• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Journal of International Academy of Physical Therapy Research
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• v.11 no.4
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• pp.2178-2183
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• 2020

Background: Trunk flexor-extensor muscles' co-activation and upright posture are important for spinal stability. Abdominal bracing and maximal expiration are being used as exercises to excel torso co-contraction. However, no study has on comparison of the effect of this exercise on multifidus in the upright sitting posture. Objectives: This study aims to verify the effectiveness of abdominal bracing and expiration maneuvers in lumbo-pelvic upright sitting. Design: Cross-sectional study. Methods: Eighteen healthy women were recruited for this study. The multifidus muscle thickness of all subjects was measured in three sitting conditions (lumbo-pelvic upright sitting, lumbo-pelvic upright sitting with abdominal bracing, and lumbo-pelvic upright sitting with maximum expiration) using ultrasound. One-way repeated measure analysis of variance was used for the evaluation. Results: Compared to lumbo-pelvic upright sitting, lumbo-pelvic upright sitting with abdominal bracing and lumbo-pelvic upright sitting with maximum expiration were associated with significantly increment of muscle thickness. There was no significant difference in muscle thickness between lumbo-pelvic upright sitting with abdominal bracing and lumbo-pelvic upright sitting with maximum expiration. Conclusion: Abdominal bracing and maximum expiration could be beneficial to increasing lumbar multifidus thickness in lumbo-pelvic upright sitting.

• Journal of the Korean Society of Physical Medicine
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• v.10 no.4
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• pp.33-38
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• 2015

PURPOSE: Although the abdominal drawing-in maneuver is commonly used in clinical training for trunk stability, performing this procedure in stroke patients is difficult; instead, maximal expiration can be much easily performed in stroke patients. In the present study, we first aimed to demonstrate the effects of the abdominal drawing-in maneuver and maximal expiration on trunk stability in stroke patients. Moreover, we compared the thickness of the transverse abdominal, internal oblique, and external oblique muscles on the paretic and non-paretic sides. METHODS: We used ultrasonography to measure the change in the thickness of the transverse abdominal, internal oblique, and external oblique muscles on the paretic and non-paretic sides at rest, while performing the abdominal drawing-in maneuver, and while performing maximal expiration in 23 stroke patients. The ratio of muscle thickness between different conditions was estimated and included in the data analysis (abdominal drawing-in maneuver / at rest and, maximal expiration / at rest). RESULTS: The ratio of the thickness of the transverse abdominal, internal oblique and external oblique muscles during maximal expiration was significantly different on the paretic side (p < 0.05). The ratio of muscle thicknesses on the non-paretic side was greater during maximal expiration than during the abdominal drawing-in maneuver, although this difference was not significant (p > 0.05). CONCLUSION: Our results suggest that maximal expiration more effectively increased the abdominal muscle thickness on the paretic side. Hence, we recommend the application of maximal expiration in clinical trunk stability training on the paretic side of stroke patients.

• Physical Therapy Korea
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• v.21 no.1
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• pp.63-69
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• 2014

Cross knee curl-up is an ideal variation of abdominal curl up exercise to strengthen abdominal musculature without excessive lumbar flexion which can increase the loads on the disc and ligaments. In addition, slowly forced expiration can facilitate the activation of the abdominal musculature. The purpose of this study was to determine the effects of slowly forced expiration on activity of abdominal muscles, such as rectus abdominis (RA), external oblique (EO), and transverse abdominis/internal oblique (TrA/IO), while cross knee curl-up. Eleven young and healthy subjects (6 males and 5 females) participated. All subjects performed the cross knee curl-up slowly forced expiration and natural breathing. Paired t-test was performed in normalized electromyogram (EMG) muscle activity of the bilateral RA, EO, and TrA/IO to compare the differences between the cross curl-up with slowly forced expiration and natural breathing. Statistical significance was set at .05. There were no significant differences in normalized EMG muscle activity of the bilateral RA, EO, and TrA/IO between the cross curl-up with slowly forced expiration and natural breathing. The finding of this study designates that slowly forced expiration does not induce increasing activity of abdominal muscle in cross knee curl-up; hence, learning step of breathing control might not be necessary to strengthen abdominal muscle in cross knee curl-up.

• KDI Journal of Economic Policy
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• v.25 no.2
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• pp.137-170
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• 2003

Despite the great success of the derivatives market, several concerns were expressed regarding the additional volatilitystemming from program trading during the expiration of derivatives. This paper examines the impact of the expiration of the KOSPI 200 index derivatives on cash market of Korea Stock Exchange(KSE). The KOSPI 200 index derivatives market has a unique settlement price determination process. The settlement price for the expiration of derivatives is determined by call auction during the last 10 minutes after the trades for matured derivatives are finalized. We analyze typical expiration day effects such as price, volatility, and volume effects. With high frequency data, we find that there are strong expiration day effects in the KSE and try to interpret the results with the unique settlement procedures of the KOSPI 200 cash and derivatives markets.

