• Title/Summary/Keyword: 가격변화

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Contract Farming Through a Cooperative to Boost Agricultural Sector Restructuring: Evidence from a Rural Commune in Central Vietnam (베트남 농업구조개혁과 협동조합의 계약영농: 중부베트남의 농촌을 사례로)

  • Duong, Thi Thu Ha;Kim, Doo-Chul
    • Journal of the Economic Geographical Society of Korea
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    • v.25 no.1
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    • pp.109-130
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    • 2022
  • The Vietnamese government has proposed contract farming through a new type of cooperative as an institutional innovation which aims to restructure the agricultural sector. However, policy changes often impact farmers, who bear the primary effects of the transition process. Understanding households' strategies for land use and livelihood is crucial for policymaking in the agricultural development field. This study was conducted in the rural Binh Dao commune in Central Vietnam. We analyzed household members' labor force changes and their livelihood behaviors after their participation in a contract farming scheme using qualitative analysis methods combined with geographic information system (GIS) support, based on secondary data and in-depth interviews of 190 farmers. Simultaneously, we created a digital map of the cooperative's production area to investigate changes in land use and production activities. The findings show that contract farming shaped the vertical coordination of the value chain from the farmers to the cooperative and agricultural product trading companies. Subsequently, it encouraged land use and labor efficiency due to mechanical support. In addition, it also increased productivity and protected farmers from market risks. However, despite its positive effects on agricultural productivity in this case, the contract farming scheme could not achieve the restructuring of the rural labor force toward non-agricultural sectors. Ironically, farmers in the Binh Dao commune tended to increase cultivable land during the agricultural restructuring program, rather than switching their labor forces to non-agricultural sectors. The lack of stable non-farming job opportunities in rural Vietnam results in challenges to the efficiency of agricultural restructuring programs. Consequently, farmers in the Binh Dao commune are still smallholder farmers, depending on the family labor force.

A Review on Solution Plans for Preventing Environmental Contamination as the Trend Changes of Cryptocurrency (암호화폐의 트랜드 변화에 따른 환경오염 방지 해결방안에 대한 고찰)

  • Kim, Jeong-hun;Song, Sae-hee;Ko, Lim-hwan;Nam, Hak-hyun;Jang, Jae-hyuck;Jung, Hoi-yun;Choi, Hyuck-jae
    • Journal of Venture Innovation
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    • v.5 no.1
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    • pp.91-106
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    • 2022
  • Cryptocurrency, stood out the sharp cost rising of Bitcoin has been spotlighted by means of the solution for stagflation because it is decentralized with an existing currency differently. Especially getting into 4th industrial revolution, technologies using block chain and internet of things have been used in the many fields, and the power of influence is also widespread. Nevertheless like a remark of Elon Musk of Tesla CEO, the problems of environmental contamination for cryptocurrency have been pointed out continuously and the most representative of them is an enormous electric usage as the use of fossil fuels. Also the amount generated of carbon dioxide result in the acceleration of global warming mainly based on the climate changes of earth if the existing mining method is continued. On the other hand, review researches have been conducted restrictively as the connection with environmental contamination as the mining of cryptocurrency. In this study, it intended to review problems for environmental contamination as the diversification of ecological system of cryptocurrency concretely. Upon investigation existing prior documents on the putting recent data first, the mining of cryptocurrency has affected on the environmental contamination conflicting with carbon neutrality as increasement of the electric usage and electronic wastes. And POS method without the mining process appeared, but it had a demerit collapsing a decentralization and then we met turning point on appearing various environmental-friendly cryptocurrency. Finally the appearance of cryptocurrency using new renewable energy acted on the opportunity of the usage maximization of energy storage apparatus and the birth of national government intervention. Based on these results, we mention clearly that hereafter cryptocurrency will regress if not go abreast the value of currency as well as environmental approach.

