The study aims to investigate the relationship between hedging with derivatives and subsequent firm-level stock price crash risk. Our sample consists of KOSPI- and KOSDAQ-listed companies from 2004 to 2014. The total firm-year observation is 4,886. We find that hedging with derivatives is related to greater possibilities of crash risk. The results suggest that the complexity of economic and financial reporting for derivatives may aggravate the company's information opacity, ultimately increasing the crash risk. We contribute to the growing body of literature on hedging with derivatives. Academics and practitioners have debated on whether or not hedging enhances transparency or rather makes the information environment more opaque. Theoretical research on the role of corporate hedging on information environment shows that hedging enhances earnings informativeness. Meanwhile, pieces of anecdotal and empirical evidence show that the economic and financial reporting complexity of derivatives can harm information transparency. Our results shed light on the question of whether and how hedging with derivatives affects information environment by examining the relationship between hedging with derivatives and crash risk. Furthermore, our findings provide useful insights for policymakers and practitioners. Specifically, our results raise a need for a more transparent disclosure on corporate hedging activities with derivatives.

Biomass resources might be recognized as a promising way to alter fossil fuels, such as petroleum oil, natural gas and coal and to prevent the emission of greenhouse gases which will bring about global warming. Therefore many countries have tried to identify and secure available biomass resources. In this study, the energy potential of Korean biomass resources, such as agricultural biomass wastes, municipal solid wastes, and livestock wastes, was analyzed and calculated by using various data. The available energy potential in 5 major cities in Korea was over 3.5 M TOE. Especially the municipal solid wastes was over 1.5 M TOE, so the conversion of municipal solid wastes might be easily adopted.

Triterpene saponins (ginsenosides) are main bioactive compounds in Panax ginseng. From mevalonic acid pathway, the isoprene units was synthesized that is precusor of triterpene saponin. This study provides the complete nucleotide sequence of the full-length cDNA involved in mevalonic acid biosynthesis pathway. We had a full-length cDNA sequences as followed; HMGS (1944bp, 1407bp ORF), HMGR (2120bp,1728bp ORF) and MDD (1760bp, 1263bp ORF) with partial poly (A). We were used real time PCR and High Performance Liquid Chromatography (HPLC) to analysis the expression level of the gene involved in MVA pathway and to ginsenoside contents, respectively. All cloned genes are constitutively expressed in all tested tissues but at different levels with the highest expression in fine roots. But ginsenoside contents is highest in leaf > fine root> lateral root > red berry> main root > petiol > stem. After treantment of methyl Jasmonate (MeJA), MVA pathway genes are highly expressed and ginsenoside contents was high at 72h.

Methyl jasmonate(MeJA) treatment promotes the plant secondary, especially triterpene saponin which is main compounds in Platycodon grandiflorum. We were performed 5,760 expressed sequence tags from MeJA treated hairy root. Total number of ESTs are 2,536 (811 contigs and 1,725 singletons) among them 2,299 are pass the annotation. The most abundant transcript were encoding fatty acid desaturase (FAD) and lots of secondary metabolite transcript were observed. Four MVA pathway genes (HMGS, HMGR, MK, MDD) and one MEP pathway gene (IDI) are identified. The unigene were classified into three major functional categories by standard GO (Gene Ontology) - cellular component, molecular function and biological process. In this study we were cloned four genes from ESTs : HMGS (1401bp ORF), MK (1167bp ORF), MDD (1254bp ORF), IDI (909bp ORF)