• Title/Summary/Keyword: Social exchange relationship

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Determinants of Credit Default Swap Spreads: The Case of Korean Firms (한국 기업들의 신용부도스왑 스프레드에 대한 결정요인 분석)

  • Park, Yoon-S.;Kim, Han-Joon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.12 no.10
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    • pp.4359-4368
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    • 2011
  • Among several macroeconomic missteps blamed for the recent global financial crisis including the social problems of income distribution and the lack of proper financial remedies, two of them have received particular attention: the global BOP(Balance of Payment) imbalance and the misguided monetary policy. Such BOP imbalance was blamed for massive foreign exchange investment flows from Asia into the U.S., triggering the financial and real estate bubble in America. The latter refers to the excessively loose monetary policy of the U.S. Federal Reserve, which pushed financial institutions and households into reckless investment behavior in search of higher returns. Given the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the financial crisis This paper is organized as follows: The first section analyzes the real causes of the recent financial crisis. The second details the role of CDOs and CDS. Then, to identify key determinants of the CDS spreads in an emerging capital market, the sample data of major Korean firms' CDS spreads are used to estimate the risk premium by utilizing the multiple regression analysis. The empirical test result indicates that Korean 3-year treasury bond rate(TYIELD), market to book value ratio(MV/BV), and assets size(INASSETS) are shown to demonstrate statistically significant influences on the changes of the CDS premium for sample firms.

Renaissance of Geographic Education in the United States since 1980: Its Dynamic Process and Implications to Geographic Education in Korea (1980년대 이후 美國 地理敎育 復興運動의 展開過程과 그 示唆點: 地理學, 地理敎育, 그리고 敎育政策의 關係)

  • Seo, Tae-Yeol
    • Journal of the Korean Geographical Society
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    • v.28 no.2
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    • pp.163-178
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    • 1993
  • The purpose of this paper is to provide a better understanding of the unprecedented reform movement of geographic education in the United States since 1980 and extract some implications from this movement for geographic education in Korea. For the purpose, the history to this movement was reviewed through following three stages. In the first stage(1980~1984: form :HSGP" to :"Guideline"), the voluntary improvement movement appeared at California and the orgni-zational movement began in 1982 such as the Committee on Geography and International Knowledge. The national educational refrom imperatives, presented at "A Nation at Risk", and "Back to Basics" movement provided good opportunities to resurrect geography as a basic subject. For next real resurrection movement, the very important document "Guidelines for Geographic Education" was published at 1984. In the second stage(1985~1989: from "Guide-lines" to "Public"), the "Guideline" gave power-full motives and foci for reconstructiong the contents of geography, especially by the five fundamental themes(Location, Place, Relation-ships within Places, Movement, and Region). Also GENIP as the symbol of unity of all four major geography organization(AAG, NCGE, NGS, AGS) contributed to expanding and stren-gthening geography education. Also Geography Educagtion Program of NGS was a smart and well organized program to improve geographic education through it's a five strategies: Grass-roots organization(Alliances), Teacher education, Pu-blic awareness, Educational materials develo-pment, Targeted outreach to education decision-makers. In the late 1980s, the last focus of movement was the Public awareness and Edua-ction decision-making. In the third stage(1990-present: from "Public" to "Core Subject"), the initiative pendulum swung from geography organization to nation curricu-lum. In this National Curriculum, Geography was approved as a "Core Subject" and The 1994 National Geography Assessment Framework was constructed to assess the outcome of student's education in geography in grades, 4,8, and 12. Some Implications extracted from the process and contents of renaissance movement of geogr-aphic education in the Uinted States since 1980 are as follows. First, It shows the importance of the unity and target assignment among the geography organization. Second, interactive relationship between the academic geography and school geography develops each other. Third, teacher education, including pre-service education, including pre-service education and in-service education, is a key element to improve the quality of geography. And teacher organization is a good clearing house to exchange information for good geography. Forth, the positive and active response to changes in socketies such as globalism and inter-nationalizing, national education policy, and the trend of pedagogy is needed to rejuvenate geo-graphic education. Above all, we need to establish a well organized and powerfull program, sophisticated activities strategies, and long-term implementa-tion plan if we want more and better school geography.

