• Journal of Intelligence and Information Systems
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• v.27 no.1
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• pp.65-82
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• 2021

Stock market investors are generally split into foreign investors, institutional investors, and individual investors. Compared to individual investor groups, professional investor groups such as foreign investors have an advantage in information and financial power and, as a result, foreign investors are known to show good investment performance among market participants. The purpose of this study is to propose an investment strategy that combines investor-specific transaction information and machine learning, and to analyze the portfolio investment performance of the proposed model using actual stock price and investor-specific transaction data. The Korea Exchange offers daily information on the volume of purchase and sale of each investor to securities firms. We developed a data collection program in C# programming language using an API provided by Daishin Securities Cybosplus, and collected 151 out of 200 KOSPI stocks with daily opening price, closing price and investor-specific net purchase data from January 2, 2007 to July 31, 2017. The self-organizing map model is an artificial neural network that performs clustering by unsupervised learning and has been introduced by Teuvo Kohonen since 1984. We implement competition among intra-surface artificial neurons, and all connections are non-recursive artificial neural networks that go from bottom to top. It can also be expanded to multiple layers, although many fault layers are commonly used. Linear functions are used by active functions of artificial nerve cells, and learning rules use Instar rules as well as general competitive learning. The core of the backpropagation model is the model that performs classification by supervised learning as an artificial neural network. We grouped and transformed investor-specific transaction volume data to learn backpropagation models through the self-organizing map model of artificial neural networks. As a result of the estimation of verification data through training, the portfolios were rebalanced monthly. For performance analysis, a passive portfolio was designated and the KOSPI 200 and KOSPI index returns for proxies on market returns were also obtained. Performance analysis was conducted using the equally-weighted portfolio return, compound interest rate, annual return, Maximum Draw Down, standard deviation, and Sharpe Ratio. Buy and hold returns of the top 10 market capitalization stocks are designated as a benchmark. Buy and hold strategy is the best strategy under the efficient market hypothesis. The prediction rate of learning data using backpropagation model was significantly high at 96.61%, while the prediction rate of verification data was also relatively high in the results of the 57.1% verification data. The performance evaluation of self-organizing map grouping can be determined as a result of a backpropagation model. This is because if the grouping results of the self-organizing map model had been poor, the learning results of the backpropagation model would have been poor. In this way, the performance assessment of machine learning is judged to be better learned than previous studies. Our portfolio doubled the return on the benchmark and performed better than the market returns on the KOSPI and KOSPI 200 indexes. In contrast to the benchmark, the MDD and standard deviation for portfolio risk indicators also showed better results. The Sharpe Ratio performed higher than benchmarks and stock market indexes. Through this, we presented the direction of portfolio composition program using machine learning and investor-specific transaction information and showed that it can be used to develop programs for real stock investment. The return is the result of monthly portfolio composition and asset rebalancing to the same proportion. Better outcomes are predicted when forming a monthly portfolio if the system is enforced by rebalancing the suggested stocks continuously without selling and re-buying it. Therefore, real transactions appear to be relevant.

