• Asia pacific journal of information systems
• /
• v.24 no.2
• /
• pp.233-253
• /
• 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.

• Journal of Technology Innovation
• /
• v.22 no.1
• /
• pp.149-175
• /
• 2014

This study analyzed the effect of corporate innovation strategies on patent production and ultimately on technological change and new product development of firms in South Korea. The intent was to derive efficient strategies for enhancing technological performance of the firms. For the empirical analysis, three sources of data were combined: four waves of the Human Capital Corporate Panel Survey (HCCP) data collected by the Korea Research Institute for Vocational Education and Training (KRIVET), corporate financial data obtained from the Korea Information Service (KIS), and corporate patent data provided by the Korean Intellectual Property Office (KIPO). The patent production function was estimated by zero-inflated negative binomial (ZINB) regression. The technological performance function was estimated by two-stage regression, taking into account the endogeneity of patent production. An ordered logit model was applied for the second stage regression. Empirical results confirmed the critical role of corporate innovation strategies in patent production and in facilitating technological change and new product development of the firms. In patent production, the firms' R&D investment and human resources were key determinants. Higher R&D intensity led to more patents, yet with decreasing marginal productivity. A larger stock of registered patents also led to a larger flow of new patent production. Firms were more prolific in patent production when they had high-quality personnel, intensely investing in human resource development, and adopting market-leading or fast-follower strategy as compared to stability strategy. In technological performance, the firms' human resources played a key role in accelerating technological change and new product development. R&D intensity expedited new product development of the firm. Firms adopting market-leading or fast-follower strategy were at an advantage than those with stability strategy in technological performance. Firms prolific in patent production were also advanced in terms of technological change and new product development. However, the nexus between patent production and technological performance measures was substantially reduced when controlling for the endogeneity of patent production. These results suggest that firms need to strengthen the linkage between patent production and technological performance, and take strategies that address each firm's capacities and needs.

• Journal of the Korean Wood Science and Technology
• /
• v.19 no.1
• /
• pp.31-63
• /
• 1991

It was proved that in conventional kiln drying of disks piling position in the kiln exerted a great influence on drying rates, and the larger the variation of disk diameter, the more undulating drying rates of disks. While in vacuum drying disks there was no influence on drying rates. By the end-wrapping treatments and the radial direction of disks tangential surface stresses in the core of disks were slightly compressive in three species. In control disks the drying stresses distributed into one step-style that compressive stresses in the pith side of 6cm from pith were larger than those in the bark side, while in the disks end-wrapped with Korean paper the drying stresses distributed uniformly, because flow rates of free water in disks had no difference between heart-and sap-wood by obstruction of evaporating water from surface of disks by end-wrapping with Korean paper. And end-wrapping with Korean paper considerably restrained those. Tangential differential shrinkage stresses developed the maximum tensile stress near the bark and with approaching the pith the stresses gradually reduced and changed into compressive stresses in near the pith. At the end of vacuum drying the maximum tangential tensile stresses of disks end-wrapped with Korean paper were smaller than those of control disks, and critical moisture contents causing the V-shaped crack of disks end-wrapped with Korean paper were lower than those of control disks because of the set by obstruction of evaporating water of end-wrapping with Korean paper. In the experiment of vacuum drying stress distribution the disks end-wrapped with Korean paper or aluminum foil in three species were free from V-shaped cracks and control disks were defected very slightly by V-shaped cracks. And also disks end-wrapped with Korean paper were free from heart checks in Alnus japonica and Juglans sinensis, and heart checks were occurred very slightly in others. Especially, not to speak of disks end-wrapped with Korean paper, vacuum drying of disks end-wrapped with aluminum foil prevented effectively drying defects, moreover drying times could be shortened, that is. Ginkgo biloba, Alnus japonica, and Juglans sinensis disks could be dried from green to in-use moisture content in 110 hours, 272 hours, and 407 hours, respectively.

