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The Relationship between Internet Search Volumes and Stock Price Changes: An Empirical Study on KOSDAQ Market (개별 기업에 대한 인터넷 검색량과 주가변동성의 관계: 국내 코스닥시장에서의 산업별 실증분석)

  • Jeon, Saemi;Chung, Yeojin;Lee, Dongyoup
    • Journal of Intelligence and Information Systems
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    • v.22 no.2
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    • pp.81-96
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    • 2016
  • As the internet has become widespread and easy to access everywhere, it is common for people to search information via online search engines such as Google and Naver in everyday life. Recent studies have used online search volume of specific keyword as a measure of the internet users' attention in order to predict disease outbreaks such as flu and cancer, an unemployment rate, and an index of a nation's economic condition, and etc. For stock traders, web search is also one of major information resources to obtain data about individual stock items. Therefore, search volume of a stock item can reflect the amount of investors' attention on it. The investor attention has been regarded as a crucial factor influencing on stock price but it has been measured by indirect proxies such as market capitalization, trading volume, advertising expense, and etc. It has been theoretically and empirically proved that an increase of investors' attention on a stock item brings temporary increase of the stock price and the price recovers in the long run. Recent development of internet environment enables to measure the investor attention directly by the internet search volume of individual stock item, which has been used to show the attention-induced price pressure. Previous studies focus mainly on Dow Jones and NASDAQ market in the United States. In this paper, we investigate the relationship between the individual investors' attention measured by the internet search volumes and stock price changes of individual stock items in the KOSDAQ market in Korea, where the proportion of the trades by individual investors are about 90% of the total. In addition, we examine the difference between industries in the influence of investors' attention on stock return. The internet search volume of stocks were gathered from "Naver Trend" service weekly between January 2007 and June 2015. The regression model with the error term with AR(1) covariance structure is used to analyze the data since the weekly prices in a stock item are systematically correlated. The market capitalization, trading volume, the increment of trading volume, and the month in which each trade occurs are included in the model as control variables. The fitted model shows that an abnormal increase of search volume of a stock item has a positive influence on the stock return and the amount of the influence varies among the industry. The stock items in IT software, construction, and distribution industries have shown to be more influenced by the abnormally large internet search volume than the average across the industries. On the other hand, the stock items in IT hardware, manufacturing, entertainment, finance, and communication industries are less influenced by the abnormal search volume than the average. In order to verify price pressure caused by investors' attention in KOSDAQ, the stock return of the current week is modelled using the abnormal search volume observed one to four weeks ahead. On average, the abnormally large increment of the search volume increased the stock return of the current week and one week later, and it decreased the stock return in two and three weeks later. There is no significant relationship with the stock return after 4 weeks. This relationship differs among the industries. An abnormal search volume brings particularly severe price reversal on the stocks in the IT software industry, which are often to be targets of irrational investments by individual investors. An abnormal search volume caused less severe price reversal on the stocks in the manufacturing and IT hardware industries than on average across the industries. The price reversal was not observed in the communication, finance, entertainment, and transportation industries, which are known to be influenced largely by macro-economic factors such as oil price and currency exchange rate. The result of this study can be utilized to construct an intelligent trading system based on the big data gathered from web search engines, social network services, and internet communities. Particularly, the difference of price reversal effect between industries may provide useful information to make a portfolio and build an investment strategy.

The Effect of Kimchi Pill Supplementation on Plasma Lipid Concentration in healthy people (김치 보충제가 건강한 성인의 혈중 지질농도에 미치는 여향)

  • 최선혜;김현주;권명자;백영호;송영옥
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.30 no.5
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    • pp.913-920
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    • 2001
  • The effect of kimchi pill supplementation on plasma lipid concentration of middle aged healthy people were studied. Freeze-dried mustard leaf added (30%) Korean cabbage kimchi and powdered glutinous parch were used to prepare kimchi and placebo pill, respectively. Experimental group if six participants took 3 g of freeze-dried kimchi as a pill daily for 6 weeks which is equivalent to 30 g of fresh kimchi and control group of six people took same amount of placebo. The diet intakes for the kimchi and placebo group fairly remained unchanged during 6 weeks of trial. When the effect of kimchi pill supplementation was expressed as average percentage changes based on each individual changes, the plasma triglyceride concentration of kimchi pill group was sig-nificantly decreased by 16.8% during trial (p<0.05)while that of placebo group increased by 9.8%, But no changes in plasma and LDL cholesterol concentrations of both groups were observed. HDL cholesterol of kimchi pill group significantly increased by 11.7%(p<0.05), therefore the ratio LDL/HDL cholesterol was significantly decreased by 6.7%(p<0.05) while that for the placebo group increased. The atherogenic index at the kimchi group was also significantly decreased by 10.8%(p<0.05). Kimchi supplementation seemed to have beneficial effects on controlling plasma triglyceride and HDL cholesterol in middle aged men.

