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A Study about the Correlation between Information on Stock Message Boards and Stock Market Activity (온라인 주식게시판 정보와 주식시장 활동에 관한 상관관계 연구)

  • Kim, Hyun Mo;Yoon, Ho Young;Soh, Ry;Park, Jae Hong
    • Asia pacific journal of information systems
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    • 제24권4호
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    • pp.559-575
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    • 2014
  • Individual investors are increasingly flocking to message boards to seek, clarify, and exchange information. Businesses like Seekingalpha.com and business magazines like Fortune are evaluating, synthesizing, and reporting the comments made on message boards or blogs. In March of 2012, Yahoo! Finance Message Boards recorded 45 million unique visitors per month followed by AOL Money and Finance (19.8 million), and Google Finance (1.6 million) [McIntyre, 2012]. Previous studies in the finance literature suggest that online communities often provide more accurate information than analyst forecasts [Bagnoli et al., 1999; Clarkson et al., 2006]. Some studies empirically show that the volume of posts in online communities have a positive relationship with market activities (e.g., trading volumes) [Antweiler and Frank, 2004; Bagnoli et al., 1999; Das and Chen, 2007; Tumarkin and Whitelaw, 2001]. The findings indicate that information in online communities does impact investors' investment decisions and trading behaviors. However, research explicating the correlation between information on online communities and stock market activities (e.g., trading volume) is still evolving. Thus, it is important to ask whether a volume of posts on online communities influences trading volumes and whether trading volumes also influence these communities. Online stock message boards offer two different types of information, which can be explained using an economic and a psychological perspective. From a purely economic perspective, one would expect that stock message boards would have a beneficial effect, since they provide timely information at a much lower cost [Bagnoli et al., 1999; Clarkson et al., 2006; Birchler and Butler, 2007]. This indicates that information in stock message boards may provide valuable information investors can use to predict stock market activities and thus may use to make better investment decisions. On the other hand, psychological studies have shown that stock message boards may not necessarily make investors more informed. The related literature argues that confirmation bias causes investors to seek other investors with the same opinions on these stock message boards [Chen and Gu, 2009; Park et al., 2013]. For example, investors may want to share their painful investment experiences with others on stock message boards and are relieved to find they are not alone. In this case, the information on these stock message boards mainly reflects past experience or past information and not valuable and predictable information for market activities. This study thus investigates the two roles of stock message boards-providing valuable information to make future investment decisions or sharing past experiences that reflect mainly investors' painful or boastful stories. If stock message boards do provide valuable information for stock investment decisions, then investors will use this information and thereby influence stock market activities (e.g., trading volume). On the contrary, if investors made investment decisions and visit stock message boards later, they will mainly share their past experiences with others. In this case, past activities in the stock market will influence the stock message boards. These arguments indicate that there is a correlation between information posted on stock message boards and stock market activities. The previous literature has examined the impact of stock sentiments or the number of posts on stock market activities (e.g., trading volume, volatility, stock prices). However, the studies related to stock sentiments found it difficult to obtain significant results. It is not easy to identify useful information among the millions of posts, many of which can be just noise. As a result, the overall sentiments of stock message boards often carry little information for future stock movements [Das and Chen, 2001; Antweiler and Frank, 2004]. This study notes that as a dependent variable, trading volume is more reliable for capturing the effect of stock message board activities. The finance literature argues that trading volume is an indicator of stock price movements [Das et al., 2005; Das and Chen, 2007]. In this regard, this study investigates the correlation between a number of posts (information on stock message boards) and trading volume (stock market activity). We collected about 100,000 messages of 40 companies at KOSPI (Korea Composite Stock Price Index) from Paxnet, the most popular Korean online stock message board. The messages we collected were divided into in-trading and after-trading hours to examine the correlation between the numbers of posts and trading volumes in detail. Also we collected the volume of the stock of the 40 companies. The vector regression analysis and the granger causality test, 3SLS analysis were performed on our panel data sets. We found that the number of posts on online stock message boards is positively related to prior stock trade volume. Also, we found that the impact of the number of posts on stock trading volumes is not statistically significant. Also, we empirically showed the correlation between stock trading volumes and the number of posts on stock message boards. The results of this study contribute to the IS and finance literature in that we identified online stock message board's two roles. Also, this study suggests that stock trading managers should carefully monitor information on stock message boards to understand stock market activities in advance.

