• Journal of Intelligence and Information Systems
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• v.18 no.2
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• pp.143-156
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• 2012

People easily believe that news and stock index are closely related. They think that securing news before anyone else can help them forecast the stock prices and enjoy great profit, or perhaps capture the investment opportunity. However, it is no easy feat to determine to what extent the two are related, come up with the investment decision based on news, or find out such investment information is valid. If the significance of news and its impact on the stock market are analyzed, it will be possible to extract the information that can assist the investment decisions. The reality however is that the world is inundated with a massive wave of news in real time. And news is not patterned text. This study suggests the stock-index invest model based on "News Big Data" opinion mining that systematically collects, categorizes and analyzes the news and creates investment information. To verify the validity of the model, the relationship between the result of news opinion mining and stock-index was empirically analyzed by using statistics. Steps in the mining that converts news into information for investment decision making, are as follows. First, it is indexing information of news after getting a supply of news from news provider that collects news on real-time basis. Not only contents of news but also various information such as media, time, and news type and so on are collected and classified, and then are reworked as variable from which investment decision making can be inferred. Next step is to derive word that can judge polarity by separating text of news contents into morpheme, and to tag positive/negative polarity of each word by comparing this with sentimental dictionary. Third, positive/negative polarity of news is judged by using indexed classification information and scoring rule, and then final investment decision making information is derived according to daily scoring criteria. For this study, KOSPI index and its fluctuation range has been collected for 63 days that stock market was open during 3 months from July 2011 to September in Korea Exchange, and news data was collected by parsing 766 articles of economic news media M company on web page among article carried on stock information>news>main news of portal site Naver.com. In change of the price index of stocks during 3 months, it rose on 33 days and fell on 30 days, and news contents included 197 news articles before opening of stock market, 385 news articles during the session, 184 news articles after closing of market. Results of mining of collected news contents and of comparison with stock price showed that positive/negative opinion of news contents had significant relation with stock price, and change of the price index of stocks could be better explained in case of applying news opinion by deriving in positive/negative ratio instead of judging between simplified positive and negative opinion. And in order to check whether news had an effect on fluctuation of stock price, or at least went ahead of fluctuation of stock price, in the results that change of stock price was compared only with news happening before opening of stock market, it was verified to be statistically significant as well. In addition, because news contained various type and information such as social, economic, and overseas news, and corporate earnings, the present condition of type of industry, market outlook, the present condition of market and so on, it was expected that influence on stock market or significance of the relation would be different according to the type of news, and therefore each type of news was compared with fluctuation of stock price, and the results showed that market condition, outlook, and overseas news was the most useful to explain fluctuation of news. On the contrary, news about individual company was not statistically significant, but opinion mining value showed tendency opposite to stock price, and the reason can be thought to be the appearance of promotional and planned news for preventing stock price from falling. Finally, multiple regression analysis and logistic regression analysis was carried out in order to derive function of investment decision making on the basis of relation between positive/negative opinion of news and stock price, and the results showed that regression equation using variable of market conditions, outlook, and overseas news before opening of stock market was statistically significant, and classification accuracy of logistic regression accuracy results was shown to be 70.0% in rise of stock price, 78.8% in fall of stock price, and 74.6% on average. This study first analyzed relation between news and stock price through analyzing and quantifying sensitivity of atypical news contents by using opinion mining among big data analysis techniques, and furthermore, proposed and verified smart investment decision making model that could systematically carry out opinion mining and derive and support investment information. This shows that news can be used as variable to predict the price index of stocks for investment, and it is expected the model can be used as real investment support system if it is implemented as system and verified in the future.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.215-225
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• 2016

