• Journal of Intelligence and Information Systems
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• v.28 no.2
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• pp.237-262
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• 2022

There has been a growing interest in IPOs (Initial Public Offerings) due to the profitable returns that IPO stocks can offer to investors. However, IPOs can be speculative investments that may involve substantial risk as well because shares tend to be volatile, and the supply of IPO shares is often highly limited. Therefore, it is crucially important that IPO investors are well informed of the issuing firms and the market before deciding whether to invest or not. Unlike institutional investors, individual investors are at a disadvantage since there are few opportunities for individuals to obtain information on the IPOs. In this regard, the purpose of this study is to provide individual investors with the information they may consider when making an IPO investment decision. This study presents a model that uses machine learning and text analysis to predict whether an IPO stock price would move up or down after the first 5 trading days. Our sample includes 691 Korean IPOs from June 2009 to December 2020. The input variables for the prediction are three tone variables created from IPO prospectuses and quantitative variables that are either firm-specific, issue-specific, or market-specific. The three prospectus tone variables indicate the percentage of positive, neutral, and negative sentences in a prospectus, respectively. We considered only the sentences in the Risk Factors section of a prospectus for the tone analysis in this study. All sentences were classified into 'positive', 'neutral', and 'negative' via text analysis using TF-IDF (Term Frequency - Inverse Document Frequency). Measuring the tone of each sentence was conducted by machine learning instead of a lexicon-based approach due to the lack of sentiment dictionaries suitable for Korean text analysis in the context of finance. For this reason, the training set was created by randomly selecting 10% of the sentences from each prospectus, and the sentence classification task on the training set was performed after reading each sentence in person. Then, based on the training set, a Support Vector Machine model was utilized to predict the tone of sentences in the test set. Finally, the machine learning model calculated the percentages of positive, neutral, and negative sentences in each prospectus. To predict the price movement of an IPO stock, four different machine learning techniques were applied: Logistic Regression, Random Forest, Support Vector Machine, and Artificial Neural Network. According to the results, models that use quantitative variables using technical analysis and prospectus tone variables together show higher accuracy than models that use only quantitative variables. More specifically, the prediction accuracy was improved by 1.45% points in the Random Forest model, 4.34% points in the Artificial Neural Network model, and 5.07% points in the Support Vector Machine model. After testing the performance of these machine learning techniques, the Artificial Neural Network model using both quantitative variables and prospectus tone variables was the model with the highest prediction accuracy rate, which was 61.59%. The results indicate that the tone of a prospectus is a significant factor in predicting the price movement of an IPO stock. In addition, the McNemar test was used to verify the statistically significant difference between the models. The model using only quantitative variables and the model using both the quantitative variables and the prospectus tone variables were compared, and it was confirmed that the predictive performance improved significantly at a 1% significance level.

• Journal of Korean Society of Forest Science
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• v.85 no.4
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• pp.656-666
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• 1996

Aspen demand has increased recently in the Great Lakes region in the United States. Since aspen has moved into the region in late 1800's, its growing stock has increased so as to change forestry industry of the Lake States. Intensive timber harvesting and biomass removal may cause nutrient depletion, especially on nutrient-poor sites. Forest nutrients and nutrient cycling were investigated in aspen stands of 7-10, 27-33, and 41-42 year-old growing on sandy soils in Minnesota. Nutrients added to the aspen stands by atmospheric deposition and soil weathering were efficiently absorbed and stored in the tree biomass. Aboveground biomass increased from $24.4t{\cdot}ha^{-1}$ at young stands to $139.2t{\cdot}ha^{-1}$ at mature stands. Nutrients accumulated in the tree biomass showed same magnitude of difference. Nutrients added to the site through atmospheric deposition were in the order of Ca, N, K, Mg, and P. Annual litterfall was greater in older stands. However, the amount of nutrients returned by litterfall was not significantly different among stand ages due to the greater nutrient contents in the litterfall of young stands. Litter decomposition and nutrient release rates were greater at young stands than at older stands. Likewise, nutrient availability was higher in young aspen stands and became lower as the stands grew older. Nutrient leaching loss was minimal at all stand ages. Soil N mineralization was greater at young stands than at older stands. Nutrient cycling process was facilitated in young aspen stands with an increased level of available nutrients, Based on the estimations of nutrient balance and nutrient removal by harvesting, Ca was the most critical element which was likely to be depleted if aspen stands are intensively harvested with short rotations.

