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Does the Geography Matter for Analysts' Forecasting Abilities and Stock Price Impacts? (기업 본사 소재지에 따른 애널리스트의 이익 예측능력 및 주가영향력 차이가 존재하는가?)

  • Kim, Dong-Soon;Eum, Seung-Sub
    • The Korean Journal of Financial Management
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    • v.25 no.4
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    • pp.1-24
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    • 2008
  • We empirically examined the forecasting abilities of analysts in the Korean stock market with regard to their earnings estimates, and the impacts of their reports on stock prices. Further, we also examine if there is any difference in analysts' forecasting accuracy and stock prices impacts depending upon the geographical distance between analysts and companies they follow. We found the following interesting empirical results. First, analysts have tendency to overestimate sales, operating income, and net income, consistent with the previous literature. Second, the degree of overestimation depends upon the geography of companies. That is, it is smaller for companies headquartered in Seoul than companies in local provinces. Third, analysts' earnings estimates are also more accurate for companies located in Seoul. So, we conjecture that analysts have easier access to the information for the companies. Fourth, when analysts downgrade target prices, companies in Seoul are less negatively affected than those in local provinces. Even when analysts revise downward stock recommendations, stock prices of companies in Seoul go up. Overall, analysts' price impacts are more favorable for Seoul-located companies. Last, but not least, when foreign ownership is higher, investors react less negatively to downward revisions of stock recommendation, but react more negatively to downward revisions of target prices.

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A Study on the Occurrences and Preventive Strategies of Accident in Children (초등학생의 안전사고 실태 및 예방전략에 관한 조사 연구)

  • Bae Jeong-Yi
    • Child Health Nursing Research
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    • v.8 no.4
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    • pp.435-448
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    • 2002
  • Accidents are important causes of death and disability in children. They also have enormous financial implications. Young children become an victim of accidents easily because of their physical fragileness and their coping behavior being vulnerable to any actions taken by accidents. Once they have a accident, the children whose not fully developed, suffer from devastating long-term after-effects. Lee, Lee, Kang and Han(1995) reported that ninety percent of accidents can be prevented. But there is no national system to manage, evaluate and analyse the information about child accidents, even though it is necessary for accident prevention policies and health promotion of the general public. The purpose of the study was to determine how often children have accidents and define the accident prevention strategies in children. The investigator conducted a descriptive study by performing the surveys, interviews, and workshops for the 2,458 young children, 10 teachers, and 1,494 parents. The data collection for the study began on September 2000 and completed on April 20, 2001. The analysis of the data was done with Window SPSS 10.0 for descriptive statistics. Among those children, 1,298 children(52.8%) injured from accidents. The children who had accident answered that they injured from traffic accident(27.3%), inside the home(26.3%), on the playground(17.0%), during playtime(13.6%), in the school(5.9%) and food poisoning(7.1%). To define accident prevention strategies for the school children, the parents and the teachers who had a special interest in this topic formed a special task force under the guidance of the investigator. The team was charged to prepare the basis of content materials by identifying the problems, setting standards for the program, prioritizing the process, and selecting the methods of implementation and evaluation. Eight issues and concerns identified by the team were: 1)allowing young children to learn undesirable habits and behaviors that would bother others without knowing; 2) not guarding young children from car accident; 3)unattended accident at playground; 4) considering home places safe; 5)unattended accident at school. These issues were found to be coinciding with the actual child accident cases occurred recent years in Korea. Greater efforts are required to reduce unnecessary deaths and disability from childhood accidents. This study gave a very useful and important data to prepare accident prevention educational program and to prepare accident prevention strategies.

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Reliability Analysis of VOC Data for Opinion Mining (오피니언 마이닝을 위한 VOC 데이타의 신뢰성 분석)

  • Kim, Dongwon;Yu, Song Jin
    • Journal of Intelligence and Information Systems
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    • v.22 no.4
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    • pp.217-245
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    • 2016
  • The purpose of this study is to verify how 7 sentiment domains extracted through sentiment analysis from social media have an influence on business performance. It consists of three phases. In phase I, we constructed the sentiment lexicon after crawling 45,447 pieces of VOC (Voice of the Customer) on 26 auto companies from the car community and extracting the POS information and built a seven-sensitive domains. In phase II, in order to retain the reliability of experimental data, we examined auto-correlation analysis and PCA. In phase III, we investigated how 7 domains impact on the market share of three major (GM, FCA, and VOLKSWAGEN) auto companies by using linear regression analysis. The findings from the auto-correlation analysis proved auto-correlation and the sequence of the sentiments, and the results from PCA reported the 7 sentiments connected with positivity, negativity and neutrality. As a result of linear regression analysis on model 1, we indentified that the sentimental factors have a significant influence on the actual market share. In particular, not only posotive and negative sentiment domains, but neutral sentiment had significantly impacted on auto market share. As we apply the availability of data to the market, and take advantage of auto-correlation of the market-related information and the sentiment, the findings will be a huge contribution to other researches on sentiment analysis as well as actual business performances in various ways.