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ABE MITUIE's Movements in Korean and Japanese Buddism (아베 미츠이에(阿部充家)의 한(韓)·일(日) 불교(佛敎) 관련(關聯) 활동(活動) -신자료(新資料) 「중앙학림학생제군(中央學林學生諸君)」 (1915), 「조선불교(朝鮮佛敎)の금석(今昔)」(1918)의 공개(公開)와 더불어-)

  • Shim, Won-Sup
    • The Journal of Korean-Japanese National Studies
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    • no.21
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    • pp.1-43
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    • 2011
  • This article introduces Abe Mituie's activities related to Korean and Japanese Buddhism and two newly discovered materials. He worked as a brain of Japanese cultural rule over Joseon Korea while holding various positions such as the president of KyeongSung Il Bo, the vice president of Kokmin Newspaper and the director of Central Joseon Association. Abe was responsible for Enkak Temple, the head temple of Japanese Rinzai section, and was one of the layman followers of Syak Soen who worked for the spread of modern Japanese Buddhism to Europe and America. He was a respectful Buddhist layman so as to teach Zen Buddhism for young Buddhist monks in Japan. After he started to assume charge in the Kyeong Sung Il Bo, he was also very active in movements in relation to Joseon Buddhism to the extent that he was found to be deeply involved in Joseon Buddhism sections. On the other hand, he concluded Joseon culture to be 'devastated.' He asserted that it was necessary to develop spiritual culture and revive Buddhism in order to resolve the devastation in the Joseon. In addition, he thought that Joseon Buddhism was ruined due to the misgovernment of the Joseon Dynasty, but had its own as great tradition as Japanese Buddhism. Therefore, in his opinion, there was a need to do research on Joseon Buddhism and find some way out of the contemporary difficulties. In order to save the situation, he made efforts to protect and revive Joseon Buddhism while paying continuous visits to Joseon Buddhist temples, supporting the publication of Buddhist canons and proposing to have a regular meeting of 'The Invitation of 30 Head Temples.' From his visit to Youngju Temple and his consistent relationship with Kang Daeryeon, it can be assumed that he was involved in reorganizing power structure in Joseon Buddhism and establishing various institutions. He emphasized the strict adherence of individuals and communities to rules in his lecture for students at Jung Ang Hak Rim. It was a way to revive Joseon Buddhism by creating a new social image of Joseon Buddhism. He continued to work for the restoration of Joseon Buddhism even after he retired from Kyeong Sung Il Bo and returned to Japan. He introduced the originality of Joseon Buddhism history to Japan and sent Japanese monks to Korea in order to do research and contribute to exchange between Korean and Japanese Buddhism. All things taken together, it is evident that Abe Mitzihe regarded Joseon as backward or stagnant from a perspective of evolutionist or orientalist, and was a Japanese elite to believe that it was just for Japan to control Korea. However, he was different from other Japanese elites in that he did not considered Joseon Buddhism merely as the object of propagation. He thought that Joseon Buddhism possessed its own great tradition and culture, but was ruined because of the misadministration of the Joseon Royal House. Therefore, in his opinion, Joseon Buddhism should be recovered by means of some supports, and its revival would lead to the restoration of Joseon culture as a whole, which would be realized by Japanese rule over Korea and Japanese elites' generous assistance.

A Exploratory Study of the Concept and Theories of the Healing Environment for Mental Health Enhancement (정신건강증진을 위한 치유환경 개념 및 이론 탐색연구)

  • Lee, Hae Kyung
    • Design Convergence Study
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    • v.17 no.3
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    • pp.109-123
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    • 2018
  • This exploratory research examines a new approach to the healing environment in the changed health paradigm, and seeks to conceptualize the extended characteristics of the healing environment in the context of mental health promotion. This study aims to, first, define the concepts of health, mental health, and the healing environment in the changed paradigm, and second, develop the healing characteristics of the physical environment for mental health promotion and create indicators. For these purposes, this study performed a theoretical exploration that could support the concept of the healing environment for mental health promotion by expanding its scope into not only architecture, psychology, and psychiatry but also philosophy of architecture and environment psychology, which concerns the relationship between humans and the environment. This study considers related theories and attempts to establish a new concept from a convergent perspective. The characteristics of the healing environment categorized as a result of exploratory research on previous studies and theories include (a) physical protection promotion, (b) psychological comfort promotion, (c) social exchange promotion, and (d) personal self-esteem promotion. Establishing the concept of the healing environment for mental health promotion is important to implement the actual healing environment. Based on the concept, more specific design indicators and guidelines could be developed to conduct applied research.

