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Study of Biomass Estimation Methods for the Freshwater Cladoceran Species, Simocephalus serrulatus (Koch, 1841) (담수산 지각류 Simocephalus serrulatus (Koch, 1841) 생체량 산정 방법 연구)

  • Hye-Ji Oh;Geun-Hyeok Hong;Yerim Choi;Kwang-Hyeon Chang
    • Korean Journal of Ecology and Environment
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    • v.56 no.2
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    • pp.161-171
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    • 2023
  • The medium-large cladoceran species Simocephalus spp. predominantly occur in habitats with developed aquatic vegetation. Accordingly, due to Simocephalus' high contribution to zooplankton community biomass in the lake's littoral zone and wetland habitats, estimating their biomass is important to understand the matter cycling based on biological interactions within the aquatic food web. In this study, we reviewed the length-weight regression equations used previously to estimate Simocephalus biomass, directly measured S. serrulatus' body specification (length, width and area) and their biomass(dry weight) using instruments such as a microscopic digital camera and a microscale, and performed regression analysis between each other. When S. serrulatus biomass was estimated using the equation (Kawabata and Urabe, 1998) presented in 『Biomonitoring Survey and Assessment Manual』, Korea, errors between estimates and measures were relatively large compared to the S. serrulatus species-specific biomass estimate equation developed by Lemke and Benke (2003). In addition, both equations showed not only increasing trends in error (estimate-measure) with increasing S. serrulatus' body length, but also in error variance among similar-sized individuals. The results of regression analysis with dry weight by body specifications indicated that the most appropriate equation for estimating the biomass of S. serrulatus was derived from the width-dry weight exponential regression equation (R2=0.9555). The review and development study of such species-specific biomass estimation equations for zooplankton can be used as a tool to understand their role and function in aquatic ecosystem food webs.

Assessment of the Application Status of Transcutaneous/Percutaneous Vagus Nerve Stimulation for Musculoskeletal Pain: A Scoping Review for Utilization in Korean Medicine and Subsequent Research (경피적 미주 신경 자극술의 근골격계 통증에 대한 적용 현황 파악: 한의학적 활용 및 후속 연구를 위한 Scoping Review)

  • Gun Hee Bae;Jeong Hoon Ahn;Dong Jin Jang;Jeong Hee Noh;Jae Kwon Shin;Eun Seok Jin;Sun Kyu Yeom;Seung Ju Oh
    • Journal of Korean Medicine Rehabilitation
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    • v.34 no.1
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    • pp.65-81
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    • 2024
  • Objectives This study aimed to understand the general research trends, applicated disease, and methodology of transcutaneous/percutaneous vagus nerve stimulation, contemplating its clinical use in traditional Korean medicine and future research directions. Methods A scoping review was conducted following Arksey and O'Malley Framework Stage and adhering to the PRISMA extension for scoping reviews: checklist and explanation. Papers published until October 30, 2023, were investigated across 10 databases (PubMed, Embase, Scopus, Web of Science, China National Knowledge Infrastructure, Oriental Medicine Advanced Searching Integrated System, Korean Studies Information Service System, KMbase, Science ON, Research Information Sharing Service. The search terms used were 'Transcutaneous/Percutaneous vagus nerve stimulation'. Results Since 2021, the application of transcutaneous/percutaneous vagus nerve stimulation for musculoskeletal symptoms has been actively researched, predominantly in Asia (37%), Europe (37%), and North America (21%). All 19 papers were part of clinical studies. Chronic pain was noted that most applied disease, it also was found to potentially aid in acute post-surgical pain relief. Major assessment tools include not only simple pain metrics but also pain perception, vagal nerve tension, quality of life, and inflammatory markers. Most procedures were carried out through the ear, which offers a favorable site for therapeutic stimulation without notable side effects. And parameter analysis, frequencies typically ranged around 25 Hz to 30 Hz, while pulse widths were commonly set at 250 ㎲ or 300 ㎲. Conclusions Transcutaneous/percutaneous vagus nerve stimulation is easily accessible through acupuncture in Korean medicine. Therefore, if future studies establish parameters and clinical significance, it could be utilized as a therapeutic modality.