A Study on the Clustering Method of Row and Multiplex Housing in Seoul Using K-Means Clustering Algorithm and Hedonic Model (K-Means Clustering 알고리즘과 헤도닉 모형을 활용한 서울시 연립·다세대 군집분류 방법에 관한 연구)

  • Kwon, Soonjae;Kim, Seonghyeon;Tak, Onsik;Jeong, Hyeonhee
    • Journal of Intelligence and Information Systems
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    • v.23 no.3
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    • pp.95-118
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    • 2017
  • Recent centrally the downtown area, the transaction between the row housing and multiplex housing is activated and platform services such as Zigbang and Dabang are growing. The row housing and multiplex housing is a blind spot for real estate information. Because there is a social problem, due to the change in market size and information asymmetry due to changes in demand. Also, the 5 or 25 districts used by the Seoul Metropolitan Government or the Korean Appraisal Board(hereafter, KAB) were established within the administrative boundaries and used in existing real estate studies. This is not a district classification for real estate researches because it is zoned urban planning. Based on the existing study, this study found that the city needs to reset the Seoul Metropolitan Government's spatial structure in estimating future housing prices. So, This study attempted to classify the area without spatial heterogeneity by the reflected the property price characteristics of row housing and Multiplex housing. In other words, There has been a problem that an inefficient side has arisen due to the simple division by the existing administrative district. Therefore, this study aims to cluster Seoul as a new area for more efficient real estate analysis. This study was applied to the hedonic model based on the real transactions price data of row housing and multiplex housing. And the K-Means Clustering algorithm was used to cluster the spatial structure of Seoul. In this study, data onto real transactions price of the Seoul Row housing and Multiplex Housing from January 2014 to December 2016, and the official land value of 2016 was used and it provided by Ministry of Land, Infrastructure and Transport(hereafter, MOLIT). Data preprocessing was followed by the following processing procedures: Removal of underground transaction, Price standardization per area, Removal of Real transaction case(above 5 and below -5). In this study, we analyzed data from 132,707 cases to 126,759 data through data preprocessing. The data analysis tool used the R program. After data preprocessing, data model was constructed. Priority, the K-means Clustering was performed. In addition, a regression analysis was conducted using Hedonic model and it was conducted a cosine similarity analysis. Based on the constructed data model, we clustered on the basis of the longitude and latitude of Seoul and conducted comparative analysis of existing area. The results of this study indicated that the goodness of fit of the model was above 75 % and the variables used for the Hedonic model were significant. In other words, 5 or 25 districts that is the area of the existing administrative area are divided into 16 districts. So, this study derived a clustering method of row housing and multiplex housing in Seoul using K-Means Clustering algorithm and hedonic model by the reflected the property price characteristics. Moreover, they presented academic and practical implications and presented the limitations of this study and the direction of future research. Academic implication has clustered by reflecting the property price characteristics in order to improve the problems of the areas used in the Seoul Metropolitan Government, KAB, and Existing Real Estate Research. Another academic implications are that apartments were the main study of existing real estate research, and has proposed a method of classifying area in Seoul using public information(i.e., real-data of MOLIT) of government 3.0. Practical implication is that it can be used as a basic data for real estate related research on row housing and multiplex housing. Another practical implications are that is expected the activation of row housing and multiplex housing research and, that is expected to increase the accuracy of the model of the actual transaction. The future research direction of this study involves conducting various analyses to overcome the limitations of the threshold and indicates the need for deeper research.

Problems of Environmental Pollution (환경오염의 세계적인 경향)

