Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology – We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results – The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions – The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.

In the globalization and free trade era, the current account deficit problem is a common phenomenon experienced by most countries, both developing and developed countries. Also with managed floating regime of exchange rate, it becomes very important to analyze the dynamics of current account balance which determine the trade. The deficit condition has lasted for four years in Indonesia, as well the deficit value above the value of the surplus that has been experienced during the period 2005-2011. This study is firstly aim to examine the condition of the deficit which happens in the export and import, manufactured goods and oil and gas, whether related to the transaction of goods and services. We try to build a predicted model which near the actual. Then, the focuses examines an exchange rate volatility impact on current account deficit. The model used in this research is a simultaneous model of Indonesia current account deficit from 2005 to 2014. The simulation result indicated that depreciation increase surplus to current account deficit. The decrease of export manufactured goods (non oil and gas) higher than the increase of import. For the oil and gas sector, depreciation of the rupiah against the US dollar results in an increased burden of higher oil and gas imports due to import transactions.

Vietnam is entering an important phase of urbanization that corresponds to the current economic development. Developing logistics of Vietnam in general, and Haiphong particularly, is urgent in order to meet the need for the economic development of Viet Nam in this period of international integration. Hai Phong’s development record over the past 20 years is remarkable. In conjunction with the local government’s efforts, external factors, such as increasing direct foreign investment, is turning Hai Phong into Vietnam’s logistics hub. However, even though Hai Phong accounted for 98% of North Vietnam’s throughput, its logistics services are low level, the ports are fragmented, and the port management scale is backward, with the legal system overlapping. This paper has systematically evaluated the development of Haiphong city during recent years, then offers some solutions to develop logistics for Hai Phong ports.

The objective of this study was to determine the mitotic intervals (τ0) of two consecutive cell divisions and synchronous embryonic cleavage in grass puffer, Takifugu niphobles at different water temperatures (18, 20, 22, and 24℃). The color of the fertilized egg was light yellowish. The egg type was demersal and unadhesive. Egg weight was 0.09±0.002 mg. The sizes of unfertilized eggs were smaller than fertilized eggs in major axis and minor axis at 20℃ (p<0.05). The size of the fertilized egg of 18℃ water temperature group at the blastodisc stage was the smallest (p<0.05), but no significant differences were observed in the other water temperatures group except 18℃ water temperature group (p>0.05). The first cleavage stages at 18, 20, 22, and 24℃ were at 75, 90, 105, and 120 mins, respectively. As water temperature was increased, embryonic development and formation time of the first cleavage furrow were accelerated. There were negative correlation between τ0 and water temperature for grass puffer (Y=–1.225X+70.05, R2=0.988, n=10, where Y was τ0 and X was temperature). This study confirmed that successful hatching of grass puffer was related to water temperature. Chromosome manipulation will be helpful for this species using cleavage frequency and τ0.

하천 관리에 있어 도달시간은 중요한 인자 중의 하나이다. 특히 사회적으로 다양한 하천 활용에 대한 요구가 높아짐에 따라 친수공간으로써 하천에서의 정확한 도달시간 산정은 홍수시 주민 대피 시간 확보 등을 위해서 매우 중요하다. 그러나 과거 도달시간 산정에 대한 연구는 자연 하천의 복합 유역에서의 단일 수문사상에 대하여 연구가 수행되어왔으며, 도심하천의 단일유역을 대상으로 복합 수문 사상에 대한 도달시간 산정방법의 개발은 미흡한 실정이다. 따라서 최근 집중호우에 의하여 빈번한 침수 피해가 발생된 부산광역시 대표 도심하천인 온천천 유역에 대하여 과거 10년(2006~2015년) 동안의 강우-유출량 자료를 이용하여 도달시간을 산정하였고, Matlab 기반의 인공신경망 기법을 이용하여 신뢰성을 검토하였다. 12시간 이상 무강우를 기준으로 총 254개의 강우 사상을 분리하였고, 이를 바탕으로 총 강우량, 총 유출량, 첨두 강우량/총 강우량, 첨두 유출량/총 유출량, 지체시간, 도달시간 등 총 6개의 변수를 산정하여 인공신경망 모형의 훈련 및 검증에 활용하였다. 그 결과 훈련에 과 예측 및 검증에 활용된 입력 변수의 상관관계는 각 각 0.807 및 0.728로 나타났으며, 연구결과를 바탕으로 도심하천의 도달시간 산정결과의 신뢰성 분석에 이를 활용할 수 있을 것으로 판단된다.

