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Market Efficiency in Real-time : Evidence from the Korea Stock Exchange (한국유가증권시장의 실시간 정보 효율성 검증)

  • Lee, Woo-Baik;Choi, Woo-Suk
    • The Korean Journal of Financial Management
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    • v.26 no.3
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    • pp.103-138
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    • 2009
  • In this article we examine a unique data set of intraday fair disclosure(FD) releases to shed light on market efficiency within the trading day. Specifically, this paper analyze the response of stock prices on fair disclosure disseminated in real-time through KIND(Korea Investor's Network for Disclosure) on Korea stock exchange during the period from January 2003 to September 2004. We find that the prices of stock experiences a statistically and economically significant increase beginning seconds after the fair disclosure is initially announced and lasting approximately two minutes. The stock price responds more strongly to fair disclosure on smaller firm but the response to fair disclosure on the largest firm stock is more gradual, lasting five minutes. We also examine the profitability of a short-term trading strategy based on dissemination of fair disclosure. After controlling for trading costs we find that trader who execute a trade following initial disclosure generate negative profits, but trader buying stock before initial disclosure realize statistically significant positive profit after two minute of disclosure. Summarizing overall results, our evidence supports that security prices on Korea stock exchange reflects all available information within two minutes and the Korea stock market is semi-strongly efficient enough that a trader cannot generate profits based on widely disseminated news unless he acts almost immediately.

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Female Employees' Status in the Three Major Over-the-air Broadcasting Companies in South Korea (우리나라 지상파 방송사 조직에 있어서 여성인력의 지위에 관한 연구)

  • Youn, Sung-Min;Lee, Chul-Joo
    • Korean journal of communication and information
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    • v.22
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    • pp.167-210
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    • 2003
  • This study examined the organizational status of female employees in three major over-the-air broadcasting companies in South Korea in terms of both formal and informal organizational structures. Quantitative and qualitative analyses were conducted for the data collected through the official statistical documents on Korean broadcasting industries, in-person/telephone interviews, and survey. The results show that the proportion of female employees in the three major over-the-air broadcasting companies remained relatively unchanged at about as low as 10 per cents during the past 10 years, Furthermore, most of them are positioned in the lower hierarchical positions. The informal organizational status of female employees in terms of informal organizational culture, informal network, and mentoring, also reveals inequal conditions in many respects. Concerning role assignments, no significant evidence of sexual discrimination was found. Discrimination against women in assigning core roles such as political and economic news reporting and drama producing, however, was still prevailing. Currently, a marked increase of female proportion is observed among newly hired reporters, producers, and announcers. In the long term, these trends can bring positive changes in the status of female employees in the broadcasting industry organization.

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A Topic Analysis of College Education Using Big Data of News Articles (뉴스 빅데이터를 통해 검토한 대학교육의 토픽 분석)

  • Yang, Ji-Yeon;Koo, Jeong-Ho
    • Journal of Digital Convergence
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    • v.19 no.12
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    • pp.11-20
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    • 2021
  • This study extracts topics related to university education through newspaper articles and analyzes the characteristics of each topic and the reporting patterns of each newspaper. The 9 topics were discovered using LDA. Topic 1 and Topic 3 are related to university support projects for education, but Topic 3 is focused on local universities. Topic 2 is about university education after COVID-19, Topic 4 teaching-learning methods, Topic 5 government policies, Topic 6 the high school education contribution university support projects, Topic 7 the university education vision, Topic 8 internationalization, and Topic 9 the entrance exam. The Chosun Ilbo, Kyunghyang, and Hankyoreh reported a lot of articles associated to lectures after COVID-19, government policies, and comments on university education. Relevant articles since 2016 have been analyzed by newspaper type and before/after COVID-19 through which differences in the topics were studied and discussed. These findings would suggest a basic policy guideline for university education and imply that the positive and negative effects of the media need to be considered.