  • 송인현
    • Proceedings of the KOR-BRONCHOESO Conference
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    • 1972.03a
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    • pp.3.4-5
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    • 1972
  • 생활수준이 낮은 단계에 있어서는 우선 식량에 대한 수요가 강하다. 인간의 욕구가 만족스럽게 먹는다는 것에 대하여 제일 강하게 발동하는 것이다 그러나 점차 과학기술과 산업과 경제가 발전하여 성장과정에 오르게 되고 소득수준도 향상하게 되면 시장기구를 통해서 구입 할 수 있는 개인의 물적 소비재에 대해서는 점차 충족하게 되며 식량이외에도 의복, 전기기구 및 일용생활용품, 자동차 등에 이르기까지 더욱 고차원의 소비재가 보급하게 되는 것이다. 이렇게 되며는 사람의 욕구는 사적 재물이나 물적 수요에서 점진적으로 공공재나 또는 질적 수요(주택, 생활환경 등)의 방향으로 움직이게 되는 것으로써 여기에 환경오염 또는 공해문제에 대하여 의식하게 된다. 그러나 여기에서 더욱이 문제점이 되는 것은 소득 수준의 향상 과정이란 그 자체가 환경오염의 커다란 요인이라는 점이며 자동차의 급격한 보급과 생활의 편의성을 구하여 집중되는 도시인구의 집적, 높은 소득을 보장하기 위한 생산성 높은 중화학공업의 발전 등등은 그 자체가 환경권이란 사람이 요구하는 고차원의 권리를 침해하는 직접적인 요인이 된다는 것이다. 이와 같은 환경오염이나 공해문제에 대한 세계적인 논의는 이미 시작된 지 오래이지만 현재는 우리의 건강보호를 위해서나 생활환경의 보전을 위해서라는 점에서는 그치는 것이 아니고, 더욱 넓혀서 자연의 보호, 자원의 보호라는 견지로 확대되고 있다. 이와 같은 세계적인 확대된 이해와 이에 대한 대책강구의 제안은 1968년 국제연합의 경제사회이사회에서 스웨덴 정부대표에 의하여 제시되었으며 1969년의 우- 탄트 사무총장의 인간환경에 관한 보고서, 1970년 Nixon 미대통령의 연두일반교서 그리고 1972년 5월 6일 스웨덴의 스톡홀롬에서 개최되는 인간환경회의의 주제 등을 통해서 알 수 있고, 종래의 공해나 생활환경의 오염문제라는 좁은 개념에서가 아니고 인간환경전체의 문제로 다루고 있는 것이다. 즉 환경개발(도시, 산업, 지역개발에 수반된 문제), 환경오염(인위적 행위에 의하여 환경의 대인간조건이 악화하는 문제) 자연ㆍ자원의 보호관리(지하, 해양자원, 동식물, 풍경경치의 문제)란 3개 측면에서 다루고 있는 것이다. 환경오염이란 문제를 중 심하여 보면 환경을 구성하는 기본적인 요소로서 대기, 물, 토지 또는 지각. 그리고 공간의 사대요소로 집약하여 생각할 수 있음으로 이 4요소의 오염이 문제가 되는 것이다. 