This study seeks to find an alternative to the requirement for proving the competitiveness of Korean performing arts before entering into the overseas market by deriving the factors causing entry into the market to be delayed based on an analysis of the current status. Between 2007 to 2014, the overseas revenues from Korean performing arts increased by 16.4% compared to the total amount of financial support, as the number of free performances given overseas and the average guaranteed number of performances overseas are both at a standstill. Also, the size of the audience increased by a mere 3.3 times, which is an even lower growth rate than that for the number of performances, 3.8 times, during the same period. Furthermore, the audience size per unit is suffering from long-term stagnation. The main causes are as follows: 1) applying one-dimensional methods to performing arts exchanges and expanding the overseas market, 2) the existing confused concepts between profit and non-profit contents, 3) the weaknesses of the market expansion strategy, because of programming practices focusing on providers, such as presenters and producers, rather than consumers. As a result, the necessary basic research, including consumer surveys, has not been done yet. In order to understand the implications of this analysis and solve the problem of the delayed overseas expansion of Korean performing arts, the Korean wave industry was examined as a representative example. Consumer surveys for the performing arts, possibly benchmarked to the "Korean Wave Consumer Survey Index (KWCSI)", are expected to be done in the near future. In addition, through the development of a specific consumer index of the performing arts, customized marketing strategies by continent and country need to be established. This empirical study of the overseas expansion of performing arts can be utilized as a bridge between the academic and real worlds. This work may also enable a variety of strategies to be established for the overseas expansion of the performing arts.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.177-198
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• 2018

Recently, as economic property it has become necessary to acquire and utilize the framework for water resource measurement and performance management as the property of water resources changes to hold "public property". To date, the evaluation of water technology has been carried out by feasibility study analysis or technology assessment based on net present value (NPV) or benefit-to-cost (B/C) effect, however it is not yet systemized in terms of valuation models to objectively assess an economic value of technology-based business to receive diffusion and feedback of research outcomes. Therefore, K-water (known as a government-supported public company in Korea) company feels the necessity to establish a technology valuation framework suitable for technical characteristics of water resources fields in charge and verify an exemplified case applied to the technology. The K-water evaluation technology applied to this study, as a public interest goods, can be used as a tool to measure the value and achievement contributed to society and to manage them. Therefore, by calculating the value in which the subject technology contributed to the entire society as a public resource, we make use of it as a basis information for the advertising medium of performance on the influence effect of the benefits or the necessity of cost input, and then secure the legitimacy for large-scale R&D cost input in terms of the characteristics of public technology. Hence, K-water company, one of the public corporation in Korea which deals with public goods of 'water resources', will be able to establish a commercialization strategy for business operation and prepare for a basis for the performance calculation of input R&D cost. In this study, K-water has developed a web-based technology valuation model for public interest type water resources based on the technology evaluation system that is suitable for the characteristics of a technology in water resources fields. In particular, by utilizing the evaluation methodology of the Institute of Advanced Industrial Science and Technology (AIST) in Japan to match the expense items to the expense accounts based on the related benefit items, we proposed the so-called 'K-water's proprietary model' which involves the 'cost-benefit' approach and the FCF (Free Cash Flow), and ultimately led to build a pipeline on the K-water research performance management system and then verify the practical case of a technology related to "desalination". We analyze the embedded design logic and evaluation process of web-based valuation system that reflects characteristics of water resources technology, reference information and database(D/B)-associated logic for each model to calculate public interest-based and profit-based technology values in technology integrated management system. We review the hybrid evaluation module that reflects the quantitative index of the qualitative evaluation indices reflecting the unique characteristics of water resources and the visualized user-interface (UI) of the actual web-based evaluation, which both are appended for calculating the business value based on financial data to the existing web-based technology valuation systems in other fields. K-water's technology valuation model is evaluated by distinguishing between public-interest type and profitable-type water technology. First, evaluation modules in profit-type technology valuation model are designed based on 'profitability of technology'. For example, the technology inventory K-water holds has a number of profit-oriented technologies such as water treatment membranes. On the other hand, the public interest-type technology valuation is designed to evaluate the public-interest oriented technology such as the dam, which reflects the characteristics of public benefits and costs. In order to examine the appropriateness of the cost-benefit based public utility valuation model (i.e. K-water specific technology valuation model) presented in this study, we applied to practical cases from calculation of benefit-to-cost analysis on water resource technology with 20 years of lifetime. In future we will additionally conduct verifying the K-water public utility-based valuation model by each business model which reflects various business environmental characteristics.