International Research Trend on Mountainous Sediment-related Disasters Induced by Earthquakes (지진 유발 산지토사재해 관련 국외 연구동향 분석)

  • Lee, Sang-In;Seo, Jung-Il;Kim, Jin-Hak;Ryu, Dong-Seop;Seo, Jun-Pyo;Kim, Dong-Yeob;Lee, Chang-Woo
    • Journal of Korean Society of Forest Science
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    • v.106 no.4
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    • pp.431-440
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    • 2017
  • The 2016 Gyeongju Earthquake ($M_L$ 5.8) (occurred on September 12, 2016) and the 2017 Pohang Earthquake ($M_L$ 5.4) (occurred on November 15, 2017) caused unprecedented damages in South Korea. It is necessary to establish basic data related to earthquake-induced mountainous sediment-related disasters over worldwide. In this study, we analyzed previous international studies on the earthquake-induced mountainous sediment-related disasters, then classified research areas according to research themes using text-mining and co-word analysis in VOSviewer program, and finally examined spatio-temporal research trends by research area. The result showed that the related-researches have been rapidly increased since 2005, which seems to be affected by recent large-scale earthquakes occurred in China, Taiwan and Japan. In addition, the research area related to mountainous sediment-related disasters induced by earthquakes was classified into four subjects: (i) mechanisms of disaster occurrence; (ii) rainfall parameters controlling disaster occurrence; (iii) prediction of potential disaster area using aerial and satellite photographs; and (iv) disaster risk mapping through the modeling of disaster occurrence. These research areas are considered to have a strong correlation with each other. On the threshold year (i.e., 2012-2013), when cumulative number of research papers was reached 50% of total research papers published since 1987, proportions per unit year of all research areas should increase. Especially, the proportion of the research areas related to prediction of potential disaster area using aerial and satellite photographs is highly increased compared to other three research areas. These trends are responsible for the rapidly increasing research papers with study sites in China, and the research papers examined in Taiwan, Japan, and the United States have also contributed to increases in all research areas. The results are could be used as basic data to present future research direction related to mountainous sediment-related disasters induced by earthquakes in South Korea.

The Analysis on the Relationship between Firms' Exposures to SNS and Stock Prices in Korea (기업의 SNS 노출과 주식 수익률간의 관계 분석)

  • Kim, Taehwan;Jung, Woo-Jin;Lee, Sang-Yong Tom
    • Asia pacific journal of information systems
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    • v.24 no.2
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    • pp.233-253
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    • 2014
  • Can the stock market really be predicted? Stock market prediction has attracted much attention from many fields including business, economics, statistics, and mathematics. Early research on stock market prediction was based on random walk theory (RWT) and the efficient market hypothesis (EMH). According to the EMH, stock market are largely driven by new information rather than present and past prices. Since it is unpredictable, stock market will follow a random walk. Even though these theories, Schumaker [2010] asserted that people keep trying to predict the stock market by using artificial intelligence, statistical estimates, and mathematical models. Mathematical approaches include Percolation Methods, Log-Periodic Oscillations and Wavelet Transforms to model future prices. Examples of artificial intelligence approaches that deals with optimization and machine learning are Genetic Algorithms, Support Vector Machines (SVM) and Neural Networks. Statistical approaches typically predicts the future by using past stock market data. Recently, financial engineers have started to predict the stock prices movement pattern by using the SNS data. SNS is the place where peoples opinions and ideas are freely flow and affect others' beliefs on certain things. Through word-of-mouth in SNS, people share product usage experiences, subjective feelings, and commonly accompanying sentiment or mood with others. An increasing number of empirical analyses of sentiment and mood are based on textual collections of public user generated data on the web. The Opinion mining is one domain of the data mining fields extracting public opinions exposed in SNS by utilizing data mining. There have been many studies on the issues of opinion mining from Web sources such as product reviews, forum posts and blogs. In relation to this literatures, we are trying to understand the effects of SNS exposures of firms on stock prices in Korea. Similarly to Bollen et al. [2011], we empirically analyze the impact of SNS exposures on stock return rates. We use Social Metrics by Daum Soft, an SNS big data analysis company in Korea. Social Metrics provides trends and public opinions in Twitter and blogs by using natural language process and analysis tools. It collects the sentences circulated in the Twitter in real time, and breaks down these sentences into the word units and then extracts keywords. In this study, we classify firms' exposures in SNS into two groups: positive and negative. To test the correlation and causation relationship between SNS exposures and stock price returns, we first collect 252 firms' stock prices and KRX100 index in the Korea Stock Exchange (KRX) from May 25, 2012 to September 1, 2012. We also gather the public attitudes (positive, negative) about these firms from Social Metrics over the same period of time. We conduct regression analysis between stock prices and the number of SNS exposures. Having checked the correlation between the two variables, we perform Granger causality test to see the causation direction between the two variables. The research result is that the number of total SNS exposures is positively related with stock market returns. The number of positive mentions of has also positive relationship with stock market returns. Contrarily, the number of negative mentions has negative relationship with stock market returns, but this relationship is statistically not significant. This means that the impact of positive mentions is statistically bigger than the impact of negative mentions. We also investigate whether the impacts are moderated by industry type and firm's size. We find that the SNS exposures impacts are bigger for IT firms than for non-IT firms, and bigger for small sized firms than for large sized firms. The results of Granger causality test shows change of stock price return is caused by SNS exposures, while the causation of the other way round is not significant. Therefore the correlation relationship between SNS exposures and stock prices has uni-direction causality. The more a firm is exposed in SNS, the more is the stock price likely to increase, while stock price changes may not cause more SNS mentions.

