• Title/Summary/Keyword: Long-run

Search Result 1,228, Processing Time 0.026 seconds

The Relationship between Internet Search Volumes and Stock Price Changes: An Empirical Study on KOSDAQ Market (개별 기업에 대한 인터넷 검색량과 주가변동성의 관계: 국내 코스닥시장에서의 산업별 실증분석)

  • Jeon, Saemi;Chung, Yeojin;Lee, Dongyoup
    • Journal of Intelligence and Information Systems
    • /
    • v.22 no.2
    • /
    • pp.81-96
    • /
    • 2016
  • As the internet has become widespread and easy to access everywhere, it is common for people to search information via online search engines such as Google and Naver in everyday life. Recent studies have used online search volume of specific keyword as a measure of the internet users' attention in order to predict disease outbreaks such as flu and cancer, an unemployment rate, and an index of a nation's economic condition, and etc. For stock traders, web search is also one of major information resources to obtain data about individual stock items. Therefore, search volume of a stock item can reflect the amount of investors' attention on it. The investor attention has been regarded as a crucial factor influencing on stock price but it has been measured by indirect proxies such as market capitalization, trading volume, advertising expense, and etc. It has been theoretically and empirically proved that an increase of investors' attention on a stock item brings temporary increase of the stock price and the price recovers in the long run. Recent development of internet environment enables to measure the investor attention directly by the internet search volume of individual stock item, which has been used to show the attention-induced price pressure. Previous studies focus mainly on Dow Jones and NASDAQ market in the United States. In this paper, we investigate the relationship between the individual investors' attention measured by the internet search volumes and stock price changes of individual stock items in the KOSDAQ market in Korea, where the proportion of the trades by individual investors are about 90% of the total. In addition, we examine the difference between industries in the influence of investors' attention on stock return. The internet search volume of stocks were gathered from "Naver Trend" service weekly between January 2007 and June 2015. The regression model with the error term with AR(1) covariance structure is used to analyze the data since the weekly prices in a stock item are systematically correlated. The market capitalization, trading volume, the increment of trading volume, and the month in which each trade occurs are included in the model as control variables. The fitted model shows that an abnormal increase of search volume of a stock item has a positive influence on the stock return and the amount of the influence varies among the industry. The stock items in IT software, construction, and distribution industries have shown to be more influenced by the abnormally large internet search volume than the average across the industries. On the other hand, the stock items in IT hardware, manufacturing, entertainment, finance, and communication industries are less influenced by the abnormal search volume than the average. In order to verify price pressure caused by investors' attention in KOSDAQ, the stock return of the current week is modelled using the abnormal search volume observed one to four weeks ahead. On average, the abnormally large increment of the search volume increased the stock return of the current week and one week later, and it decreased the stock return in two and three weeks later. There is no significant relationship with the stock return after 4 weeks. This relationship differs among the industries. An abnormal search volume brings particularly severe price reversal on the stocks in the IT software industry, which are often to be targets of irrational investments by individual investors. An abnormal search volume caused less severe price reversal on the stocks in the manufacturing and IT hardware industries than on average across the industries. The price reversal was not observed in the communication, finance, entertainment, and transportation industries, which are known to be influenced largely by macro-economic factors such as oil price and currency exchange rate. The result of this study can be utilized to construct an intelligent trading system based on the big data gathered from web search engines, social network services, and internet communities. Particularly, the difference of price reversal effect between industries may provide useful information to make a portfolio and build an investment strategy.

Nutrient Balance and Vegetable Crop Production as Affected by Different Sources of Organic Fertilizers (유기자원에 따른 양분수지 및 작물생산)

