• Title/Summary/Keyword: Intrinsic prior

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Nominal Price Anomaly in Emerging Markets: Risk or Mispricing?

  • HOANG, Lai Trung;PHAN, Trang Thu;TA, Linh Nhat
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.9
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    • pp.125-134
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    • 2020
  • This study examines the nominal price anomaly in the Vietnamese stock market, that is, whether stocks with low nominal price outperform stocks with high nominal price. Using a sample of all 351 companies listed on the Ho Chi Minh Stock Exchange (HOSE) from June 2009 to March 2018, we confirm our hypothesis and document that cheaper stocks yield higher subsequent abnormal returns. The results are robust after controlling for various stock characteristics that have been documented to be value-relevant in prior literature, including firm size, book-to-market ratio, intermediate-term momentum, short-term reversal, skewness, market risk, idiosyncratic risk, illiquidity and extreme daily returns, using both the portfolio analysis and the Fama-MacBeth cross-sectional regression. The negative effect persists in the long term (i.e., after up to 12 months), implying a slow adjustment of stock prices to their intrinsic value. Further analysis show that the observed nominal price anomaly is mainly driven by mispricing but not a latent risk factor proxied by stock price, thus the observed anomaly reflects a mispricing but not a fundamental risk. The study highlights the irrational behaviour of investors and market inefficiency in the Vietnamese stock market and provides important implication for investors in the market.

The Free Musculocutaneous Flap in the Treatment of Chronic Osteomyelitis (유리 근피부판을 이용한 만성 골수염의 치료)

  • Chung, Duke-Whan;Cho, Chang-Hyun;Jung, Ki-Woong
    • Archives of Reconstructive Microsurgery
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    • v.8 no.2
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    • pp.163-169
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    • 1999
  • Purpose : To evaluate the efficacy of free musculocutaneous flap in the treatment of chronic osteomyelitis with drain sinus. Materials and Methods : Eighteen patients (sixteen male and two female) whose average age was 42.6 years were followed for an average of 3.5 years after free musculocutaneous flap for chronic osteomyelitis with drain sinus tract. The period of time between the initial injury and this procedure was average 10.6 years. The patients had an average of 4.1 prior surgical procedure before it. Results : Sixteen(88.9%) of the eighteen free musculocutaneous flap survived, including thirteen of latisimus dorsi flap, three of scapular free flap with muscle, two of medial plantar flap with abductor muscle. Sixteen cases had no evidence of recurrence at follow up. Conclusion : Free musculocutaneous flap is an extremely successful and reliable procedure for the treatment of chronic osteomyelitis with drain sinus. This flap with microvascular anastomses is highly vascularized through its own intrinsic blood vessels, which has the advantage of obliterating dead space and providing improved vascularity to the relatively ischemic recipient site and covering the skin defect.

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The Necessity of Sports Leadership for Business Leaders

  • LEE, Jae-Hyung
    • East Asian Journal of Business Economics (EAJBE)
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    • v.10 no.3
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    • pp.115-125
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    • 2022
  • Purpose - Sports leadership is frequently used as a useful comparison for understanding traits like teamwork and motivation in the business world. Based on the results of numerous studies, this research provides a critical assessment of the current state of knowledge in sport leadership research using methodological advances from other disciplines such as business and economics Research design, Data, and methodology - This research selected the systematic review analysis as its research design. The review analysis is a minimal set of elements for reporting in reviews by evidence. The present author included numerical data with confidence ranges for the most crucial outcomes if the review contained meta-analyses. Result - According to a study in sports, transformational leadership has a positive effect on company success. Communication and commitment, two possible mediators, may strengthen the impact of transformational leadership on cohesiveness. Prior researchers found that intrinsic drive serves as a bridge between transformational leadership and performance. Conclusion - This research concludes that the articles used for data analysis in this study examined the value of sports leadership for business leaders in a number of sports, including athletics and handball, among others. There is a good chance that different sports will provide different insights on the value of sports leadership for CEOs.

Deformation estimation of truss bridges using two-stage optimization from cameras

  • Jau-Yu Chou;Chia-Ming Chang
    • Smart Structures and Systems
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    • v.31 no.4
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    • pp.409-419
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    • 2023
  • Structural integrity can be accessed from dynamic deformations of structures. Moreover, dynamic deformations can be acquired from non-contact sensors such as video cameras. Kanade-Lucas-Tomasi (KLT) algorithm is one of the commonly used methods for motion tracking. However, averaging throughout the extracted features would induce bias in the measurement. In addition, pixel-wise measurements can be converted to physical units through camera intrinsic. Still, the depth information is unreachable without prior knowledge of the space information. The assigned homogeneous coordinates would then mismatch manually selected feature points, resulting in measurement errors during coordinate transformation. In this study, a two-stage optimization method for video-based measurements is proposed. The manually selected feature points are first optimized by minimizing the errors compared with the homogeneous coordinate. Then, the optimized points are utilized for the KLT algorithm to extract displacements through inverse projection. Two additional criteria are employed to eliminate outliers from KLT, resulting in more reliable displacement responses. The second-stage optimization subsequently fine-tunes the geometry of the selected coordinates. The optimization process also considers the number of interpolation points at different depths of an image to reduce the effect of out-of-plane motions. As a result, the proposed method is numerically investigated by using a truss bridge as a physics-based graphic model (PBGM) to extract high-accuracy displacements from recorded videos under various capturing angles and structural conditions.