Multi-Category Sentiment Analysis for Social Opinion Related to Artificial Intelligence on Social Media (소셜 미디어 상에서의 인공지능 관련 사회적 여론에 대한 다 범주 감성 분석)

  • Lee, Sang Won;Choi, Chang Wook;Kim, Dong Sung;Yeo, Woon Young;Kim, Jong Woo
    • Journal of Intelligence and Information Systems
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    • v.24 no.4
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    • pp.51-66
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    • 2018
  • As AI (Artificial Intelligence) technologies have been swiftly evolved, a lot of products and services are under development in various fields for better users' experience. On this technology advance, negative effects of AI technologies also have been discussed actively while there exists positive expectation on them at the same time. For instance, many social issues such as trolley dilemma and system security issues are being debated, whereas autonomous vehicles based on artificial intelligence have had attention in terms of stability increase. Therefore, it needs to check and analyse major social issues on artificial intelligence for their development and societal acceptance. In this paper, multi-categorical sentiment analysis is conducted over online public opinion on artificial intelligence after identifying the trending topics related to artificial intelligence for two years from January 2016 to December 2017, which include the event, match between Lee Sedol and AlphaGo. Using the largest web portal in South Korea, online news, news headlines and news comments were crawled. Considering the importance of trending topics, online public opinion was analysed into seven multiple sentimental categories comprised of anger, dislike, fear, happiness, neutrality, sadness, and surprise by topics, not only two simple positive or negative sentiment. As a result, it was found that the top sentiment is "happiness" in most events and yet sentiments on each keyword are different. In addition, when the research period was divided into four periods, the first half of 2016, the second half of the year, the first half of 2017, and the second half of the year, it is confirmed that the sentiment of 'anger' decreases as goes by time. Based on the results of this analysis, it is possible to grasp various topics and trends currently discussed on artificial intelligence, and it can be used to prepare countermeasures. We hope that we can improve to measure public opinion more precisely in the future by integrating empathy level of news comments.

Study on Basic Elements for Smart Content through the Market Status-quo (스마트콘텐츠 현황분석을 통한 기본요소 추출)

  • Kim, Gyoung Sun;Park, Joo Young;Kim, Yi Yeon
    • Korea Science and Art Forum
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    • v.21
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    • pp.31-43
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    • 2015
  • Information and Communications Technology (ICT) is one of the technologies which represent the core value of the creative economy. It has served as a vehicle connecting the existing industry and corporate infrastructure, developing existing products and services and creating new products and services. In addition to the ICT, new devices including big data, mobile gadgets and wearable products are gaining a great attention sending an expectation for a new market-pioneering. Further, Internet of Things (IoT) is helping solidify the ICT-based social development connecting human-to-human, human-to-things and things-to-things. This means that the manufacturing-based hardware development needs to be achieved simultaneously with software development through convergence. The essential element the convergence between hardware and software is OS, for which world's leading companies such as Google and Apple have launched an intense development recognizing the importance of software. Against this backdrop, the status-quo of the software market has been examined for the study of the present report (Korea Evaluation Institute of Industrial Technology: Professional Design Technology Development Project). As a result, the software platform-based Google's android and Apple's iOS are dominant in the global market and late comers are trying to enter the market through various pathways by releasing web-based OS and similar OS to provide a new paradigm to the market. The present study is aimed at finding the way to utilize a smart content by which anyone can be a developer based on OS responding to such as social change, newly defining a smart content to be universally utilized and analyzing the market to deal with a rapid market change. The study method, scope and details are as follows: Literature investigation, Analysis on the app market according to a smart classification system, Trend analysis on the current content market, Identification of five common trends through comparison among the universal definition of smart content, the status-quo of application represented in the app market and content market situation. In conclusion, the smart content market is independent but is expected to develop in the form of a single organic body being connected each other. Therefore, the further classification system and development focus should be made in a way to see the area from multiple perspectives including a social point of view in terms of the existing technology, culture, business and consumers.

