• Asia pacific journal of information systems
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• v.21 no.4
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• pp.63-104
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• 2011

The study examines the relationships among employee's goal orientation, IT personnel competency, personal effectiveness. The goal orientation includes learning goal orientation, performance approach goal orientation, and performance avoid goal orientation. Personal effectiveness consists of personal work satisfaction and personal work performance. In general, IT personnel competency refers to IT expert's skills, expertise, and knowledge required to perform IT activities in organizations. However, due to the advent of the internet and the generalization of IT, IT personnel competency turns out to be an important competency of technological experts as well as employees in organizations. While the competency of IT itself is important, the appropriate harmony between IT personnel's business capability and technological capability enhances the value of human resources and thus provides organizations with sustainable competitive advantages. The rapid pace of organization change places increased pressure on employees to continually update their skills and adapt their behavior to new organizational realities. This challenge raises a number of important questions concerning organizational behavior? Why do some employees display remarkable flexibility in their behavioral responses to changes in the organization, whereas others firmly resist change or experience great stress when faced with the need to alter behavior? Why do some employees continually strive to improve themselves over their life span, whereas others are content to forge through life using the same basic knowledge and skills? Why do some employees throw themselves enthusiastically into challenging tasks, whereas others avoid challenging tasks? The goal orientation proposed by organizational psychology provides at least a partial answer to these questions. Goal orientations refer to stable personally characteristics fostered by "self-theories" about the nature and development of attributes (such as intelligence, personality, abilities, and skills) people have. Self-theories are one's beliefs and goal orientations are achievement motivation revealed in seeking goals in accordance with one's beliefs. The goal orientations include learning goal orientation, performance approach goal orientation, and performance avoid goal orientation. Specifically, a learning goal orientation refers to a preference to develop the self by acquiring new skills, mastering new situations, and improving one's competence. A performance approach goal orientation refers to a preference to demonstrate and validate the adequacy of one's competence by seeking favorable judgments and avoiding negative judgments. A performance avoid goal orientation refers to a preference to avoid the disproving of one's competence and to avoid negative judgements about it, while focusing on performance. And the study also examines the moderating role of work career of employees to investigate the difference in the relationship between IT personnel competency and personal effectiveness. The study analyzes the collected data using PASW 18.0 and and PLS(Partial Least Square). The study also uses PLS bootstrapping algorithm (sample size: 500) to test research hypotheses. The result shows that the influences of both a learning goal orientation (${\beta}$ = 0.301, t = 3.822, P < 0.000) and a performance approach goal orientation (${\beta}$ = 0.224, t = 2.710, P < 0.01) on IT personnel competency are positively significant, while the influence of a performance avoid goal orientation(${\beta}$ = -0.142, t = 2.398, p < 0.05) on IT personnel competency is negatively significant. The result indicates that employees differ in their psychological and behavioral responses according to the goal orientation of employees. The result also shows that the impact of a IT personnel competency on both personal work satisfaction(${\beta}$ = 0.395, t = 4.897, P < 0.000) and personal work performance(${\beta}$ = 0.575, t = 12.800, P < 0.000) is positively significant. And the impact of personal work satisfaction(${\beta}$ = 0.148, t = 2.432, p < 0.05) on personal work performance is positively significant. Finally, the impacts of control variables (gender, age, type of industry, position, work career) on the relationships between IT personnel competency and personal effectiveness(personal work satisfaction work performance) are partly significant. In addition, the study uses PLS algorithm to find out a GoF(global criterion of goodness of fit) of the exploratory research model which includes a mediating variable, IT personnel competency. The result of analysis shows that the value of GoF is 0.45 above GoFlarge(0.36). Therefore, the research model turns out be good. In addition, the study performs a Sobel Test to find out the statistical significance of the mediating variable, IT personnel competency, which is already turned out to have the mediating effect in the research model using PLS. The result of a Sobel Test shows that the values of Z are all significant statistically (above 1.96 and below -1.96) and indicates that IT personnel competency plays a mediating role in the research model. At the present day, most employees are universally afraid of organizational changes and resistant to them in organizations in which the acceptance and learning of a new information technology or information system is particularly required. The problem is due' to increasing a feeling of uneasiness and uncertainty in improving past practices in accordance with new organizational changes. It is not always possible for employees with positive attitudes to perform their works suitable to organizational goals. Therefore, organizations need to identify what kinds of goal-oriented minds employees have, motivate them to do self-directed learning, and provide them with organizational environment to enhance positive aspects in their works. Thus, the study provides researchers and practitioners with a matter of primary interest in goal orientation and IT personnel competency, of which they have been unaware until very recently. Some academic and practical implications and limitations arisen in the course of the research, and suggestions for future research directions are also discussed.