Enhancing Occlusion Robustness for Vision-based Construction Worker Detection Using Data Augmentation

  • Kim, Yoojun;Kim, Hyunjun;Sim, Sunghan;Ham, Youngjib
    • International conference on construction engineering and project management
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    • 2022.06a
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    • pp.904-911
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    • 2022
  • Occlusion is one of the most challenging problems for computer vision-based construction monitoring. Due to the intrinsic dynamics of construction scenes, vision-based technologies inevitably suffer from occlusions. Previous researchers have proposed the occlusion handling methods by leveraging the prior information from the sequential images. However, these methods cannot be employed for construction object detection in non-sequential images. As an alternative occlusion handling method, this study proposes a data augmentation-based framework that can enhance the detection performance under occlusions. The proposed approach is specially designed for rebar occlusions, the distinctive type of occlusions frequently happen during construction worker detection. In the proposed method, the artificial rebars are synthetically generated to emulate possible rebar occlusions in construction sites. In this regard, the proposed method enables the model to train a variety of occluded images, thereby improving the detection performance without requiring sequential information. The effectiveness of the proposed method is validated by showing that the proposed method outperforms the baseline model without augmentation. The outcomes demonstrate the great potential of the data augmentation techniques for occlusion handling that can be readily applied to typical object detectors without changing their model architecture.

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Research on Improving Online Learning Participation based on Self-Determination Theory: Focusing on Psychological Need Satisfaction and Digital Interaction (자기결정이론 기반 온라인 학습 참여도 향상에 관한 연구: 심리적 욕구충족 및 디지털 상호작용을 중심으로)

  • Jinze He;Qiang Wang;Daihwan Min;Hanjin Lee
    • Journal of Information Technology Services
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    • v.22 no.6
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    • pp.103-114
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    • 2023
  • In the post-pandemic era, colleges and students keep passion for learning online sine its unique advantages. This study explores how students' basic psychological needs drawn from self-determination theory, connect to interaction, and learning engagement in the context of online learning. While prior research explored students' intentions, digital interactions, and engagement in online learning, this study aims to come up with a united conceptual model drawing the three basic psychological needs and interaction and their effects on learning engagement. 178 response data collected through a questionnaire survey, were analyzed using PLS-SEM. Findings indicate that online learning interaction enhances intrinsic motivation, leading to higher learning engagement. Autonomy emerges as the most influential psychological need on learning engagement. This study integrates self-determination theory with online learning interactions and engagement and offers practical insights. Future research should examine long-term outcomes and diverse student populations.

The Effect of Social Entrepreneurship on Entrepreneurial Motivation and Intention in Social Enterprises (사회적 기업가정신 및 창업동기가 창업의지에 미치는 영향)

  • Chung, Young-Soo;Jung, Chul-Ho
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.3
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    • pp.115-125
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    • 2023
  • The purpose of this study is to empirically identify the influence of social entrepreneurship on the formation of entrepreneurial motivation and entrepreneurial intention. In order to effectively achieve the purpose of the study, a research model and hypotheses are developed based on the results of a comprehensive review of relevant prior literature. The research model is set as social entrepreneurship including innovativeness, risk-taking, initiative, and social value orientation as independent variables, and entrepreneurship motivation is divided into intrinsic and extrinsic motivation. For the study, data were collected from a total of 114 social enterprise-related prospective entrepreneurs and early start-ups, and a research model and hypotheses analysis are conducted. The results of the empirical analysis are summarized as follows. First, all four components of social entrepreneurship were found to have a positive effect on intrinsic motivation. However, it is found that innovativeness and initiative among the components of social entrepreneurship has a positive effect on extrinsic motivation, whereas risk-taking and social value orientation has no significant effect on extrinsic motivation. Second, all four components of social entrepreneurship were found to have a positive effect on the entrepreneurial intention. Third, both intrinsic and extrinsic entrepreneurial motivation are found to have a positive effect on entrepreneurial intention. Finally, in the relationship between social entrepreneurship and entrepreneurial intention, both intrinsic and extrinsic entrepreneurial motivation are confirmed to have a positive mediating effect. This study specified the factors of social entrepreneurship and entrepreneurship motivation that affect entrepreneurship awareness and behavior targeting social enterprises with differentiated characteristics from existing for-profit enterprises. And through an empirical analysis of the influence relationship between these factors, an attempt was made to derive academic and practical implications.

