• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.135-164
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• 2005

We analyze trade and balance records of 10,000 stock investment accounts of individual investors for the period of 1998 to 2003. Individual investors em an annual gross return of 12.3% while the KOSPI and the value weighted composite including KOSDAQ stocks yield 13.6% and 9.7% respectively during the same period. Net return performance is 8.3%, a drop of 5.3% mainly due to heavy trading. Individual investors' annual turnover amounts to over 270 percent. In an analysis of groups formed on the month's end position value, the performance of the top quintile is found comparable to the market while the rest yield significantly lower risk-adjusted returns than the market. We also find evidence rejecting the rational expectation model while supporting the overconfidence hypothesis which states overconfidence leads to a higher level of trading, resulting in poor performance. Individuals tilt their stock investment toward high-beta, small, and value stocks.

• Information Systems Review
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• v.19 no.3
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• pp.155-177
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• 2017

The purpose of this study is to investigate those factors that are influenced when a user recognizes his/her private information value as an economic asset. The relationship among these factors will also be discussed. This research targets Internet users, and the value of their private information will be converted into economic figures. How economic value changes in relation with individual attributes, dealer's traits, and circumstantial properties will also be studied. The changes in the factors of private information value under different situations will be analyzed from an economic perspective. By using the cost-benefit analysis framework, this work hypothesizes that the user's private information value can be influenced by individual attributes and situational properties. in the business aspect, this study can help users recognize the true value of their personal information and minimize the cost resulting from private information security incidents. This work also highlights the necessity of estimating the scale of investments for protecting private information. Overall, this research will proceed under the hypothesis that the users' recognition of their private information value is influenced by the attributes of the individual, dealers, or situations.

• The Journal of Fisheries Business Administration
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• v.39 no.1
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• pp.63-85
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• 2008

The objective of this study is to review the methodology of economic analysis of fishing ports by examining the economical feasibilities of a national fishing port (Jeongja Port) in Ulsan. This study utilized market value evaluation method to measure the benefits and costs related to the development of ports. The benefit variables are income effects resulting from the developments while the cost variables are sum of construction costs and maintenance costs. The income effects are measured in two ways: (1) income from individual project resulting from the developments, (2) the income effects by utilizing investment multipliers. The results shows that the BC ratio (Benefits/Costs) of Jeongja port by using (1) income from individual project resulting from the developments was 1.07 while the BC ratio by using (2) the income effects by utilizing investment multipliers was 1.10 due to a relative short period of useful life for investment multipliers. However, the income variable utilizing investment multipliers is more sensitive to the period of duration than the income variable from individual project.

• The Journal of Information Technology
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• v.4 no.3
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• pp.19-34
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• 2001

The purpose of this study is to examine the differential influences of cash dividends and stock dividends on the firm valuation. Cash dividends are firm's cash outflows but stock dividends are not. If individual investors recognize that dividend revenues are taxed. they will value paid-in capital and retained earnings differently. The results from testing the hypotheses indicate that individual investors value cash dividends after dividend taxes but do not value stock dividends after dividend taxes. This suggests that non-taxing of capital gains provides tax shelters to individual investors and investors prefer retained earnings to be converted as paid-in capital rather than 0 be paid as cash dividends.

• Journal of Forest and Environmental Science
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• v.32 no.4
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• pp.344-352
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• 2016

In this paper, we conducted an empirical study on the economic value of Palutungan Resort, Gunung Ciremai National Park (Indonesia), using an individual travel cost method. Gunung Ciremai is the highest mountain in West Java Province which has high biodiversity and constitutes the home range of the endangered species, Nisaetus bartelsi and leopards. Using the individual travel cost method, we estimated the annual consumer surplus of ecotourism for Palutungan Resort to be approximately $19, while its total economic value was $0.23 million. However, Palutungan Resort does not benefit exclusively, because the total economic value is divided diversely among the central government (non-tax revenue), local government (taxes), and local communities, while the transportation agencies, retailers, and gas station companies also reap some valuable benefits. In regard to the benefit allocation, all of the associated parties should participate in the conservation and preservation of natural resources in Palutungan Resort to improve the ecotourism services.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.2759-2769
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• 2018

The behavioral finance view on the existence of asset pricing anomalies is based on two factors: investors' sentiment and limits to arbitrage. This paper tries to examine the effect of investors' sentiment on the stock price in the Korean stock market. In order to measure investors' sentiment, we constructed the sentiment index using principal component of five sentiment variables. By using sentiment index as an additional independent variable to three risk factors, impacts of the sentiment index on individual stocks and 25 portfolios sorted by BM-size are examined. Main results found are as follows: 1) not only all three risk factors show positive impacts on the return of individual stock, but also the sentiment index has a positive impact. SI alone explains 15% of individual return variation. 2) among four independent variables, the most important factor turned out to be the market risk factor and investors' sentiment has better explanatory power on stock price than the size effect. 3) after controlling the market risk factor, the coefficient of the sentiment index for the smallest size and highest book/market value portfolios is significantly positive. 4) all the coefficients of the sentiment index for 25 portfolios sorted by BM-size have significant positive value after controlling size or (and) value.