• Journal of Chest Surgery
• /
• v.9 no.1
• /
• pp.1-9
• /
• 1976

The present. study reports four cases of congenital heart diseases, who received open heart surgery by the Sarn's Heart-Lung-Machine in the department of Thoracic Surgery, Hanyang University Hospital during the period between July 1975 and May 1976. The Heart-Lung-Machine consisted of the Sarn's five head roller pump motor system (model 5000), heat exchanger, bubble trap, the Rygg-Kyvsgaard oxygenator, and monitors. The priming of pump oxygenator was carried out by the hemodilution method using Hartman's solution and whole blood. Of the four cases of the heart diseases, three whose body weight were below 30kg, received the partial hemodilution priming and the remaining one whose body weight was 52kg received the total hemodilution priming with Hartman's solution alone. The rate of hemodilution was in the average of 60.5ml/kg. Extracorporeal circulation was performed at the perfusion flow rate of the average 94.0ml/kg/min, and at the moderate hypothermia between 35'5"C and 30'5"C of the rectal temperature. In the total cardiopulmonary bypass, arterial blood pressure was anged between 30 mmHg and 85 mmHg, generally maintaining over 60 mmHg and venous pressure was measured between 4 and $23cmH_2O$, generally maintaining below $10cmH_2O$. The first case: The patient, a nine year old girl having the symptoms and physical signs typical to cardiac anomaly was definitely diagnosed as isolated pulmonary stenosis through the cardiac catheterization. There was, however, no cyanosis, no pathological finding by X-ray and E.C.G. tracings. The valvulotomy was performed through the arteriotomy of pulmouary artery under the total cardiopulmonary bypass. Postoperative course of the patient was uneventful, and murmur and the clinical symptoms disappeared. The second case: A 12 year old boy with congenital heart anomaly was positively identified as having ventricular septal defect through the cardiac catheterization. As in the case with the first case, the patient exhibited the symptoms and physical signs typical to cardiac anomaly, but no pathological abnormality by X-ray and E.C.G. tracings. The septal defect was localized on atrioventricular canal and was 2 by 10 mm in size. The septal defect was closed by direct simple sutures under the cardiopulmonary bypass. Postoperative hemodynamic study revealed that the pressure of the right ventricle and pulmonary artery were decreased satisfactory. Postoperative course of the patient was uneventful, and murmur and the clinical symptoms disappeared. The third case: The patient, a 19 year old girl had been experienced the clinical symptoms typical to cardiac anomaly for 16 years. The pink tetralogy of Fallot was definitey diagnosed through the cardiac catheterization. The patient was placed on an ablolute bed rest prior to the operation because of severe exertional dyspnea, fatigability, and frequent syncopal attacks. However, she exhibited very slight cyanosis. Positive findings were noted on E.C.G. tracings and blood picture, but no evidence of pathological abnormality on X-ray was observed. All of the four surgical approaches such as Teflon patch closure (3 by 4cm in size) of ventricular septal defect, myocardial resection of right ventricular outflow tract, valvulotomy of pulmonary valvular stenosis, and pericardial patch closing of ventriculotomy wound were performed in 95 minutes under the cardiopulmonary bypass. Postoperative hemodynamic study revealed that the pressure of the right ventricle was decreased and pulmonary artery was increased satisfactorily. Postoperative course of the patient was uneventful, and murmur and the clinical symptoms disappeared. The fourth case: The patient, a 7 1/4 year old girl had the symptoms of cardiac anomaly for only three years prior to the operation. She was positively identified as having acyanotic tetralogy of Fallot by open heart surgery. The patient showed positive findings by X-ray and E.C.G. tracings, but exhibited no cyanosis and normal blood picture. All of the three surgical approaches, such a myocardial resection of hypertrophic sight ventricular outflow tract, direct suture closing of ventricular septal defect and pericardial patch closing of ventriculotomy wound were carried out in 110 minutes under the cardiopulmonary bypass. Postoperative hemodynamic study revealed that the pressure of the right ventricle was decreased and pulmonary artery was increased satisfactorily. Postoperative course of the patient was uneventful, and the symptoms disappeared.

