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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.

Improvement of Energy Density in Supercapacitor by Ion Doping Control for Energy Storage System (에너지 저장장치용 슈퍼커패시터 이온 도핑 제어를 통한 에너지 밀도 향상 연구)

  • Park, Byung-jun;Yoo, SeonMi;Yang, SeongEun;Han, SangChul;No, TaeMoo;Lee, Young Hee;Han, YoungHee
    • KEPCO Journal on Electric Power and Energy
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    • v.5 no.3
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    • pp.209-213
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    • 2019
  • Recently, demand for high energy density and long cycling stability of energy storage system has increased for application using with frequency regulation (F/R) in power grid. Supercapacitor have long lifetime and high charge and discharge rate, it is very adaptable to apply a frequency regulation in power grid. Supercapacitor can complement batteries to reduce the size and installation of batteries. Because their utilization in a system can potentially eliminate the need for short-term frequent replacement as required by batteries, hence, saving the resources invested in the upkeep of the whole system or extension of lifecycle of batteries in the long run of power grid. However, low energy density in supercapacitor is critical weakness to utilization for huge energy storage system of power grid. So, it is still far from being able to replace batteries and struggle in meeting the demand for a high energy density. But, today, LIC (Lithium Ion Capacitor) considered as an attractive structure to improve energy density much more than EDLC (Electric double layer capacitor) because LIC has high voltage range up to 3.8 V. But, many aspects of the electrochemical performance of LIC still need to be examined closely in order to apply for commercial use. In this study, in order to improve the capacitance of LIC related with energy density, we designed new method of pre-doping in anode electrode. The electrode in cathode were fabricated in dry room which has a relative humidity under 0.1% and constant electrode thickness over $100{\mu}m$ was manufactured for stable mechanical strength and anode doping. To minimize of contact resistance, fabricated electrode was conducted hot compression process from room temperature to $65^{\circ}C$. We designed various pre-doping method for LIC structure and analyzing the doping mechanism issues. Finally, we suggest new pre-doping method to improve the capacitance and electrochemical stability for LIC.

The Way of Connecting to Tradition through Content (콘텐츠를 통해 전통을 잇는 방식 - 단원미술관 전시사례를 중심으로)

  • Kim, Sangmi
    • Trans-
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    • v.9
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    • pp.17-36
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    • 2020
  • This study is aimed at discussing the possibility of content production, utilization and expansion, focusing on the exhibition case of Danwon Art Museum run by Ansan Cultural Foundation. In 1991, the Ministry of Culture, Sports and Tourism named Ansan as the City of Danwon since it is believed to be the hometown of Danwon Kim Hong-do (1745~?), a painter of the late Joseon Dynasty and a well-known master of genre painting. As a result, Ansan is making various efforts to utilize Danwon Kim Hong-do for its unique resource through internal and external business such as the creation of Danwon Sculpture Park, the operation of Danwon Art Museum, and the planning of Danwon Kim Hong-do Festival. However, the biggest problem with Ansan is that there are not many collections of Kim Hong-do. Ansan has owned a total of six works as of May this year: a deer and a boy, flowers and a bird, A view of clouds on the water, Daegwallyeong, Yeodongbin, A way to Singwangsa. Accordingly, Danwon Contents Center has set up a vision to systematically collect, preserve, and display various visual and artistic materials related to Kim Hong-do, offering high-quality information based on digital data. In other words, it is a complex cultural information agency of One-Source Multi-Use, which combines the functions of libraries, archives and art galleries so that visitors' desire is satisfied. It reflects the contemporary trend of overcoming the limitations of the ancient paintings and satisfying the role and function of the art museum. From the opening of the Danwon Contents Hall, the original work of Kim Hong-do has been interpreted and produced as media contents or recreated as a new form of art by modern artists. Exhibition using technologies such as touch screen and 'deep zoom' helps visitors to heighten their experience of the archives and get inside the world of the genius painter.

