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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.

Fish Community Characteristics and Inhabiting Status of Endangered Species in the Bukcheon (Stream) of Seoraksan National Park, Korea (설악산국립공원 내 북천의 어류군집 특성 및 멸종위기종의 서식양상)

  • Park, Seong-Cheol;Choi, Kwang-Seek;Han, Mee-Sook;Ko, Myeong-Hun
    • Korean Journal of Environment and Ecology
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    • v.36 no.4
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    • pp.390-401
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    • 2022
  • This study investigated the characteristics of fish communities and inhabiting status of endangered species in the Bukcheon (Stream) of Seoraksan National Park, Korea from April to September 2020. A total of 4,356 fish of 7 families and 22 species were collected from 17 survey stations during the survey period. The dominant species was Zacco koreanus (relative abundance, 41.8%), and subdominant species was Rhynchocypris kumgangensis (relative abundance, 15.1%), followed by Pungtungia herzi (10.1%), Pseudopungtungia tenuicorpa (5.0%), Coreoleuciscus splendidus (4.1%), Zacco platypus (3.8%), Microphysogobio longidorsalis (3.5%), and Hemibarbus mylodon (2.2%). Among the fish species collected, 14 species (63.6%) were identified as Korean endemic species. There was one natural monument species (Hemibarbus mylodon), and four species of class II endangered wildlife that were designated by the Ministry of Environment (Acheilognathus signifer, Pseudopungtungi tenuicorpa, Gobiobotia brevibarba, and Brachymystax lenok tsinlingensis). Among the four species of class II endangered wildlife, B. lenok tsinlingensis inhabited in the upper stream, and A. signifer, P. tenuicorpa and G. brevibarba inhabited mainly in the middle-lower stream. Also, P. tenuicorpa, H. mylodon, and B. lenok tsinlingensis were inhabited in large numbers. Additionally, two cold-water fish species (R. kumgangensis and B. lenok tsinlingensis) and one landlocked species (B. lenok tsinlingensis) were collected. According to the results of cluster analysis, the dominance index decreased from upstream to downstream, but the diversity, evenness, and richness index increased; the cluster structure was divided into the uppermost, upstream, midstream, and downstream. The water quality of Bukcheon was evaluated as good overall since the river health (index of biological integrity) evaluated using fish was evaluated as very good (11 stations), good (2 stations), and normal (4 stations). However, river repair work was being carried out in some areas and some wastewater was flowing in from the midstream, therefore, supplementary measures to preserve fish habitats are required.

A Study of Cultural Migration of Pungmul-gut - Focusing on a Pungmul-pae's Activity in Toronto, Canada - (풍물굿의 해외 문화이주 현상에 관한 연구 - 캐나다 토론토의 풍물패 활동을 중심으로 -)

  • Lee, Yon-Shik
    • (The) Research of the performance art and culture
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    • no.41
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    • pp.353-380
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    • 2020
  • Samul nori/Pungmul-gut is the symbol of ethnic identity for the Koreans abroad. It is the representative diaspora musical genre which is performed many cultural events held by Koreans. It is, at the same time, a global music which is appreciated by not only the Koreans but also the foreigners. Many musical communities in various countries exhibit the cultural migration through the discourse of 'tradition/variation' and 'authenticity/hybridity' in the course of the acculturation and enculturation of samul nori/pungmul-gut. The pungmul-pae 'Bichoe June' active in Toronto, Canada was organized by a foreign performer. For the foreigners pungmul-gut is easy to access as a genre of world music. As a percussion ensemble, it is easy to learn for the foreigners. The pungmul-pae 'Bichoe June' is a 'music community' consist of the Koreans and foreigners. The band tries to preserve the traditionality and authenticity of the Korean music. There is no variation or hybridity in its music since the member still learns the authentic music through various available textbooks and internet sites. Through the participation of the Koreans and foreigners, the band stimulates the globalzation of the pungmul-gut. The enculturation of the pungmul-gut is exhibited in two performances held by the band. One was host by the Canadian progressive group and the other was by the Korean conservative community. The former understood the nature of pungmul-gut as the music of the common people. The latter, however, accepted the music as the representative traditional music but was not easy to enjoy the 'noisy' music. In other words, the positive/negative acceptance of the pungmul-gut depends of the ideological nature of the listeners rather than the ethnical nature.

