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Market Efficiency in Real-time : Evidence from the Korea Stock Exchange (한국유가증권시장의 실시간 정보 효율성 검증)

  • Lee, Woo-Baik;Choi, Woo-Suk
    • The Korean Journal of Financial Management
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    • v.26 no.3
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    • pp.103-138
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    • 2009
  • In this article we examine a unique data set of intraday fair disclosure(FD) releases to shed light on market efficiency within the trading day. Specifically, this paper analyze the response of stock prices on fair disclosure disseminated in real-time through KIND(Korea Investor's Network for Disclosure) on Korea stock exchange during the period from January 2003 to September 2004. We find that the prices of stock experiences a statistically and economically significant increase beginning seconds after the fair disclosure is initially announced and lasting approximately two minutes. The stock price responds more strongly to fair disclosure on smaller firm but the response to fair disclosure on the largest firm stock is more gradual, lasting five minutes. We also examine the profitability of a short-term trading strategy based on dissemination of fair disclosure. After controlling for trading costs we find that trader who execute a trade following initial disclosure generate negative profits, but trader buying stock before initial disclosure realize statistically significant positive profit after two minute of disclosure. Summarizing overall results, our evidence supports that security prices on Korea stock exchange reflects all available information within two minutes and the Korea stock market is semi-strongly efficient enough that a trader cannot generate profits based on widely disseminated news unless he acts almost immediately.

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Effects of Display Size of Digital Media on the Reliability of the Information Contents (디지털미디어의 화면 크기로 인한 사용성의 차이가 기사 정보의 신뢰도에 미치는 영향)

  • Ki, Hyun-Young;Lee, Ju-Hwan
    • Science of Emotion and Sensibility
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    • v.15 no.1
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    • pp.65-72
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    • 2012
  • People receive information through various media, such as newspapers, TV, radio, magazines, or internet, etc. In particular, through the development of the internet and smart-phone they can interact with media and receive information in real time via handheld devices. However the types of information and media could affect the reliability of news information. In this study, it was the main interest how the usability in the new media with the interactivity, such as a desktop, tablet, and smart-phone affects the user's evaluation on the contents displayed by the different new media. Therefore, the present study was conducted to investigate the effect of the usability from the different display size of media and the different contents of articles on the reliability of information empirically. The results showed that the contents of the articles interacting with different devices affect the reliability of information. These findings propose the considerations on the effects of characteristic usability of the new media in the stages of the development of the media contents.

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Analysis of related words for each private security service through collection of unstructured data

  • Park, Su-Hyeon;Cho, Cheol-Kyu
    • Journal of the Korea Society of Computer and Information
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    • v.25 no.6
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    • pp.219-224
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    • 2020
  • The purpose of this study is mainly to provide theoretical basis of private security industry by analyzing the perception and flow of private security from the press-released materials according to periodic classification and duties through 'Big Kinds', a website of analyzing news big data. The research method has been changed to structured data to allow an analysis of various scattered unstructured data, and the keywords trend and related words by duties of private security were analyzed in growth period of private security. The perception of private security based on the results of the study was exposed a lot by the media through various crimes, accidents and incidents, and the issues related permanent position. Also, it tended to be perceived as a simple security guard, not recognized as the area of private security, and judging from the high correlation between private security and police, it was recognized not only as a role to assist the police force, but also as a common agent in charge of the public peace. Therefore, it should objectively judge the perception of private security, and through this, it is believed that it should be a foundation for recognizing private security as a main agent responsible for the safety of the nation and maintaining social orders.

Perceptions and Attitudes of Americans in Korea toward Edible Insect-based Pet Food (식용곤충 함유 반려동물 식품에 대한 국내거주 미국인 소비자 인식 및 태도 연구)

  • Kim, Seo-Young;Bae, Ga-Eun;Yang, Hee
    • Korean journal of applied entomology
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    • v.60 no.4
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    • pp.493-502
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    • 2021
  • We examined American consumers' perceptions and attitudes toward edible insect-based pet food. In this study, 16 Americans in Korea who owned dogs were categorized into two groups, and focus-group discussions were conducted under three conditions. First, we observed the free association perception of edible insect-based pet food, and attitudes were analyzed after providing a newspaper article related to it. Finally, consumer attitude was examined in the context of purchasing. The study found that the participants had high awareness of the eco-friendliness of edible insects and showed a positive attitude toward news articles related to it. However, when it came to purchasing, they considered nutritional and health functional values compared to environmental values. Meanwhile, the rejection of insects was nevertheless the most important negative factor in pet food, as in general food. The results are significant in confirming the possibility of using insect-based pet food by examining the perceptions and attitudes toward the environmental, nutritional, and health functional values of edible insects under three conditions for American consumers.