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Nutrient Balance and Vegetable Crop Production as Affected by Different Sources of Organic Fertilizers (유기자원에 따른 양분수지 및 작물생산)

  • Agus, Fahmuddin;Setyorini, Diah;Hartatik, Wiwik;Lee, Sang-Min;Sung, Jwa-Kyung;Shin, Jae-Hoon
    • Korean Journal of Soil Science and Fertilizer
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    • v.42 no.1
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    • pp.1-13
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    • 2009
  • Understanding the net nutrient balance in a farming system is crucial in assessing the system's sustainability. We quantified N, P and K balances under vegetable organic farming in a Eutric Haplud and in West Java, Indonesia in five planting seasons from 2005 to 2007. The ten treatments and three replications, arranged in a completely randomized block design, included single or combined sources of organic fertilizers: barnyard manure, compos ts or green manures. The organic matter rates were adjusted every planting season depending on the previous crop responses. The result sshowed that the application of ${\geq}20$ t $ha^{-1}$ barnyard manure per crop resulted in positive balances of N, P, and K, except in the second crops of 2006 where potassium balance were -25 to -11 kg $ha^{-1}$ under the treatments involving cattle barnyard manure, because of low K content of these treatments and high K uptake by Chinese cabbage. Application of 20 to 25 t $ha^{-1}$ of plant residue or 5 t $ha^{-1}$ of Tithonia compost also resulted in a negative K balance. Soil available P increased significantly under ${\geq}25$ t $ha^{-1}$ barnyard manure and that under chicken manure had the highest available P. Accordingly, chicken barnyard manure gave the highest crop yield because of relatively higher N, P, and K contents. Plant residues gave the lowest yield due to the lowest nutrient content among all sources. Reducing the use of barnyard manure to 12.5 t $ha^{-1}$ and substituting it with Tithonia compost, Tithonia green manure or vegetable plant residue compost gave insignificantly different yield compared to the application of 25 t $ha^{-1}$ barnyard manure singly. In the long run, application of 25 t ha-1 cattle, goat, and horse manure or about 20 t $ha^{-1}$ chicken manure is recommendable for sustaining the fertility of this Andisol for vegetable production.

New Perspectives on Sunday School of Korean Church for Next Generation (다음 세대와 한국교회 주일학교의 새 전망)

  • Kim, Jeong Joon
    • Journal of Christian Education in Korea
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    • v.67
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    • pp.11-44
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    • 2021
  • In the early 21st century, the global COVID-19 pandemic, which has arisen during the development of the technological science of the Fourth Industrial Revolution, has been a great challenge in all fields including politics, economy, industry, education and religion in Korean society. To prevent the spread of the COVID-19 epidemic, the Korean government announced 'social distancing guidelines,' focused on the 'prohibition of three conditions'(crowd, closeness, airtight) for safety reasons. These quarantine guidelines made it more difficult for Korean churches and Sunday schools to operate. In general, looking at the statistical data of the major denominations of the Korean Church in the second half of the 20th century, shows that the Church has entered a period of stagnant or declining growth. Data also show that the number of students attending Sunday School is decreasing. The researcher identified four causes of the crisis faced by the Korean church and Korean Sunday school entering the 21st century. These trends are influenced by the tendencies of postmodernism, the deconstruction of modern universalism, the certainty and objectivity of knowledge, and the grand narrative and worldview of diffusion. Moreover, it is a phenomenon in which the young population decreases in contrast to the increasing elderly population in the age of population cliff in Korean society. Sunday Schools are also facing a crisis, as the youth population, who will become the future heroes of the Korean church, is declining. Finally, constraints of Church and Sunday school education activities are due to COVID-19 Pandemic. As analysis shows the loss of the Church's educational vision and a decrease in the passion for education. Accordingly, the researcher suggests four new strategies for the next generation of Korean Sunday schools, whose ranges from 200 members or less; this range covers the majority of Sunday School program run by churches in Korea. First, in the age of postmodernism, a time of uncertainty and relativism, Christian Societies requires teachers who are certain of absolute Christian truth and faith. Second, in an era of declining population cliffs for younger generations, a shift to a home-friendly Sunday school paradigm is needed. Third, during the COVID-19 pandemic, educational activities must appropriately utilize face-to-face and non-face-to-face communication. Finally, even in difficult times, Korean Sunday school should nevertheless remember the Lord's great commandment(Matthew 28:18-20) and restore the vision and passion of education to announce and teach the gospel. The researcher hopes that this study will provide small, positive steps in rebuilding Korean Sunday school educational activities for future generations in difficult times.