• Water for future
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• v.9 no.1
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• pp.38-42
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• 1976

Because of differences in thoughts and ideology, our country, Korea has been deprived of national unity for some thirty years of time and tide. To achieve peaceful unification, the cultivation of national strength is of paramount importance. This national strength is also essential if Korea is to take rightful place in the international societies and to have the confidence of these societies. However, national strength can never be achieved in a short time. The fundamental elements in economic development that are directly conducive to the cultivation of national strength can be said to lie in -a stable political system, -exertion of powerful leadership, -cultivation of a spirit of diligence, self-help and cooperation, -modernization of human brain power, and -establishment of a scientific and well planned economic policy and strong enforcement of this policy. Our country, Korea, has attained brilliant economic development in the past 15 years under the strong leadership of president Park Chung Hee. However, there are still many problems to be solved. A few of them are: -housing and home problems, -increasing demand for employment, -increasing demand for staple food and -the need to improve international balance of payment. Solution of the above mentioned problems requires step by step scientific development of each sector and region of our contry. As a spearhead project in regional development, the Saemaul Campaign or new village movement can be cited. The campaign is now spreading throughout the country like a grass fire. However, such campaigns need considerable encouragement and support and the means for the desired development must be provided if the regional and sectoral development program is to sucdceed. The construction of large multipurpose dams in major river basin plays significant role in all aspects of national, regional and sectoral development. It ensures that the water resource, for which there is no substitute, is retained and utilized for irrigation of agricultural areas, production of power for industry, provision of water for domestic and industrial uses and control of river water. Water is the very essence of life and we must conserve and utilize what we have for the betterment of our peoples and their heir. The regional and social impact of construction of a large dam is enormous. It is intended to, and does, dras tically improve the "without-project" socio-economic conditions. A good example of this is the Soyanggang multipurpose dam. This project will significantly contribute to our national strength by utilizing the stored water for the benefit of human life and relief of flood and drought damages. Annual average precipitation in Korea is 1160mm, a comparatively abundant amount. The catchment areas of the Han River, Keum River, and Youngsan River are $62,755\textrm{km}^2$, accounting for 64% of the national total. Approximately 62% of the national population inhabits in this area, and 67% of the national gross product comes from the area. The annual population growth rate of the country is currently estimated at 1.7%, and every year the population growth in urban area increases at a rising rate. The population of Seoul, Pusan, and Taegu, the three major cities in Korea, is equal to one third of our national total. According to the census conducted on October 1, 1975, the population in the urban areas has increased by 384,000, whereas that in rural areas has decreased by 59,000,000 in the past five years. The composition of population between urban and rural areas varied from 41%~59% in 1959 to 48%~52% in 1975. To mitigate this treand towards concentration of population in urban areas, employment opportunities must be provided in regional and rural areas. However, heavy and chemical industries, which mitigate production and employment problems at the same time, must have abundant water and energy. Also increase in staple food production cannot be attained without water. At this point in time, when water demand is rapidly growing, it is essential for the country to provide as much a reservoir capacity as possible to capture the monsoon rainfall, which concentarated in the rainy seaon from June to Septesmber, and conserve the water for year round use. The floods, which at one time we called "the devil" have now become a source of immense benefit to Korea. Let me explain the topographic condition in Korea. In northern and eastern areas we have high mountains and rugged country. Our rivers originate in these mountains and flow in a general southerly or westerly direction throught ancient plains. These plains were formed by progressive deposition of sediments from the mountains and provide our country with large areas of fertile land, emminently suited to settlement and irrigated agricultural development. It is, therefore, quite natural that these areas should become the polar point for our regional development program. Hower, we are fortunate in that we have an additional area or areas, which can be used for agricultural production and settlement of our peoples, particularly those peoples who may be displaced by the formation of our reservoirs. I am speaking of the tidelands along the western and southern coasts. The other day the Ministry of Agriculture and Fishery informed the public of a tideland reclamation of which 400,000 hectares will be used for growing rice as part of our national food self-sufficiency programme. Now, again, we arrive at the need for water, as without it we cannot realize this ambitious programme. And again we need those dams to provide it. As I mentioned before, dams not only provide us with essential water for agriculture, domestic and industrial use, but provide us with electrical energy, as it is generally extremely economical to use the water being release for the former purposes to drive turbines and generators. At the present time we have 13 hydro-electric power plants with an installed capacity of 711,000 kilowatts equal to 16% of our national total. There are about 110 potential dams ites in the country, which could yield about 2,300,000 kilowatts of hydro-electric power. There are about 54 sites suitable for pumped storage which could produce a further 38,600,000 kilowatts of power. All available if we carefully develop our water resources. To summarize, water resource development is essential to the regional development program and the welfare of our people, it must proceed hand-in-hand with other aspects of regional development such as land impovement, high way extension, development of our forests, erosion control, and develop ment of heavy and chemical industries. Through the successful implementation of such an integrated regional development program, we can look forward to a period of national strength, and due recognition of our country by the worlds societies.