The Relationship between Cell Phone Utilization and Depressive Symptoms among the Korean Elderly Living Alone (독거노인의 휴대폰 활용 정도와 우울에 미치는 영향)

  • Sagong, Hae;Yoon, Ju Young
    • 한국노년학
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    • v.38 no.3
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    • pp.467-480
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    • 2018
  • The purpose of this study is to examine the relationship between the cell phone utilization and depression among the Korean elderly living alone using '2014 Korean National Survey on Older Adults. A total of 2,493 survey data of the elders living alone 65 years or more was included in the analysis. The degree of the cell phone utilization were categorized into (1) No cell phone, (2) Only phone calls, (3) Phone calls and text messages, and (4) Searching news and information through the internet surfing. The results showed that 81.5% elderly living alone had a cell phone. The 'no cell phone' group was 19.5% while 'information search' group was 3.5% among the elderly living alone and has more probability of depression than 'information search' group (OR=0.064, 95% CI=0.018-0.227), which indicates that as elders living alone utilize their cell phone more, the probability of the depression decreased. This result implies that elders living alone who utilize their cell phone more are engaged in social interaction more and this can lead to decrease in depression.

Discovering the Knowledge Structure of Graphene Technology by Text Mining National R&D Projects and Newspapers (국가R&D과제와 신문에서 텍스트마이닝을 통한 그래핀 기술의 지식구조 탐색)

  • Lee, Ji-Yeon;Na, Hye-In;Lee, Byeong-Hee;Kim, Tae-Hyun
    • The Journal of the Korea Contents Association
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    • v.21 no.2
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    • pp.85-99
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    • 2021
  • Graphene, called the "dream material" is drawing attention as a groundbreaking new material that will lead the era of the 4th Industrial Revolution. Graphene has high strength, excellent electrical and thermal conductivity, excellent optical permeability, and excellent gas barrier properties. In this paper, as the South Korean government recently announced Green New Deal and Digital New Deal policy, we analyze graphene technology, which is also attracting attention for its application to Corona 19 biosensor, to understand its national R&D trend and knowledge structure, and to explore the possibility of its application. Firstly, 4,054 cases of national R&D project information for the last 10 years are collected from the National Science & Technology Information Service(NTIS) to analyze the trend of graphene-related R&D. Besides, projects classified as green technology are analyzed concerning the government's Green New Deal policy. Secondly, text mining analysis is conducted by collecting 500 recent graphene-related articles from e-newspapers. According to the analysis, the field with the largest number of projects was found to be high-efficiency secondary battery technology, and the proportion of total research funds was also the highest. It is expected that South Korea will lead the development of graphene technology in the future to become a world leader in diverse industries including electric vehicles, cellular phone batteries, next-generation semiconductors, 5G, and biosensors.

Detecting Weak Signals for Carbon Neutrality Technology using Text Mining of Web News (탄소중립 기술의 미래신호 탐색연구: 국내 뉴스 기사 텍스트데이터를 중심으로)

  • Jisong Jeong;Seungkook Roh
    • Journal of Industrial Convergence
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    • v.21 no.5
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    • pp.1-13
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    • 2023
  • Carbon neutrality is the concept of reducing greenhouse gases emitted by human activities and making actual emissions zero through removal of remaining gases. It is also called "Net-Zero" and "carbon zero". Korea has declared a "2050 Carbon Neutrality policy" to cope with the climate change crisis. Various carbon reduction legislative processes are underway. Since carbon neutrality requires changes in industrial technology, it is important to prepare a system for carbon zero. This paper aims to understand the status and trends of global carbon neutrality technology. Therefore, ROK's web platform "www.naver.com." was selected as the data collection scope. Korean online articles related to carbon neutrality were collected. Carbon neutrality technology trends were analyzed by future signal methodology and Word2Vec algorithm which is a neural network deep learning technology. As a result, technology advancement in the steel and petrochemical sectors, which are carbon over-release industries, was required. Investment feasibility in the electric vehicle sector and technology advancement were on the rise. It seems that the government's support for carbon neutrality and the creation of global technology infrastructure should be supported. In addition, it is urgent to cultivate human resources, and possible to confirm the need to prepare support policies for carbon neutrality.