A historical study of the Large Banner, a symbol of the military dignity of the Late Joseon Dynasty (조선 후기 무위(武威)의 상징 대기치(大旗幟) 고증)

  • JAE, Songhee;KIM, Youngsun
    • Korean Journal of Heritage: History & Science
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    • v.54 no.4
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    • pp.152-173
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    • 2021
  • The Large Banner was introduced during the Japanese Invasions of Korea with a new military system. It was a flag that controlled the movement of soldiers in military training. In addition, it was used in other ways, such as a symbol when receiving a king in a military camp, a flag raised on the front of a royal procession, at the reception and dispatch of envoys, and at a local official's procession. The Large Banner was recognized as a symbol of military dignity and training rites. The Large Banner was analyzed in the present study in the context of two different types of decorations. Type I includes chungdogi, gakgi and moongi. Type II includes grand, medium, and small obangi, geumgogi and pyomigi. Each type is decorated differently for each purpose. The size of the flag is estimated to be a square of over 4 ja long in length. Flame edges were attached to one side and run up and down The Large Banner used the Five Direction Colors based on the traditional principles of Yin-Yang and Five Elements. The pattern of the Large Banner is largely distinguished by four. The pattern of large obangi consists of divine beasts symbolizing the Five Directions and a Taoism amulet letter. The pattern of medium obangi features spiritual generals that escort the Five Directions. The pattern of small obangi has the Eight Trigrams. The pattern of moongi consists of a tiger with wings that keeps a tight watch on the army's doors. As for historical sources of coloring for Large Banner production, the color-written copy named Gije, from the collection of the Osaka Prefect Library, was confirmed as the style of the Yongho Camp in the mid to late 18th century, and it was also used for this essay and visualization work. We used Cloud-patterned Satin Damask as the background material for Large Banner production, to reveal the dignity of the military. The size of the 4 ja flag was determined to be 170 cm long and 145 cm wide, and the 5 ja flag was 200 cm long and 175 cm wide. The conversion formula used for this work was Youngjochuck (1 ja =30cm). In addition, the order of hierarchy in the Flag of the King was discovered within all flags of the late Joseon Dynasty. In the above historical study, the two types of Large Banner were visualized. The visualization considered the size of the flag, the decoration of the flagpole, and the patterns described in this essay to restore them to their original shape laid out the 18th century relics on the background. By presenting color, size, material patterns, and auxiliary items together, it was possible not only to produce 3D content, but also to produce real products.

Effect of Entrepreneurial Characteristics and Market Characteristics of Small Business Owners on Business Performance With the Mediation of Digital Literacy (소상공인의 창업가특성과 시장특성이 디지털 리터러시를 매개로 사업성과에 미치는 영향)