An Analysis of Daily Maximum Traffic Accident Using Generalized Extreme Value Distribution (일반화 극단치분포를 이용한 일 최대 교통사고 분석)

  • Kim, Junseok;Kim, Daesung;Yoon, Sanghoo
    • Journal of Digital Convergence
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    • v.18 no.10
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    • pp.33-39
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    • 2020
  • In order to cope with traffic accidents efficiently, the maximum number of traffic accidents, deaths and serious injuries that can occur during the day should be presented quantitatively. In order to examine the characteristics of traffic accidents in different regions, it was divided into the Seoul metropolitan area, Chungcheong area, Gyeongbuk area, Honam area, and Gyeongnam area and was suitable for the generalized extreme value distribution (GEV). The parameters of the GEV distribution were estimated by the L-moments, and the Anderson-Darling test and the Cramer-von Mises test confirmed the suitability of the distribution. According to the analysis, the maximum number of traffic accidents that can occur once every 50 years is 401 in the Seoul metropolitan area, 168 in the South Gyeongsang region, 455 in the North Gyeongsang region, 136 in the Chungcheong region and 205 in the South Jeolla region. Compared to the Seoul metropolitan area, which has a large population and car registration, the number of traffic accidents is relatively high due to the large area, mountainous areas, and logistics movement caused by the industrial complex.

Study on MFL Technology for Defect Detection of Railroad Track Under Speed-up Condition (증속에 따른 누설자속기반 철도레일 결함탐상 기술 적용성 검토)

  • Kang, Donghoon;Oh, Ji-Taek;Kim, Ju-Won;Park, Seunghee
    • Journal of the Korean Society for Railway
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    • v.18 no.5
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    • pp.401-409
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    • 2015
  • Defects generated in a railroad track that guides the railroad vehicle have the characteristic of growing fast; as such, the detection technology for railroad track defects is very important because defects can eventually cause mass disasters like derailments. In this study, a speed-up test facility was fabricated to investigate the feasibility of using magnetic flux leakage (MFL) technology for defect detection in a railroad track under speed-up condition; a test was conducted using a railroad track specimen with defects. For this purpose, an MFL sensor head dedicated to the configuration of the railroad was designed and test specimens with artificial defects on their surfaces were manufactured. Using the test facility, a speed-up test ranging from 4km/h to 12km/h was performed and defects including locations were successfully detected from MFL signals induced by defects with enhanced visibility by differentiating raw MFL signals. In the future, it should be possible to apply this system to a high-speed railroad inspection car by improving the lift-off stability that is necessary for speed-up of the developed MFL sensor system.

A Study on the Changes of the Competition Structure of the Japanese Automobile Market and the Korean Enterprises' Strategies of Export to Japan (일본 자동차시장의 경쟁구조 변화와 한국기업의 대일 수출전략에 관한 연구)

  • Kwon, Young-Wook;Nam, Kyung-Doo
    • International Commerce and Information Review
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    • v.14 no.4
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    • pp.61-88
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    • 2012
  • Korea exported the passenger cars(HS 8703) such as key export item 41billion dollars in 2011. But the Korea's representative enterprises which bound forward in the global markets, have a tough time in the Japanese markets alone, and especially, they hardly sell key items such as automobiles. Japan is the third largest automobile market sold annually 5 millions, despite its long-term depression. At this time of point, analyzing the competition structure of the automobile market and proposing the strategies of the Korean enterprises's export to Japan would be a great academic contribution. This study analyzed the Japanese automobile market by the method of upper enterprises' Concentration Ratio($CR_k$) based on J. S. Bain's SCP paradigm and the literature study on the characteristics of the Japanese market by Itami Hiroyuki. As a result, in the Japanese automobile market, it is very likely that there exist market dominating enterprises, but at the same time, the movement of change also could be grasped between Japanese car makers. Accordingly, the cross-leveraging distribution strategy, brand strategy and Japan specification(designed for Japan) development strategy of the Korean enterprises' export to Japan which can respond to the change of the Japanese automobile markets were proposed.