Analyzing the Effect of Online media on Overseas Travels: A Case study of Asian 5 countries (해외 출국에 영향을 미치는 온라인 미디어 효과 분석: 아시아 5개국을 중심으로)

  • Lee, Hea In;Moon, Hyun Sil;Kim, Jae Kyeong
    • Journal of Intelligence and Information Systems
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    • v.24 no.1
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    • pp.53-74
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    • 2018
  • Since South Korea has an economic structure that has a characteristic which market-dependent on overseas, the tourism industry is considered as a very important industry for the national economy, such as improving the country's balance of payments or providing income and employment increases. Accordingly, the necessity of more accurate forecasting on the demand in the tourism industry has been raised to promote its industry. In the related research, economic variables such as exchange rate and income have been used as variables influencing tourism demand. As information technology has been widely used, some researchers have also analyzed the effect of media on tourism demand. It has shown that the media has a considerable influence on traveler's decision making, such as choosing an outbound destination. Furthermore, with the recent availability of online information searches to obtain the latest information and two-way communication in social media, it is possible to obtain up-to-date information on travel more quickly than before. The information in online media such as blogs can naturally create the Word-of-Mouth effect by sharing useful information, which is called eWOM. Like all other service industries, the tourism industry is characterized by difficulty in evaluating its values before it is experienced directly. And furthermore, most of the travelers tend to search for more information in advance from various sources to reduce the perceived risk to the destination, so they can also be influenced by online media such as online news. In this study, we suggested that the number of online media posting, which causes the effects of Word-of-Mouth, may have an effect on the number of outbound travelers. We divided online media into public media and private media according to their characteristics and selected online news as public media and blog as private media, one of the most popular social media in tourist information. Based on the previous studies about the eWOM effects on online news and blog, we analyzed a relationship between the volume of eWOM and the outbound tourism demand through the panel model. To this end, we collected data on the number of national outbound travelers from 2007 to 2015 provided by the Korea Tourism Organization. According to statistics, the highest number of outbound tourism demand in Korea are China, Japan, Thailand, Hong Kong and the Philippines, which are selected as a dependent variable in this study. In order to measure the volume of eWOM, we collected online news and blog postings for the same period as the number of outbound travelers in Naver, which is the largest portal site in South Korea. In this study, a panel model was established to analyze the effect of online media on the demand of Korean outbound travelers and to identify that there was a significant difference in the influence of online media by each time and countries. The results of this study can be summarized as follows. First, the impact of the online news and blog eWOM on the number of outbound travelers was significant. We found that the number of online news and blog posting have an influence on the number of outbound travelers, especially the experimental result suggests that both the month that includes the departure date and the three months before the departure were found to have an effect. It is shown that online news and blog are online media that have a significant influence on outbound tourism demand. Next, we found that the increased volume of eWOM in online news has a negative effect on departure, while the increase in a blog has a positive effect. The result with the country-specific models would be the same. This paper shows that online media can be used as a new variable in tourism demand by examining the influence of the eWOM effect of the online media. Also, we found that both social media and news media have an important role in predicting and managing the Korean tourism demand and that the influence of those two media appears different depending on the country.

