as reproductive and metabolic disorders by evaluating fat, protein, and milk urea nitrogen (MUN) from individual cow milk in dairy herd Somatic cell counts also represent the condition of udder health. The principal flow charts of this program was to check on herd management, sampling the composite milk, analysis the milk composition, conversion of data from milking equipment to program, input and analysis of data in program, and report. This program is compatible with window 95/98 system. The major analytical elements of this program were presented as; the profile of herd lactation curve analysis of the test-day milk production level, the distribution of somatic cell count, the fat to protein ratio to evaluate body energy balance, and the interpretation of dietary protein-energy balance by milk protein and MUN contents for individual cows. This program using milk fat, protein, MUN, and somatic cell counts will serve as a monitoring tool for the protein-energy balance and the feeding management practice, and for distribution of mastitis in individual cows. It will also be used to manage the nutritional and reproductive disorders and mastitis at the farm level.

• Korean Journal of Veterinary Research
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• v.41 no.3
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• pp.407-412
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• 2001

Milk data may be increasingly used as indicators of the protein-energy balance and actual farm feeding practices. It was related to milk production, nutritional and reproductive disorders. The purpose of this study was to investigate the relationship between level of fat, protein or milk urea nitrogen (MUN) from the first test within 35 days in milk and displaced abomasum (DA) in a large dairy herd with high yielding Holstein cows. Milk data from forty-five DA cases were compared to those from 90 healthy cows. Higher odds of DA diagnosis was found with higher 5.0% milk fat, lower 3.0% milk protein. Therefore, cows with a fat to protein ratio of>1.5 had higher risks for DA. Also, incidence rates of DA was higher in the cows which the level of MUN was lower than 12.0 mg/dl or higher than 25.0 mg/dl relative to healthy cows. These results indicate that cows diagnosed with DA were energy deficient prior to DA diagnosis. We conclude that level of fat, protein or MUN serve as a monitoring tool of protein and energy nutritional balance in early lactation cows and also as a significant predictor of risk for DA.

• Asian-Australasian Journal of Animal Sciences
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• v.3 no.3
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• pp.247-252
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• 1990

Nine Holstein cows in mid lactation period were utilized to examine the effect of recombinant bovine somatotropin (BST) of tow companies (Company A, Company B) on milk production and milk composition under the feeding conditions of Korea. Treatments were 0 (Control), 25 mg BST/day from company A (BST A) and 25 mg BST/day from company B (BST B) injected subcutaneously, once daily beginning at $200{\pm}20$ days postpartum and continuing for 28 days. Cows were fed ad libitum a total mixed diet throughout the experimental period. BST treatments increased average 4% fat corrected milk yields and milk energy output over the 28-day treatment period. However, no differences were observed in dry matter intake, gross efficiency, energy intake and percent milk energy. Although there was a tendency for increased milk fat percent, there were no differences in milk composition and yields of major milk components except for milk fat yield with BST injection. Somatic cells of all groups were also characteristic of a well managed herd. Neither mean body condition score nor body weight was significantly (p <0.05) changed before and during BST treatment. BST concentration in milk remained in the range of control animals throughout the experimental period of BST treatment. Results indicate that short-term injection of recombinant bovine somatotropin from two companies to lactating dairy cow resulted in similar increased in milk yield without alteration of major milk components or feed intake.

• Asian-Australasian Journal of Animal Sciences
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• v.15 no.4
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• pp.528-530
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• 2002

The study was designed to evaluate the seasonal influences on cross-bred cow milk composition and paneer yield in Dhauladhar mountain range of sub-himalayan region. Fifty samples from each season were collected from a herd of $Jersey{\times}Red\;Sindhi{\times}Local$ cross-bred cows during summer (April-June), rainy (July-September) and winter (November-February) and analyzed for fat, total solids (TS) and solids not fat (SNF). Paneer was prepared by curdling milk at $85{\pm}2^{\circ}C$ with 2.5 per cent citric acid solution. Overall mean for fat, TS and SNF content of milk and paneer yield were 4.528, 13.310, 8.754 and 15.218 per cent respectively. SNF and TS content varied among seasons being highest in winter (8.983% and 13.639%) followed by summer (8.835% and 13.403%) and lowest in rainy season (8.444% and 12.888%). Paneer yield was lowest (14.792%) in rainy season and highest (15.501%) in winter season.

• Korean Journal of Veterinary Research
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• v.40 no.2
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• pp.383-391
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• 2000

Milk urea nitrogen (MUN) determination is being used an indicator of the protein-energy balance in dairy herds. A faulty balance can be corrected to optimize milk production and animal health. This parameter is regarded as a potential tool to evaluate suboptimal feeding practices and reproductive disorders. Therefore, the purpose of this study was to investigate the response of milk composition by regular feeding analysis and to compared the relationship between MUN and milk protein(MP) and fertility at the insemination period in Holstein dairy cows. Total of 355 artificial insemination (AI) for 150 Holstein cows in the herd were used to examine the relationship between MUN and MP content and conception rate. The AI occured for the cows 50 to 150 day in milk, and MUN and MP concentration were determined using automated infrared procedures. The mean${\pm}$standard deviation of MUN and MP concentration in the herd were $15.6{\pm}2.1mg/dl$ and $3.23{\pm}0.38%$, respectively. MUN contents of bulk milk were increase by elevated crude protein intake. The conception rate was lower in the cows in which the level of MUN was lower than > 8.0mg/dl (10.0%) or > higher than 25mg/dl (15.4%) relative to the cows in MUN content of 12.0~17.9 mg/dl (36.7%) at the time of insemination. Also, lower MP than 3.0% or higher MP than 3.25% were associated with a lower conception rates. Consequently, MUN and MP analyses may be used serve as a monitoring tool of protein and energy nutritional balance to improve reproduction efficiency in Holstein dairy cows.

