• Management & Information Systems Review
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• v.29 no.2
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• pp.1-25
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• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• KDI Journal of Economic Policy
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• v.31 no.2
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• pp.127-153
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• 2009

There is a growing concern about potential harmful effect of second-hand or environmental tobacco smoking. As a result, smoking bans in workplace become more prevalent worldwide. In Korea, workplace smoking ban policy become more restrictive in 2003 when National health enhancing law was amended. The new law requires all office buildings larger than 3,000 square meters (multi-purpose buildings larger than 2,000 square meters) should be smoke free. Therefore, a lot of indoor office became non smoking area. Previous studies in other counties often found contradicting answers for the effects of workplace smoking ban on smoking behavior. In addition, there was no study in Korea yet that examines the causal impacts of smoking ban on smoking behavior. The situation in Korea might be different from other countries. Using 2001 and 2005 Korea National Health and Nutrition surveys which are representative for population in Korea we try to examine the impacts of law change on current smoker and cigarettes smoked per day. The amended law impacted the whole country at the same time and there was a declining trend in smoking rate even before the legislation update. So, the challenge here is to tease out the true impact only. We compare indoor working occupations which are constrained by the law change with outdoor working occupations which are less impacted. Since the data has been collected before (2001) and after (2005) the law change for treated (indoor working occupations) and control (outdoor working occupations) groups we will use difference in difference method. We restrict our sample to working age (between 20 and 65) since these are the relevant population by the workplace smoking ban policy. We also restrict the sample to indoor occupations (executive or administrative and administrative support) and outdoor occupations (sales and low skilled worker) after dropping unemployed and someone working for military since it is not clear whether these occupations are treated group or control group. This classification was supported when we examined the answers for workplace smoking ban policy existing only in 2005 survey. Sixty eight percent of indoor occupations reported having an office smoking ban policy compared to forty percent of outdoor occupation answering workplace smoking ban policy. The estimated impacts on current smoker are 4.1 percentage point decline and cigarettes per day show statistically significant decline of 2.5 cigarettes per day. Taking into account consumption of average sixteen cigarettes per day among smokers it is sixteen percent decline in smoking rate which is substantial. We tested robustness using the same sample across two surveys and also using tobit model. Our results are robust against both concerns. It is possible that our measure of treated and control group have measurement error which will lead to attenuation bias. However, we are finding statistically significant impacts which might be a lower bound of the true estimates. The magnitude of our finding is not much different from previous finding of significant impacts. For cigarettes per day previous estimates varied from 1.37 to 3.9 and for current smoker it showed between 1%p and 7.8%p.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.3
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• pp.54-65
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• 2017

The purpose of this study is to investigate the perception of landscape law and institutions and to provide basic data for improvement of landscape systems. Specifically, we analyzed the importance and achievement of various landscape systems, and examined the understanding and perception of government officers in landscape plan, landscape project, landscape agreement, landscape reviews and landscape committees, landscape ordinance, and landscape administration. The main results of the study are summarized as follows. 1. Overall, the landscape administration system was highly interested, and it was also positive about the utility of the landscape law and the landscape charter. As a result of analysis of the IPA, the landscape plan and the landscape policy plan need to be intensively improved. 2. The landscape plan is mostly used for the purpose of responding to the scenery review or complaint request, but about 10.8% of respondents said that they did not refer it at all, so it is urgent to make the contents of the landscape plan real and improve the performance. Although many officers thought that less than 18 months would be quite enough for landscape plans, but it is necessary to change this duration issue. 3. In order to improve landscape projects and landscape agreements, it seems that budget securing, experts, and promotional organizations should be improved first. 4. It is urgently necessary to enhance the understanding about overall landscape law and systems of landscape review committee in order to supplement the landscape review and the landscape committee. 5. Administrative support such as personnel recruitment is required for landscape ordinance and landscape administration, and it is also found that many officers also have a great burden in making subjective judgment as the person in charge. There could be a positive bias in the results of the study, because the survey was conducted only for public officials who participated in the education. But the result will be helpful to look at the overall tendency of the landscape system. I hope that it will help improve the landscape system in the future much more realistic.