Purpose - This paper discusses cross-cultural management (CCM) in China and how its business students get prepared by university cross-cultural management courses for an international market. Research design, data, and methodology – It was therefore decided to do an online content analysis looking at CCM courses offered by a number of Chinese universities first, and second to conduct a quantitative survey on CCM courses as well as topics among Chinese undergraduate business students at a large Eastern Chinese university. Results - From fundamental aspects, seven Chinese cultural standards emerge which highly influence the behaviour of the Chinese. There is a tendency to imply the integration of not only local but also cross cultural issues in academic management courses. Besides Hong Kong, there are currently 17 Chinese universities and schools accredited by the Association to Advance Collegiate Schools of Business (AACSB) that explicitly requires cross-cultural management competencies in undergraduate and graduate degree programmes. In addition, the study confirmed that two-third of the sample (Chinese undergraduate business students) had taken cross-cultural management courses. Conclusions - The results of this research have made it clear that Chinese universities and schools are aware of the importance of cross-cultural management competencies.

In this study, we elucidated anti-cancer activity and potential molecular mechanism of 70% ethanol extracts from Taxilli Ramulus (Taxillus chinensis (DC.) Danser) (TR-E70) against human colorectal cancer cells. Anti-cell proliferative effect of TR-E70 was evaluated by MTT assay. The effect of TR-E70 on the expression of cyclin D1 in the protein and mRNA level was evaluated by Western blot and RT-PCR, respectively. TR-E70 suppressed the proliferation of human colorectal cancer cell lines, HCT116 and SW480. Although TR-E70 decreased cyclin D1 expression in protein and mRNA level, decreased level of cyclin D1 protein by TR-E70 more dramatically occurred than that of cyclin D1 mRNA. Cyclin D1 downregulation by TR-E70 was attenuated in presence of MG132. In addition, TR-E70 phosphorylated threonine-286 (T286) of cyclin D1. TR-E70-mediated cyclin D1 degradation was blocked in presence of LiCl as an inhibitor GSK3β but not PD98059 as an ERK1/2 inhibitor and SB203580 as a p38 inhibitor. Our results suggest that TR-E70 may downregulate cyclin D1 as one of the potential anti-cancer targets through GSK3β-dependent cyclin D1 degradation. From these findings, TR-E70 has potential to be a candidate for the development of chemoprevention or therapeutic agents for human colorectal cancer.

A total of 447 accessions consisting of seven Brassica spp.; Brassica carinata (34), B. juncea (199), B. rapa subsp. dichotoma (18), B. rapa. subsp. oleifera (14), B. rapa subsp. rapa (36), B. rapa subsp. trilocularis (56) and B. alba subsp. alba (90) were studied for their morphological characters and fatty acid compositions. There was a wide variation for morphological traits, oil content and fatty acid composition among Brassica species. Seed number/silique and yield/plant were varied from 4.2 (B. alba) to 25.1 (B. rapa subsp. trilocularis) and from 170.7 g (B. rapa subsp. oleifera) to 351.9 g (B. juncea L. Czern.), respectively. Among Brassica species, B. rapa subsp. trilocularis exhibited the highest oil (29.2%), stearic (20.4%) and erucic acid (45.3%) content. B. carinata had the highest content of palmitic (5.2%), oleic (21.2%) and linolenic acid (11.1%). B. rapa subsp. dichotoma and B. rapa subsp. oleifera exhibited the highest content of linoleic (8.1%) and behenic (26.9%) acid, respectively. B. rapa subsp. trilocularis exhibited the highest (45.3%) erucic acid content and significant positive relationship was observed between oleic acid and linoleic acid. This variation of agronomic and fatty acid compositions in Brassica species can be utilized to develop new varieties.

Glucosinolates (GSLs), beneficial secondary metabolites for human health are abundantly present in radish vegetable. Radish is a member of Brassicaceae family and its seed, leaf and root contain very important GSLs. The objective of this study was to determine the variation of individual and total GSL contents in leaves and roots of 44 radish (Raphanus spp.) germplasm (26 R. sativus L., 3 R. raphanistrum, and 15 R. sativus L. var. raphanistroides Makino), and compare the GSL contents between leaves and roots among three Raphanus species. Thirteen GSLs were identified, being the glucoraphasatin (GRS) and glucobrassicin (GBS) the most abundant aliphatic and indolyl GSLs in both the leaves and roots. Variation in individual and total GSL contents was found among the germplasm of three Raphanus species. The GRS content was higher in roots than that of leaves in all three Raphanus species but the GBS content was higher in leaves than roots. GRS was represented 87.0%, 92.7% and 94.7% of the total GSL in roots of R. sativus L., R. raphanistrum and R. sativus L. var. raphanistroides (Makino) germplasm, respectively. Germplasm of R. raphanistrum exhibited the highest (average, 79.5 μmol/g dw) total GSL with a ranged from 62.7 to 92.9 μmol/g dw. The germplasm IT119288, Joseonmu and IT119262 from R. sativus L., RA 504 and K046542 from R. raphanistrum, and Gyeongju-2003-32 (G2003-32) and IT302373 from R. sativus L. var. raphanistroides (Makino) had high total GSL contents and these could be good candidates for developing the functional compounds-rich varieties in radish breeding program.