• Tuberculosis and Respiratory Diseases
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• v.53 no.3
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• pp.294-308
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• 2002

Background : The cell-mediated immune response plays an important role in tuberculosis. After being activated by mycobacterial antigens, T lymphocytes express a high affinity receptor (IL-2R) for interleukin-2 (IL-2) on their own surface and release a soluble fraction of the IL-2 receptor (sIL-2R) from the cell membrane into the circulation. Neopterin is a metabolite of guanosine-triphosphate, which is produced by stimulated macrophages under the influence of IFN-$\gamma$ with a T lymphocyte origin. Therefore, the utility of sIL-2R, IFN-$\gamma$ and the neopterin levels as immunologic indices of the cell-mediated immune response and severity of disease in patients with pulmonary tuberculosis was assessed. Methods : The serum sIL-2R, IFN-$\gamma$ and neopterin levels were measured in 39 patients with pulmonary tuberculosis, 6 patients with tuberculous lymphadenitis prior to treatment and 10 healthy subjects. The serum and pleural sIL-2R, neopterin and ADA levels were measured in 22 patients with tuberculous pleurisy. The patients with pulmonary tuberculosis were divided into a mild, moderate and severe group according to the severity by ATS guidelines. To compare the results from these patients with those of the pretreatment levels, the sIL-2R, IFN-$\gamma$ and neopterin levels were measured in 36 of the 39 patients(1 patient, expired; 2 patients were referred to a sanitarium) with pulmonary tuberculosis after 2 months of treatment. Results : 1) the serum sIL-2R and IFN-$\gamma$ levels were elevated in patients with tuberculosis when compared to those of healthy subjects (p>0.05). The neopterin concentration in the serum was significantly lower in patients with pulmonary tuberculosis($2967{\pm}2132.8$ pg/ml) than in healthy controls($4949{\pm}1242.1$ pg/ml)(p<0.05). 2) In the pulmonary tuberculosis group, the serum sIL-2R and IFN-$\gamma$ levels were higher in patients with severe disease than those in patients with mild and moderate disease. However, the neopterin levels declined as the pulmonary tuberculosis became more severe (p<0.01). 3) The mean serum sIL-2R and IFN-$\gamma$ levels declined from $1071{\pm}1139.4$ U/ml to $1023{\pm}1920.9$ U/ml(p>0.05), $41{\pm}52.8$ pg/ml to $22{\pm}23.9$ gm/ml(p<0.05), respectively, after 2 month of treatment. The mean serum neopterin levels increased from $3158{\pm}2272.6$ pg/ml to $3737{\pm}2307.5$ pg/ml(p>0.05) after a 2 month of treatment. These findings were remarkable in the severe group of pulmonary tuberculosis with a clinical correlation. 4) In the patients with tuberculous pleurisy, the serum sIL-2R and ADA were significantly higher than those in the pleural fluid, However, the neopterin levels in the sera and pleural effusion were similar. Conclusion : On the basis of this study, sIL-2R, IFN-$\gamma$ and neopterin measurements may not only provide an insight into the present state of the cell-mediated immune response, but also serve as parameters monitoring of the prognosis of the disease, particularly in patients with severe pulmonary tuberculosis. In addition, an assay of the pleural sIL-2R levels might signal a stimulated local immunity including T cell activation in the tuberculous pleural effusion.

• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.71-103
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• 2009

Considering the expenditure size of public institutions centering on public enterprises, about 28% of Korea's GDP in 2007, public institutions have significant influence on the Korean economy. However, still in the new government, there are voices of criticism about the need of constant reform on public enterprises due to their irresponsible management impeding national competitiveness. Especially, political controversy over appointment of executives such as CEOs of public enterprises has caused the distrust of the people. As one of various reform measures for public enterprises, this study analyzes the effect of internal governance structure of public enterprises on their managerial performance, since, regardless of privatization of public enterprises, improving the governance structure of public enterprises is a matter of great importance. There are only a few prior researches focusing on the governance structure and managerial performance of public enterprises compared to those of private enterprises. Most of prior researches studied the relationship between parachuting employment of CEO and managerial performance, and concluded that parachuting produces negative effect on managerial performance. However, different from the results of such researches, recent studies suggest that there is no relationship between employment type of CEOs and managerial performance in public enterprises. This study is distinguished from prior researches in view of following. First, prior researches focused on the relationship between employment type of public enterprises' CEOs and managerial performance. However, in addition to this, this study analyzes the relationship of internal auditors and managerial performance. Second, unlike prior researches studying the relationship between employment type of public corporations' CEOs and managerial performance with an emphasis on parachuting employment, this study researches impact of employment type as well as expertise of CEOs and internal auditors on managerial performance. Third, prior researchers mainly used non-financial indicators from various samples. However, this study eliminated subjectivity of researchers by analyzing public enterprises designated by the government and their financial statements, which were externally audited and inspected. In this study, regression analysis is applied in analyzing the relationship of independence and expertise of public enterprises' CEOs and internal auditors and managerial performance in the same year. Financial information from 2003 to 2007 of 24 public enterprises, which are designated by the government, and their personnel information from the board of directors are used as samples. Independence of CEOs is identified by dividing CEOs into persons from the same public enterprise and persons from other organization, and independence of internal auditors is determined by classifying them into two groups, people from academic field, economic world, and civic groups, and people from political community, government ministries, and military. Also, expertise of CEOs and internal auditors is divided into business expertise and financial expertise. As control variables, this study applied foundation year, asset size, government subsidies as a proportion to corporate earnings, and dummy variables by year. Analysis showed that there is significantly positive relationship between independence and financial expertise of internal auditors and managerial performance. In addition, although business expertise and financial expertise of CEOs were not statistically significant, they have positive relationship with managerial performance. However, unlike a general idea, independence of CEOs is not statistically significant, but it is negatively related to managerial performance. Contrary to general concerns, it seems that the impact of independence of public enterprises' CEOs on managerial performance has slightly decreased. Instead, it explains that expertise of public enterprises' CEOs and internal auditors plays more important role in managerial performance rather than their independence. Meanwhile, there are limitations in this study as follows. First, in contrast to private enterprises, public enterprises simultaneously pursue publicness and entrepreneurship. However, this study focuses on entrepreneurship, excluding considerations on publicness of public enterprises. Second, public enterprises in this study are limited to those in the central government. Accordingly, it should be carefully considered when the result of this study is applied to public enterprises in local governments. Finally, this study excludes factors related to transparency and democracy issues which are raised in appointment process of executives of public enterprises, as it may cause the issue of subjectivity of researchers.

• Tuberculosis and Respiratory Diseases
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• v.45 no.6
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• pp.1143-1153
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• 1998

Background : Recent outbreaks of pulmonary disease due to drug-resistant strains of Mycobacterium Tuberculosis have resulted in significant morbidity and mortality in patients worldwide. We reviewed our experience to evaluate the effects of pulmonary resection on the management of multidrug-resistant tuberculosis. Method : A retrospective review was performed of 41 patients undergoing pulmonary resection for multidrug-resistant tuberculosis between January 1993 and December 1997. We divided these into 3 groups according to the radiologic findings : (1) patients who have reasonably localized lesion (Localized Lesion Group ; LLG) (2) patients who have cavitary lesions after pulmonary resection on chest roentgenogram (Remained Cavity Group : RCG) (3) patients who have Remained infiltrative lesions postoperatively (Remained infiltrative group : RIG). We evaluated the negative conversion rate after resection and overall response rate of the groups. Then they were compared with the results of the chemotherapy on the multi drug-resistant tuberculosis which has been outcome by Goble et al. Goble et al reported that negative conversion rate was 65% and overall response rate, 56% over a mean period of 5.1 months. Results : Seventy five point six percent were men and 24.4% women with a median age of 31 years (range, 16 to 60 years). Although the patients were treated preoperatively with multidrug regimens in an effort to reduce the mycobacterial burden, 22 of 41 were still sputum culture positive at the time of surgery. 20 of 22 patients(90.9%, p<0.01) responded which is defined as negative sputum cultures within 2 months postoperative. Of 26 patients with the sufficient follow up data, 19 have Remained sputum culture negative for a mean duration of 25.7 months (73.1%, p<0.05). The bulk of the disease was manifest in one lung, but lesser amounts of contralateral disease were demonstrated in 15, consisted of 8 in RIG and 7 in RCG, of 41. 12 of 12 patients (100%, p<0.01) who were sputum positive at the time of surgery in LLG converted successfully. 14 of 15 patients (93.3%, p<0.05) with the follow up have completed treatment and not relapsed for a mean period of 25. 7 months. The mean length of postoperative drug therapy of LLG was 12.2 months. In RIG, postoperative negative conversion rate was 83.3% which was not significant statistically. There was a statistical significance in overall response rate (100%, p<0.05) of RIG for a mean period of 24.4 months with a mean length of postoperative chemotherapy, 11.8 months. In RCG a statistically lower overall response rate (14.3%, p<0.01) has been revealed for a mean duration of follow up, 24.2 months. A negative conversion rate of RCG was 75% which was not significant statistically. Conclusion : Surgery plays an important role in the management of patients with multidrug-resistant Mycobacterium tuberculosis infection. Aggressive pulmonary resection should be performed for resistant Mycobacterium tuberculosis infection to avoid treatment failure or relapse. Especially all cavitary lesions on preoperative chest roentgenogram should be resected completely. If all of them could not be resected perfectly, you should not open the thorax.