Characteristics of Fish Community and Habitat Aspects of Cold-water Fish Speciesin the Bangtaecheon (Stream), Korea (방태천의 어류군집 특성 및 냉수성 어류의 서식양상)

  • Kwang-Seek Choi;Mee-Sook Han;Myeong-Hun Ko
    • Korean Journal of Environment and Ecology
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    • v.36 no.6
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    • pp.603-614
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    • 2022
  • This study investigated the characteristics of fish communities in the Bangtaecheon Stream in Korea from April to October 2020. The survey collected 4,640 fish of 26 species in 9 families from 11 survey stations. The dominant and subdominant species were Rhynchocypris kumgangensis(relative abundance at 31.5%) and Zacco koreanus(27.8%), respectively. The next most abundant species were Ladislavia taczanowskii(15.9%), Pungtungia herzi(4.0%), Brachymystax lenok tsinlingensis(3.7%), Microphysogobio longidorsalis(2.4%), and Zacco platypus(2.3%). Among the collected fish species, 17 (65.4%) were Korean endemic species, 4 (15.4%), including Acheilognathus signifer, Pseudopungtungia tenuicorpa, Gobiobotia brevibarba, and B. l. tsinlingensis,were class II endangered wildlife as designated by the Ministry of Environment, and 1 species, Hemibarbus mylodon, was a natural monument. Moreover, two landlocked species (B. l. tsinlingensisand C. koreanus) were also collected. Additionally, four cold-water species (R. kumgangensis, L. taczanowskii, B. l. tsinlingensis,and Cottus koreanus) were collected, and all of them mainly inhabited the upper and middle streams. Fish community analysis showed a tendency for dominance and uniformity to decrease and abundance and diversity to increase from upstream to downstream and that the community structure was divided into upstream and downstream groups. The river health was rated as excellent (9 stations) and good (2 stations). Compared to the previous studies, three species (Carassius auratus, Leiocassis ussuriensis,and Siniperca scherzeri) appeared in the past but did not appear in this survey, and three species (Opsariichthys uncirostris amurensis, Microphysogobio yaluensis,and Orthrias nudus) that did not appear in the past appeared in this survey. Bangtaecheon Steam is well-preserved, and climate-sensitive species, endangered wildlife, and natural monuments inhabit the stream. Therefore, continuous attention and systematic conservation measures are required.

Characteristics of Marine Algal Communities in Village Fishing Grounds Near Large Wildfires in Uljin-gun (울진군 대형산불 발생 인근 마을어장의 해조류 군집 특성)

  • Jeong Hee Shim;Hee Chan Choi;Hae-Kun Jung;Jong-Ku Gal;Jeong-Min Shim;Sung-Eic Hong;Chul-Hui Kwoun;Sang-Woo Kim
    • Journal of the Korean Society of Marine Environment & Safety
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    • v.29 no.2
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    • pp.87-97
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    • 2023
  • In this study, we examined the effects of a large wildfire in the coastal area of Uljin-gun. The analysis of water quality and the dominant species, species composition, and community structure of marine algal was conducted quarterly in 2022 at Nagok (F-1), Hujeong (F-2), Bongpyeong (F-3), and Gongse Port (F-C) in Uljin-gun. As a result of water quality analysis, the pH, a factor of wildfire impact was 8.07~8.30 and 8.12~8.48 in surface and bottom layers, respectively, which are normal values in coastal waters of the East Sea, suggesting no direct impact from wildfires. By marine algal species composition, the coastal areas show the following order: Rhodophyta (58.1%) > Ochrophyta (25.8%) > Chlorophyta (14.5%) > Magnoliophyta (1.6%). By season, Undaria pinnatifida was the most dominant at Nagok and Hujeong in March and June, which in September and November, Gelidium elegans and Lithophyllum sp. were the most dominant in Bongpyeong and Gongse Port, respectively. In the cluster analysis, the stations were divided into two groups according to presence and absence of specific marine algal by season. The dominant species were U. pinnatifida, G. elegans and D. divaricata in group A, and Lithophyllum sp. was mainly present in group B. Thus, the species composition and group structure reflected the normal seasonal change pattern with water temperature variation and showed little significant difference from the control site, suggesting no direct effects of the wildfire on algae distribution in Uljin.

