• Korean Journal of Construction Engineering and Management
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• v.9 no.2
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• pp.146-158
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• 2008

This paper examines the relationship between the real estate policies of Korean government and the stock market of Korea. It is the purpose of this paper whether the government policies are effective or not when the Korean government release new real estate policies outlining higher taxes and more housing supply as part of its plan to suppress speculation. This paper studies the properties of daily stock returns of the construction sector in Korea securities market when the government announcements of the real estate policies are released. On the demand side, multiple home owners and those purchasing property for speculative purposes are expected to be hit the hardest If the government policies are effective. The empirical results of this paper show that most of the cumulative abnormal returns(CARs) are statistically significant from the year 2002 to the year 2006 except the year 2004.

• Journal of Korea Port Economic Association
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• v.28 no.1
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• pp.179-201
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• 2012

Since 1993, M&A activities have been frequent in Liner shipping market. This study examines the effect of M&A on stock price reaction for acquiring firms listed on the market. The study covers the period from 1993 to 2009 and uses 61 daily closing prices of the acquiring firms before and after the M&A announcement day and is analyzed through the market-adjusted model in an event study. After calculating short-term performance using abnormal returns(AR) and cumulative average abnormal returns(CAR) before and after 30 days from the day of event, the results on the test show that the firm's values slightly increased through the M&A, but it does not attest to the statistical significance. In addition, this study investigates the AR difference between estimating windows and post-event windows for the 3 cases of each period before and after 30 days, 15 days, and 7 days from the event day to analyse the impact of M&A on the addition of acquiring firm's value. Our findings suggest that the M&A between Liner shipping companies is targeted for the long-term business strategy instead of the instant rise in the value of the firm involved.

• Korean Journal of Cognitive Science
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• v.28 no.1
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• pp.1-26
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• 2017

This study investigated the cortical generators of P300 in college students with schizotypal traits by using an auditory oddball paradigm, event-related potentials (ERPs) and standardized low resolution brain electromagnetic tomography (sLORETA) model. We also investigated the relationship between the current density of P300 and the clinical symptoms of schizophrenia. Based on the scores of Schizotypal Personality Questionnaire(SPQ), schizotypal trait (n=37) and control (n=42) groups were selected. For the measurement of P300, an auditory oddball paradigm, in which frequent standard tones (1000Hz) and rare target tones (1500Hz) were presented randomly, was used. Participants were required to count the number of the target tones during the task and report this at the end of the experiment. The two groups did not differ significantly in the accuracy of the oddball task. The schizotypal trait group showed significantly smaller P300 amplitudes than control group. In terms of source localization, both groups showed the P300 current density over bilateral frontal, parietal, temporal and occipital lobes. However, the schizotypal trait group showed significantly reduced activations in the left superior temporal gyrus and the right middle temporal gyrus, but increased activations in both left inferior frontal gyrus and right superior frontal gyrus compared to the control group. Furthermore, a negative correlation between the current density of the right superior frontal gyrus and SPQ disorganization score was found in the schizotypal trait group. These findings indicate that the individuals with schizotypal traits have dysfunctions of frontal and temporal areas, which are known to be the source of P300, as observed in patients with schizophrenia. In addition, the present results indicate that the disorganization score, rather than total score, of the SPQ is useful in predicting the risk of future schizophrenia.

• The Journal of the Petrological Society of Korea
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• v.19 no.3
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• pp.199-208
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• 2010

The Cenozoic alkali basalts are distributed over Korea, both on central part as Bangnyeongdo, Ganseong, Pyeongtaek-Asan and Jogongni and also on southernmost part Jejudo. The ultramafic mantle xenoliths carried by Korean alkali basalts are spinel lherzolites. Garnet lherzolite that is more stable at the deeper level has not been reported so far, indicating that the lithospheric thickness under Korea does not reach deep enough to the stable zone of garnet lherzolite. The crustal evolution history of the Korean peninsula, at least some part of it, seemingly started since the Archean, it normally should have lithospheric thickness greater than 150 km. However, the mantle xenoliths carried by the Cenozoic alkali basalts indicate the maximum depth of origination in the much shallower range of 60-90 km. Such significantly thinner lithospheric thickness of the Korean peninsula than expected is quite similar to the case of North China Craton having lithospheric thickness of ca. 80 km in average, suggesting thinning of the lithospheric mantle in a depth scale of a few tens of kilometers during the past geologic time. The main causal events for such significant thinning of the lithospheric mantle can be continental collisional events of Paleoproterozoic and early Mesozoic similar to the case of North China Craton, which are also supported by Paleoproterozoic igneous and metamorphic events during the 1.9-2.0 Ga occurring all over the Korean peninsula and also early Mesozoic continental collisional event which has been discussed on lively arguments.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.12
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• pp.227-236
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• 2018