• Journal of Yeungnam Medical Science
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• v.18 no.2
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• pp.226-238
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• 2001

Background: Anemia in chronic renal failure plays an important role in increasing morbidity of dialysis patients. The causes of the anemia are multifactorial. With using of erythropoietin(EPO) most of uremia-induced anemia can be overcome. However, about 10% of renal failure patients shows EPO-resistant anemia. Hyporesponsiveness to EPO has been related to many factors: iron deficiency, aluminum intoxication, inflammations, malignancies and secondary hyperparathyroidism. So I evaluated the improvement of EPO responsiveness after correction of above several factors. Materials and Methods: Seventy-two patients on hemodialysis over 6 months were treated with intravenous ascorbic acid(IVAA, 300 mg t.i.w. for 12 weeks), After administration of IVAA for 12 weeks, patients were classified into several groups according to iron status, serum aluminum levels and i-PTH levels. Indivisualized treatments were performed: increased iron supplement for absolute iron deficiency, active vitamin D3 for secondary hyperparathyroidism and desferrioxamine(DFO, 5 mg/kg t.i.w.) for aluminum intoxication or hyperferritinemia. Results: 1) Result of IVAA therapy for 12 weeks on all patients(n=72). Hemoglobin levels at 2, 4, 6 week were significantly elevated compared to baseline, but those of hemoglobin at 8, 10, 12 week were not significantly different. 2) Result of IVAA therapy for 20 weeks on patients with 100 ${\mu}g/l$ ${\leq}$ ferritin < 500 ${\mu}g/l$ and transferrin saturation(Tsat) below 30%(n=30). After treatment of IV AA for 12 weeks, patients were evaluated the response of therapy according to iron status. Patients with 100 ${\mu}g/l$ ${\leq}$ ferritin < 500 ${\mu}g/l$ and Tsat below 30% showed the most effective response. These patients were treated further for 8 weeks. Hemoglobin levels at 2, 4 week were significantly increased compared to baseline with significantly reduced doses of EPO at 2, 4, 6, 10, 12, 16, 20 week. Concomitantly significantly improvement of Tsat at 2, 6, 16, 20 week compared to baseline were identified. 3) Result of IVAA therapy for 12 weeks followed by DFO therapy for 8 weeks on patients with serum aluminum above 4 ${\mu}g/l$(n=12) Hemoglobin levels were not significantly increased during IVAA therapy for 12 weeks but dosages of EPO were significantly decreased at 2, 4, 6, 8 week during DFO therapy compared to pre-treatment status. Conclusion: IVAA can be helpful for the treatment of the anemia caused by functional iron deficiency and can reduce the dosage of EPO for anemia correction. And administration of low dose DFO, in cases of increased serum aluminum level, can reduce the requirement of EPO.