Resolution Evaluation of a Pinhole Collimator according to the Aperture Diameter using Micro Deluxe Phantom (Micro Deluxe Phantom을 통한 핀홀 콜리메이터 초점의 직경별 분해능 평가)

  • An, Byung Ho;Yeon, Joon Ho;Kim, Soo Young;Choi, Sung Wook
    • The Korean Journal of Nuclear Medicine Technology
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    • 제19권1호
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    • pp.3-11
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    • 2015
  • Purpose It is hard to obtain high quality images of knee and T.M joint because of a lot of soft tissues in the knee and T.M joint area. Most conventional system for high resolution scintigraphy was used by 4 mm aperture pinhole collimator. Performance comparison of high-resolution pinhole SPECT for Micro deluxe phantom using conventional system. the aim of this study is to evaluate performance of each aperture according to the diameter size and the usefulness of 24-hour delayed bone scintigraphy. Materials and Methods In this study 6 mm, 8 mm diameter pinhole collimators were mounted on Siemens E.CAM systems. In order to evaluate performance evaluation of each aperture and Micro Deluxe phantom was used for performance comparison of conventional SPECT system, Projection data were obtained with 9 degree increment per 30 second. Transverse images were reconstructed using dedicated OSEM algorithm with recovery of detector blurring. $^{99m}Tc-HDP$ source was used for 24-hour delayed bone scintigraphy. Results The knee joint images obtained with 24-hour delay were improved more than those obtained with 3-hour delay in our study. The 6 mm and 8 mm pinhole collimators FWHM have improved by 28% SNR and Uniformity have improved by 35%, Contrast has improved by 7% in 24-hour delayed knee joint image. While in 24-hour delayed T.M joint image of the 6 mm and 8 mm pinhole collimators FWHM have decreased by 60% SNR has decreased by 20% and Uniformity has decreased by 25%, Contrast has decreased significantly. Conclusion Pinhole collimators with 6 mm and 8 mm diameter could offer a superior performance for 24-hour delayed bone scintigraphy. The use of 24-hour delayed image provides additional benefits for pinhole scintigraphy of knee joint. Therefore, we expect that it is useful for precise diagnosis of knee joint and it is applicable to others joint imaging.

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Effects of Application Rates of Liquid Pig Manure on Rice Growth, Quality and Soil Properties (돈분액비의 시용수준이 벼 생육과 품질 및 토양에 미치는 영향)

  • Ryoo, Jong-Won
    • Korean Journal of Organic Agriculture
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    • 제22권4호
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    • pp.667-682
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    • 2014
  • The effects of liquid pig manure (LM) on the yield and quality of rice as well as soil chemical properties were determined in the field of sandy loam soil under the different fertilizer management. Treatments consisted of 100%, 130% and 160% N application rates of liquid manure as calculated on the basis of the recommended rate of nitrogen (9 kg N/10a) for rice cultivation. Chemical fertilizer (CF) was used as control. Concentrations of T-N and T-P in paddy water were measured by 5-day intervals up to 20days after application. LM treatments significantly increased T-N concentrations in paddy water proportionally with increasing rates of LM (13.2 to 25.7 mg/L). Similarly Total-P content in paddy water was increased right after LM applications but was well below the quality standard of wastewater and manure. Plant height and tillers in 100% and 130% N LM treatments were lower than those in CF control. In the 160% LM treatment, however, plant height and numbers of tillers were higher than those in the CF control. Yields in 100% LM and 160% LM plots were decreased by 3 and 5%, respectively, as compared with 422 kg per 10a in the CF plot. Rice protein contents were similar between 100% LM and CF control (about 6.8%) but it was increased to 7.2% and 7.7% in 130% LM and 160% LM treatments, respectively. Toyo-taste value in the 100% LM treatment was higher than in CF control plot. The proportions of perfect grain of the brown rice were lower in 130% LM and 160% LM treatments than that in CF control. Soil organic matter content, heavy metal and exchangeable cations were highest in the 160% LM plot. Thus considering yield and quality of rice and heavy metals contents in soil, 130% N basal application of liquid manure can be recommended for rice cultivation in this experiment.