• Journal of the Speleological Society of Korea
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• no.68
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• pp.23-73
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• 2005

Purpose of study; The purpose of this study is specifically classified as two parts. The one is to attempt the chronological annals of Quaternary topographic surface through the study over the formation process of alluvial surfaces in our country, setting forth the alluvial surfaces lower-parts of Han River area, as the basic deposit, and comparing it to the marginal landform surfaces. The other is to attempt the classification of micro morphology based on the and condition premising the land use as a link for the regional development in the lower-parts of Han river area. Reasons why selected the Lower-parts of Han river area as study objects: 1. The change of river course in this area is very serve both in vertical and horizontal sides. With a situation it is very easy to know about the old geography related to the formation process of topography. 2. The component materials of gravel, sand, silt and clay are deposited in this area. Making it the available data, it is possible to consider about not oかy the formation process of topography but alsoon the development history to some extent. 3. The earthen vessel, a fossil shell fish, bone, cnarcoal and sea-weed are included in the alluvial deposition in this area. These can be also valuable data related to the chronological annals. 4. The bottom set conglometate beds is also included in the alluvial deposits. This can be also valuable data related to the research of geomorphological development. 5. Around of this area the medium landform surface, lower landform surface, pediment and basin, are existed, and these enable the comparison between the erosion surfaces and the alluvial surfaces. Approach : 1. Referring to the change of river beds, I have calculated the vertical and horizontal differences comparing the topographic map published in 1916 with that published in 1966 and through the field work 2. In classifying the landform, I have applied the method of micro morphological classification in accordance with the synthetic index based upon the land conditions, and furthermore used the classification method comparing the topographic map published in 1916 and in that of 1966. 3. I have accorded this classification with the classification by mapping through appliying the method of classification in the development history for the field work making the component materials as the available data. 4. I have used the component materials, which were picked up form the outcrop of 10 places and bored at 5 places, as the available data. 5. I have referred to Hydrological survey data of the ministry of Construction (since 1916) on the overflow of Han-river, and used geologic map of Seoul metropolitan area. Survey Data, and general map published in 1916 by the Japanese Army Survbey Dept., and map published in 1966 by the Construction Research Laboratory and ROK Army Survey Dept., respectively. Conclusion: 1. Classification of Morphology: I have added the historical consideration for development, making the component materials and fossil as the data, to the typical consideration in accordance with the map of summit level, reliefe and slope distribution. In connection with the erosion surface, I have divided into three classification such as high, medium and low-,level landform surfaces which were classified as high and low level landform surfaces in past. furthermore I have divided the low level landform surface two parts, namely upper-parts(200-300m) and bellow-parts(${\pm}100m$). Accordingly, we can recognize the three-parts of erosion surface including the medium level landform surface (500-600m) in this area. (see table 22). In condition with the alluvial surfaces I have classified as two landform surfaces (old and new) which was regarded as one face in past. Meamwhile, under the premise of land use, the synthetic, micro morphological classification based upon the land condition is as per the draw No. 19-1. This is the quite new method of classification which was at first attempted in this country. 2. I have learned that the change of river was most severe at seeing the river meandering rate from Dangjung-ni to Nanjido. As you seee the table and the vertical and horizontal change of river beds is justly proportionable to the river meandering rate. 3. It can be learned at seeing the analysis of component materials of alluvial deposits that the component from each other by areas, however, in the deposits relationship upper stream, and between upper parts and below parts I couldn't always find out the regular ones. 4. Having earthern vessel, shell bone, fossil charcoal and and seaweeds includen in the component materials such as gravel, clay, sand and silt in Dukso and Songpa deposits area. I have become to attempt the compilation of chronicle as yon see in the table 22. 5. In according to hearing of basemen excavation, the bottom set conglomerate beds of Dukso beds of Dukso-beds is 7m and Songpa-beds is 10m. In according to information of dredger it is approx. 20m in the down stream. 6. Making these two beds as the standard beds, I have compared it to other beds. 7 The coarse sand beds which is covering the clay-beds of Dukso-beds and Nanjidobeds is shown the existence of so-called erosion period which formed the gap among the alluvial deposits of stratum. The former has been proved by the sorting, bedding and roundness which was supplied by the main stream and later by the branch stream, respectively. 8. If the clay-beds of Dukeo-bed and Songpa-bed is called as being transgressive overlap, by the Eustatic movement after glacial age, the bottom set conglomerate beds shall be called as being regressive overlap at the holocene. This has the closest relationship with the basin formation movement of Seoul besides the Eustatic movement. 9. The silt-beds which is the main component of deposits of flood plain, is regarded as being deposited at the Holocene in the comb ceramic and plain pottery ages. This has the closest relationship with the change of river course and river beds.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.157-194
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• 2008