  • Agus, Fahmuddin;Setyorini, Diah;Hartatik, Wiwik;Lee, Sang-Min;Sung, Jwa-Kyung;Shin, Jae-Hoon
    • Korean Journal of Soil Science and Fertilizer
    • /
    • v.42 no.1
    • /
    • pp.1-13
    • /
    • 2009
  • Understanding the net nutrient balance in a farming system is crucial in assessing the system's sustainability. We quantified N, P and K balances under vegetable organic farming in a Eutric Haplud and in West Java, Indonesia in five planting seasons from 2005 to 2007. The ten treatments and three replications, arranged in a completely randomized block design, included single or combined sources of organic fertilizers: barnyard manure, compos ts or green manures. The organic matter rates were adjusted every planting season depending on the previous crop responses. The result sshowed that the application of ${\geq}20$ t $ha^{-1}$ barnyard manure per crop resulted in positive balances of N, P, and K, except in the second crops of 2006 where potassium balance were -25 to -11 kg $ha^{-1}$ under the treatments involving cattle barnyard manure, because of low K content of these treatments and high K uptake by Chinese cabbage. Application of 20 to 25 t $ha^{-1}$ of plant residue or 5 t $ha^{-1}$ of Tithonia compost also resulted in a negative K balance. Soil available P increased significantly under ${\geq}25$ t $ha^{-1}$ barnyard manure and that under chicken manure had the highest available P. Accordingly, chicken barnyard manure gave the highest crop yield because of relatively higher N, P, and K contents. Plant residues gave the lowest yield due to the lowest nutrient content among all sources. Reducing the use of barnyard manure to 12.5 t $ha^{-1}$ and substituting it with Tithonia compost, Tithonia green manure or vegetable plant residue compost gave insignificantly different yield compared to the application of 25 t $ha^{-1}$ barnyard manure singly. In the long run, application of 25 t ha-1 cattle, goat, and horse manure or about 20 t $ha^{-1}$ chicken manure is recommendable for sustaining the fertility of this Andisol for vegetable production.

Analysis of improvement directions on the Current Appraisal System of Public Records in Electronic Record Environments: Focusing on Appraisal Methods and Appraisal System (전자기록 환경 하의 현행 평가제도 개선방향 분석 - 평가방식 및 평가체제를 중심으로 -)

  • Kim, Myoung-Hun
    • The Korean Journal of Archival Studies
    • /
    • no.19
    • /
    • pp.103-151
    • /
    • 2009
  • Appraisal in electronic record environments is performed focusing on not content but function in which the records are created. Functional appraisal is practically supported in that electronic records composed of 0 and 1 of the bit-stream is unable to be evaluated individually. But the most important reason functional appraisal is performed in electronic record environments is that functional appraisal can select electronic records which assure business context and recordness, and need to run organization and perform business. In Korea, functional appraisal has adopted in course of renovation of national record and archive management system, but methods and logics of functional appraisal have numerous problems. To do so, this article discusses current appraisal system and methods of korea which has renovated confronting with electronic record environments, and then proposes the improvement directions on appraisal system and methods of Korea in electronic record environments from the perspective of long-term views. In this respect, this article proposes the improvement directions on current appraisal system and methods of Korea as follows. First, business functional analysis of each agency in functional appraisal should greatly strengthen. Second, it is necessary to devise proper methods for selecting primary values at current stage of electronic records, and to reinforce appraisal of records as knowledges and informations. Finally, functional appraisal, which inevitably carries out for appraising electronic records, has defects in aspect of selecting archives important in a national point of views. Therefore this article suggests the necessity of archival appraisal strategies that complement functional appraisal. This appraisal system is able to establish a base of the regime of archival appraisal which will harmonize primary value at current stage with secondary value at non-current stage in a national point of views.

Vietnam in 2016: The Situations and Prospects of Politics, Economy, and International Relations (베트남 2016: 정치, 경제, 대외관계의 현황과 전망)

  • LEE, Han Woo;CHAE, Su Hong
    • The Southeast Asian review
    • /
    • v.27 no.1
    • /
    • pp.163-191
    • /
    • 2017
  • This article aims to review the recent, especially focusing on the year of 2016, situations and prospects of the Vietnamese politics, economy, and international relations. Politically, Vietnam completed the election of members for the National Assembly and organized new leadership at the 12th National Congress of the Vietnamese Communist Party in 2016. One characteristic of the new leadership is that the politicians, especially the members of politburo, from the North continue to occupy the position of majority. The other one is that the new leadership promised to carry out the restructuring of economy toward industries producing higher value-added commodities even though Vietnam industries admittedly need to accelerate present industrialization and modernization as a developing country under the seemingly contradictory slogan of "the development of market economy for socialism." The declared goals of the new leadership in Vietnam are inevitable in a sense since the development of Vietnamese economy has been heavily dependent upon Foreign Direct Investment(FDI) taking advantage of Vietnamese cheap labor and simultaneously it is evident that its future is unsecure if it maintains status quo. In fact, the Vietnamese economy has impressively showed high growth rate by the help of foreign capitals since 1990s despite the repetitive recessions of global economy but its growth is not likely to be sustainable anymore if it will not reduce foreign dependency and social economic inequality in a long term. In a short run, global economic recession, the financial and monetary policies of global powers, and recent protectionism and uncertainty of trade agreements will be three crucial variables to affect Vietnamese economy. In terms of international relations, Vietnam is continuously expected to practise the policy of checks and balances among the powerful countries. Vietnam has seriously disputed with China on islands sovereignty in the South China Sea and attempted to maintain close relationship with other powerful countries including especially America. However, mainly due to the new protectionism by the regime of American president Donald Trump, the Vietnamese government also need to keep close relationship with China increasingly for both economic and diplomatic security. Under the circumstances, Vietnam is expected to maintain more practical and balanced international relations.