• Mycobiology
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• v.51 no.3
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• pp.169-177
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• 2023

To further explore the molecular mechanism of triterpenoid biosynthesis and acquire high-value strain of Sanghuangporus baumii, the Agrobacterium tumefaciens-mediated transformation (ATMT) system was studied. The key triterpenoid biosynthesis-associated gene isopentenyl diphosphate isomerase (IDI) was transformed into S. baumii by ATMT system. Then, the qRT-PCR technique was used to analyze gene transcript level, and the widely targeted metabolomics was used to investigate individual triterpenoid content. Total triterpenoid content and anti-oxidant activity were determined by spectrophotometer. In this study, we for the first time established an efficient ATMT system and transferred the IDI gene into S. baumii. Relative to the wild-type (WT) strain, the IDI-transformant (IT) strain showed significantly higher transcript levels of IDI and total triterpenoid content. We then investigated individual triterpenoids in S. baumii, which led to the identification of 10 distinct triterpenoids. The contents of individual triterpenoids produced by the IT2 strain were 1.76-10.03 times higher than those produced by the WT strain. The triterpenoid production showed a significant positive correlation with the IDI gene expression. Besides, IT2 strain showed better anti-oxidant activity. The findings provide valuable information about the biosynthetic pathway of triterpenoids and provide a strategy for cultivating high-value S. baumii strains.

• IEMEK Journal of Embedded Systems and Applications
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• v.18 no.4
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• pp.195-201
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• 2023

The degree of contribution each sensor makes towards the total information gathered by all sensors is not uniform in spatially correlated sensor fields. Considering bit allocation problem in such a spatially correlated sensor field, the number of bits to be allocated to each sensor should be proportional to the degree of contribution the sensor makes. In this paper, we deploy Shapley value, a representative solution concept in cooperative game theory, and utilize it in order to quantify the degree of contribution each sensor makes. Shapley value is a system that determines the contribution of an individual player when two or more players work in collaboration with each other. To this end, we cast the bit allocation problem into a cooperative game called bit allocation game where sensors are regarded as the players, and a payoff function is given in the criteria of mutual information. We show that the Shapley value fairly quantifies an individual sensor's contribution to the total payoff achieved by all sensors following its desirable properties. By numerical experiments, we confirm that sensor that needs more bits to cover its area has larger Shapley value in spatially correlated sensor fields.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.11 no.6
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• pp.61-72
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• 2008

This study was carried out to analyze vegetation and soil characteristic of Osmanthus insularis community, Geomundo. The Osmanthus insularis community was classified into three subcommunities: Mallotus japonicus subcommunity, Ficus erecta subcommunity, Raphiolepis umbellata subcommunity. The importance value of Camellia japonica, Osmanthus insularis, Ligustrum japonicum, Litsea japonica Mallotus japonicus, Pinus thunbergii and Ficus erecta in Osmanthus insularis community were 76.11%, 75.91%, 37.24%, 21.99%, 18.35%, 17.64% and 11.91%, respectively. According to the DBH analysis. Osmanthus insularis showed formality distribution style among the entire community. Their dominance is expected to continue. But the young plant individual were low density, importance value reduced. In the study sites, soil organic matter, nitrogen, available phosphorous and soil pH were ranged from 19.11~24.62%, 0.73~1.18%, 11.61~27.98mg/kg and 6.11~6.37, respectively. According to the result of survey Osmanthus insularis individual, the female plants individual were 57.90%, the male plants individual were 42.10%.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.4
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• pp.229-235
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• 2020

Investors aim to maximize the return rate for their own investment, utilizing various information as possible as they can access. However those investors, especially individual investors, have limitations of interpretation of the domain-specific information or even the acquisition of the information itself. Thus, individual investors tend to make decision affectively and frequently, which may cause a loss in returns. This study aims to analyze analysts' target price and to suggest the strategy that could maximize individual's return rate. Most previous literature revealed that the optimistic bias exists in the analysts' target price and it is also confirmed in this study. In this context, this study suggests the upper limit of target rate of returns and the optimal value named 'alpha(α)' which performs the adjustment of proposed target rate to maximize excess earning returns eventually. To achieve this goal, this study developed an optimization problem using linear programming. Specifically, when the analysts' proposed target rate exceeds 30%, it could be adjusted to the extent of 59% of its own target rate. As apply this strategy, the investors could achieve 1.2% of excess earning rate on average. The result of this study has significance in that the individual investors could utilize analysts' target price practically.