• Journal of Animal Science and Technology
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• v.64 no.4
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• pp.770-781
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• 2022

Meteorological disasters caused by climate change like heat, cold waves, and unusually long rainy seasons affect the milk productivity of cows. Studies have been conducted on how milk productivity and milk compositions change due to heat stress (HS). However, the estimation of losses in milk production due to HS and hereby environmental impacts of greenhouse gas (GHG) emissions are yet to be evaluated in Korean dairy farms. Dairy milk production and milk compositions data from March to October 2018, provided by the Korea Dairy Committee (KDC), were used to compare regional milk production with the temperature-humidity index (THI). Raw data for the daily temperature and relative humidity in 2018 were obtained from the Korea Meteorological Administration (KMA). This data was used to calculate the THI and the difference between the maximum and minimum temperature changing rate, as the average daily temperature range, to show the extent to which the temperature gap can affect milk productivity. The amount of milk was calculated based on the price of 926 won/kg from KDC. The results showed that the average milk production rate was the highest within the THI range 60-73 in three regions in May: Chulwon (northern region), Hwasung (central region), and Gunwi (southern region). The average milk production decreased by 4.96 ± 1.48% in northern region, 7.12 ± 2.36% in central region, and 7.94 ± 2.57% in southern region from June to August, which had a THI range of 73 or more, when compared to May. Based on the results, the level of THI should be maintained like May. If so, the farmers can earn a profit of 9,128,730 won/farm in northern region, 9,967,880 won/farm in central region, and 12,245,300 won/farm in southern region. Additionally, the average number of cows raised can be reduced by 2.41 ± 0.35 heads/farm, thereby reducing GHG emissions by 29.61 ± 4.36 kg CO₂eq/day on average. Overall, the conclusion suggests that maintaining environmental conditions in the summer that are similar to those in May is necessary. This knowledge can be used for basic research to persuade farmers to change farm facilities to increase the economic benefits and improve animal welfare.

• Journal of Animal Science and Technology
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• v.48 no.1
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• pp.15-20
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• 2006

The data used in the study were taken from the national dairy genetic evaluation of bulls from 1986 up to 2001. It was conducted to compare the phenotypic performance and genetic merits in terms of production traits, linear traits and selection indexes of four types of dairy semen (TypeⅠ:semen from Korean proven bull, Type Ⅱ:semen from proven bull imported by National Agricultural Cooperative Federation(NACF), Type Ⅲ:semen imported from USA, Type Ⅳ:semen imported from Canada) used in Korea. The result of national dairy genetic evaluation was used to compare genetic merits. Type Ⅲ was superior in the phenotypic performance of milk yield, milk fat and milk protein and was significantly different from Type Ⅰ. Types of semen were not significantly different in fat when semen from bull born after 1991 were compared. Likewise, types of semen were not significantly different in the genetic merit for milk yield, milk fat, milk protein and milk protein %. Moreso, for profit index (MFP) and Korean type production index (KTPI) it was not statistically different. However type Ⅰ was superior in milk fat % and was significantly different from other types. Type Ⅳ was superior in Final Score of conformation test (FS) and Udder Composite Index (UDC) and significantly different from Type Ⅰ. When semen from bull born after 1991 were compared, types of semen were not significantly different in milk yield and milk protein, although type I was superior in milk fat, milk fat %, milk protein % and MFP and was significantly different from others. Moreover type Ⅲ and type Ⅳ was superior in UDC and were significantly different from others.