• Journal of The Korean Association For Science Education
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• v.22 no.4
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• pp.779-795
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• 2002

Internet, a world wide network of computers, is considered as a sea of information because it allows people to share information beyond the barriors of time and space. However, in spite of the unmeasurable potential applications of the internet, its use in the field of biology education has been extremely limited mainly due to the scarcity of good biology-related sites. In order to provide useful guidelines for constructing user-friendly study sites, which can help high school students with different intellectual levels to study biology, comparative studies were performed on selected educational sites. Initially, hundreds of related sites were examined, and, subsequently, four distinct sites were selected not only because they are well organized, but also because each is unique in its contents. Also, a survey was carried out against the users of each site. The survey results indicated that the high school students regard the web-based biology study tools as effective teaching methods although there might be some bias in criteria for selecting target sites. In addition to the detailed biology topics and the related biology informations, multimedia data including pictures, animations and movies are found to be one of the important ingredients for desirable biology study sites. Thus, the inclusion of multimedia components should also be considered when developing a systematic biology study site. Overall, the role of the cyber space is expected to become more and more important. Since the development of the user-satisfied and self-guided sites require interdisciplinary collaborational efforts which should be made to promote extensive communication among teachers, education professionals, and computer engineers. Furthermore, the introduction of good biology study sites to the students by their teachers is also important factor for the successful web-based education.

• Proceedings of the KOR-KST Conference
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• 1995.02a
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• pp.3-32
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• 1995

The Highway Capacity Manual specifies procedures for evaluating intersection performance in terms of delay per vehicle. What is lacking in the current methodology is a comparable quantitative procedure for ass~ssing the safety-based level of service provided to motorists. The objective of the research described herein was to develop a computational procedure for evaluating the safety-based level of service of signalized intersections based on the relative hazard of alternative intersection designs and signal timing plans. Conflict opportunity models were developed for those crossing, diverging, and stopping maneuvers which are associated with left-turn and rear-end accidents. Safety¬based level-of-service criteria were then developed based on the distribution of conflict opportunities computed from the developed models. A case study evaluation of the level of service analysis methodology revealed that the developed safety-based criteria were not as sensitive to changes in prevailing traffic, roadway, and signal timing conditions as the traditional delay-based measure. However, the methodology did permit a quantitative assessment of the trade-off between delay reduction and safety improvement. The Highway Capacity Manual (HCM) specifies procedures for evaluating intersection performance in terms of a wide variety of prevailing conditions such as traffic composition, intersection geometry, traffic volumes, and signal timing (1). At the present time, however, performance is only measured in terms of delay per vehicle. This is a parameter which is widely accepted as a meaningful and useful indicator of the efficiency with which an intersection is serving traffic needs. What is lacking in the current methodology is a comparable quantitative procedure for assessing the safety-based level of service provided to motorists. For example, it is well¬known that the change from permissive to protected left-turn phasing can reduce left-turn accident frequency. However, the HCM only permits a quantitative assessment of the impact of this alternative phasing arrangement on vehicle delay. It is left to the engineer or planner to subjectively judge the level of safety benefits, and to evaluate the trade-off between the efficiency and safety consequences of the alternative phasing plans. Numerous examples of other geometric design and signal timing improvements could also be given. At present, the principal methods available to the practitioner for evaluating the relative safety at signalized intersections are: a) the application of engineering judgement, b) accident analyses, and c) traffic conflicts analysis. Reliance on engineering judgement has obvious limitations, especially when placed in the context of the elaborate HCM procedures for calculating delay. Accident analyses generally require some type of before-after comparison, either for the case study intersection or for a large set of similar intersections. In e.ither situation, there are problems associated with compensating for regression-to-the-mean phenomena (2), as well as obtaining an adequate sample size. Research has also pointed to potential bias caused by the way in which exposure to accidents is measured (3, 4). Because of the problems associated with traditional accident analyses, some have promoted the use of tqe traffic conflicts technique (5). However, this procedure also has shortcomings in that it.requires extensive field data collection and trained observers to identify the different types of conflicts occurring in the field. The objective of the research described herein was to develop a computational procedure for evaluating the safety-based level of service of signalized intersections that would be compatible and consistent with that presently found in the HCM for evaluating efficiency-based level of service as measured by delay per vehicle (6). The intent was not to develop a new set of accident prediction models, but to design a methodology to quantitatively predict the relative hazard of alternative intersection designs and signal timing plans.