Study of the Actual Condition and Satisfaction of Volunteer Activity in Australian Hospital (호주 일 지역의 병원 자원봉사활동 실태와 만족도)

  • Park, Geum-Ja;Choi, Hae-Young
    • Journal of Hospice and Palliative Care
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    • v.9 no.1
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    • pp.17-29
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    • 2006
  • Purpose: This research aimed to investigate the actual condition and satisfaction of volunteer activity in Australian hospital. Methods: Data was collected by self reported questionnaire from 101 volunteers and analyzed by frequency and percentage, t-test, ANOVA and Sheffe and Pearson's correlation coefficients using SPSS 12.0. Results: 1. Years involved in volunteer work were $5{\sim}10$ years (32.7%), above 10 years (30.7%), $2{\sim}3$ years (11.9%) and $3{\sim}5$ years (10.9%). Types of volunteer work were physical care (32.7%), physical and emotional care (14.9%), and others (18.8%). Types of allocation of tasks were by volunteer coordination (55.7%), and by volunteer preference and consent between volunteer and coordinator (both respectively, 20.5%). Main reasons for volunteer work were to help sick people (61.4%) and to make good use of leisure time (22.8%). Routes to start volunteer work were from his (her) own inquiries (43.4%), from hearing from other volunteers (30.7%) and from mass media (13.1%). 80.2% of volunteers had received some kinds of training or preparation for volunteer work. Suitability of volunteer's skill and ability to voluntary work were 'very well' (74.0%) and 'mostly well' (18.0%). Reimbursements or benefits received for volunteer work were token or lunch or group outing (31.7%), and token and lunch or group outing (19.8%). Evaluation frequency for volunteer work was occasionally (372%), frequently (30.9%), always (17.0%) and never (14.9%). Relationship with volunteer work coordinator was very good (85.0%). The relationship with other volunteers was very good (81.2%). The relationship with hospital staffs was very good (69.7%) and mostly good (21.2%). Family and friend's support for volunteer work was very good (83.2%). 2 The mean score of satisfaction for the hospital volunteer activity was $3.09{\pm}0.49\;(range:\;1{\sim}4)$. The highest score domain was 'social contact', $3.48{\pm}0.61$, and the lowest was 'social exchange', $1.65{\pm}0.63$. An item of the highest score was 'I have an opportunity to help other people' ($3.83{\pm}0.40$), and the lowest score item was 'I will receive compensation for volunteer work I have done ($1.10{\pm}0.78$).' 3. The satisfaction from hospital volunteer activity was shown by significant difference according to sex (t=2.038, P=0.044), marital status (F=3.806, P=0.013), years involved in volunteer work (F=3.326), nam reason to do volunteer work (F=2.707, P=0.035), receive any training or preparation for volunteer work (t=-1.982, 0=0.050), frequency of evaluation for volunteer work (F=7.877, P=0.000), suitability of volunteer's skill and ability to voluntary work (t=2.712, P=0.049), relationship with volunteer work coordinators (F=-2.517, P=0.013), relation with hospital staffs (F=5.202, P=0.007), and support of their volunteer work by their family and friends (t=-3.394, P=0.001). Conclusion: The satisfaction of hospice volunteer activity was moderate. The satisfaction for hospice volunteer activity was shown by significant difference according to sex (t=2.038, P=0.044), marital status (F=3.806, P=0.013), years involved in volunteer work (F=3.326), main reason to do volunteer work (F=2.707, P=0.035), receive any training or preparation for volunteer work (t=-1.982, 0=0.050), frequency of evaluation for volunteer work (F=7.877, P=0.000), suitability of volunteer's skill and ability to voluntary work (t=2.712, P=0.049), relationship with volunteer work coordinator (F=-2.517, P=0.013), relation with hospital staffs (F=5.202, P=0.007), and family and friend's support for volunteer work (t=-3.394, P=0.001). Therefore, it is necessary to consider various factors to improve the satisfaction of voluntary work.

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Private Income Transfers and Old-Age Income Security (사적소득이전과 노후소득보장)