Introducing SEABOT: Methodological Quests in Southeast Asian Studies

  • Keck, Stephen
    • SUVANNABHUMI
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    • v.10 no.2
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    • pp.181-213
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    • 2018
  • How to study Southeast Asia (SEA)? The need to explore and identify methodologies for studying SEA are inherent in its multifaceted subject matter. At a minimum, the region's rich cultural diversity inhibits both the articulation of decisive defining characteristics and the training of scholars who can write with confidence beyond their specialisms. Consequently, the challenges of understanding the region remain and a consensus regarding the most effective approaches to studying its history, identity and future seem quite unlikely. Furthermore, "Area Studies" more generally, has proved to be a less attractive frame of reference for burgeoning scholarly trends. This paper will propose a new tool to help address these challenges. Even though the science of artificial intelligence (AI) is in its infancy, it has already yielded new approaches to many commercial, scientific and humanistic questions. At this point, AI has been used to produce news, generate better smart phones, deliver more entertainment choices, analyze earthquakes and write fiction. The time has come to explore the possibility that AI can be put at the service of the study of SEA. The paper intends to lay out what would be required to develop SEABOT. This instrument might exist as a robot on the web which might be called upon to make the study of SEA both broader and more comprehensive. The discussion will explore the financial resources, ownership and timeline needed to make SEABOT go from an idea to a reality. SEABOT would draw upon artificial neural networks (ANNs) to mine the region's "Big Data", while synthesizing the information to form new and useful perspectives on SEA. Overcoming significant language issues, applying multidisciplinary methods and drawing upon new yields of information should produce new questions and ways to conceptualize SEA. SEABOT could lead to findings which might not otherwise be achieved. SEABOT's work might well produce outcomes which could open up solutions to immediate regional problems, provide ASEAN planners with new resources and make it possible to eventually define and capitalize on SEA's "soft power". That is, new findings should provide the basis for ASEAN diplomats and policy-makers to develop new modalities of cultural diplomacy and improved governance. Last, SEABOT might also open up avenues to tell the SEA story in new distinctive ways. SEABOT is seen as a heuristic device to explore the results which this instrument might yield. More important the discussion will also raise the possibility that an AI-driven perspective on SEA may prove to be even more problematic than it is beneficial.

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An Analysis of the Support Policy for Small Businesses in the Post-Covid-19 Era Using the LDA Topic Model (LDA 토픽 모델을 활용한 포스트 Covid-19 시대의 소상공인 지원정책 분석)

  • Kyung-Do Suh;Jung-il Choi;Pan-Am Choi;Jaerim Jung
    • Journal of Industrial Convergence
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    • v.22 no.6
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    • pp.51-59
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    • 2024
  • The purpose of the paper is to suggest government policies that are practically helpful to small business owners in pandemic situations such as COVID-19. To this end, keyword frequency analysis and word cloud analysis of text mining analysis were performed by crawling news articles centered on the keywords "COVID-19 Support for Small Businesses", "The Impact of Small Businesses by Response System to COVID-19 Infectious Diseases", and "COVID-19 Small Business Economic Policy", and major issues were identified through LDA topic modeling analysis. As a result of conducting LDA topic modeling, the support policy for small business owners formed a topic label with government cash and financial support, and the impact of small business owners according to the COVID-19 infectious disease response system formed a topic label with a government-led quarantine system and an individual-led quarantine system, and the COVID-19 economic policy formed a topic label with a policy for small business owners to acquire economic crisis and self-sustainability. Focusing on the organized topic label, it was intended to provide basic data for small business owners to understand the damage reduction policy for small business owners and the policy for enhancing market competitiveness in the future pandemic situation.

