• Asia pacific journal of information systems
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• v.24 no.2
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• pp.233-253
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• 2014

Can the stock market really be predicted? Stock market prediction has attracted much attention from many fields including business, economics, statistics, and mathematics. Early research on stock market prediction was based on random walk theory (RWT) and the efficient market hypothesis (EMH). According to the EMH, stock market are largely driven by new information rather than present and past prices. Since it is unpredictable, stock market will follow a random walk. Even though these theories, Schumaker [2010] asserted that people keep trying to predict the stock market by using artificial intelligence, statistical estimates, and mathematical models. Mathematical approaches include Percolation Methods, Log-Periodic Oscillations and Wavelet Transforms to model future prices. Examples of artificial intelligence approaches that deals with optimization and machine learning are Genetic Algorithms, Support Vector Machines (SVM) and Neural Networks. Statistical approaches typically predicts the future by using past stock market data. Recently, financial engineers have started to predict the stock prices movement pattern by using the SNS data. SNS is the place where peoples opinions and ideas are freely flow and affect others' beliefs on certain things. Through word-of-mouth in SNS, people share product usage experiences, subjective feelings, and commonly accompanying sentiment or mood with others. An increasing number of empirical analyses of sentiment and mood are based on textual collections of public user generated data on the web. The Opinion mining is one domain of the data mining fields extracting public opinions exposed in SNS by utilizing data mining. There have been many studies on the issues of opinion mining from Web sources such as product reviews, forum posts and blogs. In relation to this literatures, we are trying to understand the effects of SNS exposures of firms on stock prices in Korea. Similarly to Bollen et al. [2011], we empirically analyze the impact of SNS exposures on stock return rates. We use Social Metrics by Daum Soft, an SNS big data analysis company in Korea. Social Metrics provides trends and public opinions in Twitter and blogs by using natural language process and analysis tools. It collects the sentences circulated in the Twitter in real time, and breaks down these sentences into the word units and then extracts keywords. In this study, we classify firms' exposures in SNS into two groups: positive and negative. To test the correlation and causation relationship between SNS exposures and stock price returns, we first collect 252 firms' stock prices and KRX100 index in the Korea Stock Exchange (KRX) from May 25, 2012 to September 1, 2012. We also gather the public attitudes (positive, negative) about these firms from Social Metrics over the same period of time. We conduct regression analysis between stock prices and the number of SNS exposures. Having checked the correlation between the two variables, we perform Granger causality test to see the causation direction between the two variables. The research result is that the number of total SNS exposures is positively related with stock market returns. The number of positive mentions of has also positive relationship with stock market returns. Contrarily, the number of negative mentions has negative relationship with stock market returns, but this relationship is statistically not significant. This means that the impact of positive mentions is statistically bigger than the impact of negative mentions. We also investigate whether the impacts are moderated by industry type and firm's size. We find that the SNS exposures impacts are bigger for IT firms than for non-IT firms, and bigger for small sized firms than for large sized firms. The results of Granger causality test shows change of stock price return is caused by SNS exposures, while the causation of the other way round is not significant. Therefore the correlation relationship between SNS exposures and stock prices has uni-direction causality. The more a firm is exposed in SNS, the more is the stock price likely to increase, while stock price changes may not cause more SNS mentions.

• Korean Security Journal
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• no.36
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• pp.177-200
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• 2013

As we enter a high industrial society that widens the gap between the rich and poor, demand for the security services has grown explosively. With the growth in quantitative expansion of security services, people have also placed increased requirements on more sophisticated and diversified security services. Consequently, market outlook for private security services industry is positive. However, Korea's private security services companies are experiencing difficulties in finding a direction to capture this new market opportunity due to their small sizes and lack of management-strategic thinking skills. Therefore, we intend to offer a direction of development for our private security services industry using a management-strategy theory and the Analytic Hierarchy Process(AHP), a structured decision-making method. A resource-based theory is one of the important management strategy theories. It explains that a company's overall performance is primarily determined by its competitive resources. Using this theory, we could analyze a company's unique resources and core competencies and set a strategic direction for the company accordingly. The usefulness and validity of this theory has been demonstrated as it has often been subject to empirical verification since 1990s. Based on this theory, we outlined a set of basic procedures to establish a management strategy for the private security services companies. We also used the AHP method to identify competitive resources, core competencies, and strategies from private security services companies in contrast with public companies. The AHP method is a technique that can be used in the decision making process by quantifying experts' knowledge and unstructured problems. This is a verified method that has been used in the management decision making in the corporate environment as well as for the various academic studies. In order to perform this method, we gathered data from 11 experts from academic, industrial, and research sectors and drew distinctive resources, competencies, and strategic direction for private security services companies vis-a-vis public organizations. Through this process, we came to the conclusion that private security services companies generally have intangible resources as their distinctive resources compared with public organization. Among those intangible resources, relational resources, customer information, and technologies were analyzed as important. In contrast, tangible resources such as equipment, funds, distribution channels are found to be relatively scarce. We also found the competencies in sales and marketing and new product development as core competencies. We chose a concentration strategy focusing on a particular market segment as a strategic direction considering these resources and competencies of private security services companies. A concentration strategy is the right fit for smaller companies as a strategy to allow them to focus all of their efforts on target customers in a single segment. Thus, private security services companies would face the important tasks such as developing a new market and appropriate products for such market segment and continuing marketing activities to manage their customers. Additionally, continuous recruitment is required to facilitate the effective use of human resources in order to strengthen their marketing competency in a long term.