This study was conducted to define hippocampal volume differences between a stress-laid group and normal individual group via meta-analysis. This investigation included studies that contained hippocampal volume measurements in association with stress from 1990 to 2016. Magnetic resonance imaging (MRI) measurements of hippocampal volumes were used to determine the mean size, standard deviation and sample size. The pooled effect size was measured by the standardized mean difference (SMD) with a 95% confidence interval. This meta-analysis included 13 studies comprising 374 stress subjects and 439 normal subjects. Eight studies targeted war-related veterans and holocaust survivors, while five targeted personal trauma associated with childhood abuse, rape, accident or financial hardship. The overall mean effect size (Hedges' g) was -0.70 (-1.04; -0.37). Overall, the SMD value was -0.70, with a moderate effect size, but high heterogeneity. Depending on the characteristics of the stressor, studies were divided by subgroups of war-related veterans and subjects with personal trauma and then analyzed again. In the war-related subgroup, the Hedges' g was -0.47 (-0.78; -0.16), while in the personal stressor-related subgroup it was -0.91 (-1.57; -0.26). These results indicate that there was a significant negative correlation between psychological stress and hippocampal volume.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.17 no.10
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• pp.2330-2336
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• 2013

Since many man-made systems consist of autonomous and interactive components, it is intrinsically difficult to analyze their abnormal behavior. The logical analysis of such a system is an indispensable process for high quality and reliable system development. In this paper, we propose an analysis method using two algebraic operations, named composition and minimization. Repetitive composition and minimization of component models with respect to a set of important events produces a new analysis model that has the same input output responses to an environment. An analysis example of the alternating bit protocol demonstrates the effectiveness of the proposed method showing that each message generated at the sender side eventually arrives to a receiver.

• Proceedings of the Korean Society for Cognitive Science Conference
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• 2002.05a
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• pp.211-215
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• 2002

본 실험은 종합적 인지과정을 추론할 수 있는 결합 문제(binding problem)를 언어적인지 과정을 통해 알아 본 실험으로, 총 10 명(남:61여:4, 평균나이:24.40 $\pm$ 1.35)의 정상군을 대상으로, 4개의 음소로 이루어진 단음절 명사를 목표 자극(target stimulus)으로 하고, 4개 음소의 임의적인 조합으로서 글자를 이루지 못하는 비목표 자극(non-target stimulus)을, 각각 200 회와 800 회씩 시각적으로 0.5초씩 무작위로 제시하여 128 채널 고밀도 사건관련전위(ERP)를 측정하였다. 이번 실험 결과의 주요 특징은 글자가 아닌 비목표 자극보다 글자인 목표 자극에서 두드러지게 나타난 두정엽 부근의 P500 과 N900 이라고 할 수 있다. 자극 제시 비율의 차이에서 오는 oddball 효과로 인한 기존 P300 의 인지적 의미를 이번 결과의 P500 이 함축한다고 볼 수 있으며, 단음절 단어를 인지할 때, 글자임을 인식하는 순간은 의미적인지 과정이 진행되었다기보다 그 글자의 형태만으로 낯익은 글자인지를 분간하는 것으로 보인다 따라서, 이 경우 기존 언어 실험에 자주 등장하던 의미론적 peak 인 N400 은 보이지 않고, 곧바로 형태적이고, 통사적(syntactic)인 인지 처리 과정인 P500이 나타났다고 해석할 수 있다. 하지만, 이번 실험에서는 N400 대신에 N900 이 나타났다. 이 결과는 이번 ERP 실험과 병행된 프로토콜 분석을 통해, 피험자가 자극 제시 후, 약 900ms 정도에, 이미 제시되고 사라진 글자 자극을 다시 한번 떠올리는 인지 과정이 일어난다는 점과 관련 지어 해석하면, 기존에 의미적(semantic) 인지 과정으로만 해석했던 negative-peak 를 생각(thinking)과 같은 내재적인지 과정(internal cognitive process)으로 확장하여 일반화하는 추론도 생각해 볼 수 있다. 요컨대, 언어인지를 통한 이번 실험을 통해, 뇌파에서 검출되는 negative-peak 은 internal cognitive process로 추측되고, positive-peak 는 external cognitive process 라고 생각된다. 덧붙여, 유의해서 볼 점은 각 peak-topology 에서 Cz 의 진폭이 Fz 보다 크게 나온 점과, 일반적으로 언어 기능을 담당한다는 좌측 측두엽(T7)이 우측(T8)보다 통계적으로 더 유의미한 차이를 보였다는 점등이다.