• Ocean and Polar Research
• /
• v.28 no.4
• /
• pp.407-413
• /
• 2006

The effect of water temperature and photoperiod on the oxygen consumption of the fasted juvenile parrot fish, Oplegnathus fasciatus was investigated to provide empirical data for the early-stage culture management and bioenergetic growth model of the species. The mean body weight of the juvenile used for the experiment was $21.5{\pm}1.9g$, and the oxygen consumption rate was measured under four water temperatures (10, 15, 20 and $25^{\circ}C$) and three photoperiods (24L:0D, 12L:12D and OL:24D) with an interval of 5 minutes for 24 hours using a continuous flow-through respirometer. In each treatment three replicates were set up and 15 juveniles were totally involved. The oxygen consumption rates increased with increasing water temperature under all photoperiod treatments (P<0.001). Mean oxygen consumption rates at 10, 15, 20 and $25^{\circ}C$ ranged $202.1{\sim}403.4,\;306.7{\sim}502.2,\;536.7{\sim}791.0\;and\;879.9{\sim}1,077.4mg\;O_2\;kg^{-1}h^{-1}$, respectively. $Q_{10}$ values ranged $1.58{\sim}2.30$ between 10 and $15^{\circ}C,\;2.44{\sim}3.06$ between 15 and $20^{\circ}C\;and\;1.86{\sim}2.6y9$ between 20 and $25^{\circ}C$, respectively. Mean oxygen consumption rates of O. fasciatus were the highest in continuous light (24L:0D) followed by 12L:12D and 0L:24D (P<0.001). The oxygen consumption of fish exposed to the 12L:12D photoperiod was significantly higher during the light phase than during the dark phase under all temperature treatments (P<0.001). In summary, oxygen consumption rates of the juvenile parrot fish increase with increasing water temperature and lengthening daylight period; and, thereby, changes in water quality resulted from the depletion of oxygen under high temperature and long daylight photoperiod conditions should be monitored.

• Journal of Environmental Impact Assessment
• /
• v.25 no.5
• /
• pp.345-356
• /
• 2016

In this study, auto-calibration method for water quality model was compared and analyzed using QUAL2Kw, which can estimate the optimum parameters through the integration of genetic algorithm and QUAL2K. The QUAL2Kw was applied to the Sum River which is greatly affected by the pollution loads of Wonju city. Two auto-calibration methods were examined: single parameter application for the whole river reach and separate parameter application for each reach of multiple reaches. The analysis about CV(RMSE) and fitness of the GA show that the separate parameter auto-calibration method is better than the single parameter method in the degree of precision. Thus the separate parameter auto-calibration method is applied to the water quality modelling of this study. The calibrated QUAL2Kw was used for the three scenarios for the water quality management of the Sum River, and the water quality impact on the river was analyzed. In scenario 1, which improve the effluent water quality of Wonju WWTP, BOD and TP concentrations of the Sum River 4-1 station which is representative one of Mid-Watershed, are decreased 17.7% and 29.1%, respectively. And immediately after joining the Wonjucheon, BOD and TP concentrations are decreased 50.4% and 40.5%, respectively. In scenario 2, Wonju water supply intake is closed and multi-regional water supply, which come from other watershed except the Sum River, is provided. The Sum River water quality in scenario 2 is slightly improved as the flow of the river is increased. Immediately after joining the Wonjucheon, BOD and TP concentrations are decreased 0.18mg/L and 0.0063mg/L, respectively. In scenario 3, the water quality management alternatives of scenario 1 and 2 are planned simultaneously, the Sum River water quality is slightly more improved than scenario 1. Water quality prediction of the three scenarios indicates that effluent water quality improvement of Wonju WWTP is the most efficient alternative in water quality management of the Sum River. Particularly the Sum River water quality immediately after joining the Wonjucheon is greatly improved. When Wonju water supply intake is closed and multi-regional water supply is provided, the Sum River water quality is slightly improved.