Analysis of media trends related to spent nuclear fuel treatment technology using text mining techniques (텍스트마이닝 기법을 활용한 사용후핵연료 건식처리기술 관련 언론 동향 분석)

  • Jeong, Ji-Song;Kim, Ho-Dong
    • Journal of Intelligence and Information Systems
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    • v.27 no.2
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    • pp.33-54
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    • 2021
  • With the fourth industrial revolution and the arrival of the New Normal era due to Corona, the importance of Non-contact technologies such as artificial intelligence and big data research has been increasing. Convergent research is being conducted in earnest to keep up with these research trends, but not many studies have been conducted in the area of nuclear research using artificial intelligence and big data-related technologies such as natural language processing and text mining analysis. This study was conducted to confirm the applicability of data science analysis techniques to the field of nuclear research. Furthermore, the study of identifying trends in nuclear spent fuel recognition is critical in terms of being able to determine directions to nuclear industry policies and respond in advance to changes in industrial policies. For those reasons, this study conducted a media trend analysis of pyroprocessing, a spent nuclear fuel treatment technology. We objectively analyze changes in media perception of spent nuclear fuel dry treatment techniques by applying text mining analysis techniques. Text data specializing in Naver's web news articles, including the keywords "Pyroprocessing" and "Sodium Cooled Reactor," were collected through Python code to identify changes in perception over time. The analysis period was set from 2007 to 2020, when the first article was published, and detailed and multi-layered analysis of text data was carried out through analysis methods such as word cloud writing based on frequency analysis, TF-IDF and degree centrality calculation. Analysis of the frequency of the keyword showed that there was a change in media perception of spent nuclear fuel dry treatment technology in the mid-2010s, which was influenced by the Gyeongju earthquake in 2016 and the implementation of the new government's energy conversion policy in 2017. Therefore, trend analysis was conducted based on the corresponding time period, and word frequency analysis, TF-IDF, degree centrality values, and semantic network graphs were derived. Studies show that before the 2010s, media perception of spent nuclear fuel dry treatment technology was diplomatic and positive. However, over time, the frequency of keywords such as "safety", "reexamination", "disposal", and "disassembly" has increased, indicating that the sustainability of spent nuclear fuel dry treatment technology is being seriously considered. It was confirmed that social awareness also changed as spent nuclear fuel dry treatment technology, which was recognized as a political and diplomatic technology, became ambiguous due to changes in domestic policy. This means that domestic policy changes such as nuclear power policy have a greater impact on media perceptions than issues of "spent nuclear fuel processing technology" itself. This seems to be because nuclear policy is a socially more discussed and public-friendly topic than spent nuclear fuel. Therefore, in order to improve social awareness of spent nuclear fuel processing technology, it would be necessary to provide sufficient information about this, and linking it to nuclear policy issues would also be a good idea. In addition, the study highlighted the importance of social science research in nuclear power. It is necessary to apply the social sciences sector widely to the nuclear engineering sector, and considering national policy changes, we could confirm that the nuclear industry would be sustainable. However, this study has limitations that it has applied big data analysis methods only to detailed research areas such as "Pyroprocessing," a spent nuclear fuel dry processing technology. Furthermore, there was no clear basis for the cause of the change in social perception, and only news articles were analyzed to determine social perception. Considering future comments, it is expected that more reliable results will be produced and efficiently used in the field of nuclear policy research if a media trend analysis study on nuclear power is conducted. Recently, the development of uncontact-related technologies such as artificial intelligence and big data research is accelerating in the wake of the recent arrival of the New Normal era caused by corona. Convergence research is being conducted in earnest in various research fields to follow these research trends, but not many studies have been conducted in the nuclear field with artificial intelligence and big data-related technologies such as natural language processing and text mining analysis. The academic significance of this study is that it was possible to confirm the applicability of data science analysis technology in the field of nuclear research. Furthermore, due to the impact of current government energy policies such as nuclear power plant reductions, re-evaluation of spent fuel treatment technology research is undertaken, and key keyword analysis in the field can contribute to future research orientation. It is important to consider the views of others outside, not just the safety technology and engineering integrity of nuclear power, and further reconsider whether it is appropriate to discuss nuclear engineering technology internally. In addition, if multidisciplinary research on nuclear power is carried out, reasonable alternatives can be prepared to maintain the nuclear industry.