• Tuberculosis and Respiratory Diseases
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• v.40 no.2
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• pp.135-146
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• 1993

Background: In acute pulmonary embolism it has been postulated that the constriction of bronchi and pulmonary artery secondary to neurohumoral response plays an important role in cardiopulmonary dysfunction in addition to the mechanical obstruction of pulmonary artery. Serotonin is considered as the most important mediator. Positive end expiratory pressure (PEEP) stimulates $PGI_2$ secretion from the vascular endothelium, but its role in acute pulmonary embolism is still in controversy. Methods: To study the cardiopulmonary effect and therapeutic role of Ketanserin, selective antagonist of 5-HT2 receptor, and PEEP in acute pulmonary embolism experimental acute pulmonary embolism was induced in dogs with autologous blood clot. The experimental animals were divided into 3 groups, that is control group, Ketanserin injection group and PEEP application group. Results: Thirty minutes after embolization, mean pulmonary arterial pressure and pulmonary vascular resistance increased and cardiac output decreased. $PaO_2,\;P\bar{v}O_2$ and oxygen transport decreased and physiological shunt and $PaCO_2$ increased. After injection of Ketanserin, comparing with control group, mean pulmonary arterial pressure, pulmonary vascular resistance and physiological shunt decreased, while cardiac output, $PaO_2$ and oxygen transport increased. All these changes sustained till 4 hours after embolization. After PEEP application pulmonary vascular resistance, $PaO_2$ and $PaCO_2$ increased, while physiological shunt, cardiac output and oxygen transport decreased. After discontinuation of PEEP, mean pulmonary arterial pressure and pulmonary vascular resistance decreased and were lower than control group, while $PaO_2$ and cardiac output increased and higher than control group. $PaCO_2$ decreased but showed no significant difference comparing with control group. Conclusion: It can be concluded that Ketanserin is effective for the treatment of acute pulmonary embolism. With PEEP hemodynamic status deteriorated, but improved better than control group after discontinuation of PEEP. Thus PEEP may be applied carefully for short period in acute pulmonary embolism if the hemodynamic status is tolerable.

• Journal of Intelligence and Information Systems
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• v.16 no.2
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• pp.19-32
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• 2010

Volatility plays a central role in both academic and practical applications, especially in pricing financial derivative products and trading volatility strategies. This study presents a novel mechanism based on generalized autoregressive conditional heteroskedasticity (GARCH) models that is able to enhance the performance of intelligent volatility trading systems by predicting Korean stock market volatility more accurately. In particular, we embedded the concept of the volatility asymmetry documented widely in the literature into our model. The newly developed Korean stock market volatility index of KOSPI 200, VKOSPI, is used as a volatility proxy. It is the price of a linear portfolio of the KOSPI 200 index options and measures the effect of the expectations of dealers and option traders on stock market volatility for 30 calendar days. The KOSPI 200 index options market started in 1997 and has become the most actively traded market in the world. Its trading volume is more than 10 million contracts a day and records the highest of all the stock index option markets. Therefore, analyzing the VKOSPI has great importance in understanding volatility inherent in option prices and can afford some trading ideas for futures and option dealers. Use of the VKOSPI as volatility proxy avoids statistical estimation problems associated with other measures of volatility since the VKOSPI is model-free expected volatility of market participants calculated directly from the transacted option prices. This study estimates the symmetric and asymmetric GARCH models for the KOSPI 200 index from January 2003 to December 2006 by the maximum likelihood procedure. Asymmetric GARCH models include GJR-GARCH model of Glosten, Jagannathan and Runke, exponential GARCH model of Nelson and power autoregressive conditional heteroskedasticity (ARCH) of Ding, Granger and Engle. Symmetric GARCH model indicates basic GARCH (1, 1). Tomorrow's forecasted value and change direction of stock market volatility are obtained by recursive GARCH specifications from January 2007 to December 2009 and are compared with the VKOSPI. Empirical results indicate that negative unanticipated returns increase volatility more than positive return shocks of equal magnitude decrease volatility, indicating the existence of volatility asymmetry in the Korean stock market. The point value and change direction of tomorrow VKOSPI are estimated and forecasted by GARCH models. Volatility trading system is developed using the forecasted change direction of the VKOSPI, that is, if tomorrow VKOSPI is expected to rise, a long straddle or strangle position is established. A short straddle or strangle position is taken if VKOSPI is expected to fall tomorrow. Total profit is calculated as the cumulative sum of the VKOSPI percentage change. If forecasted direction is correct, the absolute value of the VKOSPI percentage changes is added to trading profit. It is subtracted from the trading profit if forecasted direction is not correct. For the in-sample period, the power ARCH model best fits in a statistical metric, Mean Squared Prediction Error (MSPE), and the exponential GARCH model shows the highest Mean Correct Prediction (MCP). The power ARCH model best fits also for the out-of-sample period and provides the highest probability for the VKOSPI change direction tomorrow. Generally, the power ARCH model shows the best fit for the VKOSPI. All the GARCH models provide trading profits for volatility trading system and the exponential GARCH model shows the best performance, annual profit of 197.56%, during the in-sample period. The GARCH models present trading profits during the out-of-sample period except for the exponential GARCH model. During the out-of-sample period, the power ARCH model shows the largest annual trading profit of 38%. The volatility clustering and asymmetry found in this research are the reflection of volatility non-linearity. This further suggests that combining the asymmetric GARCH models and artificial neural networks can significantly enhance the performance of the suggested volatility trading system, since artificial neural networks have been shown to effectively model nonlinear relationships.

