Recently, many studies are being conducted to extract emotion from text and verify its information power in the field of finance, along with the recent development of big data analysis technology. A number of prior studies use pre-defined sentiment dictionaries or machine learning methods to extract sentiment from the financial documents. However, both methods have the disadvantage of being labor-intensive and subjective because it requires a manual sentiment learning process. In this study, we developed a financial sentiment dictionary that automatically extracts sentiment from the body text of analyst reports by using modified Bayes rule and verified the performance of the model through a binary classification model which predicts actual stock price movements. As a result of the prediction, it was found that the proposed financial dictionary from this research has about 4% better predictive power for actual stock price movements than the representative Loughran and McDonald’s (2011) financial dictionary. The sentiment extraction method proposed in this study enables efficient and objective judgment because it automatically learns the sentiment of words using both the change in target price and the cumulative abnormal returns. In addition, the dictionary can be easily updated by re-calculating conditional probabilities. The results of this study are expected to be readily expandable and applicable not only to analyst reports, but also to financial field texts such as performance reports, IR reports, press articles, and social media.
Graphite felt is a felt-like porous material made of high-temperature carbonized polymers. It is widely used in electrode materials because of its good temperature resistance, corrosion resistance, large surface area and excellent electrical conductivity. In this paper, the surface functional group modification is of graphite felt electrodes (mainly nitrogen doping modification, nitrogen–sulfur or nitrogen–boron co-doping modification) and surface catalytic modification (metal/ion surface modification and metal oxide surface modification as Main). There are two main methods and research progresses to improve the performance of graphite felt electrodes, and the comprehensive performance of surface functional group-modified graphite felt electrodes and surface catalytically modified graphite felt electrodes are compared respectively. The results show that both surface functional group modification and surface catalytic modification can improve the comprehensive performance of graphite felt electrodes. In this paper, the future development direction of graphite felt activation modification is also prospected.
According to Article 3(2) of the NPT and NSG the Guidelines, the exporting country should be guaranteed the import country’s willingness to implement nuclear non-proliferation and the level of implementation before the transfer of Trigger List Items. Also, unknown or new end-users could be officially identified through GA procedure. Accordingly, Korea government requests the importing country a formal Governmental Assurance (GA), before issuing an export license. This study summarizes GA items and characteristics. First, GA is The NSG guidelines suggests four items that should be assured by importing countries: peaceful use of export items, full-scope safeguards application, physical protection measures, and retransfer control. Therefore, these four items are generally requested based on the NSG guidelines. However, if they are already guaranteed by bilateral nuclear cooperation agreement, the GA could be based on the nuclear cooperation agreement. The GA procedure could be omitted in the case of concluding an administrative agreement that imposes another implementation procedure. The levels of requested GA requested vary with the countries, since the NSG guidelines are just recommendations that are not legally enforceable. Korea requests the level based on the NSG guidelines. Among the four GA items, peaceful use of export items is the most fundamental obligation, and levels of safeguards and physical protection of the importing country could be verified in advance by reviewing the conclusion status of international agreement with the IAEA. Thus, the important thing for the licensee to consider is to decide the level of retransfer control. The NSG guidelines suggest two levels of retransfer control, taking into account the sensitivity of the export items and the level of safeguards in the end-user country, which is either to receive GA from the third receiving country at an equivalent level with that originally requested from exporting country, or to get a prior consent by the exporting country. The latter should be approached more carefully, as requiring a prior consent is not only to have authority, but also to have responsibility when problem occurs. In addition, the level of retransfer control must be decided through sufficient reviewing on the transaction characteristics, it may affect the domestic export industry.
Under the bilateral nuclear cooperation agreements (NCA) and its administrative arrangement (AA), Korea annually exchanges the inventory of subject items (including nuclear materials (NM), non-nuclear materials, equipment, and related information) with US, Canada and Australia. Also, the government performs export control procedures such as notification or prior consent during importing and exporting of relevant items. It makes NCA a means of realizing the nuclear non-proliferation regime. However, it raises difficulties in management because the entity that uses and treats those items are end-user, not the authorities of AA, the government agency of each country. Accordingly, to increase the accuracy and effectiveness of item management at the national level, it is required to establish a system for the individual company that has the NCA items, considering the characteristics of each company. In this study, significant companies are classified into more than three types, and the management system of the items subject to the agreement is analyzed. Each company’s item management status has different characteristics depending on its role (position) within the entire nuclear fuel cycle, the type of facility, its possessed items, the main form of national trade, and the frequency of domestic movement. Those differences lead to diversity in the management systems currently owned by each company. For example, from the perspective of nuclear materials, institutions requiring bulk management have systematically organized their management system and obligation code program compared to the ‘item institutions’ that can track batch history for all facility inventory changes. Although Domestic law imposes only the duty of origin management on NMs, fuel manufacturers or research institutes have established their standard obligation codes to manage multiple obligations. The non-nuclear materials and equipment can be easily tracked and controlled by individual items. However, the management of NCA items is a complicated task involving various processes, from importing goods to using, storing, managing inventory change, selling to others, or fulfilling the obligations of AA when exporting. In particular, when the movement of items within a company or international trade occurs frequently, or when the end-users are diverse, the management difficulties increase. So a system that can accurately convey and track items subject to the AA is needed. In addition, since various entities are related, it is necessary to improve understanding of NCA items to increase the system’s utilization and effectiveness. The comparison result and requirement for system improvement based on the review above will be reflected in the history management system for items subject to NCA under development.