• Asia pacific journal of information systems
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• v.17 no.4
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• pp.207-228
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• 2007

Measuring Information Technology(IT) organizations' activities have been limited to mainly measure financial indicators for a long time. However, according to the multifarious functions of Information System, a number of researches have been done for the new trends on measurement methodologies that come with financial measurement as well as new measurement methods. Especially, the researches on IT Balanced Scorecard(BSC), concept from BSC measuring IT activities have been done as well in recent years. BSC provides more advantages than only integration of non-financial measures in a performance measurement system. The core of BSC rests on the cause-and-effect relationships between measures to allow prediction of value chain performance measures to allow prediction of value chain performance measures, communication, and realization of the corporate strategy and incentive controlled actions. More recently, BSC proponents have focused on the need to tie measures together into a causal chain of performance, and to test the validity of these hypothesized effects to guide the development of strategy. Kaplan and Norton[2001] argue that one of the primary benefits of the balanced scorecard is its use in gauging the success of strategy. Norreklit[2000] insist that the cause-and-effect chain is central to the balanced scorecard. The cause-and-effect chain is also central to the IT BSC. However, prior researches on relationship between information system and enterprise strategies as well as connection between various IT performance measurement indicators are not so much studied. Ittner et al.[2003] report that 77% of all surveyed companies with an implemented BSC place no or only little interest on soundly modeled cause-and-effect relationships despite of the importance of cause-and-effect chains as an integral part of BSC. This shortcoming can be explained with one theoretical and one practical reason[Blumenberg and Hinz, 2006]. From a theoretical point of view, causalities within the BSC method and their application are only vaguely described by Kaplan and Norton. From a practical consideration, modeling corporate causalities is a complex task due to tedious data acquisition and following reliability maintenance. However, cause-and effect relationships are an essential part of BSCs because they differentiate performance measurement systems like BSCs from simple key performance indicator(KPI) lists. KPI lists present an ad-hoc collection of measures to managers but do not allow for a comprehensive view on corporate performance. Instead, performance measurement system like BSCs tries to model the relationships of the underlying value chain in cause-and-effect relationships. Therefore, to overcome the deficiencies of causal modeling in IT BSC, sound and robust causal modeling approaches are required in theory as well as in practice for offering a solution. The propose of this study is to suggest critical success factors(CSFs) and KPIs for measuring performance for IT organizations and empirically validate the casual relationships between those CSFs. For this purpose, we define four perspectives of BSC for IT organizations according to Van Grembergen's study[2000] as follows. The Future Orientation perspective represents the human and technology resources needed by IT to deliver its services. The Operational Excellence perspective represents the IT processes employed to develop and deliver the applications. The User Orientation perspective represents the user evaluation of IT. The Business Contribution perspective captures the business value of the IT investments. Each of these perspectives has to be translated into corresponding metrics and measures that assess the current situations. This study suggests 12 CSFs for IT BSC based on the previous IT BSC's studies and COBIT 4.1. These CSFs consist of 51 KPIs. We defines the cause-and-effect relationships among BSC CSFs for IT Organizations as follows. The Future Orientation perspective will have positive effects on the Operational Excellence perspective. Then the Operational Excellence perspective will have positive effects on the User Orientation perspective. Finally, the User Orientation perspective will have positive effects on the Business Contribution perspective. This research tests the validity of these hypothesized casual effects and the sub-hypothesized causal relationships. For the purpose, we used the Partial Least Squares approach to Structural Equation Modeling(or PLS Path Modeling) for analyzing multiple IT BSC CSFs. The PLS path modeling has special abilities that make it more appropriate than other techniques, such as multiple regression and LISREL, when analyzing small sample sizes. Recently the use of PLS path modeling has been gaining interests and use among IS researchers in recent years because of its ability to model latent constructs under conditions of nonormality and with small to medium sample sizes(Chin et al., 2003). The empirical results of our study using PLS path modeling show that the casual effects in IT BSC significantly exist partially in our hypotheses.