  • Kim, Hisam
    • KDI Journal of Economic Policy
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    • v.30 no.1
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    • pp.71-130
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    • 2008
  • Using data from the Korean Labor & Income Panel Study (KLIPS), this study investigates private income transfers in Korea, where adult children have undertaken the most responsibility of supporting their elderly parents without well-established social safety net for the elderly. According to the KLIPS data, three out of five households provided some type of support for their aged parents and two out of five households of the elderly received financial support from their adult children on a regular base. However, the private income transfers in Korea are not enough to alleviate the impact of the fall in the earned income of those who retired and are approaching an age of needing financial assistance from external source. The monthly income of those at least the age of 75, even with the earning of their spouses, is below the staggering amount of 450,000 won, which indicates that the elderly in Korea are at high risk of poverty. In order to analyze microeconomic factors affecting the private income transfers to the elderly parents, the following three samples extracted from the KLIPS data are used: a sample of respondents of age 50 or older with detailed information on their financial status; a five-year household panel sample in which their unobserved family-specific and time-invariant characteristics can be controlled by the fixed-effects model; and a sample of the younger split-off household in which characteristics of both the elderly household and their adult children household can be controlled simultaneously. The results of estimating private income transfer models using these samples can be summarized as follows. First, the dominant motive lies on the children-to-parent altruistic relationship. Additionally, another is based on exchange motive, which is paid to the elderly parents who take care of their grandchildren. Second, the amount of private income transfers has negative correlation with the income of the elderly parents, while being positively correlated with the income of the adult children. However, its income elasticity is not that high. Third, the amount of private income transfers shows a pattern of reaching the highest level when the elderly parents are in the age of 75 years old, following a decreasing pattern thereafter. Fourth, public assistance, such as the National Basic Livelihood Security benefit, appears to crowd out private transfers. Private transfers have fared better than public transfers in alleviating elderly poverty, but the role of public transfers has been increasing rapidly since the welfare expansion after the financial crisis in the late 1990s, so that one of four elderly people depends on public transfers as their main income source in 2003. As of the same year, however, there existed and occupied 12% of the elderly households those who seemed eligible for the National Basic Livelihood benefit but did not receive any public assistance. To remove elderly poverty, government may need to improve welfare delivery system as well as to increase welfare budget for the poor. In the face of persistent elderly poverty and increasing demand for public support for the elderly, which will lead to increasing government debt, welfare policy needs targeting toward the neediest rather than expanding universal benefits that have less effect of income redistribution and heavier cost. Identifying every disadvantaged elderly in dire need for economic support and providing them with the basic livelihood security would be the most important and imminent responsibility that we all should assume to prepare for the growing aged population, and this also should accompany measures to utilize the elderly workforce with enough capability and strong will to work.

The Effects of Psychological Contract Violation on OS User's Betrayal Behaviors: Window XP Technical Support Ending Case (심리적 계약 위반이 OS이용자의 배신 행동에 미치는 영향: 윈도우 XP 기술적 지원서비스 중단 사례)