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Research on Earthquake Occurrence Characteristics Through the Comparison of the Yangsan-ulsan Fault System and the Futagawa-Hinagu Fault System (양산-울산 단층계와 후타가와-히나구 단층계의 비교를 통한 지진발생특성 연구)

  • Lee, Jinhyun;Gwon, Sehyeon;Kim, Young-Seog
    • The Journal of the Petrological Society of Korea
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    • v.25 no.3
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    • pp.195-209
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    • 2016
  • The understanding of geometric complexity of strike-slip Fault system can be an important factor to control fault reactivation and surface rupture propagation under the regional stress regime. The Kumamoto earthquake was caused by dextral reactivation of the Futagawa-Hinagu Fault system under the E-W maximum horizontal principal stress. The earthquakes are a set of earthquakes, including a foreshock earthquake with a magnitude 6.2 at the northern tip of the Hinagu Fault on April 14, 2016 and a magnitude 7.0 mainshock which generated at the intersection of the two faults on April 16, 2016. The hypocenters of the main shock and aftershocks have moved toward NE direction along the Futagawa Fault and terminated at Mt. Aso area. The intersection of the two faults has a similar configuration of ${\lambda}$-fault. The geometries and kinematics, of these faults were comparable to the Yansan-Ulsan Fault system in SE Korea. But slip rate is little different. The results of age dating show that the Quaternary faults distributed along the northern segment of the Yangsan Fault and the Ulsan Fault are younger than those along the southern segment of the Yansan Fault. This result is well consistent with the previous study with Column stress model. Thus, the seismic activity along the middle and northern segment of the Yangsan Fault and the Ulsan Fault might be relatively active compared with that of the southern segment of the Yangsan Fault. Therefore, more detailed seismic hazard and paleoseismic studies should be carried out in this area.

The Studies of Activity of Retrotransposon(Tos17) according to Tissue Culture Periods in Rice(Oryza sativa L.) (벼 조직배양 기간에 따른 retrotransposon(Tos17)의 활성에 관한 연구)

  • Yang, Hee-Eun;Fang, Yilan;Shin, Young-Boum;Lee, Boung-Jin;Hong, Soon-Kwan
    • Korean Journal of Plant Resources
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    • v.20 no.5
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    • pp.389-397
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    • 2007
  • Using the active-increment of Tos17 copies in the genome of Oryza sativa L., there were many studies about induction and selection of new mutants. This study mainly focuses on the induction for retrotransposon(Tos17) activity in the callus of Ilpumbyeo(Oryza sativa L.) according to varied culture period and condition. The objectives of this study are obtaining various mutants($M_1$) through plant regeneration, identification of the mutation relation with Tos17, and subsequent phenotyping of the mutants($M_2,\;M_3$). A total of 371 $M_1$ mutants was obtained. The degree of Tos17 activity obtained regeneration plants with each different culture period was evaluated by Southern blot analysis. The result showed that control Ilpumbyeo rice has 5 numbers of copies and the band numbers obtained 7, 8, 9.5, 12, 6, 13.5, 17.5 from culture period of 1, 2, 3, 5, 6, 7, 8 month, respectively. In this study, the result showed that most effectual culture period for activity of Tos17 in Ilpumbyeo rice is 5 month. Hereafter, collections and analysis of various recombination plants will act on an important factor in multiplication and preservation of $M_2$ and $M_3$ generation. And an urgent and important subject is a development of screening method for selection of diverse mutants.

Soil Management Techniques for High Quality Cucumber Cultivation in Plastic Film Greenhouse (고품질 시설하우스 오이재배를 위한 토양 종합관리 기술)