A Study on Oxygen Reduction Reaction of PtM Electrocatalysts Synthesized by a Modified Polyol Process (수정된 폴리올 방법을 적용하여 합성한 PtM 촉매들의 산소환원반응성 연구)

  • Yang, Jongwon;Hyun, Kyuwhan;Chu, Cheunho;Kwon, Yongchai
    • Applied Chemistry for Engineering
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    • 제25권1호
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    • pp.78-83
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    • 2014
  • In this research, we evaluated the performance and characteristics of carbon supported PtM (M = Ni and Y) alloy catalysts (PtM/Cs) synthesized by a modified polyol method. With the PtM/Cs employed as a catalyst for the oxygen reduction reaction (ORR) of cathodes in proton exchange membrane fuel cells (PEMFCs), their catalytic and ORR activities and electrical performance were investigated and compared with those of commercial Pt/C. Their particle sizes, particle distributions and electrochemically active surface areas (EAS) were measured by TEM and cyclic voltammetry (CV), while their ORR activity and electrical performance were explored using linear sweeping voltammetries with rotating disk electrodes and rotating ring-disk electrodes as well as PEMFC single cell tests. TEM and CV measurements show that PtM/Cs have the compatible particle size and EAS with Pt/C. When it comes to ORR activity, PtM/C showed the equivalent or better half-wave potential, kinetic current density, transferred electron number per oxygen molecule and $H_2O_2$ production(%) to or than commerical Pt/C. Based on results gained by the three electrode tests, when the PEMFC single cell tests were carried out, the current density measured at 0.6 V and maximum power density of PEMFC single cell adopting PtM/C catalysts were better than those adopting Pt/C catalyst. It is therefore concluded that PtM/C catalysts synthesized by modified polyol can result in the equivalent or better ORR catalytic capability and PEMFC performance to or than commercial Pt/C catalyst.

Dispersal of sugar beet cyst nematode (Heterodera schachtii) by water and soil in highland Chinese cabbage fields (고랭지 배추 재배지에서 사탕무씨스트선충의 물과 토양을 통한 포장 간 분산)

