• Proceedings of the Safety Management and Science Conference
• /
• 2004.11a
• /
• pp.355-380
• /
• 2004

I test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. Using thirty-six industry portfolios and the broad market index as our test assets, I establish several key results. First, a number of industries such as semiconductor, electronics, metal, and petroleum lead the stock market by up to one month. In contrast, the market, which is widely followed, only leads a few industries. Importantly, an industry's ability to lead the market is correlated with its propensity to forecast various indicators of economic activity such as industrial production growth. Consistent with our hypothesis, these findings indicate that the market reacts with a delay to information in industry returns about its fundamentals because information diffuses only gradually across asset markets. Traditional theories of asset pricing assume that investors have unlimited information-processing capacity. However, this assumption does not hold for many traders, even the most sophisticated ones. Many economists recognize that investors are better characterized as being only boundedly rational(see Shiller(2000), Sims(2201)). Even from casual observation, few traders can pay attention to all sources of information much less understand their impact on the prices of assets that they trade. Indeed, a large literature in psychology documents the extent to which even attention is a precious cognitive resource(see, eg., Kahneman(1973), Nisbett and Ross(1980), Fiske and Taylor(1991)). A number of papers have explored the implications of limited information- processing capacity for asset prices. I will review this literature in Section II. For instance, Merton(1987) develops a static model of multiple stocks in which investors only have information about a limited number of stocks and only trade those that they have information about. Related models of limited market participation include brennan(1975) and Allen and Gale(1994). As a result, stocks that are less recognized by investors have a smaller investor base(neglected stocks) and trade at a greater discount because of limited risk sharing. More recently, Hong and Stein(1999) develop a dynamic model of a single asset in which information gradually diffuses across the investment public and investors are unable to perform the rational expectations trick of extracting information from prices. Hong and Stein(1999). My hypothesis is that the gradual diffusion of information across asset markets leads to cross-asset return predictability. This hypothesis relies on two key assumptions. The first is that valuable information that originates in one asset reaches investors in other markets only with a lag, i.e. news travels slowly across markets. The second assumption is that because of limited information-processing capacity, many (though not necessarily all) investors may not pay attention or be able to extract the information from the asset prices of markets that they do not participate in. These two assumptions taken together leads to cross-asset return predictability. My hypothesis would appear to be a very plausible one for a few reasons. To begin with, as pointed out by Merton(1987) and the subsequent literature on segmented markets and limited market participation, few investors trade all assets. Put another way, limited participation is a pervasive feature of financial markets. Indeed, even among equity money managers, there is specialization along industries such as sector or market timing funds. Some reasons for this limited market participation include tax, regulatory or liquidity constraints. More plausibly, investors have to specialize because they have their hands full trying to understand the markets that they do participate in

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.9 no.1
• /
• pp.15-23
• /
• 2014

A Case Study on Venture and Small-Business Executives' Use of Strategic Intuition in the Decision Making Process This paper is a case study on how Venture and Small-Business Executives managers can take advantage of their intuitions in situations where the business environment is increasingly uncertain, a novel situation occurs without any data to reflect on, when rational decision-making is not possible, and when the business environment changes. The case study is based on a literature review, in-depth interviews with 16 business managers, and an analysis of Klein, G's (1998) "Generic Mental Simulation Model." The "intuition" discussed in this analysis is classified into two types of intuition: the Expert Intuition which is based on one's own experiences, and Strategic Intuition which is based on the experience of others. Case study strategic management intuition and intuition, the experts were utilized differently. Features of professional intuition to work quickly without any effort by, while the strategic intuition, is time-consuming. Another feature that has already occurred, one expert intuition in decision-making about the widely used strategic intuition was used a lot in future decision-making. The case study results revealed that managers were using expert intuition and strategic intuition differentially. More specifically, Expert Intuition was activated effortlessly, while strategic intuition required more time. Also, expert intuition was used mainly for making judgments about events that have already happened, while strategic intuition was used more often for judgments regarding events in the future. The process of strategic intuition involved (1) Strategic concerns, (2) the discovery of medium, (3) Primary mental simulation, (4) The offsetting of key parameters, (5) secondary mental simulation, and (6) the decision making process. These steps were used to develop the "Strategic Intuition Decision-making Model" for Venture and Small-Business Executives. The case study results further showed that firstly, the success of decision-making was determined in the "secondary mental simulation' stage, and secondly, that more difficulty in management was encountered when expert intuition was used more than strategic intuition and lastly strategic intuition is possible to be educated.

