• (The) Research of the performance art and culture
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• no.43
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• pp.145-172
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• 2021

Shin Myung-soon's is based on the taboo 'bombing of the Han River Bridge'. The reality of the bombing of the Han River Bridge in 1950 and the shooting of Colonel Choi Chang-sik was known only as a word of mouth. At that time, the ruling class did not want to reveal the painful mistakes of the unfavorable war situation in the early days of the war and the false broadcasting of the president. The truth of the case, which was kept completely secret even to the bereaved family, could only be revealed after the regime change. After that, the bereaved family of Colonel Choi Chang-sik confirmed the innocence of the deceased through a request for retrial, and then the was born. However, the fate of was not so smooth. At the time, the performance officials vividly remember the difficulties they had with the text. Despite passing the pre-screening of the script, the performance was canceled just before the performance. The fact that the National Theater, officials from the Ministry of Culture and Education, and even military generals visited the practice room to stop the performance, on the contrary, was a testimony to the dangers of . It can be summarized as a crack in official history and a move to stop it. was later adapted into a special TV drama in 1981 and was first released to the public. This was a very meaningful step in terms of dealing with politically sensitive subjects on television, but the inconsistency of in the first place has largely disappeared. After that, in 1988, only after democracy entered the phase of appeasement, could be performed in its full form. In short, can be said to be an example of a process in which the history of the Korean War recorded from the standpoint of an established order and the counter-memory that crack it up are transformed according to the changes of the times and media.

• 한국노년학
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• v.29 no.3
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• pp.837-850
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• 2009

Previous epidemiological studies reported that significant muscle loss is observed with advancing aging, called sarcopenia. This study is to investigate the effects of treatment dumbbell exercise on prevention of sarcopenia. The subjects were elderly between 60~70 years old who participated in J-Welfare senior center exercise program at J-gu in S-city and divided into control group(N=19) and exercise group(N=8). Treatment dumbbell exercise was performed 2 times per week for 12 weeks and body composition, fitness, and blood lipid profiles were measured before and after this program. There was no significance in body fat before and after 12 weeks of treatment dumbbell exercise, but there was significance in weight(F=4.312, p=0.048), BMI(F=4.532, p=0.043), and FFM(F=4.743, p=0.039). There was no significance in fitness such as arm curl(F=1.103, p=0.304), and back scratch(F=0.214, p=0.648), but there was significance in 2-minute step(F=33.638, p<0.001), chair stand(F=14.575, p=0.001), chair sit and reach(F=7.198, p=0.013), and 8-ft up and go(F=14.890, p=0.001). The variables of blood lipid profiles such as TC(F=0.030, p=0.864), TG(F=0.142, p=0.710), HDL(F=2.066, p=0.163), glucose (F=0.125, p=0.727), and HbA1c(F=0.945, p=0.340) has no significance. It was found that treatment dumbbell exercise has positive effects on body composition and fitness but has no positive effects on blood lipid profiles of the elderly.

• Sim-seong Yeon-gu
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• v.25 no.1
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• pp.27-64
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• 2010

The main focus of this article investigates Jung's analytic implications of the Spiritual Exercises by St. Ignatius of Loyola. The Exercises is referred to not only as the tool for transformation that transformed Ignatius from a soldier of the world into a soldier of God and led him to a completely changed life but also as a tool which galvanizes self-realization, i.e., individuation process, in which a faithful experiences the presence of God in his life and is in search for himself in a new way. The interest in the Exercises regarded as a Western version of Yoga of the East which is a tool for transformation led Jung to give a series of 20 lectures on the Exercises in a seminar held in Zurich from 1939 to 1940. Curiosity about Jung's understanding on the Exercises provokes my desire to step into this research. The Exercises is a book for spiritual exercises that prepare and dispose one's soul to rid itself of all disordered attachments and to order one's life. The Exercises is made up of four Weeks. The First begins with 'Principle and Foundation' which illustrates what human beings are created for. It leads retreatants to rid themselves of disordered attachments and to have a new perspective on life by the consideration and contemplation of sins as the subversion of the Principle and Foundation. The Second is the period in which retreatants accept Christ as the Master of their lives through the meditation and contemplation of the life of Christ. In the Third, retreatants take part in the salvation history of Christ not only by actively participating in the Passion of Christ but also by incorporating the Passion into their lives. The Fourth aids retreatants to undergo their transformation and experience it deeply in order to participate in the new life of Christ who by His resurrection overcame death. In conclusion, Jung viewed the Exercises as a Western tool which plays the similar role of Yoga of the East which engenders inner transformation. The four-week-long retreat helps retreatants to meditate on God who unifies everything and is Himself/Herself the perfect union or the unity so that imperfect retreatants are given opportunities to undergo complete metamorphosis into the immortal, indivisible, and impeccable God. Jung understood that this metamorphosis leads human beings to the totality, that is, the genuine self as the image of God. The author interprets that it is the transformation that the Exercises tries to attain, which resonates with individuation, the key element of analytic psychology.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.