• Korean Journal of Poultry Science
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• v.6 no.1
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• pp.12-23
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• 1979

This experiment was carrid out to investigate the interaction between boilelr strains and nutrition levels, and the performances of four broiler strains such as Han Hyup 603, Hubbard, Anak and Filch when they were fed by four different nutrition levels (High Protein and energy; HP. HE., Medium Protein and energy; MP. ME., Low Protein ana energy; LP. LE., and low protein and energy; LLP. LLE.). The data used in this study were obtained from a total of 1200 broiler type chicks in Poultry Testing Station, Korean Poultry Association from June 16, to August 11, 1978. Differences of all characters among four nutrition levels were significant except viability and carcass rate. HP. HE and MP. ME treatments showed nearly the same performances in body weight, feed efficiency and point, spread but they were significantly superior to those of LP. LE and LLP. LLE. There were not significant differences among four strains in feed efficiency and viability but other characters, body weight, point spread and carcass rate were observed that the performance of the best strain B was significantly superior to strain D but it was not recognized significance compared with strain A, C in tile result of statisticel analysis. In the interaction between strains and nutrition levels, body weight at high and levels showed significantly differences but at low and low nutrition levels were nearly same among four strains. Therefore this study demonstrated that comparision of body weights between strains should be performed at medium nutrition level or above. Also point spread calculated as index of body weight and feed efficiency was observed that strain B at low nutrition level is excellently higher than other strains and there were little differences at low nutrition level among all strains. It was found that ]it tie differences between performances of high arid medium levels seemed to be as the reason of high fat addition for energy source to high mutrition feed, and in general superior strain showed good performance at all the nutrition levels in$.$all characters but in body weight and point spread there were significantly different responses with different nutrition level, The most superior strain B among four strains earned the most profit per bird, Although performances of high and medium nutrition levels were nearly the same, medium nutrition level also showed the most profit because the feed cost of high nutrition level was higher than that of medium nutrition level.

• Journal of Intelligence and Information Systems
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• v.26 no.1
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• pp.119-133
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• 2020

Fama asserted that in an efficient market, we can't make a trading rule that consistently outperforms the average stock market returns. This study aims to suggest a machine learning algorithm to improve the trading performance of an intraday short volatility strategy applying asymmetric volatility spillover effect, and analyze its trading performance improvement. Generally stock market volatility has a negative relation with stock market return and the Korean stock market volatility is influenced by the US stock market volatility. This volatility spillover effect is asymmetric. The asymmetric volatility spillover effect refers to the phenomenon that the US stock market volatility up and down differently influence the next day's volatility of the Korean stock market. We collected the S&P 500 index, VIX, KOSPI 200 index, and V-KOSPI 200 from 2008 to 2018. We found the negative relation between the S&P 500 and VIX, and the KOSPI 200 and V-KOSPI 200. We also documented the strong volatility spillover effect from the VIX to the V-KOSPI 200. Interestingly, the asymmetric volatility spillover was also found. Whereas the VIX up is fully reflected in the opening volatility of the V-KOSPI 200, the VIX down influences partially in the opening volatility and its influence lasts to the Korean market close. If the stock market is efficient, there is no reason why there exists the asymmetric volatility spillover effect. It is a counter example of the efficient market hypothesis. To utilize this type of anomalous volatility spillover pattern, we analyzed the intraday volatility selling strategy. This strategy sells short the Korean volatility market in the morning after the US stock market volatility closes down and takes no position in the volatility market after the VIX closes up. It produced profit every year between 2008 and 2018 and the percent profitable is 68%. The trading performance showed the higher average annual return of 129% relative to the benchmark average annual return of 33%. The maximum draw down, MDD, is -41%, which is lower than that of benchmark -101%. The Sharpe ratio 0.32 of SVS strategy is much greater than the Sharpe ratio 0.08 of the Benchmark strategy. The Sharpe ratio simultaneously considers return and risk and is calculated as return divided by risk. Therefore, high Sharpe ratio means high performance when comparing different strategies with different risk and return structure. Real world trading gives rise to the trading costs including brokerage cost and slippage cost. When the trading cost is considered, the performance difference between 76% and -10% average annual returns becomes clear. To improve the performance of the suggested volatility trading strategy, we used the well-known SVM algorithm. Input variables include the VIX close to close return at day t-1, the VIX open to close return at day t-1, the VK open return at day t, and output is the up and down classification of the VK open to close return at day t. The training period is from 2008 to 2014 and the testing period is from 2015 to 2018. The kernel functions are linear function, radial basis function, and polynomial function. We suggested the modified-short volatility strategy that sells the VK in the morning when the SVM output is Down and takes no position when the SVM output is Up. The trading performance was remarkably improved. The 5-year testing period trading results of the m-SVS strategy showed very high profit and low risk relative to the benchmark SVS strategy. The annual return of the m-SVS strategy is 123% and it is higher than that of SVS strategy. The risk factor, MDD, was also significantly improved from -41% to -29%.