  • Hyun, Byung-Keun;Jung, Sug-Jae;Jung, Yeon-Jae;Lee, Ju-Young;Lee, Jae-Kook;Jang, Byoung-Choon;Chio, Nag-Doo
    • Korean Journal of Soil Science and Fertilizer
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    • v.44 no.5
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    • pp.717-721
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    • 2011
  • In case of plastic film greenhouses cultivating fresh vegetables on paddy soil, soil characteristics must be considered as more important factor than any other factors. Generally after the four years of cultivation, soils tend to increase electrical conductivity value, nutrient unbalance and soil pests. As a result, degradation of agricultural products occurred, therefore it is necessary to improve soil conditions. In this study, yield and economic cost of cucumber were analyzed. The best soil conditions for cucumber cultivation were alluvial or valley in soil topology, moderately or poorly drainage in soil drainage classes, coarse loamy soil in texture. In addition, rich-sunlight and-deep groundwater would be proper for the cucumber cultivation. Good environmental managements of plastic film greenhouse were as follows. The temperature needed to be adjusted three times. The optimal daytime temperature could be $22{\sim}28^{\circ}C$, the one from 12 until night could be $14{\sim}15^{\circ}C$, and the temperature from 24 to sunrise could be $10{\sim}12^{\circ}C$. During plant growth period, soil moisture content was as low as 10~15%, and it needed to be maintained as 15~20% during reproductive growth period. To control pests, catch crop cultivation and solar treatment were carried out, after those EC was reduced and the root-knot nematode was controled too. Cucumber yield from the plot with improved soil managements increased to $158.4Mg\;ha^{-1}$, but plot with successive cropping injury yielded $140.3Mg\;ha^{-1}$. The income from the plot with improved soil managements was 215,676 thousand won $ha^{-1}$, the plot with successive cropping injury was 131,649 thousand won $ha^{-1}$. Income rate of each plot was 51.8% and 38.4%, respectively.

Study on the Selecting of Suitable Sites for Integrated Riparian Eco-belts Connecting Dam Floodplains and Riparian Zone - Case Study of Daecheong Reservoir in Geum-river Basin - (댐 홍수터와 수변구역을 연계한 통합형 수변생태벨트 적지 선정방안 연구 - 금강 수계 대청호 사례 연구 -)

  • Bahn, Gwonsoo;Cho, Myeonghyeon;Kang, Jeonkyeong;Kim, Leehyung
    • Journal of Wetlands Research
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    • v.23 no.4
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    • pp.327-341
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    • 2021
  • The riparian eco-belt is an efficient technique that can reduce non-point pollution sources in the basin and improve ecological connectivity and health. In Korea, a legal system for the construction and management of riparian eco-belts is in operation. However, it is currently excluded that rivers and floodplains in dam reservoir that are advantageous for buffer functions such as control of non-point pollutants and ecological habitats. Accordingly, this study presented and analyzed a plan to select a site for an integrated riparian ecol-belt that comprehensively evaluates the water quality and ecosystem characteristics of each dam floodplain and riparian zone for the Daecheong Dam basin in Geum River watershed. First, the Daecheong Dam basin was divided into 138 sub-basin with GIS, and the riparian zone adjacent to the dam floodplain was analyzed. Sixteen evaluation factors related to the ecosystem and water quality impact that affect the selection of integrated riparian eco-belt were decided, and weights for the importance of each factor were set through AHP analysis. The priority of site suitability was derived by conducting an integrated evaluation by applying weights to sub-basin by floodplains and riparian zone factors. In order to determine whether the sites derived through GIS site analysis are sutiable for actual implementation, five sites were inspected according to three factors: land use, pollution sources, and ecological connectivity. As a result, it was confirmed that all sites were appropriate to apply integrated riparian ecol-belt. It is judged that the riparian eco-belt site analysis technique proposed through this study can be applied as a useful tool when establishing an integrated riparian zone management policy in the future. However, it might be necessary to experiment various evaluation factors and weights for each item according to the characteristics and issues of each dam. Additional research need to be conducted on elaborated conservation and restoration strategies considering the Green-Blue Network aspect, evaluation of ecosystem services, and interconnection between related laws and policy and its improvements.

Evaluation of satellite-based evapotranspiration and soil moisture data applicability in Jeju Island (제주도에서의 위성기반 증발산량 및 토양수분 적용성 평가)

