• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.103-138
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• 2009

In this article we examine a unique data set of intraday fair disclosure(FD) releases to shed light on market efficiency within the trading day. Specifically, this paper analyze the response of stock prices on fair disclosure disseminated in real-time through KIND(Korea Investor's Network for Disclosure) on Korea stock exchange during the period from January 2003 to September 2004. We find that the prices of stock experiences a statistically and economically significant increase beginning seconds after the fair disclosure is initially announced and lasting approximately two minutes. The stock price responds more strongly to fair disclosure on smaller firm but the response to fair disclosure on the largest firm stock is more gradual, lasting five minutes. We also examine the profitability of a short-term trading strategy based on dissemination of fair disclosure. After controlling for trading costs we find that trader who execute a trade following initial disclosure generate negative profits, but trader buying stock before initial disclosure realize statistically significant positive profit after two minute of disclosure. Summarizing overall results, our evidence supports that security prices on Korea stock exchange reflects all available information within two minutes and the Korea stock market is semi-strongly efficient enough that a trader cannot generate profits based on widely disseminated news unless he acts almost immediately.

• Management & Information Systems Review
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• v.31 no.4
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• pp.593-609
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• 2012

This study is designed to investigate whether the information spillover effect is existed between the foreign investors' unexpected volatility of net purchasing intensity and the volatilities of returns in terms of daily closing stock return, overnight return, and daytime return, before and after financial crisis in Korea. The result of this study shows that there is negative information spillover effect between the foreign investors' unexpected volatility of net purchasing intensity and the volatility of daily closing stock return for time t-1. However, there is an opposite result for time t, showing positive information transmission effect. For the overnight return, the test result provides there is no statistical significance between the foreign investor's unexpected volatility of net purchasing intensity and the volatilities of return. In addition, I found that the information transmission effect is existed between the foreign investor's unexpected volatility of net purchasing intensity and the volatilities of the daytime return for the entire timeline.

• Journal of Ecology and Environment
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• v.29 no.6
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• pp.565-572
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• 2006

This study examined the decomposition of blades and culms of aquatic emergent plant species, Zizania latifolia, Phragmites communis and Typha angustata, which were the most frequent in Lake Paldang. The experiment was carried out from July to December, 2005 in fresh water of lake Paldang using litter bag method. The litter bags had 1.2 mm mesh size and were suspended at 1 m depth of water surface. Remaining mass of blades and culms of each species after 97 days was 21.2% and 22.6% of initial mass in Z. latifolia, 32.5% and 56.4% in P. communis and 44.7% and 38.1 % in T. angustata, respectively. The plant tissue having high N concentration and low C/N exhibited the faster decay rate than the others. However, the tissue of high content of lignin, cellulose, lignin:N, and cullulose:N showed a slow decomposition rate. Water temperature was the most effective environmental factor on the emergent macrophyte litter decomposition in aquatic ecosystems. According to the water temperature, DO, $NO_3^-$-N, and total phosphate concentration were changed in the linear way. The mass loss of plant tissue of emergent macrophytes showed positive relationship with P concentration in water. The experiments on the decomposition of the litter using different mesh sized litter bag did not show significant differences between them. The results suggest that the decomposition of emergent macrophytes in fresh water of lake Paldang, which showed features of lentic and lower part of a stream, was affected by microbial activities better than the micro-invertebrates such as shredders.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.39C no.11
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• pp.985-993
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• 2014

This paper suggested a new evaluation method for optimal HUD position through a correlation based on between biological signal as and statistical analysis which using (Electroencephalogram, EEG) and ANOVA. This experiment was conducted two kinds of method to evaluate the optimal HUD position. At first, visual stimulus suggested from six different positions(the top and the bottom of the left, the top and the bottom of the center and the top and the bottom of the right on the screen) in laboratory and an object image was shown for 30 seconds in a screen which has $235{\times}197cm2$ size. And second, HUD image was configured from three different positions and an object image was shown for 30 seconds in a screen. EEG, which used ${\alpha}$-wave and ${\beta}$-wave for evaluate an emotional stability, were measured from Fp1, Fp2, F7 and F8 channel based on ten to twenty electrode system. From the result in laboratory, F7 ${\beta}$-wave was shown statistically significant to significance probability of 0.006 and between ${\alpha}$-wave and ${\beta}$-wave were showed a negative correlation(r=-0.190). Also, Both the top of left and the bottom of center were showed lower ${\beta}$-wave than the bottom of right. From the result in railway simulator, Fp1 ${\beta}$-wave was appeared statistically significant as significance probability of 0.033 and it was showed lower ${\beta}$-wave than center. The outcome of this study will be helpful about evaluation of optimal HUD position through correlation between alpha wave and beta wave.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.11
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• pp.7820-7830
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• 2015

Korean households' demand for food consumed away from home is on the steady increase. The ratio of eating-out expenditure of the household income, however, tends to decrease recently irrespective of income groups. This paper, therefore, aims to analyse the food-away-from-home expenditures of salary and wage earners' households by income decile group. The eating-out expenditure is modelled as a function of household income and then estimated using econometric methods such as regression, rolling regression, impulse response, and variance decomposition of forecast error. The regression results indicate that the higher the income decile group is, the lower the income elasticity of eating-out expenditure is, and the high income groups enjoy seasonal eating-out, the low groups do not. The coefficients of dynamic rolling regression are much smaller than those of static one, meaning that households tend to decrease the eating-out expenditure of their income. The impulse response analysis suggests that the eating-out expenditure increase of higher income groups lasts long relative to that of lower income groups. The variance decomposition, also, shows that household income plays much more important role in determining eating-out expenditure at the higher income groups than at the lower income groups.