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Effect of Temperature on Development and Reproduction of the Persimmon Fruit Moth, Stathmopoda masinissa (Lepidoptera: Stathmopodidae) (감꼭지나방(나비목: 감꼭지나방과)의 발육과 생식에 미치는 온도의 영향)

  • 박은철;최경환;김정화;조수원;김길하
    • Korean journal of applied entomology
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    • v.40 no.4
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    • pp.297-300
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    • 2001
  • Development and reproduction of the persimmon fruit moth, Stathmopoda masinissa, were investigated under different temperatures (15, 20, 25, and 3$0^{\circ}C$). It took 96.1 days to grow from egg to adult at 2$0^{\circ}C$, 43.2 days at $25^{\circ}C$, and 34.6 days at 3$0^{\circ}C$. At 15$^{\circ}C$, all tested individuals died before pupation. The developmental threshold temperatures for egg, larva, pupa, and adult were 12.2, 13.5, 13.8, and 13.4$^{\circ}C$, respectively. The total effective temperatures for egg, larva, pupa, and egg to adult were 74.0, 331.3, 160.5, and 569.9 degree days, respectively. The hatching, pupation, and emergence rates were highest at $25^{\circ}C$. The average life span of adult prior to laying eggs and the total life span of adult were 12.6 and 29.3 days at 2$0^{\circ}C$, 3.8 and 8.6 days at $25^{\circ}C$, and 2.5 and 7.0 days at 3$0^{\circ}C$, respectively. Mean generation time in days (T) was shorter at higher temperature. Net reproductive rate per generation (R$_{o}$) was lowest at 2$0^{\circ}C$. The intrinsic rate of natural increase (r$_{m}$) was highest at $25^{\circ}C$ as 0.066.

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Animal Welfare from the Perspective of the Grievance-Resolution of Animals (동물해원 관점에서의 동물복지)

  • Kim, Jin-young;Lee, Young-jun
    • Journal of the Daesoon Academy of Sciences
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    • v.37
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    • pp.229-262
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    • 2021
  • The debate on the treatment of animals has accelerated as a social issue in the West since the 1970s. In 1975, Peter Singers argued in his book, Animal Liberation, that speciesism should be banned. This led to an explosion in research on animal welfare in the philosophical and social sciences. Following Singer, Tom Regan suggested considering the animal rights as being on the same level as human rights. Their arguments were that animals should be imbued with some intrinsic weight sufficient enough to remind humans of their social responsibility to animals at least to a certain degree. In this regard, social responsibility for animal welfare as well as animal rights has formed an axis that organizes human morality in modern society. Such arguments regarding animal welfare can be perceived as an active and creative effort which accords with the free will of human beings who in Daesoon Thought are understood as facing the era of human nobility. This argumentation also aligns with the doctrine of grievance-resolution for mutual beneficence as a practical creed due to the way in which modern bioethics implies that animal welfare could become a practical communal morality integrated into legal systems prior to adoption as a system of individual morality. From within this context, this study discusses the nature and limits of modern animal welfare and animal rights from the perspective of the grievance-resolution which Kang Jeungsan promised to animals.

A Study on the Measurement of Technological Impact using Citation Analysis of Patent Information (특허정보분석을 이용한 기술파급효과 측정에 관한 연구)

  • Yoo, Sun-Hi;Lee, Yong-Ho;Won, Dong-Kyu
    • Journal of Korea Technology Innovation Society
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    • v.10 no.4
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    • pp.687-705
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    • 2007
  • Nowadays it is more important to measure the technological impact of a concerned R&D technology on others, when deciding or selecting strategically, under the environment such as more complex, more uncertain and more costly. But there was very few of proper methods to measure quantitatively. So we studied on measuring the technological impact of one group of technologies on others, which means the flow of disembodied knowledge, using patent citation analysis. We reviewed the prior art of the measurement of technological impact, and designs the effective citation analysis method using patent information, analyzing the prior art of patent citation analysis method and ie index. Finally, we developed the disembodied knowledge flow matrix between technology groups, counting citation frequencies between them, using KISTI's US patent database(USPA) and the index to represent the technological impact to others using the developed matrix as well as the intrinsic nature of the technological groups clustering by network analysis. The results of this study is to present the insight of a technological impact on the others quantitatively and this study aims at using them to refer to R&D budgeting and decision making in case of R&D planning or to the basic information to understand technology conversion or fusion.

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