  • Jeon, Hyunho;Cho, Sungkeun;Chung, Il-Moon;Choi, Minha
    • Journal of Korea Water Resources Association
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    • v.54 no.10
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    • pp.835-848
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    • 2021
  • In Jeju Island which has peculiarity for its geological features and hydrology system, hydrological factor analysis for the effective water management is necessary. Because in-situ hydro-meteorological data is affected by surrounding environment, the in-situ dataset could not be the spatially representative for the study area. For this reason, remote sensing data may be used to overcome the limit of the in-situ data. In this study, applicability assessment of MOD16 evapotranspiration data, Globas Land Data Assimilation System (GLDAS) based evapotranspiration/soil moisture data, and Advanced SCATterometer (ASCAT) soil moisture product which were evaluated their applicability on other study areas was conducted. In the case of evapotranspiration, comparison with total precipitation and flux-tower based evapotranspiration were conducted. And for soil moisture, 6 in-situ data and ASCAT soil moisture product were compared on each site. As a result, 57% of annual precipitation was calculated as evapotranspiration, and the correlation coefficient between MOD16 evapotranspiration and GLDAS evapotranspiration was 0.759, which was a robust value. The correlation coefficient was 0.434, indicating a relatively low fit. In the case of soil moisture, in the case of the GLDAS data, the RMSE value was less than 0.05 at all sites compared to the in-situ data, and a statistically significant result was obtained as a result of the significance test of the correlation coefficient. However, for satellite data, RMSE over than 0.05 were found at Wolgak and there was no correlation at Sehwa and Handong points. It is judged that the above results are due to insufficient quality control and spatial representation of the evapotranspiration and soil moisture sensors installed in Jeju Island. It is estimated as the error that appears when adjacent to the coast. Through this study, the necessity of improving the existing ground observation data of hydrometeorological factors is emphasized.

Difference in the practice of COVID-19 prevention according to the reliability of COVID-19 response among high school students in Korea (일부 고등학생들의 학교와 학원 코로나19 대응방역 신뢰도에 따른 코로나19 예방행동 실천의 차이)

  • Lee, Hocheol;Yoon, Hyejin;Kim, Ji Eon;Nam, Eun Woo
    • Journal of agricultural medicine and community health
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    • v.46 no.3
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    • pp.131-143
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    • 2021
  • Objectives: This study aimed 1) to investigate high school students' reliability on COVID-19 responses in schools and private academies and 2) to identify the differences in COVID-19 prevention practice. Methods: This cross-sectional survey collected data from 200 high school respondents, using an anonymous online questionnaire designed by the Yonsei Global Health Center, from July 2 to 17, 2020 in this study. Chi-square tests were conducted to analyze the differences in preventative practices and practice rates between schools and private academies. Binary logistics regression analysis was conducted to identify the factor affecting the reliability of COVID-19 response. Results: These high school students reliabilityed the schools' COVID-19 response more than the private academy. In addition, students who studied only at school did more COVID-19 prevention practices than students who studied both at school and academy. There was a significant difference in avoiding public transportation (p=.028), sitting in one row while having a meal (p=.011) in the practice rates depending on the schools' COVID-19 response. A significant difference in Covering the mouth when coughing and sneezing (p-.041) was also found in the practice rates depending on the private academies' COVID-19 response. Conclusion: The reason why schools were more reliable than private academies was that there are health teachers. Because schools are supervised by the ministry of education, the Ministry of education and local government need to work together to manage and monitor the COVID-19 response in the academies through cooperation between two organizations. In addition, it is necessary to arrange a temporary circulation health teacher who will provide the COVID-19 prevention education at the academies.

Melanogenesis regulatory constituents from Premna serratifolia wood collected in Myanmar