대기의 오염은 환경의 오염중 가장 널리 알려진, 또 가장 오랜 역사를 가진 오염의 문제로써 이에 속하는 오염인자는 분진, 매연, 유해가스(유황산화물, 불화수소, 염화수소, 질소산화물, 일산 화염소 등) 등 대기의 1차 오염과 1차 존재한 물질이 자외선의 작용으로 변화발생 하는 오존, PAN등 광화학물질이 형성되는 2차적인 오염을 들 수 있다. 기외 카도미움, 연등 유해중금속이나 방사선물질이 대기로부터 토지를 오염시켜서 토지에 서식하는 생물의 오염을 야기케 한다는 점등이 명백하여지고 있으며 대기의 오염은 이런 오염물질이 대기중에서 이동하여 강우에 의한 침강물질의 변화를 일으키게 되며 소위 광역오염문제를 발생케하며 동시에 토지의 토질저하등을 가져오게 한다. 물의 오염은 크게 내육수의 오염과 해양의 오염의 양면으로 나누어 볼 수 있다. 하천의 오염을 방지하고 하천을 보호하기 위한 움직임 역시 환경오염의 역사상 오래된 문제이며 시초에는 인분뇨와의 연결에서 오는 세균에 의한 오염이나 양수 기타 일반하수와의 연결에서 오는 오염에 대비하는 것부터 시작하였지만 근래에는 산업공장폐수에 의한 각종 화학적유해물질과 염료 그리고 석유화학의 발달에 의한 폐유등으로 인한 수질오탁문제가 점차 크게 대두되고 있다. 이것은 측 오염이란 시초에 우리에게 주는 불쾌감이 크므로 이것을 피하자는 것부터 시작하여 인간의 건강을 지키고 각종 사용수를 보존하자는 용수보존으로 그리고 이제는 건강과 용수보존뿐만 아니라 이것이 농림 수산물에 대한 큰 피해를 주게됨으로써 오는 자연환경의 생태계보전의 문제로 확대전환하고 있는 것이다. ?간 특히 해양오염에 대한 문제는 국지적인 것에만 끝이는 것이 아니고 전세계의 해양에 곧 연결되는 것이므로 세계각국의 공통관심사로 등장케 되었으며 이것은 특히 폐유가 유류수송 도중에 해양에 투기되는 유류에 의한 해양의 유막성형에서 오는 기상의 변화와 물피해등이 막심함으로 심각화 되고 있다. 각국이 자국의 해안과 해양을 보호하기 위하여 조치를 서두르고 있는 현시점에서 볼 때에는 이는 국제문제화하고 있으며 세계적인 국제적 협력과 협조의 필요성이 강조되는 좋은 예라 하겠다. 토양의 오염에 있어서는 대기나 수질의 오염이 구국적으로 토양과 관련되고 토양으로 환원되는 것이지만 근래에 많이 보급사용되는 농약과 화학비료의 문제는 토양자체의 오염에만 그치는 것이 아니고 농작물을 식품으로 하여 섭취함으로써 발생되는 인체나 기타생물체의 피해를 고려할 때 더욱 중요한 것이며, 또 토질의 저하를 가져오게 하여 농림생산에 미치는 영향이 적지 않을 것이다. 지반강하는 지각 에 주는 인공적 영향의 대표적인 것으로써 지하수나 지하 천연가스를 채취이용하기 위하여 파들어 감으로써 지반이 침하 하는 것이며 건축물에 대한 영향 특히 풍수해시의 재해를 크게 할 우려가 있는 것이다. 공간에 있어서의 환경오염에는 소음, 진동, 광선, 악취 등이 있다. 이들은 특수한 작업환경의 경우를 제외하고는 건강에 직접적인 큰 피해를 준다고 생각할 수 없으나 소음, 진동, 관선, 악취 등은 일반 일상시민생활에 불쾌나 불안을 줌으로써 안정된 생활을 방해하는 요인이 되는 것이다. 