• The Journal of the Korea institute of electronic communication sciences
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• v.16 no.6
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• pp.1329-1338
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• 2021

There are rarely effective methods to help visually impaired people when they want to know the expiration date of products excepted to only Braille. In this study, we developed an expiration date notification system based on YOLO and OCR for visually impaired people. The handicapped people can automatically know the expiration date of a specific product by using our system without the help of a caregiver, fast and accurately. The proposed system is worked by four different steps: (1) identification of a target product by scanning its barcode; (2) segmentation of an image area with the expiration date using YOLO; (3) classification of the expiration date by OCR: (4) notification of the expiration date by TTS. Our system showed an average classification accuracy of about 86.00% when blindfolded subjects used the proposed system in real-time. This result validates that the proposed system can be potentially used for visually impaired people.

• Journal of Digital Convergence
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• v.13 no.3
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• pp.179-184
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• 2015

An app is designed and developed for safe use of cosmetics by notifying the expiration date of cosmetics. According to increasing uses of cosmetics for modern people, the expiration date of cosmetics is becoming more important. The app proposed in this paper will be used for self management. People may manage themselves by registering the expiration date of their cosmetics. The cosmetics are registered and managed by category. This app also provides some beauty tips depending on the skin types of people.

• Asia pacific journal of information systems
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• v.33 no.3
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• pp.812-830
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• 2023

We propose a mobile coupon strategy designed to increase the effect of push notifications on redemption. The proposed strategy recommends that firms deliver mobile coupons with distant expiration dates and remind them through push notifications framed negatively once these expiration dates become imminent, rather than frequently sending coupons with near expiration dates. We test the effectiveness of the proposed strategy using data collected through a randomized field experiment. The findings indicate that push notifications enhance coupon redemption rates for coupons that are held longer by customers than those that are recently received. Additionally, we found that sending negatively framed push notification messages to remind customers of imminent coupon expiration dates further resulted in higher coupon redemption rates. The findings can be employed to offer useful guidance on how to effectively design mobile coupons for achieving higher redemption rates.

• The Journal of the Society of Korean Medicine Diagnostics
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• v.11 no.1
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• pp.146-156
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• 2007

1. The effect of variations in inspiration and expiration times on heart rate variability was studied in 78 healthy subjects (mean age $24.35{\pm}1.92$ years; 47 male) between regulated respiration group and normal respiration group as the control group. 2. The control group followed normal respiration pattern, whereas the regulated group followed three types of respiration pattern. The first pattern was long respiration(E/I ratio 1.6:1), the second pattern was short inspiration followed by long expiration (SILE), and the last pattern was long inspiration followed by short expiration(LISE). The average expiration/inspiration time ratios of SILE and LISE were 1.0 and 3.4, respectively. The respiration rate in the regulated group was approximately 10 cycles/min. 3. Respiration rate and tidal volume are respiratory variables known to modulate RSA. The results of the present study indicate that RSA can also be modulated by a third respiratory variable, the expiration/inspiratory time ratio. In this study, LF, HF, RSA, VLF is increased the most in LISE group compared to the other groups. HF and RSA increased significantly in the long respiration rate and SILE groups. However LF and VLF, which reflects the sympathetic tones, did not increase as much as the LISE group.

• The Journal of Korean Physical Therapy
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• v.23 no.5
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• pp.15-21
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• 2011

Purpose: The purpose of this study was to describe the influence of respiration on the segmental motion of the lumbar spine in the lying position. Methods: Twelve healthy females without a history of low back pain participated. Lumbosacral lordosis, intervertebral body angles, intervertebral body displacements, and anterior heights of the intervertebral disc of the lumbar spine were measured at inspiration, expiration and forced expiration in the supine and prone positions via fluoroscopy. Results: The results of lumbar kinematic analysis in the supine position according to respiration pattern were as follows. The L4/5 intervertebral body angle was significantly higher at forced expiration than at expiration (p<0.05). The L3/4 anterior height of the intervertebral disc was significantly higher at expiration than at forced inspiration and the L5/S1 anterior height of the intervertebral disc was significantly higher at inspiration than at forced expiration (p<0.05). There were no significant differences in the intervertebral body displacements and lumbosacral lordosis in the supine position (p>0.05). The results of lumbar kinematic analysis in the prone position according to respiration pattern were as follows. The L5/S1 anterior height of the intervertebral disc was significantly higher at inspiration than at forced expiration (p<0.05). However, there was no significant difference in the intervertebral body angle, the intervertebral body displacements, and the lumbosacral lordosis (p>0.05). Conclusion: These findings suggested that respiration can affect the intervertebral body angle and anterior height of the intervertebral disc in some segments. The results from this study serve as a step in the development of guidelines for lumbar kinematic analysis for lumbar breathing training.