• Korean Journal of Cognitive Science
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• v.28 no.1
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• pp.65-90
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• 2017

Rewards or penalties become informative only when contingent on an immediately preceding response. Our goal was to determine if the brain responds differently to motivational events depending on whether they provide feedback with the contingencies effective for learning. Event-related fMRI data were obtained from 22 volunteers performing a visuomotor categorical task. In learning-condition trials, participants learned by trial and error to make left or right responses to letter cues (16 consonants). Monetary rewards (+500) or penalties (-500) were given as feedback (learning feedback). In random-condition trials, cues (4 vowels) appeared right or left of the display center, and participants were instructed to respond with the appropriate hand. However, rewards or penalties (random feedback) were given randomly (50/50%) regardless of the correctness of response. Feedback-associated BOLD responses were analyzed with ANOVA [trial type (learning vs. random) x feedback type (reward vs. penalty)] using SPM8 (voxel-wise FWE p < .001). The right caudate nucleus and right cerebellum showed activation, whereas the left parahippocampus and other regions as the default mode network showed deactivation, both greater for learning trials than random trials. Activations associated with reward feedback did not differ between the two trial types for any brain region. For penalty, both learning-penalty and random-penalty enhanced activity in the left insular cortex, but not the right. The left insula, however, as well as the left dorsolateral prefrontal cortex and dorsomedial prefrontal cortex/dorsal anterior cingulate cortex, showed much greater responses for learning-penalty than for random-penalty. These findings suggest that learning-penalty plays a critical role in learning, unlike rewards or random-penalty, probably not only due to its evoking of aversive emotional responses, but also because of error-detection processing, either of which might lead to changes in planning or strategy.

• Journal of Digital Convergence
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• v.12 no.10
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• pp.121-134
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• 2014

This study investigated the stock market reaction to the announcement of conversion to holding company and its influence on the market value and corporate governance before and after the event. Generally, it is known that the conversion to holding company strengthens corporate governance because of diversification effects. Accordingly, it is expected that holding companies have a significantly positive influence on the short and long term stock value and improve firm performance. The results are as follows. First, companies have significantly positive short-term abnormal returns for a day. It confirms the stock market reaction hypothesis. Second, it is found that corporate governance is improved in two ways, protection of stock holders' right and distribution of corporate income in the year after converting to holding companies. However, the degree of business concentration appears to be decreased but the result is statistically insignificant after the conversion. Third, there is no significant positive relation between market performance and both protection of stock holders' right and distribution of corporate income. Thus, the results do not adequately support the hypothesis between corporate transparency and market performance.

• Journal of Digital Convergence
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• v.19 no.12
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• pp.175-182
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• 2021

Focusing on the recently announced "KOSPI 200 ESG Index," this study intends to examine whether the "KOSPI 200 ESG Index" has any relevance to stock prices. Specifically, it was empirically analyzed whether companies included in the KOSPI 200 ESG index showed average abnormal return and cumulative average abnormal return of stock prices due to incorporation into the index. As for the research method, the case study was conducted using the return by the market model using the coefficient estimated by the OLS for the normal expected return. The study results are summarized as follows. First, the initial incorporation of a company into the KOSPI 200 ESG index showed significant positive(+) average abnormal return and cumulative average abnormal return. Second, the incorporation of a company into the KOSPI 200 ESG index showed significant positive(+) average abnormal return and cumulative average abnormal return. Through this study, it was confirmed that investors in the market are aware of ESG indicators as non-financial information, not just financial information. In addition, it can be said that the contribution of this study to the fact that investors perceive ESG index as information for investment. This study differs in that it uses the latest ESG index, but at the same time, it has limitations in that the study period is short and the study sample is limited.