• Journal of Intelligence and Information Systems
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• v.22 no.3
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• pp.45-69
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• 2016

Recently, sentiment analysis using open Internet data is actively performed for various purposes. As online Internet communication channels become popular, companies try to capture public sentiment of them from online open information sources. This research is conducted for the purpose of analyzing pulbic sentiment of Korean Top-10 companies using a multi-categorical sentiment lexicon. Whereas existing researches related to public sentiment measurement based on big data approach classify sentiment into dimensions, this research classifies public sentiment into multiple categories. Dimensional sentiment structure has been commonly applied in sentiment analysis of various applications, because it is academically proven, and has a clear advantage of capturing degree of sentiment and interrelation of each dimension. However, the dimensional structure is not effective when measuring public sentiment because human sentiment is too complex to be divided into few dimensions. In addition, special training is needed for ordinary people to express their feeling into dimensional structure. People do not divide their sentiment into dimensions, nor do they need psychological training when they feel. People would not express their feeling in the way of dimensional structure like positive/negative or active/passive; rather they express theirs in the way of categorical sentiment like sadness, rage, happiness and so on. That is, categorial approach of sentiment analysis is more natural than dimensional approach. Accordingly, this research suggests multi-categorical sentiment structure as an alternative way to measure social sentiment from the point of the public. Multi-categorical sentiment structure classifies sentiments following the way that ordinary people do although there are possibility to contain some subjectiveness. In this research, nine categories: 'Sadness', 'Anger', 'Happiness', 'Disgust', 'Surprise', 'Fear', 'Interest', 'Boredom' and 'Pain' are used as multi-categorical sentiment structure. To capture public sentiment of Korean Top-10 companies, Internet news data of the companies are collected over the past 25 months from a representative Korean portal site. Based on the sentiment words extracted from previous researches, we have created a sentiment lexicon, and analyzed the frequency of the words coming up within the news data. The frequency of each sentiment category was calculated as a ratio out of the total sentiment words to make ranks of distributions. Sentiment comparison among top-4 companies, which are 'Samsung', 'Hyundai', 'SK', and 'LG', were separately visualized. As a next step, the research tested hypothesis to prove the usefulness of the multi-categorical sentiment lexicon. It tested how effective categorial sentiment can be used as relative comparison index in cross sectional and time series analysis. To test the effectiveness of the sentiment lexicon as cross sectional comparison index, pair-wise t-test and Duncan test were conducted. Two pairs of companies, 'Samsung' and 'Hanjin', 'SK' and 'Hanjin' were chosen to compare whether each categorical sentiment is significantly different in pair-wise t-test. Since category 'Sadness' has the largest vocabularies, it is chosen to figure out whether the subgroups of the companies are significantly different in Duncan test. It is proved that five sentiment categories of Samsung and Hanjin and four sentiment categories of SK and Hanjin are different significantly. In category 'Sadness', it has been figured out that there were six subgroups that are significantly different. To test the effectiveness of the sentiment lexicon as time series comparison index, 'nut rage' incident of Hanjin is selected as an example case. Term frequency of sentiment words of the month when the incident happened and term frequency of the one month before the event are compared. Sentiment categories was redivided into positive/negative sentiment, and it is tried to figure out whether the event actually has some negative impact on public sentiment of the company. The difference in each category was visualized, moreover the variation of word list of sentiment 'Rage' was shown to be more concrete. As a result, there was huge before-and-after difference of sentiment that ordinary people feel to the company. Both hypotheses have turned out to be statistically significant, and therefore sentiment analysis in business area using multi-categorical sentiment lexicons has persuasive power. This research implies that categorical sentiment analysis can be used as an alternative method to supplement dimensional sentiment analysis when figuring out public sentiment in business environment.