  • Lee, Un-Kon
    • Asia pacific journal of information systems
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    • v.24 no.3
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    • pp.325-344
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    • 2014
  • Technical support of Window XP ended in March, 8, 2014, and it makes OS(Operating System) users fall in a state of confusion. Sudden decision making of OS upgrade and replacement is not a simple problem. Firms need to change the long term capacity plan in enterprise IS management, but they are pressed for time and cost to complete it. Individuals can not help selecting the second best plan, because the following OSs of Window XP are below expectations in performances, new PC sales as the opportunities of OS upgrade decrease, and the potential risk of OS technical support ending had not announced to OS users at the point of purchase. Microsoft as the OS vendors had not presented precaution or remedy for this confusion. Rather, Microsoft announced that the technical support of the other following OSs of Wndow XP such as Window 7 would ended in two years. This conflict between OS vendor and OS users could not happen in one time, but could recur in recent future. Although studies on the ways of OS user protection policy would be needed to escape from this conflict, few prior studies had conducted this issue. This study had challenge to cautiously investigate in such OS user's reactions as the confirmation with OS user's expectation in the point of purchase, three types of justice perception on the treatment of OS vendor, psychological contract violation, satisfaction and the other betrayal behavioral intention in the case of Window XP technical support ending. By adopting the justice perception on this research, and by empirically validating the impact on OS user's reactions, I could suggest the direction of establishing OS user protection policy of OS vendor. Based on the expectation-confirmation theory, the theory of justice, literatures about psychological contract violation, and studies about consumer betrayal behaviors in the perspective of Herzberg(1968)'s dual factor theory, I developed the research model and hypothesis. Expectation-confirmation theory explain that consumers had expectation on the performance of product in the point of sale, and they could satisfied with their purchase behaviors, when the expectation could have confirmed in the point of consumption. The theory of justice in social exchange argues that treatee could be willing to accept the treatment by treater when the three types of justice as distributive, procedural, and interactional justice could be established in treatment. Literatures about psychological contract violation in human behaviors explains that contracter in a side could have the implied contract (also called 'psychological contract') which the contracter in the other side would sincerely execute the contract, and that they are willing to do vengeance behaviors when their contract had unfairly been broken. When the psychological contract of consumers had been broken, consumers feel distrust with the vendors and are willing to decrease such beneficial attitude and behavior as satisfaction, loyalty and repurchase intention. At the same time, consumers feel betrayal and are willing to increase such retributive attitude and behavior as negative word-of-mouth, complain to the vendors, complain to the third parties for consumer protection. We conducted a scenario survey in order to validate our research model at March, 2013, when is the point of news released firstly and when is the point of one year before the acture Window XP technical support ending. We collected the valid data from 238 voluntary participants who are the OS users but had not yet exposed the news of Window OSs technical support ending schedule. The subject had been allocated into two groups and one of two groups had been exposed this news. The data had been analyzed by the MANOVA and PLS. MANOVA results indicate that the OSs technical support ending could significantly decrease all three types of justice perception. PLS results indicated that it could significantly increase psychological contract violation and that this increased psychological contract violation could significantly reduce the trust and increase the perceived betrayal. Then, it could significantly reduce satisfaction, loyalty, and repurchase intention, and it also could significantly increase negative word-of-month intention, complain to the vendor intention, and complain to the third party intention. All hypothesis had been significantly approved. Consequently, OS users feel that the OSs technical support ending is not natural value added service ending, but the violation of the core OS purchase contract, that it could be the posteriori prohibition of OS user's OS usage right, and that it could induce the psychological contract violation of OS users. This study would contributions to introduce the psychological contract violation of the OS users from the OSs technical support ending in IS field, to introduce three types of justice as the antecedents of psychological contract violation, and to empirically validate the impact of psychological contract violation both on the beneficial and retributive behavioral intentions of OS users. For practice, the results of this study could contribute to make more comprehensive OS user protection policy and consumer relationship management practices of OS vendor.

A Study about the Correlation between Information on Stock Message Boards and Stock Market Activity (온라인 주식게시판 정보와 주식시장 활동에 관한 상관관계 연구)