• Journal of Intelligence and Information Systems
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• v.19 no.3
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• pp.141-156
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• 2013

Social media is a representative form of the Web 2.0 that shapes the change of a user's information behavior by allowing users to produce their own contents without any expert skills. In particular, as a new communication medium, it has a profound impact on the social change by enabling users to communicate with the masses and acquaintances their opinions and thoughts. Social media data plays a significant role in an emerging Big Data arena. A variety of research areas such as social network analysis, opinion mining, and so on, therefore, have paid attention to discover meaningful information from vast amounts of data buried in social media. Social media has recently become main foci to the field of Information Retrieval and Text Mining because not only it produces massive unstructured textual data in real-time but also it serves as an influential channel for opinion leading. But most of the previous studies have adopted broad-brush and limited approaches. These approaches have made it difficult to find and analyze new information. To overcome these limitations, we developed a real-time Twitter trend mining system to capture the trend in real-time processing big stream datasets of Twitter. The system offers the functions of term co-occurrence retrieval, visualization of Twitter users by query, similarity calculation between two users, topic modeling to keep track of changes of topical trend, and mention-based user network analysis. In addition, we conducted a case study on the 2012 Korean presidential election. We collected 1,737,969 tweets which contain candidates' name and election on Twitter in Korea (http://www.twitter.com/) for one month in 2012 (October 1 to October 31). The case study shows that the system provides useful information and detects the trend of society effectively. The system also retrieves the list of terms co-occurred by given query terms. We compare the results of term co-occurrence retrieval by giving influential candidates' name, 'Geun Hae Park', 'Jae In Moon', and 'Chul Su Ahn' as query terms. General terms which are related to presidential election such as 'Presidential Election', 'Proclamation in Support', Public opinion poll' appear frequently. Also the results show specific terms that differentiate each candidate's feature such as 'Park Jung Hee' and 'Yuk Young Su' from the query 'Guen Hae Park', 'a single candidacy agreement' and 'Time of voting extension' from the query 'Jae In Moon' and 'a single candidacy agreement' and 'down contract' from the query 'Chul Su Ahn'. Our system not only extracts 10 topics along with related terms but also shows topics' dynamic changes over time by employing the multinomial Latent Dirichlet Allocation technique. Each topic can show one of two types of patterns-Rising tendency and Falling tendencydepending on the change of the probability distribution. To determine the relationship between topic trends in Twitter and social issues in the real world, we compare topic trends with related news articles. We are able to identify that Twitter can track the issue faster than the other media, newspapers. The user network in Twitter is different from those of other social media because of distinctive characteristics of making relationships in Twitter. Twitter users can make their relationships by exchanging mentions. We visualize and analyze mention based networks of 136,754 users. We put three candidates' name as query terms-Geun Hae Park', 'Jae In Moon', and 'Chul Su Ahn'. The results show that Twitter users mention all candidates' name regardless of their political tendencies. This case study discloses that Twitter could be an effective tool to detect and predict dynamic changes of social issues, and mention-based user networks could show different aspects of user behavior as a unique network that is uniquely found in Twitter.

• Asia pacific journal of information systems
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• v.19 no.4
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• pp.125-148
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• 2009