• Food Science of Animal Resources
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• v.40 no.4
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• pp.563-577
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• 2020

This study assessed breed differences in fatty acid composition and meat quality of Longissimus thoracis et lumborum (LTL) and semitendinosus (SE) of Angus×Chinese Simmental (AS), Wagyu×Chinese Simmental (WS), and Chinese Simmental (CS). CS (n=9), AS (n=9) and WS (n=9) were randomly selected from a herd of 80 bulls which were fed and managed under similar conditions. Fatty acid profile and meat quality parameters were analyzed in duplicate. Significant breed difference was observed in fatty acid and meat quality profiles. AS exhibited significantly (p<0.05) lower C16:0 and higher C18:1n9c compared with CS. AS breed also had a tendency (p<0.10) to lower total saturated fatty acid (SFA), improve C18:3n3 and total unsaturated fatty acid (UFA) compared with CS. Crossbreed of AS and WS had significantly (p<0.05) improved the lightness, redness, and yellowness of muscles, and lowered cooking loss, pressing loss, and shear force compared with CS. These results indicated that fatty acid composition and meat quality generally differed among breeds, although the differences were not always similar in different tissues. Fatty acid composition, meat color, water holding capacity, and tenderness favored AS over CS. Thus, Angus cattle might be used to improve fatty acid and meat quality profiles of CS, and AS might contain better nutritive value, organoleptic properties, and flavor, and could be potentially developed as an ideal commercial crossbreed.

• Korean Journal of Veterinary Research
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• v.42 no.2
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• pp.163-170
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• 2002

The relationship between level of milk composition and conditions of ovary and uterus were analyzed in Holstein cows at seven farms participating in a reproductive herd health management program. Milk data were taken from 503 early lactating cows between 30 and 60 days in milk with reproductive examination with ultrasonography from september 1999 to August 2000. Milk fat, protein and solid-not-fat concentration in the herds were $3.70{\pm}1.08%$, $2.97{\pm}0.35$, and $8.41{\pm}0.61%$, respectively. The reproductive disorder relative to normal cows had higher risk in the cows that the level of protein was lower than 2.70%. Also, the higher milk fat than 4.50% were associated with a higher risks in the uterine disease and follicular cysts. Therefore, the cows with the fat to protein ratio of > 1.30 had higher risks for reproductive disorder such as cystic ovarian diseases, inactive ovaries and endometritis. These results indicated that cows diagnosed with reproductive disorder were energy deficient prior to reproductive disorder diagnosis. Consequently, milk fat and protein analyses may be used serve as a monitoring tool for condition of ovary and uterus in early lactating cows

• Asian-Australasian Journal of Animal Sciences
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• v.15 no.7
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• pp.963-967
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• 2002

Eighteen crossbred goats were selected from the Institute's goat herd to determine the changes in hormones, blood metabolites and yield and composition of milk during lactation. The blood and milk samples were collected from each goat in a heparinized vacutainer tubes at fortnightly interval for a period of 150 days. In milk samples, fat, protein and lactose contents were estimated while in blood plasma hormones viz., prolactin, GH, cortisol, insulin, $T_4$ and $T_3$ were measured using radioimmunoassay methods. The plasma concentration of prolactin, GH and cortisol were high during early lactation when the goats acquired peak milk yield. During remainder of lactation their concentration varied. The high NEFA concentration during early lactation indicated mobilization of body reserves as the body weights also decrease during early lactation. However, with the advancement of lactation, the body weights of the goats and the concentration of NEFA declined which indicated utilization of NEFA for energy yielding purposes in addition to fatty acid synthesis. The ambient temperatures did not influence plasma concentration of prolactin, GH, insulin, $T_3$ and $T_4$ during the lactation cycle. The fat content of milk varied significantly (p<0.01) but protein and lactose content of milk remains unchanged during different stages of lactation. Growth hormone was positively correlated with insulin (p<0.05) during lactation while prolactin had a positive correlation with lactose and plasma NEFA (p<0.01) and negative correlation with $T_3$ (p<0.05).

• Asian-Australasian Journal of Animal Sciences
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• v.17 no.12
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• pp.1689-1694
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• 2004

This study was conducted to develop a novel adjustment factors for 305 days using 138,103 lactation records and 1,770,764 daily records, which were based on environmental circumstances such as herd year, season, age at calving, dry period and lactating stages. The present study showed that the change of persistency of cows at the first parity from total lactacting characteristics was slowly processed, while it was rapidly changed in cows at the second parity stage. Particularly, there was an outstanding difference between the first and second parity cows. Milk yield and composition increased as the age at calving was increased. In addition, milk yield and composition were higher at the first parity on fall compared with others, and those were higher at the more than second parity on fall and winter compared with other parity stages and seasons. The cow of dry group was included into lactating records of more than second parity stage. The data indicated that optimal results arose from 45-70 days of dry period. Milk yield was decreased when dry period was longer or shorter than 45-70 days. The lactating days were divided into 17, 28 and 38 stages to compare the multiplicative correction factors. The factor was effective at 28 stages on the first parity. The total correlation coefficients were 0.93832, 0.95058 and 0.95076 at the present correction factor, 17 stage and 28 stage, respectively. At second parity, the factor was higher in dry group 1 and 3 at 17 stage, and it was higher in dry group 2 at 28 stage compared with others. Therefore, the present study showed that the percent squared bias (PSB), which was calculated from the novel correction factor, was better than previously used correction factors. Also, the present study indicated that the bias of the novel correction factor was improved, and this factor could be more accurate compared with others.