Community Structure of Natural Monument Forest (Forest of Japanese Torreyas in Pyeongdae-ri, Jeju and Subtropical Forest of Nabeup-ri, Jeju) in Jeju-do (제주도 천연기념물 수림지(제주 평대리 비자나무 숲과 제주 납읍리 난대림)의 군집구조)

  • Jeong Eun Lee;Yo Seob Hwang;Ho Jin Kim;Ju Heung Lee;Chung Weon Yun
    • Journal of Korean Society of Forest Science
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    • v.112 no.4
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    • pp.393-404
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    • 2023
  • The Natural Monument Forest (NMF) is a form of natural and cultural heritage that has symbolized the harmony between nature and culture in Korea for a long time. Recently, the NMF has deteriorated due to industrialization and reckless city expansion. Given this situation, it is necessary to preserve and manage the ecosystem of the NMF through preferential research regarding the forest community structure. Accordingly, this study sought to identify the community structure by analyzing the vegetation classification, stratum structure,and species diversity using vegetation data collected from the Forest of Japanese Torreyas in Pyeongdae-ri, Jeju and the Subtropical Forest of Nabeup-ri, Jeju. The results classified the forest vegetation as a Litsea japonica community group divided into two communities: a Torreya nuciferacommunity and a Quercus glauca community. The T. nuciferacommunity was subdivided into the Idesia polycarpa group and Dryopteris erythrosora group, while the Q. glauca community was subdivided into the Mercurialis leiocarpa group and Arachniodes aristata group. The T. nucifera species showed the highest level of importance in vegetation units 1 (Litsea japonicacommunity group-Torreya nucifera community-Idesia polycarpa group) and 2 (Litsea japonica community group-Torreya nucifera community-Dryopteris erythrosora group), whereas Q. glauca showed the highest level of importance in vegetation units 3 (Litsea japonica community group-Quercus glauca community-Mercurialis leiocarpa group) and 4 (Litsea japonica community group-Quercus glauca community-Arachniodes aristata group). In terms of the species diversity, vegetation units 1, 2, 3, and 4 had 2.866, 2.716, 2.222, and 2.326 species, respectively. These findings suggest that it is necessary to prepare a differentiated management plan for each vegetation unit.

Social Class and Potential Entrepreneurs' Social Entrepreneurial Intention: Underlying Mechanisms of Communal Narcissism and Social Entrepreneurial Identity Aspiration (사회계층과 예비창업자의 사회적 창업 의도: 공동체적 나르시시즘과 사회적 창업가 정체성 열망의 심리적 효과)