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.

Analysis of Twitter for 2012 South Korea Presidential Election by Text Mining Techniques (텍스트 마이닝을 이용한 2012년 한국대선 관련 트위터 분석)

  • Bae, Jung-Hwan;Son, Ji-Eun;Song, Min
    • Journal of Intelligence and Information Systems
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    • v.19 no.3
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    • pp.141-156
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    • 2013
  • Social media is a representative form of the Web 2.0 that shapes the change of a user's information behavior by allowing users to produce their own contents without any expert skills. In particular, as a new communication medium, it has a profound impact on the social change by enabling users to communicate with the masses and acquaintances their opinions and thoughts. Social media data plays a significant role in an emerging Big Data arena. A variety of research areas such as social network analysis, opinion mining, and so on, therefore, have paid attention to discover meaningful information from vast amounts of data buried in social media. Social media has recently become main foci to the field of Information Retrieval and Text Mining because not only it produces massive unstructured textual data in real-time but also it serves as an influential channel for opinion leading. But most of the previous studies have adopted broad-brush and limited approaches. These approaches have made it difficult to find and analyze new information. To overcome these limitations, we developed a real-time Twitter trend mining system to capture the trend in real-time processing big stream datasets of Twitter. The system offers the functions of term co-occurrence retrieval, visualization of Twitter users by query, similarity calculation between two users, topic modeling to keep track of changes of topical trend, and mention-based user network analysis. In addition, we conducted a case study on the 2012 Korean presidential election. We collected 1,737,969 tweets which contain candidates' name and election on Twitter in Korea (http://www.twitter.com/) for one month in 2012 (October 1 to October 31). The case study shows that the system provides useful information and detects the trend of society effectively. The system also retrieves the list of terms co-occurred by given query terms. We compare the results of term co-occurrence retrieval by giving influential candidates' name, 'Geun Hae Park', 'Jae In Moon', and 'Chul Su Ahn' as query terms. General terms which are related to presidential election such as 'Presidential Election', 'Proclamation in Support', Public opinion poll' appear frequently. Also the results show specific terms that differentiate each candidate's feature such as 'Park Jung Hee' and 'Yuk Young Su' from the query 'Guen Hae Park', 'a single candidacy agreement' and 'Time of voting extension' from the query 'Jae In Moon' and 'a single candidacy agreement' and 'down contract' from the query 'Chul Su Ahn'. Our system not only extracts 10 topics along with related terms but also shows topics' dynamic changes over time by employing the multinomial Latent Dirichlet Allocation technique. Each topic can show one of two types of patterns-Rising tendency and Falling tendencydepending on the change of the probability distribution. To determine the relationship between topic trends in Twitter and social issues in the real world, we compare topic trends with related news articles. We are able to identify that Twitter can track the issue faster than the other media, newspapers. The user network in Twitter is different from those of other social media because of distinctive characteristics of making relationships in Twitter. Twitter users can make their relationships by exchanging mentions. We visualize and analyze mention based networks of 136,754 users. We put three candidates' name as query terms-Geun Hae Park', 'Jae In Moon', and 'Chul Su Ahn'. The results show that Twitter users mention all candidates' name regardless of their political tendencies. This case study discloses that Twitter could be an effective tool to detect and predict dynamic changes of social issues, and mention-based user networks could show different aspects of user behavior as a unique network that is uniquely found in Twitter.