공간의 오염물로써 새로운 주목을 끌게된 것은 도시산업폐기물로써 이들은 대기나 물 또는 토지를 오염시킬 뿐만 아니라 공간을 점령함으로써 도시의 미관이나 기능을 손상케 하는 것이다. 즉 노배폐차의 잔해, 냉장고등고형폐기물등의 재생불가능한 것이나 비니루등 합성물질로 된 용기나 포장 등으로 연소분해 되지 않은 내구소비재가 이에 해당하는 것으로 이는 maker의 양식에 호소하여 그 책임 하에 해결되어야 할 문제로 본다. 이렇듯 환경오염은 각양각색으로 그 오염물질의 주요 발생원인 산업장이나 기타 기관에서의 발생요인을 살펴보며는 다음과 같은 것으로 요약할 수 있다. A. 제도적 요인 1. 관리체재의 미비 2. 관리법규의 미비 3. 책임소재의 불명확 B. 자재적 요인 1. 사용자재의 선택부적 2. 개량대책급 연구의 미흡 C. 기술적 요인 1. 시설의 설계불량, 공정의 결함 2. 시설의 점검, 보전의 불충분 3. 도출물의 취급에 대한 검사부족 4. 발생방지 시설의 미설치, 결함 D. 교육적 요인 1. 오염물질 방제지식의 결여 2. 법규의 오해, 미숙지 E. 경제적 요인 1. 자금부족 2. 융자상의 문제 3. 경제성의 문제 F. 정신적 요인 1. 사회적 도의심의 결여(이기주의) 2. 태만 3. 무지, 무관심 등이다. 따라서 환경오염의 방지란 상기한 문제의 해결에 기대하지 않을 수 없으나 이를 해결하기 위하여는 국내적 국제적 상호협조에 의한 사회각층의 총력적 대책이 시급한 것이다. 이와 같은 환경오염이 단속된다 하며는 미구에 인류의 건강은 물론 그 존립마저 기대하기 어려울 것이며, 현재는 점진적으로 급성피해에 대하여는 그 흥미가 집중되어 그 대비책도 많이 논의되고 있지만 미량의 단속접촉에 의한 만성축적에 관한 문제나 이와 같은 환경오염이 앞으로 태어날 신생률에 대한 영향이나 유전정보에 관한 연구는 장차에 대비하는 문제로써 중요한 것이라 생각된다. 기외에 우려되는 점은 오염방지책을 적극 추진함으로써 올 수 있는 파생적인 문제이다. 즉 오염을 방지하기 위하여 생산기업체가 투자를 하게 되며는 그만큼 생산원가가 상승할 것이며 소비가격도 오를 것이다. 반면 이런 시책에 뒤떨어진 후진국의 값싼 생산국은 자연 수입이 억제 당할 것이며, 이렇게되면 후진국은 무역경쟁에서 큰 상처를 입게될 것이고 뿐만 아니라 선진국에 필요한 오염물질의 발생이 높은 생산기기를 자연후진국에 양도하게 될 것임으로 후진국의 환경오염은 배가할 우려가 있는 것이다. 또 해양오염을 방지할 목적에서와 같이 자국의 해안보호를 위하여 마련된 법의 규제는 타국의 선박운항에 많은 제약을 가하게 될 것이며 이것 역시 시설이 미약한 약소후진국의 선박에 크게 영향을 미치게 될 것임으로 교통, 해운, 무역등을 통한 약소후진국의 경제성장에 제동을 거는 것이 될 것이다. 이렇듯 환경오염의 문제는 환경자체에 대해서만 아니라 부산물적으로 특히 후진국에는 의외 문제를 던져주게 되는 것임으로 환경오염에 대해서는 물론, 전술한 바와 같이 인간환경전체의 문제로써 Nixon 대통령이 말한 결의와 창의와 그리고 자금을 가지고 과감하게 대처해 나가야 할 것이다.