Nuclear Suppliers Group (NSG), one of the international multilateral export control systems, has designated Trigger List Item and Nuclear Dual-Use Item as control items. The Trigger List Item includes the “Especially Designed or Prepared (EDP)” term as control context. This term is very subjective and vague. Why this ambiguous term reflected in the control context? The EDP term is one of the essential elements of multilateral nuclear export controls since the NPT came into effect in 1970. The EDP concept is the basis of the rules in the Trigger List of NSG Part 1. NSG control items and contexts are decided through consensus among Participate governments, and there are three main reasons for reflecting EDP term in the guideline. First, it is to expand the control network by preventing the diversion of concerned traders. Secondly, technology development is faster than the regulatory speed, and it is tough to put all the items on the list. And last, it is to control other sensitive information such as concerned traders’ shopping list. To reduce the ambiguity of EDP, the US, UK, and Canada presented their interpretation methods at LEEM, a sub-group of the NSG. The United States and Canada have four location criteria (inside the containment building, RCS system or control, RCS system attachment, outside the containment building) and three purpose criteria (custom-made for nuclear power, whether it is an item according to the nuclear industry standard, not made to order) to determine the EDP items. The United Kingdom considers the original design intent and the purpose for which the item was originally designed. They also think about the nature of any specific or unique design features in terms of an item’s “fit,” “form,” and “function” that determine EDP item. Currently, in the case of KINAC, although it is not a controlled item in Korea, items designated by other countries are controlled as EDP items, and detailed standards for parts are prepared and controlled as EDP items. The interpretation of TL’s EDP differs from country to country, and differences are allowed between member states to some extent. Suppose Korea, like the US, UK, and Canada, examines measures to control EDP and reflects it after benchmarking. In that case, it is expected that it will contribute to reducing the export control loopholes for advanced technologies in the future and improve nuclear transparency through strict implementation of Korea’s export controls.
From 1970 to 1990, North Korea’s trade mainly carried out maritime trade through ports for countries around the world. This trend is due to UN sanctions against North Korea, and after the third nuclear test in 2016, North Korea gradually became isolated from the outside world as it expanded to include maritime sanctions in the form of comprehensive sanctions targeting an unspecified majority of North Korea. The logistics structure of North Korea is due to the logistics infrastructure left during the Japanese colonial period in the 1950s and the political structure of the country, with railroads being the main source of logistics and passenger transportation, and roads being secondary. North Korea faced rapid deterioration and lack of facilities after 1990 due to the lack of investment in facilities and improvement of the operating system despite the advanced logistics infrastructure and operating system compared to the South. In particular, the power shortage in North Korea hindered the operation of the railroad and accelerated the aging of the railroad facilities, which has continued to this day. In the 2010s, 96% of cargo transportation in North Korea’s logistics infrastructure depended on railroads and roads, and ports that were developed until the 1980s have deteriorated with little investment since the economic crisis of the 1990s. Although some ports have been developed since 2010, North Korea’s east and west coasts are separated and there is no function of shipping to connect ports, so it did not have a significant impact on enhancing the nation’s port capacity. As North Korea’s trade dependence on China has increased, North Korea has largely relied on land transport, except for some cargoes that are advantageous for marine transport, such as coal. This structure again leads to a decrease in investment in ports, and the current vicious cycle of causing problems with North Korean port facilities is repeated. In this study, North Korea’s land and marine trade logistics system such as railway, road, and shipping and the trend of foreign trade due to sanctions against North Korea were analyzed. Through this analysis, it is planned to be used as a basis for developing the routes and scenarios through which major nuclear items can be transferred in the event of denuclearization of North Korea in the future.