• Journal of Korean Society of Environmental Engineers
• /
• v.31 no.11
• /
• pp.1007-1018
• /
• 2009

Hydrocyclone is widely used in industry, because of its simplicity in design, high capacity, low maintenance and operational cost. The separation action of a hydrocyclone treating particulate slurry is a consequence of the swirling flow that produces a centrifugal force on the fluid and suspended particles. In spite of hydrocyclone have many advantage, the application for treatment of urban stormwater case study were rare. We conducted a laboratory scale study on treatable potential of micro particles using hydrocyclone filter (HCF) that was a combined modified hydrocyclone with perlite filter cartridge. Since it was not easy to use actual storm water in the scaled-down hydraulic model investigations, it was necessary to reproduce ranges of particles sizes with synthetic materials. The synthesized storm runoff was made with water and addition of particles; ion exchange resin, road sediment, commercial area manhole sediment, and silica gel particles. Experimental studies have been carried out about the particle separation performance of HCF-open system and HCF-closed system. The principal structural differences of these HCFs are underflow zone structure and vortex finder. HCF was made of acryl resin with 120 mm of diameter hydrocyclone and 250 mm of diameter filter chamber and overall height of 800 mm. To determine the removal efficiency for various influent concentrations of suspended solids (SS) and chemical oxygen demand (COD), tests were performed with different operational conditions. The operated maximum of surface loading rate was about 700 $m^3/m^2$/day for HCF-open system, and 1,200 $m^3/m^2$/day for HCF-closed system. It was found that particle removal efficiency for the HCF-closed system is better than the HCF-open system under same surface loading rate. Results showed that SS removal efficiency with the HCF-closed system improved by about 8~20% compared with HCF-open system. The average removal efficiency difference for HCF-closed system between measurement and CFD particle tracking simulation was about 4%.

• Journal of Korean Society of Environmental Engineers
• /
• v.27 no.3
• /
• pp.253-261
• /
• 2005

Catalytic wet oxidation of ppm levels of trichloroethylene (TCE) in water has been conducted using $TiO_2$-supported cobalt oxides at a given temperature and weight hourly space velocity. 5% $CoO_x/TiO_2$ might be the most promising catalyst for the wet oxidation at $36^{\circ}C$ although it exhibited a transient behavior in time on-stream activity. Not only could the bare support be inactive for the wet decomposition reaction, but no TCE removal also occurred by the process of adsorption on $TiO_2$ surface. The catalytic activity was independent of all particle sizes used, thereby representing no mass transfer limitation in intraparticle diffusion. Characterization of the $CoO_x$ catalyst by acquiring XPS spectra of both fresh and used Co surfaces gave different surface spectral features of each $CoO_x$. Co $2p_{3/2}$ binding energy of Co species exposed predominantly onto the outermost surface of the fresh catalyst appeared at 781.3 eV, which is very similar to the chemical states of $CoTiO_x$ such as $Co_2TiO_4$ and $CoTiO_3$. The spent catalyst possessed a 780.3 eV main peak with a satellite structure at 795.8 eV. Based on XPS spectra of reference Co compound, the TCE-exposed Co surfaces could be assigned to be in the form of mainly $Co_3O_4$. XRD measurements indicated that the phase structure of Co species in 5% $CoO_x/TiO_2$ catalyst even before reaction is quite comparable to the diffraction lines of external $Co_3O_4$ standard. A model structure of $CoO_x$ present on titania surfaces would be $Co_3O_4$, encapsulated in thin-film $CoTiO_x$ species consisting of $Co_2TiO_4$ and $CoTiO_3$, which may be active for the decomposition of TCE in a flow of water.