Potential Habitat Area Based on Natural Environment Survey Time Series Data for Conservation of Otter (Lutra lutra) - Case Study for Gangwon-do - (수달의 보전을 위한 전국자연환경조사 시계열 자료 기반 잠재 서식적합지역 분석 - 강원도를 대상으로 -)

  • Kim, Ho Gul;Mo, Yongwon
    • Korean Journal of Environment and Ecology
    • /
    • v.35 no.1
    • /
    • pp.24-36
    • /
    • 2021
  • Countries around the world, including the Republic of Korea, are participating in efforts to preserve biodiversity. Concerning species, in particular, studies that aim to find potential habitats and establish conservation plans by conducting habitat suitability analysis for specific species are actively ongoing. However, few studies on mid- to long-term changes in suitable habitat areas are based on accumulated information. Therefore, this study aimed to analyze the time-series changes in the habitat suitable area and examine the otters' changing pattern (Lutra lutra) designated as Level 1 endangered wildlife in Gangwon-do. The time-series change analysis used the data on otter species' presence points from the 2nd, 3rd, and 4th national natural environment surveys conducted for about 20 years. Moreover, it utilized the land cover map consistent with the survey period to create environmental variables to reflect each survey period's habitat environment. The suitable habitat area analysis used the MaxEnt model that can run based only on the species presence information, and it has been proven to be reliable by previous studies. The study derived the habitat suitability map for otters in each survey period, and it showed a tendency that habitats were distributed around rivers. Comparing the response curves of the environmental variables derived from the modeling identified the characteristics of the habitat favored by otters. The examination of habitats' change by survey period showed that the habitats based on the 2nd National Natural Environment Survey had the widest distribution. The habitats of the 3rd and 4th surveys showed a tendency of decrease in area. Moreover, the study aggregated the analysis results of the three survey periods and analyzed and categorized the habitat's changing pattern. The type of change proposed different conservation plans, such as field surveys, monitoring, protected area establishment, and restoration plan. This study is significant because it produced a comprehensive analysis map that showed the time-series changes of the location and area of the otter habitat and proposed a conservation plan that is necessary according to the type of habitat change by region. We believe that the method proposed in this study and its results can be used as reference data for establishing a habitat conservation and management plan in the future.

The Modern Significance of Taoist Ecological Ideas as Reflected in Taoist Architecture (도교 생태사상이 반영된 도교 건축의 현대적 의의)

  • Shin, Jin-sik
    • Journal of the Daesoon Academy of Sciences
    • /
    • v.35
    • /
    • pp.359-392
    • /
    • 2020
  • In this paper, we examined the development of Chinese Taoist architecture, its cultural implications, and comprehensively summarized the core principles of the Taoist ecological ideas that are reflected in Taoist architecture. This is a groundwork for exploring an ideological model for sustainable ecological architecture in modern cities. Taoist architecture has a long history that has led to changes, developments, and a gradual maturation. Zhi (治), Lu (廬), and Jing (靖), were the first architectural forms of the early Taoist body. These formed the basis for the future development of Taoist Courts (宮觀). The state-sponsored government-run Taoist Courts established from the time of the North and South Dynasties to the time of Tang Dynasty led to a constant standardization of the rites, and these Courts gradually became more and more formalized. Since the establishment of Quanzhenjiao (全眞敎) in the early 12th century, a movement that emphasized putiy training, architecture for the ascetic practice emerged in remote natural spaces suitable for strict ascetic practices. Meanwhile, in Taoist architecture, the type and structure of buildings were strengthened in order to worship various gods. The various Taoist Courts established through this historical process embody the elements, institutions, and ecological ideas of Taoist culture. Taoist architecture basically pursued the idealism of Paradise in a Deep Cave (洞天福地) and adopted a feng-shui theory of using natural terrain artfully in selecting a place and building a layout. This was reflected through their ecology. Meanwhile, Taoist architecture does not destroy the balance of nature by emphasizing the utilization of local natural resources whenever possible while selecting building materials according to the principles of yinyang and the five movements (陰陽五行). In addition, Taoism aims to select simple places for practising asceticism and ancestral rituals whenever possible because of the need to maintain a simple mind, suppress desire, and return to a state of purity. This attitude is an indication of a kind of simple ecological ideas and value of frugality easily found in Taoism. The ecological ideas of Taoism provide abundant resources for considering solutions to the ecological crisis that arises in the creation of residential environments. Through the ecological ideas of Taoism, we can find a direction to understand the relationship between human beings and nature while creating new, sustainable residential environments.