• Journal of Intelligence and Information Systems
• /
• v.18 no.4
• /
• pp.1-17
• /
• 2012

Personalized smart devices such as smartphones and smart pads are widely used. Unlike traditional feature phones, theses smart devices allow users to choose a variety of functions, which support not only daily experiences but also business operations. Actually, there exist a huge number of applications accessible by smart device users in online and mobile application markets. Users can choose apps that fit their own tastes and needs, which is impossible for conventional phone users. With the increase in app demand, the tastes and needs of app users are becoming more diverse. To meet these requirements, numerous apps with diverse functions are being released on the market, which leads to fierce competition. Unlike offline markets, online markets have a limitation in that purchasing decisions should be made without experiencing the items. Therefore, online customers rely more on item-related information that can be seen on the item page in which online markets commonly provide details about each item. Customers can feel confident about the quality of an item through the online information and decide whether to purchase it. The same is true of online app markets. To win the sales competition against other apps that perform similar functions, app developers need to focus on writing app descriptions to attract the attention of customers. If we can measure the effect of app descriptions on sales without regard to the app's price and quality, app descriptions that facilitate the sale of apps can be identified. This study intends to provide such a quantitative result for app developers who want to promote the sales of their apps. For this purpose, we collected app details including the descriptions written in Korean from one of the largest app markets in Korea, and then extracted keywords from the descriptions. Next, the impact of the keywords on sales performance was measured through our econometric model. Through this analysis, we were able to analyze the impact of each keyword itself, apart from that of the design or quality. The keywords, comprised of the attribute and evaluation of each app, are extracted by a morpheme analyzer. Our model with the keywords as its input variables was established to analyze their impact on sales performance. A regression analysis was conducted for each category in which apps are included. This analysis was required because we found the keywords, which are emphasized in app descriptions, different category-by-category. The analysis conducted not only for free apps but also for paid apps showed which keywords have more impact on sales performance for each type of app. In the analysis of paid apps in the education category, keywords such as 'search+easy' and 'words+abundant' showed higher effectiveness. In the same category, free apps whose keywords emphasize the quality of apps showed higher sales performance. One interesting fact is that keywords describing not only the app but also the need for the app have asignificant impact. Language learning apps, regardless of whether they are sold free or paid, showed higher sales performance by including the keywords 'foreign language study+important'. This result shows that motivation for the purchase affected sales. While item reviews are widely researched in online markets, item descriptions are not very actively studied. In the case of the mobile app markets, newly introduced apps may not have many item reviews because of the low quantity sold. In such cases, item descriptions can be regarded more important when customers make a decision about purchasing items. This study is the first trial to quantitatively analyze the relationship between an item description and its impact on sales performance. The results show that our research framework successfully provides a list of the most effective sales key terms with the estimates of their effectiveness. Although this study is performed for a specified type of item (i.e., mobile apps), our model can be applied to almost all of the items traded in online markets.

• Korean Journal of Environment and Ecology
• /
• v.22 no.3
• /
• pp.207-220
• /
• 2008

Tourism in the natural environment grows significantly and in many tropical countries it becomesthe important earning of the nations. Nevertheless, tourism impact to environment and cultural values has become the threats to the sustainability and competitiveness of such industry. Therefore, the appropriate planning and management of tourism destination sites where environmentally and culturally fragile are needed in order to increase economic benefits, sustain local culture and conserve environment in balance. The aims of the paper are to examine tourism practices, to determine socio-cultural and natural resources, and to assess local people perception to cultural landscape and its future tourism development in order to formulate the appropriate strategies to achieve sustainable tourism. A case study was carried out at Tengger highland, Bromo Tengger Semeru National Park(BTSNP) East Java. Official documents were gathered and interviews with several key persons had conducted to determine recent status of tourism, resources capital and the existence of local people. Semi-structured interviews and questionnaires were carried out at Tenggerese villages to explore local people perspectives to tourism development, culture preservation, and cultural landscape conservation issues. It is followed by descriptive analysis of vegetation to assess the recent status of environments based on vegetation information. Our findings reveals that tourism grows significantly at BTSNP, and Tengger Caldera as spiritual and cultural sites for local people become the centre for tourism activities. The abundance cultural and natural resources are the significant capital for sustainable tourism. Tenggerese argues that tourism should be planned to provide benefits to local people, preserve tradition and able to conserve nature in order to ensure the living sustainability of Tenggerese. The overall result of the study provide general feature of recent status of the cultural and natural resources as well as positive society perception in order to establish a strategy for sustainable tourism in cultural landscape.