• Journal of Chest Surgery
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• v.38 no.8 s.253
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• pp.538-544
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• 2005

Background: Pulmonary artery banding (PAB) is an initial palliative procedure for a diverse group of patients with congenital cardiac anomalies and unrestricted pulmonary blood flow. We proved the usefulness of PAB through retrospective investigation of the surgical indication and risk analysis retrospectively. Material and Method: One hundred and fifty four consecutive patients (99 males and 55 females) who underwent PAB between January 1986 and December 2003 were included. We analysed the risk factors for early mortality and actuarial survival rate. Mean age was $2.5\pm12.8\;(0.2\sim92.7)$ months and mean weight was $4.5\pm2.7\;(0.9\sim18.0)\;kg$. Preoperative diagnosis included functional single ventricle $(88,\;57.1\%)$, double outlet right ventricle $(22,\;14.2\%)$, transposition of the great arteries $(26,\;16.8\%)$, and atrioventricular septal defect $(11,\;7.1\%)$. Coarctation of the aorta or interrupted aortic arch $(32,\;20.7\%)$, subaortic stenosis $(13,\;8.4\%)$ and total anomalous pulmonary venous connection $(13,\;8.4\%)$ were associated. Result: The overall early mortality was $22.1\%\;(34\;of\;154)$, The recent series from 1996 include patients with lower age $(3.8\pm15.9\;vs.\;1.5\pm12.7,\;p=0.04)$ and lower body weight $(4.8\pm3.1\;vs.\;4.0\pm2.7,\;p=0.02)$. The early mortality was lower in the recent group $(17.5\%;\;16/75)$ than the earlier group $(28.5\%;\;18/45)$. Aortic arch anomaly (p=0.004), subaortic stenosis (p=0.004), operation for subaortic stenosis (p=0.007), and cardiopulmonary bypass (p=0.007) were proven to be risk factors for early death in univariate analysis, while time of surgery (<1996) (p=0.026) was the only significant risk factor in multivariate analysis. The mean time interval from PAB to the second-stage operation was $12.8\pm10.9$ months. Among 96 patients who survived PAB, 40 patients completed Fontan operation, 21 patients underwent bidirectional cavopulmonary shunt, and 35 patients underwent biventricular repair including 25 arterial switch operations. Median follow-up was $40.1\pm48.9$ months. Overall survival rates at 1 year, 5 years and 10 years were $81.2\%\;65.0\%,\;and\;63.5\%$ respectively. Conclusion: Although it improved in recent series, early mortality was still high despite the advances in perioperative management. As for conventional indications, early primary repair may be more beneficial. However, PA banding still has a role in the initial palliative step in selective groups.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.1-19
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• 2018