Development of Physical Fitness Standard Indicators According to the Bone Age in Youth (유소년의 골연령에 따른 체력 표준지표 개발)

  • Kim, Dae-Hoon;Yoon, Hyoung-ki;Oh, Sei-Yi;Lee, Young-Jun;Cho, Seok-Yeon;Song, Dae-Sik;Seo, Dong-Nyeuck;Kim, Ju-Won;Na, Gyu-Min;Kim, Min-Jun;Oh, Kyung-A
    • Journal of the Korean Applied Science and Technology
    • /
    • v.38 no.6
    • /
    • pp.1627-1642
    • /
    • 2021
  • This study aims to evaluate physical fitness according to the bone age of youth, and ultimately provide basic data for balanced development of youth through physical fitness standard indicators according to the bone age. A total of 730 youth aged 11 to 13 years in bone age and 11 to 13 years in chronological age were selected as subjects; and after taking X-ray films to calculate the bone age, they were evaluated by using the TW3 method. A total of 2 components in physique, which were stature and weight, were measured using a stadiometer(Hanebio, Korea, 2021) and Inbody 270(Biospace, Korea, 2019). A total of 7 components in physical fitness were measured as well, which included muscular strength (Hand Grip Strength), balance (Bass Stick Test), agility (Plate Tapping), power (Standing Long Jump), flexibility (Sit&Reach), muscular endurance (Sit-Up), and cardiovascular endurance (Shuttle Run). Descriptive statistics and independent t-test were conducted for data processing using the SPSS PC/Program(Version 26.0), and it was considered significant at the level of p< .05. The results of this study may be summarized as follow. First, the result of comparing the bone age and the chronological age of 11 to 13 years old in physical fitness, males showed significant difference in muscular strength, power, muscular endurance, and cardiovasular endurance. In females, muscular strength, balance, agility, power, flexibility, muscular endurance, and cardiovascular endurance showed significant difference. Second, physical fitness standard indicators were presented for each gender and age (11-13 years old) of youth according to the bone age; and based on this, physical fitness standard indicators, which are basic data for physical fitness evaluation according to the bone age of youth, were presented.

Popularization of Marathon through Social Network Big Data Analysis : Focusing on JTBC Marathon (소셜 네트워크 빅데이터 분석을 통한 마라톤 대중화 : JTBC 마라톤대회를 중심으로)

  • Lee, Ji-Su;Kim, Chi-Young
    • Journal of Korea Entertainment Industry Association
    • /
    • v.14 no.3
    • /
    • pp.27-40
    • /
    • 2020
  • The marathon has long been established as a representative lifestyle for all ages. With the recent expansion of the Work and Life Balance trend across the society, marathon with a relatively low barrier to entry is gaining popularity among young people in their 20s and 30s. By analyzing the issues and related words of the marathon event, we will analyze the spottainment elements of the marathon event that is popular among young people through keywords, and suggest a development plan for the differentiated event. In order to analyze keywords and related words, blogs, cafes and news provided by Naver and Daum were selected as analysis channels, and 'JTBC Marathon' and 'Culture' were extracted as key words for data search. The data analysis period was limited to a three-month period from August 13, 2019 to November 13, 2019, when the application for participation in the 2019 JTBC Marathon was started. For data collection and analysis, frequency and matrix data were extracted through social matrix program Textom. In addition, the degree of the relationship was quantified by analyzing the connection structure and the centrality of the degree of connection between the words. Although the marathon is a personal movement, young people share a common denominator of "running" and form a new cultural group called "running crew" with other young people. Through this, it was found that a marathon competition culture was formed as a festival venue where people could train together, participate together, and escape from the image of a marathon run alone and fight with themselves.