• Current Research on Agriculture and Life Sciences
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• v.4
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• pp.163-168
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• 1986

This study was carried out to compare the conditions of Korean and Japanese forestry. Two countries were appeared same trend in forestry condition, so our forestry in future can be estimated with compared Japanese forestry, but the results obtained are as follows ; 1) The average forest area per capita of the world, Japan and Korea are 0.9, 0.23 and 0.16 ha, respectively, this means that Korean forest area is not sufficient. The growing stock of forest per capita is $22.5m^3$ in Japan and $3.9m^3$ in Korea, but timber consumptions per capita are $1m^3$ in Japan and $0.2m^3$ in Korea. Those mean that both countries have not a plentiful resource of forestry. 2) The forestry production activity becomes gradually stagnation. Both in Korea and Japan, the reforestation and stumpage felling area show gradually decreasing tendency, the artificial forest ratio of total forest area is, at present, 28% in Korea and 40% in Japan. 3) In forestry demand aspect, the ratio of imported timber is 79% in Korea and 62.4% in Japan. Because the price index of timber is lower than the general price index, the dullness of forestry-related industries is expected in future. 4) The forestry labour supply has gradually difficulty because of the reduction in farming labour. 5) The managements of national forests show deficit operation, at present, both in Korea and Japan. The results above mentioned are derived form the poor forest resources, therefore, it is considered that rather more and continuous investment is necessary, but also forestry should be invested in the territorial conservation aspect.

• Journal of Korean Society of Rural Planning
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• v.21 no.2
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• pp.189-199
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• 2015

This study made use of 9 types of utilizing idle farmland deducted from existing research in order to examine cases by type of idle farmland, and selected representative cases by type after analyzing contents of 165 available newspaper articles. Selected Cases were assorted into agricultural use and nonagricultural use, and agricultural use are as followed. (1)Community Service/Farming type is the case of Gimhae city reported on 'Busan Ilbo', (2)High Income/Farming type is the case of cooperative unit of Geumjeong crude drug in Yeongam appeared in 'Newsis', and the case of Omija industry in Mungyeong reported on 'Hankyoreh', (3)Tourism/Landscape/Farming type is the case of rape flowers and buckwheat flowers in Gupo village reported on 'Asia News Agency', (4)Stock Raising/Farming type is the case of growing foraging crops published in 'The Daejeon Ilbo', (5)Weekend farm type is the case of utilizing idle farmlands and creating weekend farm reported on 'Mediawatch', (6)High income/Forest type is creating Mulberry cultivation areas in Hamyang-Gun published in 'Yonhap News', (7)Ecology/Landscape/Forest type is forestation project of idle land reported on 'Newsis', (8)Agricultural Experience Study type is the case of managing agricultural experience study center in Dosun elementary center published in 'Sisajeju' and the case of non-agricultural application case, (9)Ecological Environment type is the case of wetland restoration of idle farmland in Gochang. This study investigated and arranged detailed contents by the literature search and interview investigation according to investigating items such as utilizing area, main agent, purpose, utilizing item, utilizing content, etc. by case. With that, it deducted implications as well as case characteristics, and finally suggested political proposals through the case analysis.

• Journal of Korean Society of Forest Science
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• v.26 no.1
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• pp.7-12
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• 1975

The sap uses of Korean sugar maple, Acer mono Max., "Gorosoe-namoo," the most abundant growing stock in maples, for a medical beverage at every early spring have had the long history in Korea. The sap of Korean sugar maple (the maple) was prepared with a unique tapping method from the trees during the sap flow season of 1974, measured the sugar content in $2.6^{\circ}$ to $3.3^{\circ}Brix$ of sugar on average and the sugar concentration of the sap was enough for a sweetener resource comparing with those of American sugar maples in literature. The color of sirup was very dark and the color index was 2.69 for the sirup of $15.3^{\circ}Brix$ having 10 hours evaporation and 3.380 for the standard sirup, as shown in Table 3 and Figure 2, due to the prolonged evaporation in deep aluminium or stainless steel kettles. The alcohol extractives of standard sirup has the light color and the residue reddish brown and the absorption spectra have the maxima in wave length of 350 nm, 1,000 nm, 1,170 nm, 1,400 nm and 1900 nm, as shown in Figure 3. The extractives of ethanol and monoethanolamine mixture (97:3, v/v) has dark red and the residue darker redish brown.