• Korea journal of population studies
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• v.29 no.2
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• pp.53-88
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• 2006

The major aim of this paper is to develop a hypothetical set of age-specific fertility rates which are logically derived and reasonably accurate in the projection of future population. The first procedure is to select a generalized log-gamma distribution model, which includes Coale-McNeil nuptiality model, in order to estimate and project a set of age-specific fertility rates by birth cohort and birth order. The second is to apply the log-gamma model with an empirical adjustment to the actual data to estimate and project the future fertility rates for relatively young birth cohorts who did not complete their reproductive career. This study reconstructs or translates a set of cohort age-specific fertility rates into a set of period age-specific fertility rates which must be hypothesized in order to establish the broader framework of future population projection. For example, the fertility at age 20 in the year of 2020 is the fertility at age 20 for the cohort born in 1990, while the fertility at age 21 in the year of 2020 is the fertility at 21 for the cohort born in 1989. In turn, once a set of age-specific fertility rates for the cohorts who were born up to the year of 2010, it is possible for one to establish an hypothetical set of period age-specific fertility rates which will be needed to project the future population until the year of 2055. The difference in the hypothetical system of age-specific fertility rates between this study and the 2005 special population projection comes from the fact that the fertility estimation/projection model used in this study was skillfully exploited to reflect better actual trend of fertility decline caused by rise in marriage age and increasing proportion of those who remain single until their end of reproduction. In this regard, this paper argues that the set of age-specific fertility rates derived from this study is more logical and reasonably accurate than the set of those used for the 2005 special projection. In the population projection, however, the fundamental issue of the hypothetical setting of age-specific fertility rates in relation to the fertility estimation/projection model is about how skillfully one can handle the period effects. It is not easy for one to completely cope with the problem of period effects except for the a minor period adjustment based on recent actual data, along with the given framework of a cohort-based fertility estimation/projection model.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.4
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• pp.1-34
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• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.5
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• pp.127-139
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• 2017

In recent 10 years the attention to social entrepreneurship has raised increasing among scholars, public sector, and community development. However less research has been conducted on how social entrepreneurship intention create a social enterprise and what factors can be affected to the social entrepreneurial intentions. This paper aims at contributing to identify the antecedents of entrepreneurial behavior and intentions. Especially, we have had a strong interests in compassion factors which haven't been used as important variables to encourage for people to do social entrepreneurial activities. Also, we try to find the moral obligation and perceived social support as antecedents of social entrepreneurial intentions. Finding show that compassion and moral obligation affect to the social entrepreneurial intention. Especially this study identify the external factor of society with the variable, perceived social support. Once individuals recognize that the infrastructure and societal positive mood on social entrepreneurship is friendly to social entrepreneurship, people have a tendency to try to do some social entrepreneurial activities. Only few empirical studies exist in this research domain. A study of more than 271 Korean college students has studied which personal traits predict certain characteristics of social entrepreneurs (such as having social vision or looking for social innovational opportunities). In addition to those antecedents, students experience is the critical factor that enabled continued expansion of the social entrepreneurial activities. The results of this research show how we can nurture social entrepreneurs and how we can develop the social environment to promote social entrepreneurship.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.5
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• pp.101-115
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• 2017

This study analyzed the effects of social support on entrepreneurial opportunity competence for Baby boomer (born in 1955-1963), focusing on mediating effect of entrepreneurial self-efficacy. The governmental start-up policy and entrepreneurship education are mostly conducted for the college students and young generation mainly through such programs as the youth start-up school. In addition, studies on the effects of social support and institutional support on the entrepreneurial intention of young generation entrepreneurs are being actively pursued. Meanwhile, the study for baby boomers is on the welfare side mainly. Although they are starting to make their living-based business without prior careful preparation for their livelihood after retirement, while there is little study on the effect of social support for this baby boomer on entrepreneurial opportunity competence needed for opportunistic entrepreneurship. Therefore, in this study, in order to investigate the effect of social support on Baby boomer's entrepreneurial opportunity competence, an empirical analysis of the 387 questionnaires collected by the baby boomers living in Seoul and Gyeonggi provinces were conducted. As a result of analysis, First, Social support has a significant effect on both Opportunity recognition and Opportunity assessment of entrepreneurial opportunity competence. Second, In the effects of social support on self-efficacy were found to be significant in Emotional and Instrument support only on Self-confidence, In Emotional support and Feedback support only on Self-regulated efficacy & Emotional support and Instrument support only on Goal challenge were found to be a significant effect. Third, Self-regulated efficacy and Goal challenge in the Entrepreneurial self-efficacy on Entrepreneurial opportunity recognition were found to be a significant effect. All Self-confidence, Self-regulated efficacy & Goal challenge in the Entrepreneurial self-efficacy on Entrepreneurial opportunity assessment were found to be a significant effect. Fourth, Indirect effect of social support on entrepreneurial opportunity competence mediated by Entrepreneurial self-efficacy was found to be partially significant.