Large amount of data is now available for research and business sectors to extract knowledge from it. This data can be in the form of unstructured data such as audio, text, and image data and can be analyzed by deep learning methodology. Deep learning is now widely used for various estimation, classification, and prediction problems. Especially, fashion business adopts deep learning techniques for apparel recognition, apparel search and retrieval engine, and automatic product recommendation. The core model of these applications is the image classification using Convolutional Neural Networks (CNN). CNN is made up of neurons which learn parameters such as weights while inputs come through and reach outputs. CNN has layer structure which is best suited for image classification as it is comprised of convolutional layer for generating feature maps, pooling layer for reducing the dimensionality of feature maps, and fully-connected layer for classifying the extracted features. However, most of the classification models have been trained using online product image, which is taken under controlled situation such as apparel image itself or professional model wearing apparel. This image may not be an effective way to train the classification model considering the situation when one might want to classify street fashion image or walking image, which is taken in uncontrolled situation and involves people's movement and unexpected pose. Therefore, we propose to train the model with runway apparel image dataset which captures mobility. This will allow the classification model to be trained with far more variable data and enhance the adaptation with diverse query image. To achieve both convergence and generalization of the model, we apply Transfer Learning on our training network. As Transfer Learning in CNN is composed of pre-training and fine-tuning stages, we divide the training step into two. First, we pre-train our architecture with large-scale dataset, ImageNet dataset, which consists of 1.2 million images with 1000 categories including animals, plants, activities, materials, instrumentations, scenes, and foods. We use GoogLeNet for our main architecture as it has achieved great accuracy with efficiency in ImageNet Large Scale Visual Recognition Challenge (ILSVRC). Second, we fine-tune the network with our own runway image dataset. For the runway image dataset, we could not find any previously and publicly made dataset, so we collect the dataset from Google Image Search attaining 2426 images of 32 major fashion brands including Anna Molinari, Balenciaga, Balmain, Brioni, Burberry, Celine, Chanel, Chloe, Christian Dior, Cividini, Dolce and Gabbana, Emilio Pucci, Ermenegildo, Fendi, Giuliana Teso, Gucci, Issey Miyake, Kenzo, Leonard, Louis Vuitton, Marc Jacobs, Marni, Max Mara, Missoni, Moschino, Ralph Lauren, Roberto Cavalli, Sonia Rykiel, Stella McCartney, Valentino, Versace, and Yve Saint Laurent. We perform 10-folded experiments to consider the random generation of training data, and our proposed model has achieved accuracy of 67.2% on final test. Our research suggests several advantages over previous related studies as to our best knowledge, there haven't been any previous studies which trained the network for apparel image classification based on runway image dataset. We suggest the idea of training model with image capturing all the possible postures, which is denoted as mobility, by using our own runway apparel image dataset. Moreover, by applying Transfer Learning and using checkpoint and parameters provided by Tensorflow Slim, we could save time spent on training the classification model as taking 6 minutes per experiment to train the classifier. This model can be used in many business applications where the query image can be runway image, product image, or street fashion image. To be specific, runway query image can be used for mobile application service during fashion week to facilitate brand search, street style query image can be classified during fashion editorial task to classify and label the brand or style, and website query image can be processed by e-commerce multi-complex service providing item information or recommending similar item.

• Journal of Sericultural and Entomological Science
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• v.47 no.2
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• pp.68-77
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• 2005

A characteristic of subtropical zones region MK-T2 compares with an gaeryangppong, and the 9-10 schedule the times when a leaf blooms to are fast, and ratio that a branch edge by the colds becomes lean showed 5.7%, and a growth of the new branch which went out delivers 67.2 cm, mulberry loaves of the new branch which went out, and 18.6, a form of a leaf is the 1.10 that length of a leaf grew more a bit than width of a leaf up. Thickness of a leaf is $228.2{\mu}m$, and an area is more similar than gaeryangppong as $225.6cm^2$. in plant taxonomy, the hair whom the style exists short with 0.7 mm, and go to the pistil head inside so as to be rare is distributed, and belong to Dolichostylae Pubescentes. The new branch cutting which executed without remedy processes was independent of a thickness of a case branch, and the form and 100% root was said, and an gaeryangppong compared with the fact that 10% root went out of 15 mm ideal, and was excellent very, and looked, a root went out a root the soil and water, all showed a characteristic to go out at central of a branch bases at 45% ratio. Length was 24.6 mm, and were water rate 78.8%, and mulberry of MK-T2 was carrying together sweetness and acidity to pH 4.7 while, besides, arrival was 19.21 Brix%. A larva period and pupa ratio, cocoon thickness ratio are almost similar to gaeryangppong, or weight of one cocoon, cocoon thickness, 20,002 cocoon quantity shows some results to drop, and be soft of a leaf, and feed value certifications are comparatively top-ranking. As a result of having analyzed amino acid of the 3rd day of 5th silkworm larva which bred to MK-T2, a collation absorbing an gaeryangppong went, and looked, but compared with a collation in case of tests to eat MK-T2, and looked, and the lie collations were not detected a difference at Leu, but MK-T2 tests were detected mutual almost similar amino acid creation. medical efficacy of the 3rd day of 5th silkworm larva ethanol extract which bred to MK-T2 and black results, histologic a case did not appear at HE dyeing about the kidney organization which extracted form the rats which ate a silkworm ethanol extract and dyeing all chemical organization immunity, and one step protein revelation became lower with almost unidentified levels.