• Journal of Science and Technology Studies
• /
• v.18 no.2
• /
• pp.135-179
• /
• 2018

How do robots interact with the elderly? In this paper, we analyze the contexts of interaction between robots and the elderly and the role of mediators in initiating, facilitating, and maintaining the interaction. We do not attempt to evaluate the robot's performance or measure the impact of robots on the elderly. Instead, we focus on the circumstances and contexts within which a robot is situated as it interacts with the elderly. Our premise is that the success of human-robot interaction does not depend solely on the robot's technical capability, but also on the pre-arranged settings and local contingencies at the site of interaction. We select three television shows that feature robots for the elderly and one "dementia-prevention" robot in a regional healthcare center as our sites for observing robot-elderly interaction: "Grandma's Robot"(tvN), "Co-existence Experiment''(JTBC), "Future Diary"(MBC), and the Silbot class in Suwon. By analyzing verbal and non-verbal interactions between the elderly and the robots in these programs, we point out that in most cases the robots and the elderly do not meet one-to-one; the interaction is usually mediated by an actor who is not an old person. These mediators are not temporary or secondary components in the robot-elderly interaction; they play a key role in the relationship by arranging the first meeting, triggering initial interactions, and carefully observing unfolding interactions. At critical moments, the mediators prevent the interaction from falling apart by intervening verbally or physically. Based on our observation of the robot-elderly interaction, we argue that we can better understand and evaluate the human-robot interaction in general by paying attention to the existence and role of the mediators. We suggest that researchers in human-robot interaction should expand their analytical focus from one-to-one interactions between humans and robots to human-robot-human interactions in diverse real-world situations.

• Journal of Intelligence and Information Systems
• /
• v.17 no.2
• /
• pp.77-96
• /
• 2011

An exhibition is defined as market events for specific duration to present exhibitors' main products to business or private visitors, and it plays a key role as effective marketing channels. As the importance of exhibition is getting more and more, domestic exhibition industry has achieved such a great quantitative growth. But, In contrast to the quantitative growth of domestic exhibition industry, the qualitative growth of Exhibition has not achieved competent growth. In order to improve the quality of exhibition, we need to understand the preference or behavior characteristics of visitors and to increase the level of visitors' attention and satisfaction through the understanding of visitors. So, in this paper, we used the observation survey method which is a kind of field research to understand visitors and collect the real data for the analysis of behavior pattern. And this research proposed the following methodology framework consisting of three steps. First step is to select a suitable exhibition to apply for our method. Second step is to implement the observation survey method. And we collect the real data for further analysis. In this paper, we conducted the observation survey method to obtain the real data of the KIDS & EDU EXPO for Children in SETEC. Our methodology was conducted on 160 visitors and 78 booths from November 4th to 6th in 2010. And, the last step is to analyze the record data through observation. In this step, we analyze the feature of exhibition using Demographic Characteristics collected by observation survey method at first. And then we analyze the individual booth features by the records of visited booth. Through the analysis of individual booth features, we can figure out what kind of events attract the attention of visitors and what kind of marketing activities affect the behavior pattern of visitors. But, since previous research considered only individual features influenced by exhibition, the research about the correlation among features is not performed much. So, in this research, additional analysis is carried out to supplement the existing research with data mining techniques. And we analyze the relation among booths using data mining techniques to know behavior patterns of visitors. Among data mining techniques, we make use of two data mining techniques, such as clustering analysis and ARM(Association Rule Mining) analysis. In clustering analysis, we use K-means algorithm to figure out the correlation among booths. Through data mining techniques, we figure out that there are two important features to affect visitors' behavior patterns in exhibition. One is the geographical features of booths. The other is the exhibit contents of booths. Those features are considered when the organizer of exhibition plans next exhibition. Therefore, the results of our analysis are expected to provide guideline to understanding visitors and some valuable insights for the exhibition from the earlier phases of exhibition planning. Also, this research would be a good way to increase the quality of visitor satisfaction. Visitors' movement paths, booth location, and distances between each booth are considered to plan next exhibition in advance. This research was conducted at the KIDS & EDU EXPO for Children in SETEC(Seoul Trade Exhibition & Convention), but it has some constraints to be applied directly to other exhibitions. Also, the results were derived from a limited number of data samples. In order to obtain more accurate and reliable results, it is necessary to conduct more experiments based on larger data samples and exhibitions on a variety of genres.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.31 no.6
• /
• pp.1134-1141
• /
• 2002