• Journal of Digital Convergence
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• v.17 no.11
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• pp.1-7
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• 2019

This study analyzed the effects of labor aging on labor productivity using panel statistics of 16 local governments from 1995 to 2017. The aging of the labor force, defined as the proportion of workers aged 60 or older in total employment, in the results of the panel regression analysis considering regional fixed effects and various adjustment variables, has a very consistent and significant negative effect on labor productivity. For every 1% increase in aging, labor productivity decreases by about 0.14 ~ 0.20%. In addition, the per capita capital stock and human capital considered as adjustment variables contributed to the increase of labor productivity, and the unemployment rate, which is a proxy variable of the economic fluctuation, has a significant negative effect on labor productivity as expected. The coefficient of the industrial structure, which represents the share of the service industry in the whole industry, was positive, but is not significant. The results of this study suggest that the design and construction of economic and educational policies that can maintain and expand human capital are necessary to curb the reduction in labor productivity expected by the aging workforce.

• Cross-Cultural Studies
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• v.48
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• pp.391-417
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• 2017

Southeast Asian languages are famous for having a large number of vowel sounds with an average of more than 20 vowel sounds in this certain language family. In addition, there are approximately 1,500 languages in this area, which accounts for approximately 20% of total languages in the world. For this reason, vowel systems of Southeast Asian languages should be explored to determine the nature of vowel structures of human natural languages. In this study, we analyze vowel systems of three languages, Tagalog, Malay and Thai, that have only primary or normal vowels and thus are relatively simple structures based on descriptive and analytic universals. We would also like to confirm if the six criteria of the tentative evaluation model taken from several previous literature is appropriate in applying analysis of vowel system universals under the method of the Greenbergian Universals or statistic universals. What we have found from this research are (i) the three languages have high level of universals with some exceptional cases such as three-vowel system of Tagalog, and (ii) some of the six criteria, together with some cases of analytic universals, are not quite suitable for understanding language-specific universals that are different from other languages.

• Journal of Life Science
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• v.33 no.6
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• pp.481-489
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• 2023

The taste and quality of soy sauce, a fermented liquid condiment, is greatly influenced by microbial metabolism during fermentation. To investigate the microbiological characteristics of ganjang during the initial fermentation process, we prepared meju (fermented soybean) blocks fermented with starter cultures and solar salts and analyzed the microbial community quantitively using 16S rRNA gene profiling from ganjang that had been fermented over a five-week period. The ganjang samples were collected and analyzed after soaking for week one (1W), three (3W), and five (5W) weeks. We found that Halomonadaceae was significantly higher in the 1W group (89.83%) than the 3W and 5W groups (14.46%, and 13.78%, respectively). At a species level, Chromohalobacter beijerinckii and Chromohalobacter canadensis were the dominant species in the 1W group but several taxa such as Bacillus subtilis, Pediococcus acidilactici, and Enterococcus faecalis were more abundant in the 3W and 5W groups. Pearson correlation analysis of the relative abundance of the bacteria showed a negative correlation between Chromohalobacter and two bacterial genera Bacillus and Enterococcus. Beta-diversity showed a statistical distinction between the 1W and the 3W and 5W groups, while no significance was evident between the 3W and 5W groups. Linear discriminant effect size analysis was used to identify biomarkers and significant differences in the relative abundance of several halophilic bacteria, Bacillus sp. and lactic acid bacteria at 1W, 3W, and 5W, recpectively, which indicates the important role of the bacterial community at these time points.

• Information Systems Review
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• v.23 no.3
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• pp.25-50
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• 2021

Though there have been a lot of studies about online product review, the effects of highlighted reviewhave not been examined enough. Highlighted review is a type of review that the platform designer changes its size or position in order to highlight without any sponsorship or incentive. The main subject of this study is about how highlighted review type affects consumer's perception and behavior in online information acquisition. We collected data from 171 subjects to test hypotheses. Using three different types of screen captures, we compared three groups - general review group, positive highlighted review only group, and both positive and negative highlighted review group. As a result, disclosing both of positiveand negative highlighted review was perceived more useful than disclosing only positive highlighted review. However, correlation between highlighted review type and review skepticism was not statistically significant. The impacts of review usefulness and skepticism on platform credibility were statistically significant, and the correlation between platform credibility and usage intention was also significant. All of results is almost similar across two product types, search goods and experiential goods. This research provides practical implications to online shopping platform designers when they design review systems to make people use their platforms.

• Korean Journal of Plant Resources
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• v.37 no.2
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• pp.214-224
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• 2024

In this study, the growth, physical characteristics of fruit and soil chemistry were investigated by grouping S. thea populations. The soil for each group was sandy loam or sandy loam, and it was analyzed to be slightly acidic to neutral, with a pH ranging from 5.6 to 7.0. Additionally, the leaf size was highest in the G7 group, and overall fruit growth was highest in the G1 group, confirming differences between the groups. The sweetness ranged from 16.8° Brix to 12.3° Brix, indicating a higher sweetness compared to Vaccinium oldhamill, blueberry, and blackberry. The correlation analysis between soil chemistry and S. thea growth characteristics revealed a significant negative correlation between calcium (Ca) and fruit growth characteristics. Furthermore, a significant positive correlation was observed between sodium (Na) and fruit acidity, as well as between cation exchange capacity (CEC) and fruit hardness.