Bisphenol-A(BPA) is a member of alkylphenol family, and shows adverse effects including reduced fertility, reproductive tract abnormalities, metabolic disorder, cancer induction, neurotoxicity and immunotoxicity. In the present study, we conducted Hershberger assay to evaluate whether the two candidates to replace BPA have androgenic or antiandrogenic activity. The assay was carried out using immature castrated Sprague–Dawley male rats. After 7 days of the surgery, testosterone propionate (TP, 0.4 mg/kg/day) and test materials (low dose, 40 mg/kg/day; high dose, 400 mg/kg/day) were administered for 10 consecutive days by subcutaneous (s.c.) injection and oral gavage, respectively. Test materials were BPA, isosorbide (ISO) and cyclohexanedimethanol (CHDM). The rats were necropsied, and then the weights of five androgen-dependent tissues [ventral prostate, seminal vesicle, levator ani-bulbocavernosus (LABC) muscle, paired Cowper’s glands, and glans penis] and three androgen-insensitive tissues (kidney, spleen and liver) were measured. All test materials including BPA did not exhibit any androgenic activity in the assay. On the contrary, antiandrogen-like activities were found in all test groups, and the order of the intensity was CHDM > BPA > ISO in the five androgen-sensitive tissues. There was no statistical difference between low dose treatment and high dose treatment of BPA group as well as ISO group. In CHDM group, high dose treatment exhibited most severe weight reduction in all measured tissues. There was no statistical difference in androgen-insensitive tissue measurements, except BPA groups. Since the effects of ISO treatment on the accessory sex organs were much less or not present at all when compared to those of BPA, ISO could be a strong candidate to replace BPA. CHDM treatment brought most severe weight reduction in all of androgen-sensitive tissues, so this material should be excluded for further screening of BPA substitute selection.

A coating system derived from the combination of a sodium and a potassium water glass was developed to apply for steel in oxidizing and humidity environments at elevated temperature. Parameters such as filler volume, viscosity or coating thickness were varied to optimize the coatings. The coated specimens were investigated by TGA, SEM/EDS, and XRD to clarify the microstructure morphology and anti-oxidation behavior. Finally, oxidation tests, adhesion tests, thermal shock resistance tests and humidity resistance tests were performed to evaluate the performance of developed coating.

Religious intolerance has become a common feature of many countries in recent times. Studies have revealed a worldwide increase in government regulations and social hostilities against religious beliefs and practices. The stifling impact of both government and society on the market for religion, warrants closer scrutiny. This study examines the relationship between government regulations and social hostilities towards religious beliefs and practices, for the period of 2001-2011 for a sample of 45 European countries. The Generalized Method of Moments dynamic panel estimation technique is employed to analyze the micro panel dataset of 45 European countries, to establish the possible relationships that may exist between these variables. The theoretical framework for this study is based on the Religious Economies Theory and the Supply Side Theory of Religion. The results of this study show evidence of the positive relationship between government regulations and social hostility. Interestingly, the study also revealed that the impact of social hostility on the level of government restrictions is smaller in magnitude compared to the reverse impact of government restrictions on social hostilities, indicating the dangerous role played by governments in inciting social hostilities, when they regulate or restrict religious beliefs and practices.

Purpose – This paper aims to examine several time series models to predict sales of department stores and discount store markets in South Korea, while other previous trial has performed sales of convenience stores and supermarkets. In addition, optimal predicted values on the underlying model can be got and be applied to distribution industry. Research design, data, and methodology - Two retailing types, under investigation, are homogeneous and comparable in size based on 86 realizations sampled from January 2010 to February in 2017. To accomplish the purpose of this research, both ARIMA model and exponential smoothing methods are, simultaneously, utilized. Furthermore, model-fit measures may be exploited as important tools of the optimal model-building. Results - By applying Holt-Winters’ additive seasonality method to sales of two large-scale retailing types, persisting increasing trend and fluctuation around the constant level with seasonal pattern, respectively, will be predicted from May in 2017 to February in 2018. Conclusions - Considering 2017-2018 forecasts for sales of two large-scale retailing types, it is important to predict future sales magnitude and to produce the useful information for reforming financial conditions and related policies, so that the impacts of any marketing or management scheme can be compared against the do-nothing scenario.

In the offshore crane system, the requirements on the operating safety are extremely high due to many external factors. Rope extension is one of the factors producing vertical vibration of load. In this study, the load is carried by the motor-winch actuator control and the rope is modeled as a mass-damper-spring system. To control the load position and suppress the vertical vibration of the load, a control system based on input-output linearization method is proposed. By the simulation and experiment results with pilot crane model, the effectiveness of proposed control method is evaluated and verified.