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Estimation of GARCH Models and Performance Analysis of Volatility Trading System using Support Vector Regression (Support Vector Regression을 이용한 GARCH 모형의 추정과 투자전략의 성과분석)

  • Kim, Sun Woong;Choi, Heung Sik
    • Journal of Intelligence and Information Systems
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    • v.23 no.2
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    • pp.107-122
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    • 2017
  • Volatility in the stock market returns is a measure of investment risk. It plays a central role in portfolio optimization, asset pricing and risk management as well as most theoretical financial models. Engle(1982) presented a pioneering paper on the stock market volatility that explains the time-variant characteristics embedded in the stock market return volatility. His model, Autoregressive Conditional Heteroscedasticity (ARCH), was generalized by Bollerslev(1986) as GARCH models. Empirical studies have shown that GARCH models describes well the fat-tailed return distributions and volatility clustering phenomenon appearing in stock prices. The parameters of the GARCH models are generally estimated by the maximum likelihood estimation (MLE) based on the standard normal density. But, since 1987 Black Monday, the stock market prices have become very complex and shown a lot of noisy terms. Recent studies start to apply artificial intelligent approach in estimating the GARCH parameters as a substitute for the MLE. The paper presents SVR-based GARCH process and compares with MLE-based GARCH process to estimate the parameters of GARCH models which are known to well forecast stock market volatility. Kernel functions used in SVR estimation process are linear, polynomial and radial. We analyzed the suggested models with KOSPI 200 Index. This index is constituted by 200 blue chip stocks listed in the Korea Exchange. We sampled KOSPI 200 daily closing values from 2010 to 2015. Sample observations are 1487 days. We used 1187 days to train the suggested GARCH models and the remaining 300 days were used as testing data. First, symmetric and asymmetric GARCH models are estimated by MLE. We forecasted KOSPI 200 Index return volatility and the statistical metric MSE shows better results for the asymmetric GARCH models such as E-GARCH or GJR-GARCH. This is consistent with the documented non-normal return distribution characteristics with fat-tail and leptokurtosis. Compared with MLE estimation process, SVR-based GARCH models outperform the MLE methodology in KOSPI 200 Index return volatility forecasting. Polynomial kernel function shows exceptionally lower forecasting accuracy. We suggested Intelligent Volatility Trading System (IVTS) that utilizes the forecasted volatility results. IVTS entry rules are as follows. If forecasted tomorrow volatility will increase then buy volatility today. If forecasted tomorrow volatility will decrease then sell volatility today. If forecasted volatility direction does not change we hold the existing buy or sell positions. IVTS is assumed to buy and sell historical volatility values. This is somewhat unreal because we cannot trade historical volatility values themselves. But our simulation results are meaningful since the Korea Exchange introduced volatility futures contract that traders can trade since November 2014. The trading systems with SVR-based GARCH models show higher returns than MLE-based GARCH in the testing period. And trading profitable percentages of MLE-based GARCH IVTS models range from 47.5% to 50.0%, trading profitable percentages of SVR-based GARCH IVTS models range from 51.8% to 59.7%. MLE-based symmetric S-GARCH shows +150.2% return and SVR-based symmetric S-GARCH shows +526.4% return. MLE-based asymmetric E-GARCH shows -72% return and SVR-based asymmetric E-GARCH shows +245.6% return. MLE-based asymmetric GJR-GARCH shows -98.7% return and SVR-based asymmetric GJR-GARCH shows +126.3% return. Linear kernel function shows higher trading returns than radial kernel function. Best performance of SVR-based IVTS is +526.4% and that of MLE-based IVTS is +150.2%. SVR-based GARCH IVTS shows higher trading frequency. This study has some limitations. Our models are solely based on SVR. Other artificial intelligence models are needed to search for better performance. We do not consider costs incurred in the trading process including brokerage commissions and slippage costs. IVTS trading performance is unreal since we use historical volatility values as trading objects. The exact forecasting of stock market volatility is essential in the real trading as well as asset pricing models. Further studies on other machine learning-based GARCH models can give better information for the stock market investors.

