• Title/Summary/Keyword: Reversal Effect

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

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

Effect of Phorbol ester on $K^+$channel in an G292 osteoblast-like cell (G292 세포에서 $K^+$통로에 대한 phorbol ester의 효과)

  • Kim, Mi-Kyung;Park, Su-Byung
    • The korean journal of orthodontics
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    • v.32 no.3 s.92
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    • pp.227-234
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    • 2002
  • In order to investigate the action mechanism of protein kinase C on $K^+$ channel in osteoblastic cell, effects of phorbol 12, 13-dibutyrate on human osteoblast-like cells (G292) were studied by patch clamp technique with cell-attacked configuration. 111 this experiment, 45pS ion channel was dominant in G292 cell line according to their approximate conductances in symmetrical 140mM KCl saline at holding potential of 60mV. In torrent-voltage relationship, reversal potential was 5.5mV at the condition of potassium enriched saline in the pipette and -27 mV at the condition of standard extracellular saline In the pipette. Phorbol 12, 13-dibutyrate 10nM increased the open probability of 45pS channel and staurosporine, an inhibitor of protein kinase C, suppressed this effect. Phorbol 12,13-dibutyrate moved the reversal potential of 45pS channel to more negative potential and increased the single channel current at the same membrame potential. In order to check the activation of protein kinase C in G292 cell by phorbol 12,13-dibutyrate, western blot of protein kinase C was performed. Phorbol 12,13-dibutyrate $0.1{\mu}M$ translocated protein kinase C from cellular compartment to membrane compartment of the cell. These findings suggest that phorbol 12,13-dibutyrate, one of phorbol esters, activate 45pS channel In G292 cell and affect cell membrane potential, that regulate cellular function.

A Structural Relational Analysis of the Determinants of Functional Status in Korean Rural Elderly People (한국 일부 농촌지역 노인의 생활기능상태 결정요인의 구조적 관계 연구)

  • 공은숙
    • Journal of Korean Academy of Nursing
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    • v.28 no.2
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    • pp.380-391
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    • 1998
  • This study was conducted to develop a theoretical model for the determinants of activities of daily living in Korean rural elderly people. The theoretical model was derived from Lawton's Ecological Model to explain human behavior. The model includes determinant variables for functional status such as age, sex, physical status, cognitive status, physical environment, social environment, and depression. Data for this study was collected from 189 elderly people in a rural district near Chonju City. The data was analyzed with SPSS PC/sup +/4.1 and LISREL 8. The analysis of the data showed that the first proposed theoretical model did not fit the collected data well. In order to increase the fit of the model to the data, the model was modified by deleting the exogenous variables of sex, physical environment, and social environment. The fit of the modified model to the data was increased and was move suitable. The results of this study show that the determinants of the activities of Korean rural elderly people were age, perceived physical condition, cognitive status, and depressional status. Age has a significant direct and indirect effect on the activities of daily living of rural elderly people. Perceived physical condition has a significant indirect effect through depression on activities of daily living. Cognitive status also has a significant indirect effect through depression on functional status. Depression has a significant direct effect on the functional status. Physical environment and social environment showed reversal relationships to functional status. In conclusion, the results of this study show that personal characteristic factors are more important than environmental characteristic factors for functional status of elderly people. However, the importance of depression to functional status in Korean rural elderly people and the reverse relationship between social environment and functional status, reflect Korean specificity. Korean nursing needs to focus more on this Korean specificity in order to develop nursing knowledge and practice appropriate to Korean people.

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The Influence of Innovation-oriented Organizational Culture on Management Performance - Focusing on the Mediating Effect of Proactive Entrepreneurial Behaviour and Market Orientation - (혁신지향 조직문화가 경영성과에 미치는 영향 -진취적 기업가행동과 시장지향성의 매개효과를 중심으로-)

  • Joo, Cheol-Keun
    • Journal of Digital Convergence
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    • v.18 no.8
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    • pp.119-131
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    • 2020
  • The purpose of this study is to examine the mediated effects of entrepreneurship and market orientation on organizational culture and management performance as the cause of the reversal phenomenon of startups defeating traditional giants. Through the research method of bootstrapping proposed by Hayes (2013), the total effect, direct effect and indirect effect analysis were conducted. As a result, there was no direct impact relationship between organizational culture and management performance, but it was confirmed that it had a positive impact on management performance by mediating both entrepreneurial behavior and market orientation in the relationship between organizational culture and management performance. This study is meaningful in that it is linked to existing theories such as entrepreneurship and market orientation and it extends the scope of competency targets required for business performance to an organizational culture. Companies need to create an innovation-oriented organizational culture for management performance and value creation, and they have to open up their culture with entrepreneurial behavior and market orientation by breaking away from the inertia of organization.