• Journal of Christian Education in Korea
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• v.62
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• pp.257-283
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• 2020

Our current society is experiencing a mass upheaval through globalization: mobility, hybridity, and cultural diversity are part of this world phenomenon. We can say that these changes are a result of people crossing borders due to international travel, immigration, emigration, studying abroad, labor, international marriages, fast and comfortable transportation, and the Internet. According to 2018 UNPD(Untied Nations Population Division)'s data, the international migrants have exceeded 258 million as of 2017. The increased number of migrants signifies that people with various backgrounds move from their own culture to a drastically different one. Interacting with different cultures can give people the chance to experience abundant lifestyles and improve life qualities. During that process, however, the differences between cultures can cause not only misunderstandings, conflicts, and violent collisions, but also xenophobia or radical nationalism. The current society is confronted with a problem: the people cannot stubbornly cling to a homogenous ethnicity anymore, which makes the coexistence between the citizens and immigrants necessary. Through these circumstances, I aim to suggest an educational model and a practical curriculum from a Christian perspective as the aim of this study. It seeks to encourage Christians to flexibly respond to these conflicts and collisions, and to fulfill their social responsibilities faithfully. For this reason, I will explore and seek sharing practical values through both shalom's communality as a theological approach and postconventionality in mature adults as a social-scientific approach. Consequently, I have few requests for the readers. First, approach with openness, understanding, and respect for other culture. Second, see this study as one step of confronting the global problem for coexistence and coprosperity of all social agents in the earth, a limited space. Third, notice that this study uses the interdisciplinary approach (theological and social scientific view) for a shareable, practical value that consistently leads the curriculum of my thesis, and a scientific method to eliminate bias. Lastly, understand that this study will eventually be used in educational practice, and as a result it prioritizes giving thought to the Christian educational environment. This study begins by exploring the conflicts and collisions between diverse cultures of our current society in international and national cases. Afterwards, I will reflect on how we can manage these conflicts and collisions by exploring the social-scientific view, postconventionality in mature adults, the theological view, and shalom's communality as a complement for the postconventionality's personal dimension. In conclusion, I suggest a curriculum that achieves peace as a practical value based on postventionality and shalom's communality for this study's goal.

• Korean Journal of Social Welfare
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• v.66 no.1
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• pp.333-361
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• 2014

By viewing donors for social welfare organization as both givers and beneficiaries, this study aims to address the correlations between the continuity of donors' contributions and enhanced sense of satisfaction as a consequence of participating in donation activities. The predominant concern of this study centers on: (1) the direct effects of individuals' emotional utility, demonstrable utility, trust toward donee organization, self acceptance on the continuation of their donation; (2) the direct effects of individuals' emotional utility, demonstrable utility, trust toward donee organizations on individuals' self-acceptance; (3) the direct effects of individuals' emotional utility, demonstrable utility on their trust toward a donee organization; (4) the indirect effects of individuals' self acceptance on two paths i.e. emotional utility${\rightarrow}$trust${\rightarrow}$self acceptance, and demonstrable utility${\rightarrow}$trust${\rightarrow}$self acceptance; (5) the indirect effects of individuals' individuals' trust toward donee organization on self acceptance on four paths i.e. emotional utility${\rightarrow}$trust${\rightarrow}$continuity of donation; demonstrable utility${\rightarrow}$trust${\rightarrow}$continuity of donation; emotional utility${\rightarrow}$trust${\rightarrow}$self-acceptance, and demonstrable utility${\rightarrow}$trust${\rightarrow}$self-acceptance; (6) the moderating effects of 'financial status' on the causal relationships in the prescribed structural equation model(SEM). In order to verify the moderating effect of 'financial status', multi-group analysis between each of the two groups were conducted. Research is based on a survey among 1116 donors who had made charitable, monetary contributions to social welfare organizations in Daegu and Kyungpook province. Data was collected from 29 organizations. In order to address the research questions, structural equation were employed. A variety of tests are conducted(metric invariance, critical ratio for difference, structural invariance, multi-group analysis, bias-corrected boot-strapping, latent mean analysis including Cohen's effect test).