• Korean Journal of Ichthyology
• /
• v.19 no.1
• /
• pp.1-7
• /
• 2007

The effect of water temperature (T) and body weight (W) on the oxygen consumption of the fasted black rockfish, Sebastes schlegeli was investigated to provide empirical data for the culture management and bioenergetic growth model of this species. The mean wet body weights of two fish groups used for the present experiment were $12.9{\pm}2.7g$ ($mean{\pm}SD$) and $351.1{\pm}9.2g$. The oxygen consumption rate (OCR) was measured under three water temperature regimes (15, 20 and $25^{\circ}C$) at an interval of 5 minutes for 24 hours using a continuous flow-through respirometer. In each treatment three replicates were set up and 45 fish in small size groups and 6 fish in large size groups were used. The OCRs increased with increasing water temperature in both size groups (p<0.001). Mean OCRs at 15, 20 and $25^{\circ}C$ were 414.2, 691.5 and $843.8mg\;O_2\;kg^{-1}h^{-1}$ in small size groups, and 182.0, 250.7 and $328.2mg\;O_2\;kg^{-1}h^{-1}$ in large size groups, respectively. The OCRs decreased with increasing body weights in three water temperature groups (p<0.001). The mass effect on metabolic rate can be expressed by the power of 0.69~0.75. The data are best described by the relationship: OCR=89.12+28.79T-1.17W. $Q_{10}$ values ranged 1.90~2.79 between 15 and $20^{\circ}C$, 1.49~1.71 between 20 and $25^{\circ}C$, and 1.80~2.03 over the full temperature range, respectively. The energy loss by metabolic cost increased with increasing water temperature and decreasing body weight (p<0.001). Mean energy loss rates by oxygen consumption at 15, 20 and $25^{\circ}C$ were 282.9, 472.3 and $576.3kJ\;kg^{-1}d^{-1}$ in small size groups and 124.3, 171.3 and $224.1kJ\;kg^{-1}d^{-1}$ in large size groups, respectively.

• Asia pacific journal of information systems
• /
• v.19 no.3
• /
• pp.25-49
• /
• 2009

Advances in technology have resulted in the emergence of new information systems. The convergence of IT and manufacturing sectors has blurred the boundaries among industries. Also, such convergence has become established as a paradigm to build a new area. Especially the convergence of broadcasting and telecommunication, notably in the case of IPTV (Internet Protocol Television), is among the most salient examples of its kind in recent years as a major case of disruptive technology innovation. Despite its much fanfare, such convergence, however, has not fulfilled the expectation; it has not produced positive economic effects while negatively affecting the growth of IPIV. Stakeholders in and around IPIV including telecommunication companies, broadcasting corporations, and government bodies wish to gain control of IPTV under their wings. IPTV has drifted in the midst of conflicts among the stakeholders in and around IPTV, particularly telecommunication and broadcasting organizations in a broad sense. Our empirical research intends to deal with how audiences accept IPTV and how firms provide IPTV services to utilize their resources. Three research questions in this paper include, first, whether Technology Acceptance Model (TAM) can sufficiently explain the acceptance of IPTV as an information system. The second question concerns with empirically testing the playful aspect of IPTV to increase its audience acceptance. Last, but not least, this paper deals with how firms can efficiently and effectively allocate their limited resources to increase IPTV viewers. To answer those three main questions of our study, we collect data from 197 current subscribers of high speed internet service and/or cable/satellite television. Empirical results show that 'perceived usefulness (PU) $\rightarrow$ Intention to use' and 'perceived ease of use (PEU) $\rightarrow$ Intention to use' are significant. Also, 'perceived ease of use' is significantly related to 'perceived usefulness.' Perceived ease of handling IPTV without much effort can positively influence the perceived value of IPTV. In this regard, engineers and designers of IPTV should pay more attention to the user-friendly interface of IPTV. In addition, 'perceived playfulness (PP)' of IPTV is positively related to 'intention to use'. Flow, fun and entertainment have recently gained greater attention in the research concerned with information systems. Such attention is due to the changing features of information systems in recent years that combine the functional and leisure attributes. These results give practical implications to the design of IPTV that reflects not just leisure but also functional elements. This paper also investigates the relationship between 'perceived ease of use (PEU)' and 'perceived playfulness (PP).' PEU is positively related to pp. Audiences without fear can be attracted more easily to the user-friendly IPTV, thereby perceiving the fun and entertainment with ease. Practical implications from this finding are that, to attract more interest and involvement from the audience, IPTV needs to be designed with similar or even more user friendly interface. Of the factors related to 'intention to use', 'perceived usefulness (PU)' and 'perceived ease of use (PEU)' have greater impacts than 'perceived playfulness (PP).' Between PU and PEU, their impacts on 'intention to use' are not significantly different statistically. Managerial implications of this finding are that firms in preparation for the launch of IPTV service should prioritize the functions and interface of IPTV. This empirical paper also provides further insight into the ways in which firms can strategically allocate their limited resources so as to appeal to viewers, both current and potential, of IPTV.