News Article Analysis of the 4th Industrial Revolution and Advertising before and after COVID-19: Focusing on LDA and Word2vec (코로나 이전과 이후의 4차 산업혁명과 광고의 뉴스기사 분석 : LDA와 Word2vec을 중심으로)

  • Cha, Young-Ran
    • The Journal of the Korea Contents Association
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    • v.21 no.9
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    • pp.149-163
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    • 2021
  • The 4th industrial revolution refers to the next-generation industrial revolution led by information and communication technologies such as artificial intelligence (AI), Internet of Things (IoT), robot technology, drones, autonomous driving and virtual reality (VR) and it also has made a significant impact on the development of the advertising industry. However, the world is rapidly changing to a non-contact, non-face-to-face living environment to prevent the spread of COVID 19. Accordingly, the role of the 4th industrial revolution and advertising is changing. Therefore, in this study, text analysis was performed using Big Kinds to examine the 4th industrial revolution and changes in advertising before and after COVID 19. Comparisons were made between 2019 before COVID 19 and 2020 after COVID 19. Main topics and documents were classified through LDA topic model analysis and Word2vec, a deep learning technique. As the result of the study showed that before COVID 19, policies, contents, AI, etc. appeared, but after COVID 19, the field gradually expanded to finance, advertising, and delivery services utilizing data. Further, education appeared as an important issue. In addition, if the use of advertising related to the 4th industrial revolution technology was mainstream before COVID 19, keywords such as participation, cooperation, and daily necessities, were more actively used for education on advanced technology, while talent cultivation appeared prominently. Thus, these research results are meaningful in suggesting a multifaceted strategy that can be applied theoretically and practically, while suggesting the future direction of advertising in the 4th industrial revolution after COVID 19.

Analysis of the relationship between service robot and non-face-to-face

  • Hwang, Eui-Chul
    • Journal of the Korea Society of Computer and Information
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    • v.26 no.12
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    • pp.247-254
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    • 2021
  • As COVID-19 spread, non-face-to-face activities were required, and the use of service robots is gradually increasing. This paper analyzed the relationship between the increasing trend of service robots before and after COVID-19 through keyword search containing the keyword 'service robot AND non-face-to-face' over the past three years (2018.10-20219) using BigKines, a news big data analysis system. As a result, there were 0 cases in the first period (2018.10~2019.9), 52 cases in the second period (2019.10~2020.9) and 112 cases in the third period (2020.10~2021.9), an increase of 115% compared to the second period. The keywords commonly mentioned in the analysis of related words in the second and third periods were COVID-19, AI, the Ministry of Trade, Industry, and Energy, and LG Electronics, and the weight of COVID-19 was the largest, confirming that the analysis keyword. Due to the spread of Corona 19, non-face-to-face is required, and with the development of information and communication technology, the field of application of service robots is rapidly increasing. Accordingly, for the commercialization of service robots that will lead the non-face-to-face economy, there is an urgent need to nurture human resources that require standardization and expertise in safety and performance fields.

The Relationship between Cell Phone Utilization and Depressive Symptoms among the Korean Elderly Living Alone (독거노인의 휴대폰 활용 정도와 우울에 미치는 영향)

  • Sagong, Hae;Yoon, Ju Young
    • 한국노년학
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    • v.38 no.3
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    • pp.467-480
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    • 2018
  • The purpose of this study is to examine the relationship between the cell phone utilization and depression among the Korean elderly living alone using '2014 Korean National Survey on Older Adults. A total of 2,493 survey data of the elders living alone 65 years or more was included in the analysis. The degree of the cell phone utilization were categorized into (1) No cell phone, (2) Only phone calls, (3) Phone calls and text messages, and (4) Searching news and information through the internet surfing. The results showed that 81.5% elderly living alone had a cell phone. The 'no cell phone' group was 19.5% while 'information search' group was 3.5% among the elderly living alone and has more probability of depression than 'information search' group (OR=0.064, 95% CI=0.018-0.227), which indicates that as elders living alone utilize their cell phone more, the probability of the depression decreased. This result implies that elders living alone who utilize their cell phone more are engaged in social interaction more and this can lead to decrease in depression.

An Analysis on the Effects of Energy Conservation Consciousness on Korean Energy Saving Behavior - Through Mediating by Energy-Relating Broadcasting Type - (한국인의 에너지 절약의식이 에너지 절약행동에 미치는 영향 분석 - 에너지관련 방송의 유형별 매개효과 -)

  • Park, Jung-Il;Park, Jung-Gu;Lee, Jung-Ho
    • Journal of Broadcast Engineering
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    • v.23 no.6
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    • pp.836-854
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    • 2018
  • This study is analyzing the effects of energy conservation consciousness on Korean energy saving behavior through the mediating effects of energy-related broadcasting media, such as TV. The study is carried out through the survey with structured questionnaire for each factors, using a mediating analysis based on PROCESS Macro proposed by Hayes (2013). The results of the study have been found that people with higher energy conservation consciousness displayed energy saving behavior more frequently and more actively for energy saving behavior as they were more exposed to energy-related broadcasting media. By energy-related broadcasting media the effect of energy public service ad and campaign was the largest at 15.3%, followed by energy news at 12.1%. But energy documentary has no effect on energy saving behavior. Based on the results of this analysis, it is necessary to establish a broadcasting policy that enhances the frequency of energy-related broadcasting media and energy documentary that can induce energy saving behavior. It is also necessary to make efforts to increase the reliability of analysis through empirical data such as electricity bills and fuel cost which show the actual saving level by energy saving behavior.