• Asia pacific journal of information systems
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• v.24 no.4
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• pp.559-575
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• 2014

Individual investors are increasingly flocking to message boards to seek, clarify, and exchange information. Businesses like Seekingalpha.com and business magazines like Fortune are evaluating, synthesizing, and reporting the comments made on message boards or blogs. In March of 2012, Yahoo! Finance Message Boards recorded 45 million unique visitors per month followed by AOL Money and Finance (19.8 million), and Google Finance (1.6 million) [McIntyre, 2012]. Previous studies in the finance literature suggest that online communities often provide more accurate information than analyst forecasts [Bagnoli et al., 1999; Clarkson et al., 2006]. Some studies empirically show that the volume of posts in online communities have a positive relationship with market activities (e.g., trading volumes) [Antweiler and Frank, 2004; Bagnoli et al., 1999; Das and Chen, 2007; Tumarkin and Whitelaw, 2001]. The findings indicate that information in online communities does impact investors' investment decisions and trading behaviors. However, research explicating the correlation between information on online communities and stock market activities (e.g., trading volume) is still evolving. Thus, it is important to ask whether a volume of posts on online communities influences trading volumes and whether trading volumes also influence these communities. Online stock message boards offer two different types of information, which can be explained using an economic and a psychological perspective. From a purely economic perspective, one would expect that stock message boards would have a beneficial effect, since they provide timely information at a much lower cost [Bagnoli et al., 1999; Clarkson et al., 2006; Birchler and Butler, 2007]. This indicates that information in stock message boards may provide valuable information investors can use to predict stock market activities and thus may use to make better investment decisions. On the other hand, psychological studies have shown that stock message boards may not necessarily make investors more informed. The related literature argues that confirmation bias causes investors to seek other investors with the same opinions on these stock message boards [Chen and Gu, 2009; Park et al., 2013]. For example, investors may want to share their painful investment experiences with others on stock message boards and are relieved to find they are not alone. In this case, the information on these stock message boards mainly reflects past experience or past information and not valuable and predictable information for market activities. This study thus investigates the two roles of stock message boards-providing valuable information to make future investment decisions or sharing past experiences that reflect mainly investors' painful or boastful stories. If stock message boards do provide valuable information for stock investment decisions, then investors will use this information and thereby influence stock market activities (e.g., trading volume). On the contrary, if investors made investment decisions and visit stock message boards later, they will mainly share their past experiences with others. In this case, past activities in the stock market will influence the stock message boards. These arguments indicate that there is a correlation between information posted on stock message boards and stock market activities. The previous literature has examined the impact of stock sentiments or the number of posts on stock market activities (e.g., trading volume, volatility, stock prices). However, the studies related to stock sentiments found it difficult to obtain significant results. It is not easy to identify useful information among the millions of posts, many of which can be just noise. As a result, the overall sentiments of stock message boards often carry little information for future stock movements [Das and Chen, 2001; Antweiler and Frank, 2004]. This study notes that as a dependent variable, trading volume is more reliable for capturing the effect of stock message board activities. The finance literature argues that trading volume is an indicator of stock price movements [Das et al., 2005; Das and Chen, 2007]. In this regard, this study investigates the correlation between a number of posts (information on stock message boards) and trading volume (stock market activity). We collected about 100,000 messages of 40 companies at KOSPI (Korea Composite Stock Price Index) from Paxnet, the most popular Korean online stock message board. The messages we collected were divided into in-trading and after-trading hours to examine the correlation between the numbers of posts and trading volumes in detail. Also we collected the volume of the stock of the 40 companies. The vector regression analysis and the granger causality test, 3SLS analysis were performed on our panel data sets. We found that the number of posts on online stock message boards is positively related to prior stock trade volume. Also, we found that the impact of the number of posts on stock trading volumes is not statistically significant. Also, we empirically showed the correlation between stock trading volumes and the number of posts on stock message boards. The results of this study contribute to the IS and finance literature in that we identified online stock message board's two roles. Also, this study suggests that stock trading managers should carefully monitor information on stock message boards to understand stock market activities in advance.

• Korean Journal of Remote Sensing
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• v.35 no.5_1
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• pp.665-679
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• 2019