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A Study on GIS Component Classification considering Functional/Non-Functional Elements (기능적/비기능적 요소를 고려한 GIS 컴포넌트 분류에 관한 연구)

  • Jo, Yun-Won;Jo, Myung-Hee
    • Journal of the Korean Association of Geographic Information Studies
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    • v.5 no.3
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    • pp.77-86
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    • 2002
  • Recently software industry in GIS(geographic information system) becomes an interesting issue by performing a large scale of national GIS application development as well as even small unit of FMS(facility management system). Also, there exist many cases to combine GIS with various business domains such as MIS(marketing information system), CNS(car navigation system) and ITS(intelligent transportation system). In this situation, in order to develop an efficient and useful GIS application for a short term, there must be a deep consideration of not only developing GIS component but also managing GIS component. In fact, even though there exist many certain components having high reusability, excellent interoperability and good quality, their reusability may be reduced because of their difficulty to access in a certain repository. Therefore, it is important to classify components having common characteristic based on their particular rule with reflecting their functionality and non-functionality before cataloging them. Here, there are two non-functional classification categories discussed such as GIS content-dependent metadata and GIS content-independent metadata. This cataloged components will help application developers to select easily their desired components. Moreover, new components may be easily producted by modifying and combining previous components. Finally, the original goal of all this effort can be defined through obtaining high reusability and interoperability of GIS component.

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A Study of the Mutual Substitution State of Sr, Ca in $Bi_2Sr_2-\chi_LCa_1+\chi_LCu_2O_{8+d}$ Films Prepared by LPE Method (LPE법으로 작성한 $Bi_2Sr_2-\chi_LCa_1+\chi_LCu_2O_{8+d}$ 막 (film)에서 Sr, Ca의 상호치환상태에 관한 연구)

  • Sin, Jae-Su;Ozaki, Hajime
    • Korean Journal of Materials Research
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    • v.8 no.10
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    • pp.925-930
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    • 1998
  • EPMA and XPS on $Bi_2Sr_2-\chi_LCa_1+\chi_LCu_2O_{8+d}$($\chi_L$ = 0.01, 0.2, 0.3, 0.4, 0.5, 0.6) films by LPE method were performed in order to investigate Sr and Ca distributions in SrO- and Ca-layers. It is found that $T_C^{zero}$ carrier concentration and lattice parameter c monotonically decreases with increasing $\chi_L$. Sr and Ca contents in Ca-layer change in proportion to that in melt. On the other hand, in SrO-layer, Ca content strongly depends on Sr content in that layer and not on Ca content in melt. Since deficiency in SrO-layer increases and $T_C^{zero}$ creases with $\chi_L$,t is found that the deficiencies of Sr and Ca atoms in the SrO-layer has a influence on reducing $T_C^{zero}$.

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Characterization on Air Pollution of Gunpo City by Measurement of VOCs in Air (대기중 휘발성 유기화합물 측정을 통한 군포시 대기 오염 특성 규명)

  • Park, Hyun-Mee;Kim, Jee-Hyuon;Park, Il-Yong;Kim, Young-Man;Lee, Kang-Bong
    • Analytical Science and Technology
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    • v.15 no.6
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    • pp.556-566
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    • 2002
  • Gunpo city, a medium sized city formed with a basin is populated with a little more than 270,000 peoples and includes the industrial area with about 600 factories. It has been recognized for a long time that peoples living nearby industrial area have complained on serious air contamination due to the geographical and environmental factors. This study was performed on measurement of volatile organic compounds (VOCs) and malodor for the air sampled in various places of Gunpo city, and made comparison with VOCs levels in specific area of Seoul. This work would play important role for the efficient management of air contamination of Gunpo city. Samplings were done in the rooftop of eleven village office buildings including Gunpo station in June 12th, 2001. Analytical results indicate that VOCs levels of Gunpo-1-dong, Gunpo station and Kumjungdong regions neighboring industrial area were much higher than the rest of areas, and this fact shows that the origin for air contamination of Gunpo would be industrial area than car exhaustion gases.

Comparisons of Empirical Braking Models for Freight Trains Using P4a Distribution Valve (P4a 분배밸브를 사용하는 화물열차의 경험적 제동모델들의 비교)

  • Choi, Don Bum;Kim, Min-Soo;Lee, Kangmi;Kim, Young-Guk
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.21 no.1
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    • pp.61-69
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    • 2020
  • This study examined the braking characteristics of a heavy haul freight train with P4a distribution valves applied to domestic high-speed freight trains. A freight train was composed of 50 cars, which is twice the normal operation. A braking test was performed to confirm the characteristics of the braking of a heavy haul. The brake cylinder pressures were measured for emergency and service braking on the 1st, 10th, 20th, 30th, and 50th cars. Because the brake signal is transmitted to the pressure through the braking tube connected to the end of the train, the rear vehicle is braking later than the vehicle ahead. Therefore, it is necessary to predict the brake pressures in all cars in a train to supplement the results of the limited tests and calculate the braking distance. The pressure in each car was determined using empirical models of linear interpolation, stepwise, and exponential models, which provided reliable information. The predictive results of the empirical models were compared with the measured results, and the exponential model was predicted relatively accurately. These results are expected to contribute to the safe operation of heavy haul freight trains and can be used to predict the braking distance and calculate the level of impact between vehicles during braking.