Relation Between Magnetization Easy Axis and Anisotropic Magnetoresistance in Permalloy Films (퍼멀로이 박막의 자화 용이축과 자기저항 변화와의 상관관계에 대한 연구)

  • Hwang, Tae-Jong;Ryu, Yeung-Shik;Kwon, Jin-Hyuk;Kim, Ki-Hyeon;Kim, Dong-Ho
    • Journal of the Korean Magnetics Society
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    • v.18 no.1
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    • pp.28-31
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    • 2008
  • We studied the effect of easy magnetization axis orientation with respect to the strip direction by measuring the magnetoresistance(MR), the magneto-optic Kerr effect(MOKE), and real-time domain evolution. The five strips were patterned on a single chip with the easy axis orientation of each strip relative to the longitudinal direction by around $0^{\circ}$, $18^{\circ}$, $36^{\circ}$, $54^{\circ}$ and $72^{\circ}$, respectively. The overall shape of field dependent MR was mostly governed by the anisotropy magnetoresistnace. The relative change of the longitudinal MR was significantly increased with increasing angle between the easy axis and strip direction, whereas, the transverse MR variation rate was decreased with increasing angle. Several MR steps were observed during the magnetization reversal, and the simultaneous measurement of the MOKE and the domain images identified that the MR steps were associated with evolution of the oppositely directed magnetic domain.

Chemical Modification of the Human Ether-a-go-go-related gene (HERG) $K^+$ Current by the Amino-Group Reagent Trinitrobenzene Sulfonic Acid

  • Jo Su-Hyun;Choi Se-Young;Yun Ji-Hyun;Koh Young-Sang;Ho Won-Kyung;Lee Chin-O.
    • Archives of Pharmacal Research
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    • v.29 no.4
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    • pp.310-317
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    • 2006
  • We investigated the effects of trinitrobenzene sulfonic acid (TNBS), an amino-group reagent, on the human ether-a-go-go-related gene (HERG) $K^+$ channels expressed in Xenopus oocytes. TNBS neutralizes the positively charged amino-groups of peptide N-terminal and lysine residues. External application of TNBS at 10 mM for 5 min irreversibly shifted the curves for currents at the end of the pulse and tail currents of HERG to a more negative potential and decreased the maximal amplitude of the $I_{tail}$ curve $(I_{tail,max})$. TNBS had little effect on either the activated current-voltage relationship or the reversal potential of HERG current, indicating that TNBS did not change ion selectivity properties. TNBS shifted the time constant curves of both activation and deactivation of the HERG current to a more hyperpolarized potential; TNBS's effect was greater on channel opening than channel closing. External $H^+$ is known to inhibit HERG current by shifting $V_{1/2}$ to the right and decreasing $I_{tail,max}$. TNBS enhanced the blockade of external $H^+$ by exaggerating the effect of $H^+$ on $I_{tail,max}$, not on $V_{1/2}$. Our data provide evidence for the presence of essential amino-groups that are associated with the normal functioning of the HERG channel and evidence that these groups modify the blocking effect of external $H^+$ on the current.

Reversal of Cisplatin Resistance by Epigallocatechin Gallate Is Mediated by Downregulation of Axl and Tyro 3 Expression in Human Lung Cancer Cells

  • Kim, Kyung-Chan;Lee, ChuHee
    • The Korean Journal of Physiology and Pharmacology
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    • v.18 no.1
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    • pp.61-66
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    • 2014
  • Lung cancer is still the number one cause of death from cancer worldwide. The clinical effect of platinum-based chemotherapy for non-small cell lung cancer is constrained by the resistance to drug. To overcome chemo-resistance, various modified treatment including combination therapy has been used, but overall survival has not been improved yet. In this study, chemo-resistant lung cancer cells, A549/Cis and H460/Cis, were developed by long-term exposure of cells to cisplatin and the proliferative capability of these resistant cells was verified to be reduced. We found cytotoxic effect of epigallocatechin gallate (EGCG), a major catechin derived from green tea, on both the parental lung cancer cells, A549 and H460, and their cisplatin resistant cells, A549/Cis and H460/Cis. ELISA and Western blot analysis revealed that EGCG was able to increase interlukine-6 (IL-6) production per cell, whereas its downstream effector Signal transducers and activators of transcription 3 (STAT3) phosphorylation was not changed by EGCG, indicating that IL-6/STAT3 axis is not the critical signaling to be inhibited by EGCG. We next found that EGCG suppresses the expression of both Axl and Tyro 3 receptor tyrosine kinases at mRNA and protein level, explaining the cytotoxic effect of EGCG on lung cancer cells, especially, regardless of cisplatin resistance. Taken together, these data suggest that EGCG impedes proliferation of lung cancer cells including their chemo-resistant variants through downregulation of Axl and Tyro 3 expression.