The popularity of communities on the internet has captured the attention of marketing scholars and practitioners. By adapting to the culture of the internet, however, and providing consumer with the ability to interact with one another in addition to the company, businesses can build new and deeper relationships with customers. The economic potential of online communities has been discussed with much hope in the many popular papers. In contrast to this enthusiastic prognostications, empirical and practical evidence regarding the economic potential of the online community has shown a little different conclusion. To date, even communities with high levels of membership and vibrant social arenas have failed to build financial viability. In this perspective, this study investigates the role of various kinds of influencing factors to online community loyalty and basically suggests the framework that explains the process of building purchase loyalty. Even though the importance of building loyalty in an online environment has been emphasized from the marketing theorists and practitioners, there is no sufficient research conclusion about what is the process of building purchase loyalty and the most powerful factors that influence to it. In this study, the process of building purchase loyalty is divided into three levels; characteristics of community site such as content superiority, site vividness, navigation easiness, and customerization, the mediating variables such as self congruency, consumer experience, and consumer to consumer interactivity, and finally various factors about online community loyalty such as visit loyalty, affect, trust, and purchase loyalty are those things. And the findings of this research are as follows. First, consumer-to-consumer interactivity is an important factor to online community purchase loyalty and other loyalty factors. This means, in order to interact with other people more actively, many participants in online community have the willingness to buy some kinds of products such as music, content, avatar, and etc. From this perspective, marketers of online community have to create some online environments in order that consumers can easily interact with other consumers and make some site environments in order that consumer can feel experience in this site is interesting and self congruency is higher than at other community sites. It has been argued that giving consumers a good experience is vital in cyber space, and websites create an active (rather than passive) customer by their nature. Some researchers have tried to pin down the positive experience, with limited success and less empirical support. Web sites can provide a cognitively stimulating experience for the user. We define the online community experience as playfulness based on the past studies. Playfulness is created by the excitement generated through a website's content and measured using three descriptors Marketers can promote using and visiting online communities, which deliver a superior web experience, to influence their customers' attitudes and actions, encouraging high involvement with those communities. Specially, we suggest that transcendent customer experiences(TCEs) which have aspects of flow and/or peak experience, can generate lasting shifts in beliefs and attitudes including subjective self-transformation and facilitate strong consumer's ties to a online community. And we find that website success is closely related to positive website experiences: consumers will spend more time on the site, interacting with other users. As we can see figure 2, visit loyalty and consumer affect toward the online community site didn't directly influence to purchase loyalty. This implies that there may be a little different situations here in online community site compared to online shopping mall studies that shows close relations between revisit intention and purchase intention. There are so many alternative sites on web, consumers do not want to spend money to buy content and etc. In this sense, marketers of community websites must know consumers' affect toward online community site is not a last goal and important factor to influnece consumers' purchase. Third, building good content environment can be a really important marketing tool to create a competitive advantage in cyberspace. For example, Cyworld, Korea's number one community site shows distinctive superiority in the consumer evaluations of content characteristics such as content superiority, site vividness, and customerization. Particularly, comsumer evaluation about customerization was remarkably higher than the other sites. In this point, we can conclude that providing comsumers with good, unique and highly customized content will be urgent and important task directly and indirectly impacting to self congruency, consumer experience, c-to-c interactivity, and various loyalty factors of online community. By creating enjoyable, useful, and unique online community environments, online community portals such as Daum, Naver, and Cyworld are able to build customer loyalty to a degree that many of today's online marketer can only dream of these loyalty, in turn, generates strong economic returns. Another way to build good online community site is to provide consumers with an interactive, fun, experience-oriented or experiential Web site. Elements that can make a dot.com's Web site experiential include graphics, 3-D images, animation, video and audio capabilities. In addition, chat rooms and real-time customer service applications (which link site visitors directly to other visitors, or with company support personnel, respectively) are also being used to make web sites more interactive. Researchers note that online communities are increasingly incorporating such applications in their Web sites, in order to make consumers' online shopping experience more similar to that of an offline store. That is, if consumers are able to experience sensory stimulation (e.g. via 3-D images and audio sound), interact with other consumers (e.g., via chat rooms), and interact with sales or support people (e.g. via a real-time chat interface or e-mail), then they are likely to have a more positive dot.com experience, and develop a more positive image toward the online company itself). Analysts caution, however, that, while high quality graphics, animation and the like may create a fun experience for consumers, when heavily used, they can slow site navigation, resulting in frustrated consumers, who may never return to a site. Consequently, some analysts suggest that, at least with current technology, the rule-of-thumb is that less is more. That is, while graphics etc. can draw consumers to a site, they should be kept to a minimum, so as not to impact negatively on consumers' overall site experience.