  • Kim, Hyun Mo;Yoon, Ho Young;Soh, Ry;Park, Jae Hong
    • Asia pacific journal of information systems
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    • v.24 no.4
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    • pp.559-575
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    • 2014
  • Individual investors are increasingly flocking to message boards to seek, clarify, and exchange information. Businesses like Seekingalpha.com and business magazines like Fortune are evaluating, synthesizing, and reporting the comments made on message boards or blogs. In March of 2012, Yahoo! Finance Message Boards recorded 45 million unique visitors per month followed by AOL Money and Finance (19.8 million), and Google Finance (1.6 million) [McIntyre, 2012]. Previous studies in the finance literature suggest that online communities often provide more accurate information than analyst forecasts [Bagnoli et al., 1999; Clarkson et al., 2006]. Some studies empirically show that the volume of posts in online communities have a positive relationship with market activities (e.g., trading volumes) [Antweiler and Frank, 2004; Bagnoli et al., 1999; Das and Chen, 2007; Tumarkin and Whitelaw, 2001]. The findings indicate that information in online communities does impact investors' investment decisions and trading behaviors. However, research explicating the correlation between information on online communities and stock market activities (e.g., trading volume) is still evolving. Thus, it is important to ask whether a volume of posts on online communities influences trading volumes and whether trading volumes also influence these communities. Online stock message boards offer two different types of information, which can be explained using an economic and a psychological perspective. From a purely economic perspective, one would expect that stock message boards would have a beneficial effect, since they provide timely information at a much lower cost [Bagnoli et al., 1999; Clarkson et al., 2006; Birchler and Butler, 2007]. This indicates that information in stock message boards may provide valuable information investors can use to predict stock market activities and thus may use to make better investment decisions. On the other hand, psychological studies have shown that stock message boards may not necessarily make investors more informed. The related literature argues that confirmation bias causes investors to seek other investors with the same opinions on these stock message boards [Chen and Gu, 2009; Park et al., 2013]. For example, investors may want to share their painful investment experiences with others on stock message boards and are relieved to find they are not alone. In this case, the information on these stock message boards mainly reflects past experience or past information and not valuable and predictable information for market activities. This study thus investigates the two roles of stock message boards-providing valuable information to make future investment decisions or sharing past experiences that reflect mainly investors' painful or boastful stories. If stock message boards do provide valuable information for stock investment decisions, then investors will use this information and thereby influence stock market activities (e.g., trading volume). On the contrary, if investors made investment decisions and visit stock message boards later, they will mainly share their past experiences with others. In this case, past activities in the stock market will influence the stock message boards. These arguments indicate that there is a correlation between information posted on stock message boards and stock market activities. The previous literature has examined the impact of stock sentiments or the number of posts on stock market activities (e.g., trading volume, volatility, stock prices). However, the studies related to stock sentiments found it difficult to obtain significant results. It is not easy to identify useful information among the millions of posts, many of which can be just noise. As a result, the overall sentiments of stock message boards often carry little information for future stock movements [Das and Chen, 2001; Antweiler and Frank, 2004]. This study notes that as a dependent variable, trading volume is more reliable for capturing the effect of stock message board activities. The finance literature argues that trading volume is an indicator of stock price movements [Das et al., 2005; Das and Chen, 2007]. In this regard, this study investigates the correlation between a number of posts (information on stock message boards) and trading volume (stock market activity). We collected about 100,000 messages of 40 companies at KOSPI (Korea Composite Stock Price Index) from Paxnet, the most popular Korean online stock message board. The messages we collected were divided into in-trading and after-trading hours to examine the correlation between the numbers of posts and trading volumes in detail. Also we collected the volume of the stock of the 40 companies. The vector regression analysis and the granger causality test, 3SLS analysis were performed on our panel data sets. We found that the number of posts on online stock message boards is positively related to prior stock trade volume. Also, we found that the impact of the number of posts on stock trading volumes is not statistically significant. Also, we empirically showed the correlation between stock trading volumes and the number of posts on stock message boards. The results of this study contribute to the IS and finance literature in that we identified online stock message board's two roles. Also, this study suggests that stock trading managers should carefully monitor information on stock message boards to understand stock market activities in advance.

Temporal-Spatial Location of Dwelling Site in Asan Bay in the Neolithic Age (아산만지역(牙山灣地域) 신석기시대(新石器時代) 집자리의 시공적(時空的) 위치(位置))

  • Koo, Ja Jin
    • Korean Journal of Heritage: History & Science
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    • v.42 no.3
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    • pp.26-47
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    • 2009
  • This study examined dwelling site from among the sites of the Neolithic age found in the Asan Bay(牙山灣) area, and the temporal-spatial location and meaning of the dwelling site (settlement). The majority of the settlements in the area are of a square style but some coexist with rectangular-style settlements, which is noteworthy. The dwelling sites of the Neolithic age found in Asan Bay area are mostly located in a ridge of hilly areas, divided into gentle, low areas (20~50 meters above sea level) and relatively high areas (50~80 meters above the sea level). Although location strongly corresponded to the residents' subsistence and the technical levels within the culture, it likely was greatly affected by natural environment where they lived, as well. In examining radiocarbon dating results and the excavated artifacts, the settlements found in Asan Bay were determined to belong to the period II(3,500~3,000 B.C.) stated in the Relative Chronological table of Dwelling sites in the Neolithic age, written by the author. Said Dwelling sites are proven to have a close relationship with those found on the coast of Gyeonggi Province(京畿道) and in the Geum River(錦江) valley. This is deemed to be the result of expansion and interchange between Gyeonggi Province(京畿道) group and Geum River(錦江) valley group, who constituted the large settlements. Additionally, the Daecheon-ri type dwelling sites in the Geum River valley were verified to be the result of exchange, and spread to the Asan Bay area in the same era. Two forms of Dwelling sites coexisted dynamically in the Asan Bay area around 3,500 B.C. Such a phenomenon resulted primarily from the expansion of the dwelling site due to the introduction of primitive agriculture, as well as environmental (temperature), biological and social changes at those times.