Adhesion of leukocytes to the activated vascular endothelium and their subsequent recruitment/migration into the artery wall are key features in the pathogenesis of atherosclerosis and inflammatory diseases. These features have been mediated by cell adhesion molecules including vascular cell adhesion molecule-1 (VCAM-1) and in tracellular cell adhesion molecule-1 (ICAM-1). This study examined whether flavonoids inhibit the pro-inflammatory cytokine TNF-$\alpha$-induced monocyte adhesion via a modulation of the protein expression of VCAM-1 and ICAM-1 of human umbilical vein endothelial cells (HUVECs). TNF-$\alpha$ markedly increased the adhesion of THP-1 monocytes to endothelial cells and induced the expression of VCAM-1, ICAM-1 and E-selectin proteins in HUVECs. Micromolar concentrations of the flavones luteolin and apigenin and the flavonol quercetin near completely blocked the monocyte adhesion to the activated endothelial cells and the induction of these adhesion molecules. However, equimicromolar catechins of (-)epigallocatechin gallate and (+)catechin, the flavonol myr- icetin and the flavanones of naringin and hesperidin had no effect on TNF-$\alpha$-activated monocyte adhesion. (-)Epigallocatechin gallate, (+) catechin, and naringin did not attenuate the TNF-$\alpha$ induction of these adhesion molecules. Furthermore, culture with luteolin and apigenin strongly blocked the expression of TNF-$\alpha$-induced VCAM-1 mRNA and modestly attenuated ICAM-1 mRNA. Quercetin modestly decreased the TNF-$\alpha$-activated VCAM-1 and ICAM-1 mRNAs. These results demonstrate that flavonoids classified as flavones and flavonols may inhibit monocyte adhesion to the TNF-$\alpha$-activated endothelium, most likely due to a blockade of expression of functional adhesion molecules down-regulated at the transcriptional level, indicating a definite linkage between the chemical structure of flavonoids and the expression of cell adhesion molecules. Furthermore, the antiathero-genic feature of flavonoids appears to be independent of their antioxidant activity.

• Journal of the Korean Institute of Traditional Landscape Architecture
• /
• v.35 no.2
• /
• pp.58-68
• /
• 2017

The conclusion of this research after analyzing and interpreting the landscape structure and meaning of Yeongsajeongpalkyung (永思亭八景) that appears in Yeongsajeongpalyeongsi(永思亭八詠詩) of Cheonggye(靑溪) Yang, Dae-bak(梁大樸, 1544~1592) and through document studies, poetry and painting analysis and interpretation, and site investigation, is as follows. Yeongsajeong and its nearby lands are the area of "Yeongsa", where the builder, Ahn, Jeon(安?, 1518~1571) worshipped towards the grave of ancestors, and Yeongsajeongpalkyung oversees a family burial ground in Namwon, centering around Yeongsajeong such as Yocheon, Geumseokgyo and Cheonggyedong, and Sunjagang River and Mountain Jiri, which are the foot hold and key points of advantageous scenic views in Namwon. Yeongsajeongpalkyung, unlike general Jeongjapalkyung, shows a panoramic bird's-eye structure overseeing the landscape and scenery of the Yocheon area and Sunjagang River, in addition to Yeongsajeong, while show in a transition of location, a multi-view structure and time. The trace of visual unity with Sosangpalkyung of China can be seen in many places in Yeongsajeongpalkyung, which seems to be a transitional feature of composing poems regarding Palgyeong during the mid-Joseon dynasty, which pursues harmony with the local landscape of the Namwon area. The 'Changsongchwijuk(蒼松翠竹)' appearing in each of the first and second scenic views of Palgyeong and Yeongsajeongpalyeong can be understood as an incarnation of Yang, Dae-bak, the author of Palyeongsi or Ahn, Jeon, the builder of Yeongsajeong. On the other hand, as a result of interpreting the yin-yang features of poetic diction and picture elements appearing in the subtitle of Yeongsajeongpalyeong, Palyeongsi seems mostly full of yin-like elements and Palgyeongdo. Moreover, as a result of comparing and analyzing the acts expressed in and acts described in Yeongsajeongpalyeong, based on the fact that the reis almost no common ground between the two media except for Soongangmowoo, the third scenic view, the formal similarity between the two media can be acknowledged, however, it is difficult to discover any substantive 'integrity of poetry and painting'.