• Journal of Digital Convergence
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• v.10 no.5
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• pp.333-338
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• 2012

Cultural goods is carrying nature and value above-mentioned a commodity to what a cultural element was commercialized. And it produced for the purpose of manufacture for popular sales and supply, and holding commercial character. Specially, cultural goods of a museum keeps a good memory to a sightseer, and broaden an educational experience, and the source of profit becomes it to a seller a producer. This cultural goods as they all include the artistic historical figurative background that they are displayed directly and got twisted up to collection have background which became a motive. Cultural goods can acquire cultural difference in globalization and have to be based on the soil of cultural heritage, starting around various cultural materials through practical value to a modern life. Internationally, cultural goods using a culture material development have competitiveness of nation as in it. Therefore, Baekje cultural goods need national and positive aid from the government with the customer satisfaction index considering the modern design, an age group, an internal and external commodity as the difficulty of various commodity development and managing museum shop. Furthermore, like overseas museum shop, if we are practically using on-off line, continuous promoting our commodity, and marketing strategy such as a membership system when buy our cultural goods, a special discount event etc., we can contribute to activate local economy as a museum shop when we have responsibility of the function and the part.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.21-33
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• 2013

This study analyzes the effects of diversification on business results and enterprise values of KOSDAQ-listed venture companies to inquire into the effective diversification strategies of venture companies after an initial public offering (IPO). In particular, this study used the Berry-Herfindahl index as a proxy variable regarding the level of diversification of venture companies, and categorized the diversification methods into M&As, strategic partnerships and establishment of subsidiaries to analyze the effects of the mutual interaction among such methods. The following is a summary of the results of the analysis. First, diversification did not have any statistically significant effects on business growth. However, it was found that there was an inverted U-shaped relationship between diversification and the profitability of the company. Second, although no statistical significance was found between enterprise values measured based on diversification and market value, a U-shaped relationship or positive relationship was found. Third, M&As were found to moderate the relationship between diversification and business results and enterprise values. Fourth, strategic relationship and establishment of subsidiaries was found to moderate the relationship between diversification and the profit results of the company. Based on the above findings, this study discovered the practical implications regarding the diversification of venture companies after listing on the KOSDAQ.

• International Commerce and Information Review
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• v.19 no.4
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• pp.175-197
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• 2017

As a revision negotiation on the KORUS FTA has become a national pending issue, this study aims to analyze changes in the trade structure of Korean export industry before and after the KORUS FTA. For the analysis, this study used Market Comparative Advantage(MCA) and Intra-industry Trade(IIT) indexes. Results of the analysis are as follows: First, in analyzing the competitive and complementary relationships of export products using the MCA index, it was discovered that Korea has formed an export-oriented complementary relationship with the United States. Second, the results of analysing IIT showed that Korea has made a low-quality vertical IIT with the U.S. in some items while it has usually made a weak IIT with the U.S.. Based on the results above, this study proposes a few policy suggestions in the following areas: Improvement of competitiveness in trade-deficit service sector, achievement of the balance of profit and loss in goods and service sectors through the revision negotiation of the KORUS FTA, enhancement of competitiveness in competitive and comparative disadvantage items, reinforcement of ability to respond to consumption patterns in U.S. market, etc. in export-dominant items, and pursuit of horizontal-vertical division of labor in comparative advantage items and horizontal division of labor in comparative disadvantage items.