  • Kwon, Oh-Gyeong;Shin, Jin-Hee;Kabir, F. Md.;Lee, Jae-Kook;Lee, DongWoon
    • Horticultural Science & Technology
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    • 제34권1호
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    • pp.195-205
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    • 2016
  • Sugar beet cyst nematode, Heterodera schachtii, causes serious economic losses worldwide in Brassicaceae crops. In 2011, this nematode was first found in highland vegetable cultivation areas in Korea, and thereafter spread to the surrounding healthy Chinese cabbage fields. However, little has been documented on the biological and ecological characteristics of the sugar beet nematode in highland vegetable cultivation areas. In this study the dispersal of the sugar beet cyst nematode was examined, focusing on spreading through soil and/or water infested with the nematode. When farmers with work boots trampled on Chinese cabbage fields for 10 minutes, the number of cysts recovered from the soil attached to the working differed depending on the research sites. Under irrigation conditions of 2, 4, and 8 liters of water per $m^2$, the amounts of soils attached on the bottom of the work boots and the number of healthy cysts in the soils increased significantly with the increase in soil moisture, although the total number of cysts, eggs, and juveniles did not increase significantly. After driving on the farm road adjacent to cabbage fields infested with the sugar beet cyst nematode, cysts were also recovered from the soil attached to the vehicle's tires, suggesting that the sugar beet cyst nematode can spread to new fields through soil carried by vehicles and by farmers. An excavator and a motor truck could deliver 41 kg and 224 g, respectively, of soil on the shovel shoes and the wheels to other locations during the Chinese cabbage harvest, suggesting that farming equipment and transportation vehicles may be vital means by which the cyst nematode spreads to non-infested fields in the highland area of Korea. Runoff water also contained cysts, whose amounts increased after water irrigation onto the ridges to simulate rainy conditions, with no significant difference in the number of cysts with increasing amounts of irrigation water. All of these results confirmed that the sugar beet cyst nematode spreads through soil attached to work boots, harvesting tools, and transportation vehicles, especially during the harvest time, and through runoff water on rainy days. These observations suggest that personal sanitization and cleaning of working tools and vehicles are one of the most important means to prevent the dispersal of the sugar beet cyst nematode in fields.

The Effects of Water Extract of Polygonatum Odoratum (Mill) Druce on Insulin Resistance in 90% Pancreatectomized Rats (90% 췌장 절제 백서에서 둥굴레뿌리의 물추출물이 인슐린 저항성에 미치는 영향)

  • Park, Sun-Min;Ahn, Seung-Hee;Choi, Mi-Kyung;Choi, Soo-Ran;Choi, Soo-Bong
    • Korean Journal of Food Science and Technology
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    • 제33권5호
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    • pp.619-625
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    • 2001
  • We determined whether the supplementation of Polygonatum Odoratum (Mill) Druce (POD) extract had a good effect on insulin resistance in peripheral tissues of 90% pancreatectomized (Px) and sham-operated (Sham) male Sprague Dawley rats. Px and Sham rats were divided into two groups; one group daily consumed 0.3 g of POD extracts per 1 ㎏ body weight for two months, and the other group had a placebo. All rats freely consumed a 40% fat diet. At the end of the experiment, a euglycemic hyperinsulinemic (EH) clamp was performed in a fasting, awake, and unstressed state to determine insulin resistance. At EH clamp, body weights were higher in Sham rats than Px rats, and serum glucose levels of baseline were affected by diabetic status and POD administration. Serum insulin concentrations were higher in Sham rats than Px rats, and POD administration decreased them in Sham rats compared to P. Glucose disposal rates in peripheral tissues increased with POD in both Px (n=10) and Sham (n=10) rats. But glycogen deposits in soleus muscle increased with POD administration in Px and Sham rats, and total glycogen synthase activity and fraction velocity were higher in POD groups. Triglyceride contents in quadriceps muscles decreased with POD in Px rats. In conclusions, POD improves insulin resistance by enhancing glucose utilization with increasing glycogen deposit and decreasing triglyceride contents in muscles.

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Precise, Real-time Measurement of the Fresh Weight of Lettuce with Growth Stage in a Plant Factory using a Nutrient Film Technique (NFT 수경재배 방식의 식물공장에서 생육단계별 실시간 작물 생체중 정밀 측정 방법)