• Journal of Intelligence and Information Systems
• /
• v.20 no.2
• /
• pp.163-178
• /
• 2014

Following research proposes "Virtualization of Smart Cards (ViSCa)" which is a security system that aims to provide a multi-device platform for the deployment of services that require a strong security protocol, both for the access & authentication and execution of its applications and focuses on analyzing Virtualization of Smart Cards (ViSCa) platform-based mobile payment service by comparing with other similar cases. At the present day, the appearance of new ICT, the diffusion of new user devices (such as smartphones, tablet PC, and so on) and the growth of internet penetration rate are creating many world-shaking services yet in the most of these applications' private information has to be shared, which means that security breaches and illegal access to that information are real threats that have to be solved. Also mobile payment service is, one of the innovative services, has same issues which are real threats for users because mobile payment service sometimes requires user identification, an authentication procedure and confidential data sharing. Thus, an extra layer of security is needed in their communication and execution protocols. The Virtualization of Smart Cards (ViSCa), concept is a holistic approach and centralized management for a security system that pursues to provide a ubiquitous multi-device platform for the arrangement of mobile payment services that demand a powerful security protocol, both for the access & authentication and execution of its applications. In this sense, Virtualization of Smart Cards (ViSCa) offers full interoperability and full access from any user device without any loss of security. The concept prevents possible attacks by third parties, guaranteeing the confidentiality of personal data, bank accounts or private financial information. The Virtualization of Smart Cards (ViSCa) concept is split in two different phases: the execution of the user authentication protocol on the user device and the cloud architecture that executes the secure application. Thus, the secure service access is guaranteed at anytime, anywhere and through any device supporting previously required security mechanisms. The security level is improved by using virtualization technology in the cloud. This virtualization technology is used terminal virtualization to virtualize smart card hardware and thrive to manage virtualized smart cards as a whole, through mobile cloud technology in Virtualization of Smart Cards (ViSCa) platform-based mobile payment service. This entire process is referred to as Smart Card as a Service (SCaaS). Virtualization of Smart Cards (ViSCa) platform-based mobile payment service virtualizes smart card, which is used as payment mean, and loads it in to the mobile cloud. Authentication takes place through application and helps log on to mobile cloud and chooses one of virtualized smart card as a payment method. To decide the scope of the research, which is comparing Virtualization of Smart Cards (ViSCa) platform-based mobile payment service with other similar cases, we categorized the prior researches' mobile payment service groups into distinct feature and service type. Both groups store credit card's data in the mobile device and settle the payment process at the offline market. By the location where the electronic financial transaction information (data) is stored, the groups can be categorized into two main service types. First is "App Method" which loads the data in the server connected to the application. Second "Mobile Card Method" stores its data in the Integrated Circuit (IC) chip, which holds financial transaction data, which is inbuilt in the mobile device secure element (SE). Through prior researches on accept factors of mobile payment service and its market environment, we came up with six key factors of comparative analysis which are economic, generality, security, convenience(ease of use), applicability and efficiency. Within the chosen group, we compared and analyzed the selected cases and Virtualization of Smart Cards (ViSCa) platform-based mobile payment service.

• Journal of the Korean Chemical Society
• /
• v.59 no.2
• /
• pp.164-178
• /
• 2015

The purpose of this study was to design a teaching and learning method conductive to the development of creative thinking skills and investigate its effects. It has been developed integrated mind map with feature of visualizing the divergent thinking to the aspects of Science (S), Technology (T) & Engineering (E), Arts (A), Mathematics (M). Integrated mind map can be divided into four types of STEAM type, STEA type, STEM type, STE type depending on the category of key words in the first branch. And Integrated mind map can be divided into three levels of guided, intermediate, open depending on the teacher's guide degree. And also integrated mind map activities were carried out in the form of group, class share as well as individual. This study was implemented during a semester and students in experiment group experienced individual-integrated mind map activity 10 times, group-integrated mind map activity 10 times, class share-integrated mind map activity 3 times. The results indicated that the experimental group presented statistically meaningful improvement in creative thinking skills (p<.05). And there was a statistically meaningful improvement in fluency, flexibility, originality as a sub-category of creative thinking skills(p <.05). Also creative thinking skills are not affected by the level of cognitive, academic performance, gender (p<.05). In conclusion, it was found that 'integrated mind map activity' improved student's creative thinking skills. There was no interaction effect about creative thinking skills between the teaching strategy and cognitive level, achivement, gender of those students.