Studies on the Repeated Toxicity Test of Food Red No.2 for 4 Weeks Oral Administration in SD Rat (SD랫드에서 식용색소 적색2호의 4주간 경구투여에 따른 반복독성시험에 관한 연구)

  • Yoo, Jin-Gon;Jung, Ji-Youn
    • Journal of Food Hygiene and Safety
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    • v.27 no.1
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    • pp.42-49
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    • 2012
  • This study was carried out to investigate the toxicity of food Red No.2 in the Sprague-Dawley (SD) female rat for 4 weeks. SD rats were orally administered for 28 days, with dosage of 500, 1,000, 2,000 mg/kg/day. Animals treated with food Red No.2 did not cause any death and show any clinical signs. They did not show any significant changes of body weight, feed uptake and water consumption. There were not significantly different from the control group in urinalysis, hematological, serum biochemical value and histopathological examination. In conclusion, 4 weeks of the repetitive oral medication of food Red No.2 has resulted no alteration of toxicity according to the test materials in the group of female rats with injection of 2,000 mg/kg. Therefore, food Red No.2 was not indicated to have any toxic effect in the SD rats, when it was orally administered below the dosage 2,000 mg/kg/day for 4 weeks.

A Study on Industries's Leading at the Stock Market in Korea - Gradual Diffusion of Information and Cross-Asset Return Predictability- (산업의 주식시장 선행성에 관한 실증분석 - 자산간 수익률 예측 가능성 -)

  • Kim Jong-Kwon
    • Proceedings of the Safety Management and Science Conference
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    • 2004.11a
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    • pp.355-380
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    • 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

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Intelligent Brand Positioning Visualization System Based on Web Search Traffic Information : Focusing on Tablet PC (웹검색 트래픽 정보를 활용한 지능형 브랜드 포지셔닝 시스템 : 태블릿 PC 사례를 중심으로)

  • Jun, Seung-Pyo;Park, Do-Hyung
    • Journal of Intelligence and Information Systems
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    • v.19 no.3
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    • pp.93-111
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    • 2013
  • As Internet and information technology (IT) continues to develop and evolve, the issue of big data has emerged at the foreground of scholarly and industrial attention. Big data is generally defined as data that exceed the range that can be collected, stored, managed and analyzed by existing conventional information systems and it also refers to the new technologies designed to effectively extract values from such data. With the widespread dissemination of IT systems, continual efforts have been made in various fields of industry such as R&D, manufacturing, and finance to collect and analyze immense quantities of data in order to extract meaningful information and to use this information to solve various problems. Since IT has converged with various industries in many aspects, digital data are now being generated at a remarkably accelerating rate while developments in state-of-the-art technology have led to continual enhancements in system performance. The types of big data that are currently receiving the most attention include information available within companies, such as information on consumer characteristics, information on purchase records, logistics information and log information indicating the usage of products and services by consumers, as well as information accumulated outside companies, such as information on the web search traffic of online users, social network information, and patent information. Among these various types of big data, web searches performed by online users constitute one of the most effective and important sources of information for marketing purposes because consumers search for information on the internet in order to make efficient and rational choices. Recently, Google has provided public access to its information on the web search traffic of online users through a service named Google Trends. Research that uses this web search traffic information to analyze the information search behavior of online users is now receiving much attention in academia and in fields of industry. Studies using web search traffic information can be broadly classified into two fields. The first field consists of empirical demonstrations that show how web search information can be used to forecast social phenomena, the purchasing power of consumers, the outcomes of political elections, etc. The other field focuses on using web search traffic information to observe consumer behavior, identifying the attributes of a product that consumers regard as important or tracking changes on consumers' expectations, for example, but relatively less research has been completed in this field. In particular, to the extent of our knowledge, hardly any studies related to brands have yet attempted to use web search traffic information to analyze the factors that influence consumers' purchasing activities. This study aims to demonstrate that consumers' web search traffic information can be used to derive the relations among brands and the relations between an individual brand and product attributes. When consumers input their search words on the web, they may use a single keyword for the search, but they also often input multiple keywords to seek related information (this is referred to as simultaneous searching). A consumer performs a simultaneous search either to simultaneously compare two product brands to obtain information on their similarities and differences, or to acquire more in-depth information about a specific attribute in a specific brand. Web search traffic information shows that the quantity of simultaneous searches using certain keywords increases when the relation is closer in the consumer's mind and it will be possible to derive the relations between each of the keywords by collecting this relational data and subjecting it to network analysis. Accordingly, this study proposes a method of analyzing how brands are positioned by consumers and what relationships exist between product attributes and an individual brand, using simultaneous search traffic information. It also presents case studies demonstrating the actual application of this method, with a focus on tablets, belonging to innovative product groups.

Analysis of Football Fans' Uniform Consumption: Before and After Son Heung-Min's Transfer to Tottenham Hotspur FC (국내 프로축구 팬들의 유니폼 소비 분석: 손흥민의 토트넘 홋스퍼 FC 이적 전후 비교)