Since the 1992 ‘Joint Declaration of South and North Korea on the Denuclearization of the Korean Peninsula’ was agreed, various negotiations and policies have been conducted. There were policies such as CVID, Strategic Patience, Top-Down Approach, Calibrated Practical Approach, Audacious Initiative and the Geneva Agreement, and 9.19 Joint statement by the six-party talks were signed to denuclearize Korean Peninsula. However, starting with the first nuclear test in 2006, North Korea conducted six nuclear tests to develop atomic bombs, boosted fission bombs, ICBMs, and SLBMs to enhance its weapon capabilities. In addition, nuclear security crisis on the Korean Peninsula has been rising day by day as signs of restarting the North Korea’s Yongbyon 5MWe Graphite-moderated reactor were observed and the possibility of a seventh nuclear test have been increased. Since North Korea’s nuclear issue has a lot of influence on international security, especially on the Northeast Asian countries, a realistic denuclearization policy that reflects North Korea’s current domestic situation along with the international situation is needed. It’s been six months since Russia invaded Ukraine on February 24, 2022. The war between Russia, which has nuclear weapons, and Ukraine, which gave up its possession of nuclear weapons due to the Cooperative Threat Reduction (CTR) program known as the Nunn-Lugar program, is expected to have a significant impact on North Korea, which is considering denuclearization due to UN sanctions on North Korea. Therefore, in this study, based on the war patterns of Russia-Ukraine war, perspective on how it could affect North Korea’s denuclearization is analyzed. Also, significance and limitations of the previous nuclear negotiations, the North Korea’s political regime, the ‘five-year strategy for North Korea’s economic development’ and the ‘five-year plan for North Korea’s economic development’ were analyzed to suggest practical DPRK’s denuclearization policy.
The ROK conducts several export procedures, communications in connection with transfers; exchange of information on export plan, shipments, and receipt of nuclear materials, in accordance with bilateral Nuclear Cooperation Agreements (NCA) and Administrative Arrangements (AA) signed with US, Canada, and Australia. Also, the inventory amount of items subject to NCA has reported annually. This study reviewed the export procedures and management methods for spent nuclear fuel subject to NCA. The re-transfer procedures start with obtaining consent from the original exporting country. It is impossible to retransfer nuclear material without consent, whether long-term or individual case-bycase. If the material has multiple obligations, prior consent from all of those countries is required. Therefore, it is necessary to clarify the foreign obligated materials correctly. In general, nuclear fuel is subject to multiple obligations of all countries through which the materials have passed during the front-end fuel cycle. Then the new obligations are imposed on those irradiated materials or their by-products after ‘used-in’ or ‘produced through the use of ’ equipment subject to NCA. For example, fuel assemblies manufactured under CANDU fuel fabrication equipment subject to ROK-Canada NCA or burned in nuclear reactors where US equipment is installed have obligations based on Canada or US agreements. In order to impose obligation to irradiated materials, the principle of proportionality is applied as stipulated in each Agreement. According to the AA between US and ROK, nuclear materials used in the equipment transferred under the Agreement and produced through them are differently controlled. After the cycle in the reactor with US-made equipment, uranium in the irradiated fuel is considered a material used in the equipment. So it would be appropriate to apply obligation proportionality according to its origin, regardless the US-made equipment. Meanwhile, the obligation under US NCA is given to the entire amount of produced plutonium in the irradiated fuel. Although the contribution to the production of fuel is to be discussed case-by-case basis in the case of Canadian obligation, applying a similar method is proper. Since the fuel is burned in the form of bundles or assemblies, it is impossible to separate the spent fuel into uranium and plutonium physically. However, as discussed above, to clarify the rights and obligations pursuant to Agreement and ensure accuracy in inventory management, the obligation codes should be imposed on irradiated fuel as not a single item but separated individual substance of materials. Moreover, when an obligation swap occurs for the irradiated fuel, its movement and combustion history should be considered to prevent confusion in confirming multiple obligations and implementing export procedure.
Meat affects color and quality by metabolite concentrations. Meat produces metabolites, and metabolites are caused by a variety of causes. Meat also produces metabolites by oxidation, which is an inevitable chemical process that meat undergoes which is resulting information of various chemical compounds. Thus, the aim of this study was to profiling the change of metabolites of M. longissimus lumborum during the storage at 4°C. Instrumental color measurements were showed decreasing chroma value, redness and yellowness (P<0.05) during storage, while non-significance (P>0.05) changes found in lightness value. Above all, hue angle was highest at 21 d of storage (P<0.05). The lipid and protein oxidation of muscles was measured by TBARS value significantly increased (P<0.05), thiol and carbonyl groups were also increased significantly (P<0.05) during the display. Total 19 of 60 identified compounds appeared to have a significant difference by storage time (P<0.05). Hue angle had a significant correlation with specific metabolites such as carbon disulfide, 3-methyl-1-butanol, 2-ethyl-1-hexanol, lactic acid and palmitic acid (P<0.05). Results of the current study provide the conversion of volatile and non-volatile metabolites and their correlation with oxidative indicators for changes in meat quality during aerobic storage.