  • Kim, Ji-Soo;Kang, Woo Hyun;Ahn, Tae In;Shin, Jong Hwa;Son, Jung Eek
    • Horticultural Science & Technology
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    • 제34권1호
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    • pp.77-83
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    • 2016
  • The measurement of total fresh weight of plants provides an essential indicator of crop growth for monitoring production. To measure fresh weight without damaging the vegetation, image-based methods have been developed, but they have limitations. In addition, the total plant fresh weight is difficult to measure directly in hydroponic cultivation systems because of the amount of nutrient solution. This study aimed to develop a real-time, precise method to measure the total fresh weight of Romaine lettuce (Lactuca sativa L. cv. Asia Heuk Romaine) with growth stage in a plant factory using a nutrient film technique. The total weight of the channel, amount of residual nutrient solution in the channel, and fresh shoot and root weights of the plants were measured every 7 days after transplanting. The initial weight of the channel during nutrient solution supply (Wi) and its weight change per second just after the nutrient solution supply stopped were also measured. When no more draining occurred, the final weight of the channel (Ws) and the amount of residual nutrient solution in the channel were measured. The time constant (${\tau}$) was calculated by considering the transient values of Wi and Ws. The relationship of Wi, Ws, ${\tau}$, and fresh weight was quantitatively analyzed. After the nutrient solution supply stopped, the change in the channel weight exponentially decreased. The nutrient solution in the channel slowly drained as the root weight in the channel increased. Large differences were observed between the actual fresh weight of the plant and the predicted value because the channel included residual nutrient solution. These differences were difficult to predict with growth stage but a model with the time constant showed the highest accuracy. The real-time fresh weight could be calculated from Wi, Ws, and ${\tau}$ with growth stage.

Study on Status of Permission Review for Construction Activities within the National Cultural Property Historical Cultural Environment Preservation Area - Based on Recent 5 Years' (2010~2014) Meeting Records of Cultural Heritage Committee in Cultural Heritage Administration - (국가지정문화재 역사문화환경 보존지역내 건축행위 등에 관한 허가심의 실태조사연구 - 최근 5년간(2010~2014) 문화재청 문화재위원회 회의록을 중심으로 -)

  • Cho, Hong-Seok;Park, Hyun-Joon
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • 제35권4호
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    • pp.110-125
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    • 2017
  • The Cultural Properties Protection Act enacted 1962 to encourge culture level of people by preserving and using cultural properties introduced Cultural Properties Change Permission System in 2000 in order to cope with rather targeted range towards the national designated cultural properties, and introduced the Guidelines for Permission Standard regarding Construction Activities within the Historical Cultural Environment Preservation Area (2006) to complement permission process and targets, Notification of Minor Changes around the National Designated Cultural Properties (2008), etc and continuously put efforts to improve further ever since. Nonetheless, while it showed decrease in the number of process of change permission per individual cases after 2007, it began to increase again since 2010, reaching 1,554 cases by 2014 - about 29% of the cases being rejected or under observation, people living surrounding of cultural properties still experience inconveniences. This study has been carried out by creating integrated DB with total 7,403 cases of permission status from 5 Subcommittees (Building / Historic Sites / Natural Heritage / Modern Cultural Heritage / Important Folk Culture) in Cultural Heritage Committee that are related with changing status for the past 5 years (2010-2014), and by further analyzing 4,364 cases amongst, that were reviewed within historical and cultural environment preservation area - analyzed applying types and the characteristics, reviewed the improvement plans of operation guidelines for the Committee and acts of minor changes towards surroundings of the national designated cultural properties that regulate the status changing permission targets by categorizing analysis results and deriving implications. I hope that this will complement to the operational guidelines for the Committee, along with minor changing activities around cultural properties in short term, and to secure basic data for systematic improvement plans ie., for delegated works range from city/county/districts through our research. Also hope to improve administrative efficiency by reforming permission systems for building activities in historic cultural environment conservation area, and reduce inconvenience people might experience, by minimizing socioeconomic expense needed for the review.