A Decision Tree Analysis-based Exploratory Study on the Effects of Using Smart Devices on the Expansion of Social Relationship (의사결정나무 분석을 활용한 스마트 기기의 사용이 사회관계 확대에 미치는 영향에 관한 탐색적 연구)

  • Son, Woong-Bee;Jang, Jae-Min
    • Informatization Policy
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    • v.26 no.1
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    • pp.62-82
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    • 2019
  • This study attempts to make an empirical analysis on how mobile devices affect users in building their social relationship and if their influences are negative or positive. The purpose of this research is to explain the results by considering all the possibilities and exploring everyday lives of using mobile devices. We used the survey data from the "Research on Mobile Environment Awareness" conducted by Gyeonggi Research Institute(GRI). The main question was about the use of mobile devices and social network services (SNS) and users' opinions on using the devices. All of the 31 municipalities in Gyeonggi Province were included as a spatial range, and the final validity sample was 1,004 residents. The extent of the relationship with people is selected as a dependent variable through the multinomial logistic model and the decision tree model. As a result of the multinomial logistic analysis on the questionnaire, the characteristics of the respondents with some changes in the scope of the human relationship were found to have a significant (+) effect on conversation with family, SNS usage, residence in the rural area but not urban area, and device usage for obtaining news. The largest variable affecting the extent of relationship was the SNS usage. As the amount of SNS usage increases, the extent of the relationship also changes a lot.

A Study on the Direction of Art Policy through Semantic Network Analysis in New Normal Era (뉴노멀(New Normal) 시대 언어네트워크 분석에 의한 예술정책 방향 연구)

  • Kim, Mi Yeon;Kwon, Byeong Woong
    • Korean Association of Arts Management
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    • no.58
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    • pp.153-177
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    • 2021
  • This study attempted to analyze language networks based on the theory of art policy in the New Normal era triggered by COVID-19 and domestic and foreign policy trends. For analysis, data containing key words of "Corona" and "Art" were collected from Google News and Web documents from March to September 2020 to extract 227 refined subject words, and the extracted subject words were analyzed as indicators of frequency and centrality of subject words through the Netminor program. In addition, visualization analysis of semantic networks has been attempted for the analysis of relationships between each topic languages. As a result of the semantic network analysis, the most frequent topic was "Corona," and "Culture and Art," "Art," "Performance," "Online" and "Support" were included in the group with the most frequencies. In the centrality analysis, "Corona" was the most popular, followed by "the era," "after," "post," "art," and "cultural arts," with high frequency, "Corona," "art," and "cultural arts" also dominated most centrality. In particular, the top-level key words in the analysis of frequency and centrality of the topic are 'online' and 'support' and 'policy'. This can be seen as indicating that the rapid rise of non-face-to-face and online content and support policies for the artistic communities are needed due to the dailyization of social distance due to COVID-19.

Comparative analysis of inter-Korean acoustic terminology and proposal for integration (남북한 음향학 전문용어 비교 분석 및 통합안 제시)

  • Jiwan Kim
    • The Journal of the Acoustical Society of Korea
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    • v.42 no.4
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    • pp.271-284
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    • 2023
  • This study compared 431 acoustic terminology of South Korean industrial standards and North Korean national standards based on IEC 60050-801:1994 international standards. In addition, this study attempted to integrate acoustic terminology between the two Koreas. There were 139 (32.3 %) AA types with exactly the same form of terminology, 35 (8.1 %) Aa types with different spellings due to differences in linguistic norms, and 257 (59.6 %) AB types with completely different forms. Morphologically, there were more than twice as many different types of terminology as the same type. In the integration of acoustic terminology with different forms, 178 (61 %) North Korean terminology and 76 (26 %) South Korean terminology were adopted. we would like to overcome the limitations of this study through the following suggestions. First, the government should support academic exchanges between the two Koreas and encourage the establishment of common standards for acoustic terminology. Second, efforts should be made to share acoustic terminology data between the two Koreas and publish an integrated acoustic terminology dictionary. Third, South and North Korea should jointly launch a terminology committee to make efforts to revise international standards together.