  • Shin, Ji Min;Kang, Hee Kyung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.16 no.5
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    • pp.75-89
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    • 2021
  • Currently, small business owners are facing a situation where it is difficult to run their business in the existing way due to the spread of digital technology and the prolonged COVID-19. As a necessary competency for them, this study focused on digital literacy and examined the relationship between digital literacy and individual and market characteristics, business performance of small business owners. The specific research purpose is to examine the effect of entrepreneurial characteristics, which are individual factors, and market characteristics, which are environmental factors, on business performance and the mediating effect of digital literacy. In previous studies, various factors explaining the business performance of small business owners were reviewed, and innovation and self-determination, which are entrepreneurial characteristics of small business owners, and market competition and growth were derived as independent variables, and financial and non-financial performance were set as dependent variables. The hypothesis was established as digital literacy was expected to play a role in mediating the relationship between independent and dependent variables. For empirical research, a survey was conducted on small business owners across the country, and the analysis results are summarized as follows. It was found that the innovation and self-determination of small business owners had a positive (+) significant effect on financial and non-financial performance. In addition, it was confirmed that the degree of competition in the market had no significant effect on financial and non-financial performance, and that the growth of the market had a significant positive (+) effect on financial and non-financial performance. In the case of the mediating effect of digital literacy, it was confirmed that innovation had a partial mediating effect on non-financial performance, and digital literacy had a complete mediating effect on the effect of market competition on financial and non-financial performance. Finally, it was confirmed that digital literacy has a partial mediating effect on the effect of market growth on non-financial performance. Looking at the results, it can be seen that the entrepreneurial characteristics of small business owners, which correspond to innovation and self-determination, directly act as a factor to increase business performance, and market characteristics indirectly increase digital literacy to achieve results. Based on the above research results, the implications and limitations of the study and future research directions were presented together.

Analysis of relationship between cracked tooth syndrome and occlusion using Q-ray and T-scan (큐레이(Q-ray)와 티스캔(T-scan)을 사용한 치아균열증후군(cracked tooth syndrome)과 교합 사이의 상관관계에 대한 분석)

  • Ahn, Do-Gwan;Choi, Jin-Woo;Kim, Yuseong;Pyo, Se-Wook;Kim, Hee-Kyung
    • The Journal of Korean Academy of Prosthodontics
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    • v.59 no.3
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    • pp.271-280
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    • 2021
  • Purpose. The aim of this study was to evaluate the relationship between the patient's occlusion and a cracked tooth by using T-scan occlusal analysis and a quantitative light-induced fluorescence (QLF) technology. Materials and methods. This study was carried out on 51 patients having cracked teeth between January, 2019 and December, 2020. The tooth crack was determined with a Q-ray pen and QLF parameters (ΔFmax and ΔRmax) were obtained by a Q-ray software. T-scan tests were conducted to all subjects and then, the occlusal force and disclosing time were analyzed. Mann-Whitney U test was performed to compare the occlusal force and disclosing time between cracked teeth groups and contra-lateral normal teeth groups (α = .05). Mann-Whitney U test was performed to compare ΔFmax and ΔRmax according to the results of cold/bite tests (α = .05). A Spearman correlation analysis was run to determine the relationship between ΔFmax or ΔRmax and occlusal force or disclosing time (α=.05). Results. The mean occlusal force and disclosing time were significantly higher on cracked teeth than on normal teeth (P < .05). The ΔFmax or ΔRmax were not significantly different according to the results of cold/bite tests (P > .05). There was no correlation between ΔFmax or ΔRmax and occlusal force or disclosing time (P > .05). Conclusion. There was a significant relationship between occlusion and cracked tooth syndrome. QLF has the potential to be a valuable tool for the diagnosis of tooth crack in clinical practice.

A Study on the Evaluation System of the Stage of Use for the Quality Management of National Textbooks in the Basic Curriculum of Special Education (특수교육 기본교육과정 국정 교과서 질 관리를 위한 사용 단계 평가 체제 연구)