  • WOO, SO-YEUN
    • Proceedings of the Plant Resources Society of Korea Conference
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    • 2019.04a
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    • pp.21-22
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    • 2019
  • Melanin is a mixture of pigmented biopolymers synthesized by epidermal melanocytes that determine the skin, eye, and hair colors. Melanocytes produce two different kinds of melanin, eumelanin (dark brown/black insoluble pigments found in dark skin and dark hair and pheomelanin (lighter red/yellow). The biological role of melanin is to prevent skin damage by ultraviolet (UV) radiation. However, the overproduction or deficiency of melanin synthesis could lead to serious dermatological problems, which include melasma, melanoderma, lentigo, and vitiligo. Therefore, regulating melanin production is important to prevent the pigmentation disorders. Myanmar has a rich in natural resources. However, the chemical constituents of these natural resources in Myanmar have not been fully investigated. In the effort to search for compounds with anti-melanin deposition activity from Myanmar natural resources, five plants were collected in Myanmar. Extracts of these collected five plants were tested for anti-melanin deposition activity against a mouse melanoma cell line (B16-F10) induced with ${\alpha}$-melanocyte-stimulating hormone (${\alpha}$-MSH) and 3-isobutyl-1-methylxanthine (IBMX), and their anti-melanin deposition activities were compared with the positive control, arbutin. Among the tested extracts, the CHCl3 extracts of the Premna serratifolia (syn: P. integrifolia) wood showed anti-melanin deposition activities with IC50 values of $81.3{\mu}g/mL$. Hence, this study aims to identify secondary metabolites with anti-melanin deposition activity from P. serratifolia wood of Myanmar. P. serratifolia belongs to the Verbenaceae family and is widely distributed in near western sea coast from South Asia to South East Asia, which include India, Malaysia, Vietnam, Cambodia, and Sri Lanka. People in Tanintharyi region located in the southern part of Myanmar utilize the P. serratifolia, Sperethusa crenulata, Naringi crenulata, and Limonia acidissima as Thanaka, traditional cosmetics in Myanmar. Thanaka is applied in the form of paste onto skins to make it smooth and clear, as well as to prevent wrinkles, skin aging, excessive facial oil, pimples, blackheads, and whiteheads. However, the chemical constituents responsible for their cosmetic properties are yet to be identified. Moreover, the chemical constituents of P. serratifolia was almost uncharacterized. Investigation of the P. serratifolia chemical constituents is thus an attractive endeavor to discover new anti-melanin deposition active compounds. The investigation of the chemical constituents of the active CHCl3 extract of P. serratifolia led to isolation of four new lignoids, premnan A (1), premnan B (2), taungtangyiol C (3), and 7,9-dihydroxydolichanthin B (4), together with premnan C (5) (assumed to be an artifact), one natural newlignoid,(3R,4S)-4-(1,3-benzodioxol-5-ylcarbonyl)-3-[(R)-1-(1,3-benzo dioxol-5-yl)-1-hydroxy methyl]tetrahydro-2-furanone (6), and five known compounds (7-11)1,2). The structures of all isolated compounds were determined on the basis of their spectroscopic data and by comparison with the reported literatures. The absolute configurations of 1-3 and 5 were also determined by optical rotation and circular dichroism (CD) data analyses1). The anti-melanin deposition activities of all the isolated compounds were evaluated against B16-F10 cell line. 7,9-Dihydroxydolichanthin B (4) and ($2{\alpha},3{\alpha}$)-olean-12-en-28-oic acid (11) showed strong anti-melanin deposition activities with IC50 values of 18.4 and $11.2{\mu}M$, respectively, without cytotoxicity2). On the other hand, compounds 1-3, 5, and 7 showed melanogenesis enhancing activities1). To better understand their anti-melanin deposition mechanism, the effects of 4 and 11 on tyrosinase activities were investigated. The assay indicated that compounds 4 and 11 did not inhibit tyrosinase. Furthermore, we also examined the mRNA expression of microphthalmia-associated transcription factor (MITF), tyrosinase (TYR), tyrosinase-related protein-1 (TRP-1), and tyrosinase-related protein-2 (TRP-2). Compounds 4 and 11 down-regulated the expression of Tyr and Mitf mRNAs, respectively. Although the P. serratifolia wood has been used as traditional cosmetics in Myanmar for centuries, there are no scientific evidences to support its effectiveness as cosmetics. Investigation of the anti-melanin deposition activity of the chemical constituents of P. serratifolia thus provided insight into the effectiveness of the P. serratifolia wood as a cosmetic agent.

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Environmental Controls on Net Ecosystem CO2 Exchange during a Rice Growing Season at a Rice-Barley Double Cropping Paddy Field in Gimje, Korea (김제 벼-보리 이모작 논에서 벼 재배기간 동안의 순생태계 CO2 교환량에 대한 환경요인 분석)

  • Shim, Kyo Moon;Min, Sung Hyun;Kim, Yong Seok;Jeong, Myung Pyo;Hwang, Hae;Kim, Seok Cheol;So, Kyu Ho
    • Journal of Climate Change Research
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    • v.5 no.1
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    • pp.71-81
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    • 2014
  • Using the Eddy Covariance technique, we analyzed seasonal variation in net ecosystem $CO_2$ exchange (NEE) and investigated the effects of environmental factors and aboveground biomass of rice on the $CO_2$ fluxes in a rice-barley double cropping paddy field of Gimje, Korea. Quality control and gap-filling were conducted before this investigation of the effects. The results have been showed that NEE, gross primary production (GPP), and ecosystem respiration (Re) during the rice growing period were -215.6, 763.9, and $548.3g\;C\;m^{-2}$, respectively. Relation between NEE and net radiation (Rn) could be described by a quadratic equation, and about 65 % of variation in NEE was explained by changes in Rn. On the other hand, an exponential function relating Re to soil temperature accounted for approximately 43 % of variation in Re under the flooded condition of paddy field. Aboveground biomass showed significant linear relationships with NEE ($r^2=0.93$), GPP ($r^2=0.96$), and Re ($r^2=0.95$), respectively.