A Case Study on Servicism: Korea's Founding and Development Wisdom (서비스주의 국가사례 연구: 대한민국 건국과 발전 지혜)

  • Hyunsoo Kim
    • Journal of Service Research and Studies
    • /
    • v.12 no.2
    • /
    • pp.135-151
    • /
    • 2022
  • This study was conducted on a servicism basis as a study to build the management wisdom of Korea as an asset of human society. The case of the founding and development of the Republic of Korea, which developed into one of the world's leading powers with unprecedented rapid growth despite the devastating three-year war immediately after its founding, is an important subject of study. This study conducted a macroscopic analysis. In the process of carrying out the founding activities, it was confirmed that the original idea inherent in Koreans was the Taegeuk idea of the National Flag. The founders of the Republic of Korea consciously or unconsciously adopted the Taegeuk ideology as the founding ideology. It can be said that the Taegeuk ideology has led to greater success because it is based on the service philosophy, which is the common truth of mankind. In this study, the process of preparing for the founding of the Republic of Korea, which was founded by accepting a new maritime civilization from a country with a long continental civilization, the process of national foundation, and the process of operating the country after its founding were analyzed as a whole. In particular, it discovered the excellent wisdom of the founders who appropriately utilized the strengths of continental and maritime civilizations in necessary situations, and confirmed that the dynamic operating model of development through fierce competition between the two opponents was a success factor for high-speed national development. It requires great wisdom for Koreans with diverse ideological backgrounds and unique personalities to unite to establish and run a nation. This is because fierce competition and cooperation must be carried out at the same time. The great wisdom of the founding of the Republic of Korea was able to be demonstrated because the Taegeuk ideology was acting as a common basic ideology for Koreans. Taegeuk ideology, the source of wisdom that Korea has developed under constant tension, can be capitalized as human wisdom, and additional case studies are needed.

Neurotechnologies and civil law issues (뇌신경과학 연구 및 기술에 대한 민사법적 대응)

  • SooJeong Kim
    • The Korean Society of Law and Medicine
    • /
    • v.24 no.2
    • /
    • pp.147-196
    • /
    • 2023
  • Advances in brain science have made it possible to stimulate the brain to treat brain disorder or to connect directly between the neuron activity and an external devices. Non-invasive neurotechnologies already exist, but invasive neurotechnologies can provide more precise stimulation or measure brainwaves more precisely. Nowadays deep brain stimulation (DBS) is recognized as an accepted treatment for Parkinson's disease and essential tremor. In addition DBS has shown a certain positive effect in patients with Alzheimer's disease and depression. Brain-computer interfaces (BCI) are in the clinical stage but help patients in vegetative state can communicate or support rehabilitation for nerve-damaged people. The issue is that the people who need these invasive neurotechnologies are those whose capacity to consent is impaired or who are unable to communicate due to disease or nerve damage, while DBS and BCI operations are highly invasive and require informed consent of patients. Especially in areas where neurotechnology is still in clinical trials, the risks are greater and the benefits are uncertain, so more explanation should be provided to let patients make an informed decision. If the patient is under guardianship, the guardian is able to substitute for the patient's consent, if necessary with the authorization of court. If the patient is not under guardianship and the patient's capacity to consent is impaired or he is unable to express the consent, korean healthcare institution tend to rely on the patient's near relative guardian(de facto guardian) to give consent. But the concept of a de facto guardian is not provided by our civil law system. In the long run, it would be more appropriate to provide that a patient's spouse or next of kin may be authorized to give consent for the patient, if he or she is neither under guardianship nor appointed enduring power of attorney. If the patient was not properly informed of the risks involved in the neurosurgery, he or she may be entitled to compensation of intangible damages. If there is a causal relation between the malpractice and the side effects, the patient may also be able to recover damages for those side effects. In addition, both BCI and DBS involve the implantation of electrodes or microchips in the brain, which are controlled by an external devices. Since implantable medical devices are subject to product liability laws, the patient may be able to sue the manufacturer for damages if the defect caused the adverse effects. Recently, Korea's medical device regulation mandated liability insurance system for implantable medical devices to strengthen consumer protection.