• Journal of Korean Society of Forest Science
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• v.20 no.1
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• pp.1-44
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• 1973

Needless to say, the management of national forest in all countries is very important in view of the national mission and management purposes. Korean national forest is also in particular significant in promoting national economy for the continuous increasing of the demand for wood, conservation of the land and social welfare. But there's no denying the fact that the leading aim of the Korean forest policy has been based upon the conservation of forest resources and recovery of land conservation function instead of improvement of the forest productive capacity. Therefore, the management of national forest should be aimed as an industry in the chain of the Korean national economy. And the increment of the forest productive capacity based on rationalized forest management is also urgently needed. Not only the increment of the timber production but also the establishment of the good forest in quality and quantity are to bring naturally many functions of conservation and other public benefits. In 1908 Korean national forest was historically established for the first time as a result of the notification for ownership, and was divided into two kinds in 1911-1924, such as indisposable national forest for land conservation, forest management, scientific research and public welfare, and the other national forest to be disposed. Indisposable forest is mostly under the jurisdiction of national forest stations (Chungbu, Tongbu, Nambu), and the tother national forests are under custody of respective cities and provinces, and under custody of the other government authorities. As of the end of 1971, national forest land is 19.5% (1,297,708 ha) of the total forest land area, but growing stock is 50.1% ($35,406,079m^3$) of the total forest growing stock, and timber production of national forest is 23.6% ($205,959m^3$) of the year production of total timber in Korea. Accordingly, it is the important fact that national forest occupies the major part of Korean forestry. The author positively affirms that success or failure of the management of national forest controls rise or fall of forestry in Korea. All functions of forest are very important, but among others the function of timber production is most important especially in Korea, that unavoidably imports a large quantity of foreign wood every year (in 1971 import of foreign wood-$3,756,000m^3$, 160,995,000 dollars). So, Korea urgently needs the improvement of forest productive capacity in national forest. But it is difficult that wood production meets the rapid increase of demand for wood to the development of economy, because production term of forestry is long, so national forest management should be rationalized by the effective investment and development of forestry techniques in the long view. Although Korean national forest business has many difficulties in the budget, techniques and the lack of labour due to outflow of rural village labour by development of national economy, and the increase of labour wages and administrative expenses etc. the development of national forest depends on adoption of the suitable forest techniques and management adapted for social and economical development. In this view point the writer has investigated and analyzed the status of the management of national forest in Korea to examine the irrational problems and suggest an improvement plan. The national forestry statistics cited in this study is based on the basic statistics and the statistics of the forest business as of the end of 1971 published by Office of Forestry, Republic of Korea, and the other depended on the data presented by the national forest stations. The writer wants to propose as follows (seemed to be helpful in improvement of Korean national forest management). 1) In the organization of national forest management, more national forest stations should be established to manage intensively, and the staff of working plan officials should be strengthened because of the importance of working plan. 2) By increasing the staff of protection officials, forest area assigned for each protection official should be decreased to 1,000-2,000 ha. 3) The frequent personnel changes of supervisor of national forest station(the responsible person on-the-spot) obstructs to accomplish the consistent management plan. 4) In the working plan drafting for national forest, basic investigations should be carefully practiced with sufficient expenditure and staff not to draft unreal working plan. 5) The area of working-unit should be decreased to less than 2,000 ha on the average for intensive management and the principle of a working-unit in a forest station should be realized as soon as possible. 6) Reforestation on open land should be completed in a short time with a debt of the special fund(a long term loan), and the land on which growing hardwood stands should be changed with conifers to increase productivity per unit area, and at the same time techical utilization method of hardwood should be developed. 7) Expenses of reforestation should be saved by mechanization and use of chemicals for reforestation and tree nursery operation providing against the lack of labour in future. 8) In forest protection, forest fire damage is enormous in comparison with foreign countries, accordingly prevention system and equipment should be improved, and also the minimum necessary budget should be counted up for establishment and manintenance of fire-lines. 9) Manufacture production should be enlarged to systematize protection, processing and circulation of forest business, and, by doing this, mich benefit is naturally given for rural people. 10) Establishment and arrangement of forest road networks and erosion control work are indispensable for the future development of national forest itself and local development. Therefore, these works should be promoted by the responsibility of general accounting instead of special accounting. 11) Mechanization of forest works should be realized for exploiting hinterlands to meet the demand for timber increased and for solving lack of labour, consequently it should promote import of forest machines, home production, training for operaters and careful adminitration. 12) Situation of labour in future will grow worse. Therefore, the countermeasure to maintain forest labourers and pay attention to public welfare facilities and works should be considered. 13) Although the condition of income and expenditure grows worse because of economical change, the regular expenditure should be fixed. So part of the surplus fund, as of the end of 1971, should be established for the fund, and used for enlarging reforestation and forest road networks(preceding investment in national forest).