  • Kawon Kim;Kristina Sooyoun Zong;Hee Chan Yoon
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.5
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    • pp.123-139
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    • 2023
  • Incubating future social entrepreneurs is of increasing importance for governments and industries that aim to create positive social changes through innovative, market-based solutions. Considering the distinct and challenging nature of a social entrepreneurial career, prior research has explored various antecedents of the formation of social entrepreneurial intention. The current research aims to contribute to the literature by examining social class as a potential precursor of individuals' social entrepreneurial intention formation, with a specific focus on social entrepreneurial identity aspiration as the underlying psychological mechanism and communal narcissism as the contingent factor. Using a two-wave survey data collected among 144 potential entrepreneurs from South Korea, we tested a moderated mediation model to validate the research propositions. The findings can be summarized as follows. First, lower social class was associated with higher social entrepreneurial identity aspiration. Second, when communal narcissism was high(low), the negative relationship between social class and social entrepreneurial identity aspiration was stronger(weaker). Third, communal narcissism moderated the negative impact of social class on social entrepreneurial intention via its effect on social entrepreneurial identity aspiration. This study has significant implications on several fronts. First, we explore the motivations that drive individuals from lower-class backgrounds to participate in social entrepreneurship, going beyond the previous notion that a higher-class context promotes entrepreneurial pursuits. Second, we delve into the underlying mechanism and condition that influence the formation of social entrepreneurial intentions, highlighting the pivotal roles played by social entrepreneurial identity aspiration and communal narcissism. Our findings provide practical insights for institutions seeking to foster the involvement of prospective social entrepreneurs from lower-class backgrounds, thereby generating positive outcomes for marginalized communities.

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Fish Community Characteristics and Distribution Aspect of Four Endangered Species in the Byekgye Stream, Korea (벽계천의 어류군집 특성 및 멸종위기 4종의 서식양상)

  • HyeongSu Kim;Myeong-Hun Ko
    • Korean Journal of Environment and Ecology
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    • v.38 no.1
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    • pp.55-66
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    • 2024
  • This study conducted a survey to investigate the characteristics of fish communities and the inhabiting status of endangered species in the Byekgye Stream, Korea from April to September 2020. A total of 3,415 fish of 9 families and 31 species were collected from 7 survey stations during the survey period. The dominant species was Zacco koreanus (relative abundance of 31.2%), and the subdominant species was Z. platypus (15.0%), followed by Pungtungia herzi (11.7%), Acheilognathus yamatsutae (5.4%), A. lanceolata intermedia (4.8%), Rhinogobius brunneus (4.4%), and Pseudopungtungia tenuicorpa (4.3%). Among the fish species collected, 19 (61.3%) were identified as Korean endemic species, and two cold-water fish species sensitive to climate change (Rhynchocypris kumgangensis and Cottus koreanus) were collected. Four species were designated as class II endangered wildlife by the Ministry of Environment: A. signifer, P. tenuicorpa, Rhodeus pseudosericeus, and C. koreanus. A. signifer and P. tenuicorpa mainly inhabited the mid to lower streams, R. pseudosericeus in the midstream, and R. pseudosericeus in the upstream. P. tenuicorpa inhabited in large numbers, and estimating the age by total length-frequency distribution in July, the total length of the 26-35 mm group was estimated as 0 years old, the 54-75 mm group as 1 year old, 82-97 mm group as 2 years old, 104-109 mm group as 3 years or older. The cluster analysis showed that the dominance index decreased from upstream to downstream, but the diversity, evenness, and richness index increased. The water quality of Byekgye Stream was evaluated as good overall since the river health (fish assessment index, FAI) using fish was evaluated as excellent (5 stations) and good (2 stations). Byekgye Stream has relatively well-preserved habitats, but conservation measures are required as habitats are disturbed by river repair work in some parts of the midstream and downstream areas where many endangered species inhabit.

Genetic Counseling in Korean Health Care System (한국 의료제도와 유전상담 서비스의 구축)

  • Kim, Hyon-J.
    • Journal of Genetic Medicine
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    • v.8 no.2
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    • pp.89-99
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    • 2011
  • Over the years Korean health care system has improved in delivery of quality care to the general population for many areas of the health problems. The system is now being recognized in the world as the most cost effective one. It is covered by the uniform national health insurance policy for which most people in Korea are mandatory policy holders. Genetic counseling service, however, which is well recognized as an integral part of clinical genetics service deals with diagnosis and management of genetic condition as well as genetic information presentation and family support, is yet to be delivered in comprehensive way for the patients and families in need. Two major obstacles in providing genetic counseling service in korean health care system are identified; One is the lack of recognition for the need for genetic counseling service as necessary service by the national health insurance. Genetic counseling consumes a significant time in delivery and the current very low-fee schedule for physician service makes it very difficult to provide meaningful service. Second is the critical shortage of qualified professionals in the field of medical genetics and genetic counseling who can provide the service of genetic counseling in clinical setting. However, recognition and understanding of the fact that the scope and role of genetic counseling is expanding in post genomic era of personalized medicine for delivery of quality health care, will lead to the efforts to overcome obstacles in providing genetic counseling service in korean health care system. Only concerted efforts from health care policy makers of government on clinical genetics service and genetic counseling for establishing adequate reimbursement coverage and professional communities for developing educational program and certification process for professional genetic counselors, are necessary for the delivery of much needed clinical genetic counseling service in Korea.