Purpose – In this work, we examined the causal relationship between credit loans from households (CLH), loan collateralized with housing (LCH) and an interest of certificate of deposit (ICD) among others in South Korea. Furthermore, the optimal forecasts on the underlying model will be obtained and have the potential for applications in the economic field. Research design, data, and methodology – A total of 31 realizations sampled from the 4th quarter in 2008 to the 4th quarter in 2016 was chosen for this research. To achieve the purpose of this study, a regression model with correlated errors was exploited. Furthermore, goodness-of-fit measures was used as tools of optimal model-construction. Results – We found that by applying the regression model with errors component ARMA(1,5) to CLH, the steep and lasting rise can be expected over the next year, with moderate increase of LCH and ICD. Conclusions – Based on 2017-2018 forecasts for CLH, the precipitous and lasting increase can be expected over the next two years, with gradual rise of two major explanatory variables. By affording the assumption that the feedback among variables can exist, we can, in the future, consider more generalized models such as vector autoregressive model and structural equation model, to name a few.

Nonylphenol (NP) is known to be an endocrine disruptor with estrogen-like activity. In this study, we tested low dose of NP and its alternative candidate Octyl-β-D-glucopyranoside (OG) on F1 female mice (n=10) from parents (P) generation to postnatal days(PND) 56. Animals [Control (tap water), NP-50 (50ug/L, drinking water), OG-50(50ug/L, drinking water)] were fed with normal chow and drinking water. ad libitum. Body weights and tissue weights were measured after sacrifice, and sera were measured using creatinine assay (n=8) and blood urea nitrogen (BUN) ELISA kit (n=8). Histopathology of kidney was used Hematoxylin & Eosin staining method and Periodic Acid-Schiff(PAS) staining method. NP treatment significantly increased body weight and kidney weight of F1 female(p<0.05). The serum levels of creatinine in NP-50 and OG-50 significantly decreased(p<0.001 and p<0.01, respectively) compared to the control group. In histopathological study, renal tubules spaces were increased and severe glomerular anomalies were found in NP-50 and OG-50. In NP-50, the thickened basal membrane was observed. The present study demonstrated that NP and OG has renal toxicity, and this toxicity due to long-term low dose treatment seems to be occurred in the next generation and female-specific.

Banks play a crucial role in bringing stability and economic development through their expected contribution in proper financial resource mobilisation across the economy. Despite the importance, there is little focus in recent literature which provided the empirical evidence how the global financial crisis affect the bank efficiency in Bangladesh. Thus, this paper aims to examine the effect of the global financial crisis and other factors on the efficiency of Bangladesh commercial banks. By employing the Data Envelopment Analysis (DEA) method, we computed the technical efficiency of individual banks operating in the Bangladesh banking sector during 2000 to 2013. The empirical findings indicate that the Bangladesh banking sector has exhibited the highest efficiency level during 2001, while efficiency seems to be at the lowest level during 2010. The study finds that crisis along with bank size, capital adequacy ratio, return on average equity and real interest rate have a significant effect on bank efficiency in Bangladesh. In order to keep the sound financial development of Bangladesh, banks operating in the Bangladesh banking sector have to consider all the potential technologies which could improve their profit efficiency levels, since the main motive of banks is to maximise shareholders’ value or wealth through profit maximisation.

This study extends research into whether disclosure of corporate and financial information is associated with firms’ costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors’ estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

The purpose of current study is to investigate the beneficial effect of enzyme (Alcalase) hydrolysates of silk protein in rat. Alcalase-treated silk protein hydrolysate (ATSH) itself did not show any cytotoxicity on the hepatic tissues and blood biochemistry, similar to the normal condition. ATSH played a protective role in tert-butyl hydroperoxide (t-BHP)-induced hepatotoxicity and liver damage. The values of AST (aspartate aminotransferase) and ALT (alanine aminotransferase), which are the indicators of the liver function, were effectively alleviated with the ATSH treatment in a dose dependent manner. The level of Lactate dehydrogenase (LDH) and Malondialdehyde (MDA), which were increased with t-BHP treatment, were significantly reduced by ATSH. High dose of ATSH (2 g/kg) reduced the t-BHP-induced LDH release by 48%. Antioxidant and antioxidant enzymes in liver cells were significantly increased by ATSH treatment in their level and activities. ATSH (2 g/kg) increased glutathione (GSH), an intracelluar antioxidant, by 2.5-fold compared with the t-BHP treated group. The activities of glutathione-s-transferase (GST), superoxide dismutase (SOD), and catalase were also elevated by 38%, 60%, and 45%, respectively, with ATSH (2 g/kg) treatment. The antioxidative effect of ATSH was recapitulated to the protection from t-BHP induced liver damages in hematoxylin and eosin (H&E) staining. Thus, ATSH might be used as a hepatoprotective agent.