  • Choi, Yeong-Hyeon;Lee, Kyu-Hye
    • Journal of Intelligence and Information Systems
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    • v.26 no.3
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    • pp.91-108
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    • 2020
  • Korea's famous soccer players are steadily performing well in international leagues, which led to higher interests of Korean fans in the international leagues. Reflecting the growing social phenomenon of rising interests on international leagues by Korean fans, the study examined the overall consumer perception in the consumption of uniform by domestic soccer fans and compared the changes in perception following the transfers of the players. Among others, the paper examined the consumer perception and purchase factors of soccer fans shown in social media, focusing on periods before and after the recruitment of Heung-Min Son to English Premier League's Tottenham Football Club. To this end, the EPL uniform is the collection keyword the paper utilized and collected consumer postings from domestic website and social media via Python 3.7, and analyzed them using Ucinet 6, NodeXL 1.0.1, and SPSS 25.0 programs. The results of this study can be summarized as follows. First, the uniform of the club that consistently topped the league, has been gaining attention as a popular uniform, and the players' performance, and the players' position have been identified as key factors in the purchase and search of professional football uniforms. In the case of the club, the actual ranking and whether the league won are shown to be important factors in the purchase and search of professional soccer uniforms. The club's emblem and the sponsor logo that will be attached to the uniform are also factors of interest to consumers. In addition, in the decision making process of purchase of a uniform by professional soccer fan, uniform's form, marking, authenticity, and sponsors are found to be more important than price, design, size, and logo. The official online store has emerged as a major purchasing channel, followed by gifts for friends or requests from acquaintances when someone travels to the United Kingdom. Second, a classification of key control categories through the convergence of iteration correlation analysis and Clauset-Newman-Moore clustering algorithm shows differences in the classification of individual groups, but groups that include the EPL's club and player keywords are identified as the key topics in relation to professional football uniforms. Third, between 2002 and 2006, the central theme for professional football uniforms was World Cup and English Premier League, but from 2012 to 2015, the focus has shifted to more interest of domestic and international players in the English Premier League. The subject has changed to the uniform itself from this time on. In this context, the paper can confirm that the major issues regarding the uniforms of professional soccer players have changed since Ji-Sung Park's transfer to Manchester United, and Sung-Yong Ki, Chung-Yong Lee, and Heung-Min Son's good performances in these leagues. The paper also identified that the uniforms of the clubs to which the players have transferred to are of interest. Fourth, both male and female consumers are showing increasing interest in Son's league, the English Premier League, which Tottenham FC belongs to. In particular, the increasing interest in Son has shown a tendency to increase interest in football uniforms for female consumers. This study presents a variety of researches on sports consumption and has value as a consumer study by identifying unique consumption patterns. It is meaningful in that the accuracy of the interpretation has been enhanced by using a cluster analysis via convergence of iteration correlation analysis and Clauset-Newman-Moore clustering algorithm to identify the main topics. Based on the results of this study, the clubs will be able to maximize its profits and maintain good relationships with fans by identifying key drivers of consumer awareness and purchasing for professional soccer fans and establishing an effective marketing strategy.

Chemical Analysis and Sensory Evaluation of Commercial Red Wines in Korea (국내유통 적포도주 일반분석 및 소비자 기호도 조사)

  • Yoo, Ki-Seon;Kim, Ji-Sun;Jin, Qing;Moon, Jin-Seok;Kim, Myoung-Dong;Han, Nam-Soo
    • Korean Journal of Food Science and Technology
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    • v.40 no.4
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    • pp.430-435
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    • 2008
  • The sensory characteristics of imported (two dry, two sweet, and one medium dry wines) and domestic (one sweet wine) red wine were evaluated by 250 panels. The preferences of aroma, color, sweetness, tartness, astringency, and overall acceptability were determined by 5-point just-about-right scale. Among six wines, B sample obtained the highest mean overall acceptability score of 3.67 and its chemical and sensory characteristics were as follow: cherry or strawberry aroma, 9.4 brix, 3.7% of sugar content, pH 3.5, 10% of ethanol, 0.14% of tannin, 5.74 mg/mL of total organic acids, and color of $L(12.04{\pm}0.01)$, $a(33.90{\pm}0.19)$, and $b(8.22{\pm}0.00)$. These results revealed that Korean consumers generally prefer sweet taste to dry one, flat taste to bitter one, and fruity aroma to others. Panels preferred a red wine containing high sugar content of $5{\sim}10%$. On the other hand, panels showed low preference to the wine containing tannin above 0.16%. However, these general trends were slightly varied depending on their ages and consuming frequencies.