Variation of Genus Ilex in Korea and their Ornamental Values (Ilex속(屬) 수목(樹木)의 유전변이(遺傳變異)의 분석(分析)과 조경학적(造景學的) 이용가치(利用價値)의 조사(調査) 연구(硏究))

  • Yim, Kyong Bin
    • Journal of Korean Society of Forest Science
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    • v.42 no.1
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    • pp.1-38
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    • 1979
  • The woody species of Genus Ilex which are endemic to Korea are distributed on limited area due to solely temperature factor. There is some differences according to species, however in general, the evergreen Ilex are found along southern coastal area of Korean Peninsula and near islands where the cold index does not exceed $-5^{\circ}C$. But Ilex macropoda and the variety, only deciduous ones, are grown in temperate zone of the peninsula and some islands. The list of Ilex species of Korea are as follows. Ilex cornuta Lindley et Pax., I. crenata Thunb. var. microphylla Max., I. crenata Thunb., I. rotunda Thunb., I. macropoda Miq., I. macropoda Miq. var. pseudo-macropoda Loensner, I. integra Thunb. The author surveyed the populations of Ilex species as many as possible and data of some characters such as leaf shape, spine, fruit shape, stomata density, sex ratio in natural communities, etc. are collected. Almost all the Ilex species in Korea show sporadic distribution. This means quite small sized populations isolate distantly each other eliminating the change of gene exchange in between. Particularly Ilex conuta and I. crenata show the morphological differentiation among populations as well as significant individual variation within a population. These were true with such characteristics, leaf shape, leaf dimension, leaf margin, fruit shape, spine, and stomata density. The founded are that the fruit length and the stomata density counted on the beneath surface of leaves of Ilex cornuta increased with the decrease of latitude. These are naturally closely related with the cold index values. The table shown below indicates the correlation between mean stomata density per $0.3642mm^2$ and cold index values. These relation however were not observed on Ilex crenata. The most dominated natured in relation to individual variation were outline of leaf, the number of marginal spine, the shape of leaf cross section and the degree of luster of the upper leaf surface. As shown in photos 5~7, these variations are agreed at a glance. There are reports that the development of marginal spines in some Ilex species is associated with the juvenility and topophysis. In present study, these two factors were neglected because of the intended sampling procedure. Of Ilex rotunda, population difference with the characteristics of leaf length is recognized but not for leaf width, petiole length, and fruit size. However, individual variations within a population were significantly large. In case of Ilex integra, only individual differences within population were calculated statistically for such characteristics as leaf length, leaf width, and petiole length. As to natural population, the sex ratio was 1:2 (female to male) for Ilex cornuta, and 1:1 for Ilex crenata. The tendency of more male than female in I. cornuta was agreed to other observations. Preparing the tip cutting of length 10cm, and treating with IBA, then attaching earth ball to the cut end, very successful rooting percentages were obtained. Asexual propagation has the advantages of maintaining the heterozygosity of existing varieties and overcoming the difficulties of delayed seed germination frequently encountered with Ilex species. Considering a great deal of variation in morphological traits, a good possibility of selection breeding for decorative and ornamental purposes exists. At present, these evergreen Ilex are ignored by local people as nuisance weedy shrubs. So the proper protection measures should promptly be taken.

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