• Clinical and Experimental Pediatrics
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• v.48 no.7
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• pp.716-722
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• 2005

Purpose : A full view of the spectrum of all bacterial diseases in healthy children is essential to the establishment of public health priorities. Accurate information on the relative importance of the various pathogens in terms of the age of the affected patients, the site of infection and the case fatality rate are valuable to the clinician in choosing antimicrobial treatments. Methods : Fifty-nine episodes of bacteremia were analysed. Data were collected at Ilsan Paik Hospital from January 2000 to December 2003. Analysis of each collected episode included isolating pathogen from blood culture, diagnosis, hospital course, isolating pathogens from other tissue sites, and studying results of antimicrobial sensitivity tests. Results : Fifty-nine cases of community-acquired bacteremia were reviewed. The most common pathogen was Staphylococcus aureus(11 cases, 18.6 percent), followed by Salmonella(10 cases, 16.9 percent), E. coli(7 cases, 11.9 percent), Streptococcus pneumoniae(five cases, 8.5 percent), Streptococcus viridans(5 cases 8.5 percent). The most common diagnosis was bacteremia without an indentified focus(61 percent), followed by meningitis(12 percent), bacteremia with enteritis(10.2 percent) and bacteremia with urinary tract infection(8.5 percent). Salmonella was still an important causative agent of bacteremia. The relative importance of Haemophilus influenza and Streptococcus pneumoniae was lower than in other studies. The most common organism responsible for bacteremia without an identified focus was Staphylococcus aureus. The case-fatality was 3.4 percent for all cases of bacteremia. Conclusion : We reviewed the etiology of community-acquired bacteremia. These data may be useful in the establishment of public health priorities and serve as a reference for selection of antibiotics in the empirical therapy of suspected invasive bacterial infection.

• Journal of Korean Society of Environmental Engineers
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• v.34 no.4
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• pp.260-269
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• 2012

The aim of this study is to evaluate the applicability of adsorption models for understanding the thermodynamic properties of adsorption process. For this study, the adsorption isotherm data of $NO_3$-N ion onto a commercial anion exchange resin obtained at various experimental conditions, i.e. different initial concentrations of adsorbate, different dosages of adsorbent, and different temperatures, were used in calculating the thermodynamic parameters and the adsorption energy of adsorption process. The Gibbs free energy change (${\Delta}G^0$) of adsorption process could be calculated using the Langmuir constant $b_M$ as well as the Sips constant, even though the results were significantly dependant on the experimental conditions. The thermodynamic parameters such as standard enthalpy change (${\Delta}H^0$), standard entropy change (${\Delta}S^0$) and ${\Delta}G^0$ could be calculated by using the experimental data obtained at different temperatures, if the adsorption data well fitted to the Langmuir isotherm model and the plot of ln b versus 1/T gives a straight line. As an alternative, the empirical equilibrium constant(K) defined as $q_e/C_e$ could be used for evaluating the thermodynamic parameters instead of the Langmuir constant. The results from the applications of D-R model and Temkin model to evaluate the adsorption energy suggest that the D-R model is better than Temkin model for describing the experimental data, and the availability of Temkin model is highly limited by the experimental conditions. Although adsorption energies determined using D-R model show significantly different values depending on the experimental conditions, they were sufficient to show that the adsorption of $NO_3$-N onto anion exchange resin is an endothermic process and an ion-exchange process.

• Journal of the Korean association of regional geographers
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• v.14 no.3
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• pp.269-278
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• 2008

This research analyzed the effect of lessons with the GIS application as an alternative scheme of teaching and learning of geography in elementary school. Two classes in the third grade at Y elementary school in Andong were selected to conduct lessons on 'The Landscape of My Hometown' from March 6 through June 30, 2006. In the experimental class, the lessons were conducted with the GIS application; while, in a comparative class, the lessons were carried with usual teaching and learning method. To find out the effect of lessons with the GIS application, differences of spatial cognition of students were figured out between groups, and before and after lessons. The difference between the spatial concept development stages and materials on the textbook discouraged students to pursue their learning as well as made them hard to achieve the goals of lessons. The GIS application had been suggested as an alternative teaching and learning method to overcome the difference; however, it has been hard to find any empirical research to verify the effect of the lessons with GIS application in elementary school. The ability of spatial cognition of the third graders at an elementary school was very low as the result of that curricula in the first and second grades dealt with sketch maps as teaching and learning media. The map learning of third grader on the transitional stage would play the critical role to develop the spatial cognition ability in the future. The field study contributing to developing spatial cognition ability would not be conducted at school. It was required to have the alternative learning schemes such as lessons with GIS application. The lessons with GIS application verified effect of GIS application as the alternative method. The GIS application helped students to recognize landmarks, directions and distance effectively as well as reduced the spatial cognition difference among individuals and/or groups.