• The Journal of Industrial Distribution & Business
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• v.9 no.10
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• pp.83-89
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• 2018

Purpose - The purpose of this study examines when the optimism impact on financial asset price forecasting and the boundary condition of optimism in the financial asset price forecasting. People generally tend to optimistically forecast their future. Optimism is a nature of human beings and optimistic forecasting observed in daily life. But is it always observed in financial asset price forecasting? In this study, two factors were focused on considering whether the optimism that people have applied to predicting future performance of financial investment products (e.g., mutual fund). First, this study examined whether the degree of optimism varied depending on the direction of the prior price trend. Second, this study examined whether the degree of optimism varied according to the forecast period by dividing the future forecasted by people into three time horizon based on forecast period. Research design, data, and methodology - 2 (prior price trend: rising-up trend vs falling-down trend) × 3 (forecast time horizon: short term vs medium term vs long term) experimental design was used. Prior price trend was used between subject and forecast time horizon was used within subject design. 169 undergraduate students participated in the experiment. χ² analysis was used. In this study, prior price trend divided into two types: rising-up trend versus falling-down trend. Forecast time horizon divided into three types: short term (after one month), medium term (after one year), and long term (after five years). Results - Optimistic price forecasting and boundary condition was found. Participants who were exposed to falling-down trend did not make optimistic predictions in the short term, but over time they tended to be more optimistic about the future in the medium term and long term. However, participants who were exposed to rising-up trend were over-optimistic in the short term, but over time, less optimistic in the medium and long term. Optimistic price forecasting was found when participants forecasted in the long term. Exposure to prior price trends (rising-up trend vs falling-down trend) was a boundary condition of optimistic price forecasting. Conclusions - The results indicated that individuals were more likely to be impacted by prior price tends in the short term time horizon, while being optimistic in the long term time horizon.

• Journal of Environmental Science International
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• v.26 no.2
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• pp.221-230
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• 2017

To determine the effect of air pollution reduction policies, the long-term trend of air pollutants should be analyzed. Kolmogorov-Zurbenko (KZ) filter is a low-pass filter, produced through repeated iterations of a moving average to separate each variable into its temporal components. The moving average for a KZ(m, p) filter is calculated by a filter with window length m and p iterations. The output of the first pass subsequently becomes the input for the next pass. Adjusting the window length and the number of iterations makes it possible to control the filtering of different scales of motion. To break down the daily mean $PM_{10}$ into individual time components, we assume that the original time series comprises of a long-term trend, seasonal variation, and a short-term component. The short-term component is attributable to weather and short-term fluctuations in precursor emissions, while the seasonal component is a result of changes in the solar angle. The long-term trend results from changes in overall emissions, pollutant transport, climate, policy and/or economics. The long-term trend of the daily mean $PM_{10}$ decreased sharply from $59.6ug/m^3$ in 2002 to $44.6ug/m^3$ in 2015. This suggests that there was a long-term downward trend since 2005. The difference between the unadjusted and meteorologically adjusted long-term $PM_{10}$ is small. Therefore, we can conclude that $PM_{10}$ is unaffected by the meteorological variables (total insolation, daily mean temperature, daily mean relative humidity, daily mean wind speed, and daily mean local atmospheric pressure) in Busan.

• Journal of Korean Society on Water Environment
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• v.24 no.4
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• pp.480-487
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• 2008

Spatial and temporal analyses of water qualities were performed for 11 monitoring stations located in Mangyung watershed in order to analyze the trends of monthly water quality data of Biochemical Oxygen Demand (BOD), Total Nitrogen (TN) and Total Phosphorus (TP) measured from 1995 to 2004. The long-term trends were analyzed utilizing Seasonal Mann-Kendall test, LOWESS and three-dimensional graphs were constructed with respect to distance and time. The graph can visualize spatial and temporal trend of the long-term water quality in a large river system. The results of trend analysis indicated that water quality of BOD and TN showed the downward trend. This quantitive and quantitative analysis is the useful tool to analyze and display the long-term trend of water quality in a large river system.

• Ocean and Polar Research
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• v.28 no.4
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• pp.415-423
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• 2006

Interannual variation and long-term trends of coastal sea surface temperature (SST) in Korea were investigated by analyzing 27 coastal SST time series from 1969 to 2004. Long-term linear increasing trend was remarkable with the rate over $0.02^{\circ}C/year$ at almost all the stations. The slope of long-term linear trend was larger at the stations along the eastern coast than in the western and southern regions. It was also noticeable that there was a common tendency of interannual variability with the period of 3-5 years at most of the stations. SST was lower in the 1970's and early 1980's while it was higher in the 1990's and early 2000's after the increase in the late 1980's. The pattern of the interannual variability of SST was similar to that of air temperature. Increasing trend of minimum SST in winter was obvious at most stations na it was larger along the eastern coast, while the linear trend of maximum SST in summer was less definite. Therefore, the decreasing tendency of annual amplitude was mainly due to the increasing tendency of SST in winter.