  • Shin, Seoyoung
    • Journal of the International Relations & Interdisciplinary Education
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    • v.1 no.2
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    • pp.48-67
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    • 2021
  • This study investigated the perception of special teachers regarding the establishment of an evaluation system in the textbook use stage to manage the quality of textbooks developed as government-run books, and proposed a plan to establish a textbook evaluation system based on the results. For research, the quality management system was examined as a development stage and a use stage. And then, the necessity of a use stage evaluation system was raised as a quality management system for the use stage. Next, in order to find a way to establish an evaluation system in the use stage, the survey responses of 159 special teachers nationwide were analyzed. As a result of the analysis, the average satisfaction with textbooks of special teachers using basic curriculum textbooks was 3.3 points, and the perception that textbook evaluation at the stage of use was 4.02 was higher than the satisfaction. In the method of establishing a use-stage evaluation system, teachers (98.7%), independent platform construction (62.2%), regular evaluation (49.4%), and questions (50.6%) mixed with scale questions and open questions were preferred. In addition, the evaluation results were "disclosed only to those certified as users (55.1%), and the timing of reflecting the evaluation results was "when developing the next textbook" (41.0%). Based on the research results, it was suggested to establish an independent evaluation platform to establish a system for evaluating the use of basic curriculum textbooks, but to identify "textbook usability" so that all textbook users can evaluate it without burden and to review the revision of evaluation results through the Quality Management Committee organization. In addition, it was proposed to operate an integrated development-use-evaluation platform by allowing the evaluation platform to be equipped with textbooks already developed and various contents produced by teachers who are users.

The Formation and Types of Business Archives m Germany (독일 경제아카이브즈의 형성과 유형)

  • Kim, Young-Ae
    • The Korean Journal of Archival Studies
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    • no.8
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    • pp.137-180
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    • 2003
  • The term 'Business Archives' is not familiar with us in our society. Some cases can be found that materials are collected for publishing the history of a firm on commemoration of some decades of its foundation. However, the appropriate management of these collected materials doesn't seem to be followed in most of companies. The Records and archives management is inevitable in order to maximize the utility of Information and knowledge in the business world. The interest in records management has been grown, especially in the fields of business management and information technology. However, the importance of business archives hasn't been conceived yet. And also no attention has been paid to the business archives as social resources and the responsibility of the society as a whole for their preservation. The company archives doesn't have a long history in Germany although the archives of the nation, the aristocracy, communes and churches have a long tradition. However the company archives of Krupps which was established in 1905, is regarded as the first business archives in the world, It means that Germany has taken a key role to lead the culture of business archives. This paper focuses on the process of the establishment of business archives in Germany and its characteristics. The business archives in Germany can be categorized in three types: company archives, regional business archives and branch archives. It must be noted here that each type of these was generated in the context of the accumulation of the social resources and its effective use. A company archives is established by an individual company for the preservation of and use of the archives that originated in the company. The holdings in the company archives can be used as materials for decision making of policies, reporting, advertising, training of employees etc. They function not only as sources inside the company, but also as raw sources for the scholars, contributing to the study of the social-economic history. Some archives of German companies are known as a center of research. A regional business archives manages materials which originated m commerce chambers, associations and companies in a certain region. There are 6 regional business archives in Germany. They collect business archives which aren't kept in a proper way or are under pressure of damage in the region for which they are responsible. They are also open to the public offering the sources for the study of economic history, social history like company archives, so that they also play a central role as a research center. Branch business archives appeared relatively late in Germany. The first one is established in Bochum in 1969. Its general duties and goals are almost similar with ones of other two types of archives. It has differences in two aspects. One is that the responsibility of the branch business archives covers all the country, while regional business archives collects archives in a particular region. The other is that a branch business archives collects materials from a single industry. For example, the holdings of Bochum archives are related with the mining industry. The mining industry-specialized Bochum archives is run as an organization in combination with a museum, which is called as German mine museum, so that it plays a role as a cultural center with the functions of exhibition and research. The three types of German business archives have their own functions but they are also closely related each other under the German Association of Business Archivists. They are sharing aims to preserve primary materials with historical values in the field of economy and also contribute to keeping the archives as a social resources by having feed back with the public, which leads the archives to be a center of information and research. The German case shows that business archives in a society should be preserved not only for the interest of the companies, but also for the utilities of social resources. It also shows us how business archives could be preserved as a social resource. It is expected that some studies which approach more deeply on this topic will be followed based on the considerations from the German case.