• Journal of Korean Society of Forest Science
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• v.96 no.3
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• pp.269-282
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• 2007

The purpose of this study is to investigate the causes of the dramatic process in forest policies from July of 1972 to June of 1973. In 1972, the core forest problem calling for an immediate solution was the severe forest degradation such as a low growing stock ($11m^3/ha$) and lots of non-tree forest land corresponding to 12% of total forest land. There could have been various approaches to solve the problem at that time. By the end of 1972, the Korean government was afoot to choose the management-oriented approach to carry out reforestation as a part of forest management. In order to implement this approach, the Korean government established the Forest Development Law enforcing establishment of the Forest Management Corporation as a public organization to carry out forest management in the special development land. However, the Korean government changed the management-oriented approach into the administration-oriented approach to carry out reforestation as a part of forest greening in order to rehabilitate severe degraded forests as soon as possible in early 1973. The Forestry Administration (refer to Forest Service) was transferred from the Department of Agriculture and Forestry to the Department of Interior for the efficient rehabilitation in advance, before the 1st 10-year National Greening Project. After the organization's transfer, the government established the 1 st 10-year National Greening Project aiming to reforest one million ha from 1973 to 1982 to use activities like the national greening campaign and the administrative organization mobilization including police force. Reforestation policy as a part of forest management lost effect due to the greening-oriented approach choice. Moreover, the Government struggled to provide 20 billion won for the establishment of the Forest Management Corporation. After all, on March 5th of 1973, the management-oriented approach dropped a curtain deleting the clauses defining the establishment of the Forest Management Corporation. Park, Chung-hee who was the then president of Korea might have felt the 'time restriction' to lose no time to habilitate degraded forests. Due to his awareness, the approach regarding reforestation was changed into administration-oriented activities. The president's awareness was considered as an invisible cause at that time.

• Korean Journal of Agricultural and Forest Meteorology
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• v.13 no.3
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• pp.140-147
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• 2011

We studied the influence of livestock waste leachate on oxidative damage and antioxidative responses in poplar clones in August which increase the demand of antioxidants because of high temperature and high light during this period. We measured ion leakage, antioxidant enzyme activities (APX, GR), and carotenoid contents. Oxidative damage and antioxidative responses by treated livestock waste leachate in poplar clones showed various results. We divided poplar clones into three groups using the criteria based on ion leakage which represent cell damage induced oxidative stress. Eco 28, 62-10, Bonghwa1 and Dorskamp belonged to the first group in which the cell damaged level was lower than that of the control. The results suggest that this group augmented for demand of antioxidative in summer because high concentration of nitrogen induced by treatment of live stock wastes acted as environmental stress. Consequently, they failed to keep up the homeostasis of reactive oxygen species. The second group in which the cell damaged level was similar to that of the control was Suwon, 72-30 and 72-31 clones. Finally, 97-18 clone belonged to the third group in which the cell damaged level was lower than that of the control group. In this case, nitrogen treated by livestock waste leakage decreased oxidative stress. 97-18 clone was the clones with the least damage in summer oxidative stresses treated by livestock waste leakage. These results suggest that the high concentration nitrogen due to the livestock waste leakage can act differently upon the clones. We speculate that the added oxidation damage in the summer (growing season) may have an effect on the total fresh weight and also influence the purification ability for livestock waste leakage. However, further studies are needed for the confirmation.