• Fisheries and Aquatic Sciences
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• v.26 no.11
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• pp.639-648
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• 2023

The sea surface temperature (SST) and ocean heat content in the Korea Waters are gradually increased. Especially the increasing trend of annual mean SST in the Korea Water is higher about 2.6 times than the global mean during past 55 years (1968-2022). Before 2010s, the increasing trend of SST was led by winter season in the Korea Waters. However, this pattern was clearly changed after 2010s. The increasing trend of SST during summer is higher about 3.9 times than during winter after 2010s. We examine the long-term variations of several ocean and climate factors to understand the reasons for the long-term pattern changes of SST between summer and winter in recent. Tsushima warm current was significantly strengthened in summer compare to winter during past 33 years (1986-2018). The long-term patterns of Siberian High and East Asian Winter Monsoon were definitely changed before and after early- or mid-2000s. The intensities of those two climate factors was changed to the increasing trend or weakened decreasing trend from the distinctive decreasing trend. In addition, the extreme weather condition like the heatwave days and cold spell days in the Korea significantly increased since mid- or late-2000s. From these results, we can consider that the occurrences of frequent and intensified marine heatwaves during summer and marine cold spells during winter in the Korea Waters might be related with the long-term pattern change of SST, which should be caused by the long-term change of climate factors and advection heat, in a few decade.

• Atmosphere
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• v.31 no.1
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• pp.101-112
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• 2021

The long-term trend of surface wind speed in Korea is examined for 31 KMA weather stations from 1985 to 2019. Most stations, except Daegwallyeong, have several times of anemometer height changes from tens of centimeters to several meters. To minimize such height change effect on long-term wind trend, the present study adjusts anemometer height in each station to the standard height of 10 m using the power-law wind profile. This adjustment results in non-negligible trend change. For instance, the increasing surface wind speed at Suwon station, which has six times of anemometer height changes in a range of 0.8 m to 20 m, is weakened up to 67% and becomes statistically insignificant. Likewise, the decreasing trend at Andong station, with three times of anemometer height changes in a range of 10 m to 15.5 m, is weakened up to 66%. A similar weakening in long-term trend is observed in most stations regardless of positive and negative trends. However, due to the cancellation between weakened negative trends and weakened positive trends, the station-averaged wind speed trend in Korea does not change much. This result suggests that anemometer height adjustment is crucial for evaluating local wind speed trend but its impact on nation-wide wind speed trend is rather minor.

• Atmosphere
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• v.31 no.5
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• pp.553-562
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• 2021

The long-term trend of surface wind speed in Korea is estimated by correcting wind measurements at 29 KMA weather stations from 1985 to 2019 with physical and statistical homogenization. The anemometer height changes at each station are first adjusted by applying physical homogenization using the power-law wind profile. The statistical homogenization is then applied to the adjusted data. A standard normal homogeneity test (SNHT) is particularly utilized. Approximately 40% of inhomogeneities detected by the SNHT match with the sea-level-height change of each station, indicating that an SNHT is an effective technique for reconciling data inhomogeneity. The long-term trends are compared with homogenized data. Statistically significant negative trends are observed along the coast, while insignificant trends are dominant inland. The mean trend, averaged over all stations, is -0.03 ± 0.07 m s^-1 decade^-1. This insignificant trend is due to a trend change across 2001. A decreasing trend of -0.10 m s^-1 decade^-1 reverses to an increasing trend of 0.03 m s^-1 decade^-1 from 2001. This trend change is consistent with mid-latitude wind change in the Northern hemisphere, indicating that the long-term trend of surface wind speed in Korea is partly determined by large-scale atmospheric circulation.

• The Journal of Engineering Geology
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• v.30 no.3
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• pp.379-397
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• 2020

In this study, Long-term change of water quality in Donrae Hot Spring was characterized using water quality data from 1922 to 2019. According to Mann-Kendall analysis and Sen's slope using long-term water quality data of Dongnae Hot Spring from 1922 to 2019, temperature, Ca, SiO₂, and HCO₃ show an increasing trend whereas EC, Na, K, Mg, Cl, and SO₄ show a decreasing trend or negligible trend. In addition, the water type of Dongnae Hot Spring stably belongs to Na-Cl type over time. The spatial distributions of water temperature and chemical constituents in 2004, 2009, 2014, and 2019 show variable patterns with showing some difference depending on sampling locations in different years. These results indicate that despite the long-term pumping of the hot spring water, the water quality is quite stable during the entire study period.

• Asia-Pacific Journal of Business
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• v.10 no.2
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• pp.27-41
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• 2019

Following the methodology of Ben-Rephael, Kadan and Wohl (2015), this paper examines whether firm-level liquidity premium exists and whether the premium exhibits a long-term trend in the Korean stock market. The results show that over the whole sample period (1998-2018), a liquidity premium of 0.083% exists in the cross-section of stocks. Interestingly, the pricing of liquidity declines significantly over the sample period. Sub-period analysis indicates that liquidity is priced mainly in the first sub-period (1998-2004) with a significant monthly premium of 0.304%, while the pricing of liquidity becomes weaker or insignificant in the second (2005-2011) and the third (2012-2018) period. I also find that the significance of the liquidity premium in the first period is attributed to small stocks. To explore underlying reasons that might affect the decline in the liquidity premium, I decompose liquidity premium into the product of firm-level liquidity and the sensitivity of expected stock returns on liquidity. The results reveal that the long-term decline is explained by both an increase in firm-level liquidity and a decrease in the sensitivity of expected returns on liquidity.

• Journal of the Korean Data and Information Science Society
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• v.20 no.5
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• pp.765-777
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• 2009

Our study aimed to illustrate long term trend in 10 micrometer particular matters excluding confounding effect. Daily 10 micrometer particular matters data were measured in 27 places and meteorological data (maximum temperature, humidity and maximum wind speed, solar radiation) were obtained from the national institute of environmental research for the period from January, 1996 to December 2000. To estimate the increasing and decreasing long term trend in a set of observed data, set up the model. The model included regression spline smooth function on the time and meteorological factors to capture the seasonal time trend and any possible nonlinear relationship. The result was estimated to decrease slightly after adjusting for meteorological factors and seasonal time trend.