Axenic Culture Production and Growth of a Dinoflagellate, Cochlodinium polykrikoides (적조 와편모조류, Cochlodinium polykrikoides의 순수분리 및 성장)

  • SEO Pil-Soo;LEE Sang-Jun;Kim Yoon;LEE Jeong-Ho;KIM Hak-Gyoon;LEE Jae-Dong
    • Korean Journal of Fisheries and Aquatic Sciences
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    • 제31권1호
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    • pp.71-76
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    • 1998
  • To know the antibiotic specificity of a Dinoflagellate, Cochlodinium polykrikoides, we investigated the survival time of C. polykrikoides against several concentrations of antibiotics and judged the selective specificity of antibiotics based on the $LT_50$ ($50\%$ of lethal time). The result showed that C. polykrikoides was sensitive to tetracycline and chloramphenicol, and resistant to polymixin-B, ampicillin, penicillin-G, dihydrostreptomycin, and neomycin. In the case of sensitive antibiotics to C. polykrikoides, tetracycline and chloramphenicol, the safety concentrations of both antibiotics were determined and the antibiotic specificity based or the plotted survival curve was analyzed. Before antibiotic treatment, we tested the antibiotic susceptibility of the contaminated bacterial population in tile culture of C. polykrikoides, and decided the proper kinds of antibiotics and concentrations before percoll-centrifugation. By percoll-centrifugation, we reduced bacteria, removed fungi, collected the algal pellet, and made axonic culture by antibiotic cascade procedure based on the result of antibiotic susceptibility test. We observed that axonic C. polykrikoides culture entered the logarthmic phase of growth when cell density was over 740 cells/ml and propagated to 5,800 cells/ml maximally. Divisions per day, k value of C. polykrikoides represented a good index for growth at the low density of cells. There was a highest k value shift before reaching to the logarithmic phase. We suggested that the preceeding highest k value shift stage is a good indicator for accurate broadcasting for red. tide blooming in the field, and the stage is also a good time for controlling red tide blooming in the filed, either.

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The Effect of Exercise Program for Prevention of Falling on Physical Fitness, Posture and Fall Prevention Self-Efficacy for Elderly Women (넘어짐 예방 운동이 여성노인의 체력, 자세, 낙상효능감에 미치는 영향)

  • Son, Nam Jeong;Yi, Kyung Ock;An, Ju Yeun
    • 한국노년학
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    • 제37권1호
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    • pp.237-250
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    • 2017
  • The purpose of this study is to analyze the effects of exercise program for prevention of falling on physical fitness, posture and fall prevention self-efficacy for elderly women. 30 females above the age of 65 were subjects for this study. Over an twelve week period, 14women in the experimental group performed exercise 2 times a week for 60 minutes per session. 16women in the control group didn't participate in the exercise program. The independent variable was a exercise program for prevention of falling. Dependent variables were physical fitness, posture and fall prevention self-efficacy. Prevention of falling exercise program is consisted of an elastic band using exercise and Korean dance movement exercise. Physical fitness consisted of grip strength, upper and lower body endurance, cardiovascular endurance, flexibility, balance, coordination. The posture was measured the static posture when standing, using a high-resolution camera, body style to automatically measure the distance and angle(M-zen, Korea). Posture was measured in both the coronal and sagittal plane via reference board. Fall prevention self-efficacy was measured via questionnaire using the Korea Falls Self-Efficacy Scale (FES-K). The physical fitness, posture and fall prevention self-efficacy were measured twice with pre and post exercise, and the difference between groups with Wilcox signed rank test, and the group-specific post verification was carried out with U-validated methods (Mann Whitney U test). Statistical significance level was verified by setting the p<.05. Lower body endurance, cardiovascular endurance, flexibility, balance and coordination significantly increased in the experimental group. The control group was no significant increase in physical fitness variables. shoulder slope angle, pelvic slope angle(coronal/sagittal), leg length difference, scapular inferior angle and left/right calcaneus angle significantly decreased in the experimental group. Both the experimental group and control group were no significant increase in fall prevention self efficacy. The prevention of falling exercise program for elderly women indicated the positive changes in physical fitness(except grip strength) and posture(except upper body slope). However, there are no significant differences of falling prevention self-efficacy between the both group. Thus, the prevention of falling exercise program for the elderly has been proved that it is highly efficient on improving physical fitness and posture proofreading. However, we still need to consider supplement exercise for grip strength and upper body slope.