Visualizing the Results of Opinion Mining from Social Media Contents: Case Study of a Noodle Company (소셜미디어 콘텐츠의 오피니언 마이닝결과 시각화: N라면 사례 분석 연구)

  • Kim, Yoosin;Kwon, Do Young;Jeong, Seung Ryul
    • Journal of Intelligence and Information Systems
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    • v.20 no.4
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    • pp.89-105
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    • 2014
  • After emergence of Internet, social media with highly interactive Web 2.0 applications has provided very user friendly means for consumers and companies to communicate with each other. Users have routinely published contents involving their opinions and interests in social media such as blogs, forums, chatting rooms, and discussion boards, and the contents are released real-time in the Internet. For that reason, many researchers and marketers regard social media contents as the source of information for business analytics to develop business insights, and many studies have reported results on mining business intelligence from Social media content. In particular, opinion mining and sentiment analysis, as a technique to extract, classify, understand, and assess the opinions implicit in text contents, are frequently applied into social media content analysis because it emphasizes determining sentiment polarity and extracting authors' opinions. A number of frameworks, methods, techniques and tools have been presented by these researchers. However, we have found some weaknesses from their methods which are often technically complicated and are not sufficiently user-friendly for helping business decisions and planning. In this study, we attempted to formulate a more comprehensive and practical approach to conduct opinion mining with visual deliverables. First, we described the entire cycle of practical opinion mining using Social media content from the initial data gathering stage to the final presentation session. Our proposed approach to opinion mining consists of four phases: collecting, qualifying, analyzing, and visualizing. In the first phase, analysts have to choose target social media. Each target media requires different ways for analysts to gain access. There are open-API, searching tools, DB2DB interface, purchasing contents, and so son. Second phase is pre-processing to generate useful materials for meaningful analysis. If we do not remove garbage data, results of social media analysis will not provide meaningful and useful business insights. To clean social media data, natural language processing techniques should be applied. The next step is the opinion mining phase where the cleansed social media content set is to be analyzed. The qualified data set includes not only user-generated contents but also content identification information such as creation date, author name, user id, content id, hit counts, review or reply, favorite, etc. Depending on the purpose of the analysis, researchers or data analysts can select a suitable mining tool. Topic extraction and buzz analysis are usually related to market trends analysis, while sentiment analysis is utilized to conduct reputation analysis. There are also various applications, such as stock prediction, product recommendation, sales forecasting, and so on. The last phase is visualization and presentation of analysis results. The major focus and purpose of this phase are to explain results of analysis and help users to comprehend its meaning. Therefore, to the extent possible, deliverables from this phase should be made simple, clear and easy to understand, rather than complex and flashy. To illustrate our approach, we conducted a case study on a leading Korean instant noodle company. We targeted the leading company, NS Food, with 66.5% of market share; the firm has kept No. 1 position in the Korean "Ramen" business for several decades. We collected a total of 11,869 pieces of contents including blogs, forum contents and news articles. After collecting social media content data, we generated instant noodle business specific language resources for data manipulation and analysis using natural language processing. In addition, we tried to classify contents in more detail categories such as marketing features, environment, reputation, etc. In those phase, we used free ware software programs such as TM, KoNLP, ggplot2 and plyr packages in R project. As the result, we presented several useful visualization outputs like domain specific lexicons, volume and sentiment graphs, topic word cloud, heat maps, valence tree map, and other visualized images to provide vivid, full-colored examples using open library software packages of the R project. Business actors can quickly detect areas by a swift glance that are weak, strong, positive, negative, quiet or loud. Heat map is able to explain movement of sentiment or volume in categories and time matrix which shows density of color on time periods. Valence tree map, one of the most comprehensive and holistic visualization models, should be very helpful for analysts and decision makers to quickly understand the "big picture" business situation with a hierarchical structure since tree-map can present buzz volume and sentiment with a visualized result in a certain period. This case study offers real-world business insights from market sensing which would demonstrate to practical-minded business users how they can use these types of results for timely decision making in response to on-going changes in the market. We believe our approach can provide practical and reliable guide to opinion mining with visualized results that are immediately useful, not just in food industry but in other industries as well.

Construction of Consumer Confidence index based on Sentiment analysis using News articles (뉴스기사를 이용한 소비자의 경기심리지수 생성)

  • Song, Minchae;Shin, Kyung-shik
    • 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.