Chemosensitizing effect and mechanism of imperatorin on the anti-tumor activity of doxorubicin in tumor cells and transplantation tumor model

  • Liang, Xin-li;Ji, Miao-miao;Liao, Zheng-gen;Zhao, Guo-wei;Tang, Xi-lan;Dong, Wei
    • The Korean Journal of Physiology and Pharmacology
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    • v.26 no.3
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    • pp.145-155
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    • 2022
  • Multidrug resistance of tumors has been a severe obstacle to the success of cancer chemotherapy. The study wants to investigate the reversal effects of imperatorin (IMP) on doxorubicin (DOX) resistance in K562/DOX leukemia cells, A2780/Taxol cells and in NOD/SCID mice, to explore the possible molecular mechanisms. K562/DOX and A2780/Taxol cells were treated with various concentrations of DOX and Taol with or without different concentrations of IMP, respectively. K562/DOX xenograft model was used to assess anti-tumor effect of IMP combined with DOX. MTT assay, Rhodamine 123 efflux assay, RT-PCR, and Western blot analysis were determined in vivo and in vitro. Results showed that IMP significantly enhanced the cytotoxicity of DOX and Taxol toward corresponding resistance cells. In vivo results illustrated both the tumor volume and tumor weight were significantly decreased after 2-week treatment with IMP combined with DOX compared to the DOX alone group. Western blotting and RT-PCR analyses indicated that IMP downregulated the expression of P-gp in K562/DOX xenograft tumors in NOD/SCID mice. We also evaluated glycolysis and glutamine metabolism in K562/DOX cells by measuring glucose consumption and lactate production. The results revealed that IMP could significantly reduce the glucose consumption and lactate production of K562/DOX cells. Furthermore, IMP could also remarkably repress the glutamine consumption, α-KG and ATP production of K562/DOX cells. Thus, IMP may sensitize K562/DOX cells to DOX and enhance the antitumor effect of DOX in K562/DOX xenograft tumors in NOD/SCID mice. IMP may be an adjuvant therapy to mitigate the multidrug resistance in leukemia chemotherapy.

Laboratory investigation of the effects of translation on the near-ground tornado flow field

  • Razavi, Alireza;Sarkar, Partha P.
    • Wind and Structures
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    • v.26 no.3
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    • pp.179-190
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    • 2018
  • Translation of tornadoes is an important feature in replicating the near-ground tornado flow field which has been simulated in previous studies based on Ward-type tornado simulators using relative motion of the ground plane. In this laboratory investigation, effects of translation on the near-ground tornado flow field were studied using the ISU Tornado Simulator that can physically translate over a ground plane. Two translation speeds, 0.15 m/s and 0.50 m/s, that scale up to those corresponding to slowly-moving tornadoes in the field were selected for this study. Compared with the flow field of a stationary tornado, the simulated tornado with translation had an influence on the spatial distribution and magnitude of the horizontal velocities, early reversal of the radial inflow, and expansion of the core radius. Maximum horizontal velocities were observed to occur behind the center of the translating tornado and on the right side of its mean path. An increase in translation speed, resulted in reduction of maximum horizontal velocities at all heights. Comparison of the results with previous studies that used relative motion of the ground plane for simulating translating tornadoes, showed that translation has similar effects on the flow field at smaller radial distances (~2 core radius), but different effects at larger radial distances (~4 core radius). Further, it showed that the effect of translation on velocity profiles is noticeable at and above an elevation of ~0.6 core radius, unlike those in studies based on the relative motion of the ground plane.

Effect of Edge Confinement on Deformation Capacity in the Isolated RC Structural Walls (벽체 단부의 횡보강근 양에 따른 변형능력의 평가)

  • 한상환;오영훈;이리형
    • Journal of the Korea Concrete Institute
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    • v.11 no.6
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    • pp.101-112
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    • 1999
  • Structural walls have been mostly used for the design of reinforced concrete buildings in seismic areas because they play a role as an efficient bracing system and offer great potential for lateral load resistance and drift control. The lateral resistance system for the earthquake load should be designed to have enough ductility and stable hysteretic response in the critical regions where plastic deformation occurred beyond yielding. The behavior of the reinforced concrete element to experience large deformation in the critical areas by a major earthquake is affected by the performance of the confined core concrete. Thus, the confinement of concrete by suitable arrangements of transverse reinforcement results in a significant increase in both the strength and ductility of compressed concrete. This paper reports the experimental results of reinforced concrete structural walls for wall-type apartment structure under axial loads and cyclic reversal of lateral loads with different confinement of the boundary elements. The results show that confinement of the boundary element by open 'U'-bar and cross tie is effective. The shear strength capacity is not increased by the confinement but deformation capacity is improve.