• Journal of Intelligence and Information Systems
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• v.23 no.3
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• pp.1-27
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• 2017

It is known that the economic sentiment index and macroeconomic indicators are closely related because economic agent's judgment and forecast of the business conditions affect economic fluctuations. For this reason, consumer sentiment or confidence provides steady fodder for business and is treated as an important piece of economic information. In Korea, private consumption accounts and consumer sentiment index highly relevant for both, which is a very important economic indicator for evaluating and forecasting the domestic economic situation. However, despite offering relevant insights into private consumption and GDP, the traditional approach to measuring the consumer confidence based on the survey has several limits. One possible weakness is that it takes considerable time to research, collect, and aggregate the data. If certain urgent issues arise, timely information will not be announced until the end of each month. In addition, the survey only contains information derived from questionnaire items, which means it can be difficult to catch up to the direct effects of newly arising issues. The survey also faces potential declines in response rates and erroneous responses. Therefore, it is necessary to find a way to complement it. For this purpose, we construct and assess an index designed to measure consumer economic sentiment index using sentiment analysis. Unlike the survey-based measures, our index relies on textual analysis to extract sentiment from economic and financial news articles. In particular, text data such as news articles and SNS are timely and cover a wide range of issues; because such sources can quickly capture the economic impact of specific economic issues, they have great potential as economic indicators. There exist two main approaches to the automatic extraction of sentiment from a text, we apply the lexicon-based approach, using sentiment lexicon dictionaries of words annotated with the semantic orientations. In creating the sentiment lexicon dictionaries, we enter the semantic orientation of individual words manually, though we do not attempt a full linguistic analysis (one that involves analysis of word senses or argument structure); this is the limitation of our research and further work in that direction remains possible. In this study, we generate a time series index of economic sentiment in the news. The construction of the index consists of three broad steps: (1) Collecting a large corpus of economic news articles on the web, (2) Applying lexicon-based methods for sentiment analysis of each article to score the article in terms of sentiment orientation (positive, negative and neutral), and (3) Constructing an economic sentiment index of consumers by aggregating monthly time series for each sentiment word. In line with existing scholarly assessments of the relationship between the consumer confidence index and macroeconomic indicators, any new index should be assessed for its usefulness. We examine the new index's usefulness by comparing other economic indicators to the CSI. To check the usefulness of the newly index based on sentiment analysis, trend and cross - correlation analysis are carried out to analyze the relations and lagged structure. Finally, we analyze the forecasting power using the one step ahead of out of sample prediction. As a result, the news sentiment index correlates strongly with related contemporaneous key indicators in almost all experiments. We also find that news sentiment shocks predict future economic activity in most cases. In almost all experiments, the news sentiment index strongly correlates with related contemporaneous key indicators. Furthermore, in most cases, news sentiment shocks predict future economic activity; in head-to-head comparisons, the news sentiment measures outperform survey-based sentiment index as CSI. Policy makers want to understand consumer or public opinions about existing or proposed policies. Such opinions enable relevant government decision-makers to respond quickly to monitor various web media, SNS, or news articles. Textual data, such as news articles and social networks (Twitter, Facebook and blogs) are generated at high-speeds and cover a wide range of issues; because such sources can quickly capture the economic impact of specific economic issues, they have great potential as economic indicators. Although research using unstructured data in economic analysis is in its early stages, but the utilization of data is expected to greatly increase once its usefulness is confirmed.

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

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