Mesoscale soil moisture measurement from the promising Cosmic-Ray Neutron Probe (CRNP) is expected to bridge the gap between large scale microwave remote sensing and point-based in-situ soil moisture observations. Traditional calibration based on $N_0$ method is used to convert neutron intensity measured at the CRNP to field scale soil moisture. However, the static calibration parameter $N_0$ used in traditional technique is insufficient to quantify long term soil moisture variation and easily influenced by different time-variant factors, contributing to the high uncertainties in CRNP soil moisture product. Consequently, in this study, we proposed a modified traditional calibration method, so-called Dynamic-$N_0$ method, which take into account the temporal variation of $N_0$ to improve the CRNP based soil moisture estimation. In particular, a nonlinear regression method has been developed to directly estimate the time series of $N_0$ data from the corrected neutron intensity. The $N_0$ time series were then reapplied to generate the soil moisture. We evaluated the performance of Dynamic-$N_0$ method for soil moisture estimation compared with the traditional one by using a weighted in-situ soil moisture product. The results indicated that Dynamic-$N_0$ method outperformed the traditional calibration technique, where correlation coefficient increased from 0.70 to 0.72 and RMSE and bias reduced from 0.036 to 0.026 and -0.006 to $-0.001m^3m^{-3}$. Superior performance of the Dynamic-$N_0$ calibration method revealed that the temporal variability of $N_0$ was caused by hydrogen pools surrounding the CRNP. Although several uncertainty sources contributed to the variation of $N_0$ were not fully identified, this proposed calibration method gave a new insight to improve field scale soil moisture estimation from the CRNP.

• Korea journal of population studies
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• v.11 no.2
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• pp.33-53
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• 1988

This study aimed at developing a desirable family planning policy and strategy by examining the current status of family planning practice in rural Korea and by indentifying the crucial factors which affect fertility control behavior. For this purpose, an analytical study was conducted, using the survey data collected in July 1985, on an interview basis, on 1, 440 married women living in the Soyi, Wonnam and Maingdong townships of Eumseong County(in North Chungcheong Province). This study population has the typical characteristics of rural areas, and the results of the analysis can be summarized as follows: 1. In regard to the demographic characteristics of the study population : their average age at marriage was 23.7, they had an average of 2.6 children( 1.3 boys, 1.3 girls) :10% experienced the death of their child (ren) :14% had spontaneous abortion(s) :4% weathered stillbirth(s) :35% went through induced abortion (s) : and 5.5% were currently pregnant. The average of their ideal numbers of children was 2.2, while 44% felt that they must have a son. 2. Looking at the contact rate with medical & health institutions, over the past 1 year, the visit rate to health subcenters was 43.7%, while 26.9% visited the (county) health center :59.6% had been to private clinics : and 41.5% went to the Soonchunhyang - Eumsung hospital : thus showing a relatively high rate of accessibility. 3. The utilization rate of family planning services was 76.5%, with tubectomy being the most prominent method at 52.3%, while the informants were health workers in 54.2% of the acceptors. Of the 8.4% who discontinued the use of contraceptive methods, only 26% did so due to want for pregnancy, natural infertility (meno - pause), or other reasons, while the remaining 74% stopped usage on account of side effects, failure in the methods themselves, and inconvenience of use, thus pointing to a situation where the proper choice of family planning methods have not yet been made. It can be noted that there is a strong motivation for early birth stopping as 35.3% practice family planning even with only one child, of which 38.3% have had sterilization operations. According to results of a multiple regression analysis, among the variables affecting contraception usage the most significant variable was the number of sons. 4. 34.8% experienced induced abortions. It was shown as a result of multiple regression analysis that the number of children and attitudes toward induced abortions extensively affected their frequency of abortions conducted. 5. In the regard to the relation between family planning and induced abortions, 33.7% of the women used both, while 52.0% of them used only the former(family planning), with only 1.4 % utilizing solely the latter(abortion), and 12.9% totally abstaining from fertility regulation : again, the discriminant analysis indicated that the choice of family planning and/or induced abortion was determined by the number of children and attitudes toward induced abortion. In view of the above mentioned results, the following are some comments and suggestions concerning problems related to the current family planning policies, in Korea : 1. It is difficult to expect a further quantitative expansion in family planning program operations, as there has been an excessive supply of target-oriented sterilization operations on women. From a maternal and child health care point of view, it will be desirable to have a diversification of service points in the future where family planning methods may be properly chosen, so that choices of methods which suit the mothers' characteristics and tastes may be made by the individuals themselves by strengthening their quality of family planning information services. 2. Along with the strengthening of the qualitative improvement of family planning services policies must be implemented to effectively promote the moral (ethical) deterrents to induced abortions and to preference for sons. From a maternal care standpoint, the social permissive norm toward induced abortion must be modified, and the bias towards son must be analyzed as the women with more daughters have a lower rate of family planning acceptance. Such changes in attitudes, however, can not be hoped to be accomplished with ad hoc policies, but will only be possible when an enhancement of the women's status(within the society) is brought about in a long - term perspective.