UGC(User Generated Contents) is emerging as the center of e-business in the web 2.0 era. The trend reflects changing roles of users in production and consumption of contents on websites and helps us to understand new strategies of websites such as web portals and social network websites. Nowadays, we consume contents created by other non-professional users for both utilitarian (e.g., knowledge) and hedonic values (e.g., fun). Also, contents produced by ourselves (e.g., photo, video) are posted on websites so that our friends, family, and even the public can consume those contents. This means that non-professionals, who used to be passive audience in the past, are now creating contents and share their UGCs with others in the Web. Accessible media, tools, and applications have also reduced difficulty and complexity in the process of creating contents. Realizing that users create plenty of materials which are very interesting to other people, media companies (i.e., web portals and social networking websites) are adjusting their strategies and business models accordingly. Increased demand of UGC may lead to website visits which are the source of benefits from advertising. Therefore, they put more efforts into making their websites open platforms where UGCs can be created and shared among users without technical and methodological difficulties. Many websites have increasingly adopted new technologies such as RSS and openAPI. Some have even changed the structure of web pages so that UGC can be seen several times to more visitors. This mainstream of UGCs on websites indicates that acquiring more UGCs and supporting participating users have become important things to media companies. Although those companies need to understand why general users have shown increasing interest in creating and posting contents and what is important to them in the process of productions, few research results exist in this area to address these issues. Also, behavioral process in creating video UGCs has not been explored enough for the public to fully understand it. With a solid theoretical background (i.e., theory of implementation intentions), parts of our proposed research model mirror the process of user behaviors in creating video contents, which consist of intention to upload, intention to edit, edit, and upload. In addition, in order to explain how those behavioral intentions are developed, we investigated influences of antecedents from three motivational perspectives (i.e., intrinsic, editing software-oriented, and website's network effect-oriented). First, from the intrinsic motivation perspective, we studied the roles of self-expression, enjoyment, and social attention in forming intention to edit with preferred editing software or in forming intention to upload video contents to preferred websites. Second, we explored the roles of editing software for non-professionals to edit video contents, in terms of how it makes production process easier and how it is useful in the process. Finally, from the website characteristic-oriented perspective, we investigated the role of a website's network externality as an antecedent of users' intention to upload to preferred websites. The rationale is that posting UGCs on websites are basically social-oriented behaviors; thus, users prefer a website with the high level of network externality for contents uploading. This study adopted a longitudinal research design; we emailed recipients twice with different questionnaires. Guided by invitation email including a link to web survey page, respondents answered most of questions except edit and upload at the first survey. They were asked to provide information about UGC editing software they mainly used and preferred website to upload edited contents, and then asked to answer related questions. For example, before answering questions regarding network externality, they individually had to declare the name of the website to which they would be willing to upload. At the end of the first survey, we asked if they agreed to participate in the corresponding survey in a month. During twenty days, 333 complete responses were gathered in the first survey. One month later, we emailed those recipients to ask for participation in the second survey. 185 of the 333 recipients (about 56 percentages) answered in the second survey. Personalized questionnaires were provided for them to remind the names of editing software and website that they reported in the first survey. They answered the degree of editing with the software and the degree of uploading video contents to the website for the past one month. To all recipients of the two surveys, exchange tickets for books (about 5,000~10,000 Korean Won) were provided according to the frequency of participations. PLS analysis shows that user behaviors in creating video contents are well explained by the theory of implementation intentions. In fact, intention to upload significantly influences intention to edit in the process of accomplishing the goal behavior, upload. These relationships show the behavioral process that has been unclear in users' creating video contents for uploading and also highlight important roles of editing in the process. Regarding the intrinsic motivations, the results illustrated that users are likely to edit their own video contents in order to express their own intrinsic traits such as thoughts and feelings. Also, their intention to upload contents in preferred website is formed because they want to attract much attention from others through contents reflecting themselves. This result well corresponds to the roles of the website characteristic, namely, network externality. Based on the PLS results, the network effect of a website has significant influence on users' intention to upload to the preferred website. This indicates that users with social attention motivations are likely to upload their video UGCs to a website whose network size is big enough to realize their motivations easily. Finally, regarding editing software characteristic-oriented motivations, making exclusively-provided editing software more user-friendly (i.e., easy of use, usefulness) plays an important role in leading to users' intention to edit. Our research contributes to both academic scholars and professionals. For researchers, our results show that the theory of implementation intentions is well applied to the video UGC context and very useful to explain the relationship between implementation intentions and goal behaviors. With the theory, this study theoretically and empirically confirmed that editing is a different and important behavior from uploading behavior, and we tested the behavioral process of ordinary users in creating video UGCs, focusing on significant motivational factors in each step. In addition, parts of our research model are also rooted in the solid theoretical background such as the technology acceptance model and the theory of network externality to explain the effects of UGC-related motivations. For practitioners, our results suggest that media companies need to restructure their websites so that users' needs for social interaction through UGC (e.g., self-expression, social attention) are well met. Also, we emphasize strategic importance of the network size of websites in leading non-professionals to upload video contents to the websites. Those websites need to find a way to utilize the network effects for acquiring more UGCs. Finally, we suggest that some ways to improve editing software be considered as a way to increase edit behavior which is a very important process leading to UGC uploading.