• Journal of Korean Society of Forest Science
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• v.104 no.3
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• pp.421-426
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• 2015

The objective of this paper is to look into the growth of Cryptomeria japonica stand in South Korea along with the evaluation on their yields, followed by their carbon stocks and removals. A total of 106 sample plots were selected from Jeonnam, Gyeongnam, and Jeju, where the groups of standard are grown. We only used 92 plots data except outlier. As part of the analysis, the Weibull diameter distribution was applied. In order to estimate the diameter distribution, the growth estimation equation for each of the growth factors including the height, the diameter at breast height, and the basal area was drafted out and the verification for each equation was examined. The site index for figuring out the forest productivity of Cryptomeria japonica stand for each district was also developed as a Schumacher model and 30yr was used as a reference age for the estimation of the site index. It was found that the site index for Cryptomeria japonica stand in South Korea ranges from 10 to 16 and this result was used as a standard for developing the stand yield table. According to the site 14 in the stand yield table, the mean annual increment (MAI) of the Cryptomeria japonica reaches $7.6m^3/ha$ on its 25yr and its growing stock is estimated to be at $190.1m^3/ha$. This volume is about $20m^3$ as high as that of the Chamaesyparis obtusa. Furthermore, the annual carbon absorptions for a Cryptomeria japonica stand reached the peak at 25yr, which is 2.14 tC/ha/yr, $7.83tCO_2/ha/yr$. When compared to the other conifers, this rate is slightly higher than that of a Chamaecyparis obtusa ($7.5tCO_2/ha/yr$) but lower than that of the Pinus koraiensis ($10.4tCO_2/ha/yr$) and Larix kaempferi ($11.2tCO_2/ha/yr$). With such research result as a base, it is necessary to come up with the ways to enhance the utilization of Cryptomeria japonica as timbers, besides making use of their growth data.

• Journal of Korean Society of Forest Science
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• v.2 no.1
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• pp.19-28
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• 1962

Total area of bamboo groves in Korea which is limited to $37^{\circ}$ north latitude, i.e., to southern part of Chungchung-nam-do Province and Kangwon-do Province, is 3,235ha., but this country must import about 3,000 metric ton's bamboo culms from Japan every year. It may be true that the country is not so fit for economical cultivation of bamboo groves from the view point of climatic condition, but the author believes that self-sufficiency in bamboo is not impossible if some scientific method for improving bamboo groves is introduced to our primitive groves. Keeping this point in his mind the auther tried to study on the bamboo groves in the country, and as the first step set about to investigate the actual state of twenty good bamboo groves located in Cholla-nam-do Province from March, 1961 to January, 1962. This is a report on some characters of bamboo culms and growing stock with samples collected in the present investigation. 1) Numbers of bamboo culm per 0.1ha. are 1,183 in average, 1,840 in maximum and 87.5 in minimum before harvesting. 2) According to owners' saying, 1960 was such an off-year that they could hardly see any yearling bamboos in groves, but in 1961 very many new bamboos are produced as follows: the proportion of the number of yearling bamboos produced this year to that of mature bamboos (over 2 years old) is 58.7% in average; the highest 110.5% and the lowest 16.8%. 3) the average diameter of culms at eye height is 6.5cm, but the biggest diameter comes to 11.2 cm, and the average diameters of yearling and mature bamboos are 6.5cm and 6.6cm respectively. 4) Internode length records 29.4 cm in average, the shortest 21.3 cm and the longest 38.4 cm. Average internode lengths of new culms and mature culms are 27.6 cm and 29.4 cm respectively. This shows that the internode length of new culms is in the decrease to that of maturer's. 5) Through this investigation, it was found that internode length is in the influence of the exposure and density of bamboo groves, i. e., the more the dencity of bamboo groves is and the more the exposure nears the north-east, the longer the internode length becomes (see Table 7 and 8). 6) In the growing stock of bamboo groves, bundles per 0.1ha. amount to 271 sok (unit of bundle) in total average, 445 sok in maximum and 126 sok in minimum. 7) Among twenty typical bamboo groves, chosen in each County in Cholla-nam-do Province, only one passes perfectly by Veda's standard rule* prescribing the good bamboo grove, but the eight groves shown in Table 9 could be recommended as good ones in Cholla-nam-do Province, because the auther believes that those groves may be improved better, if we pay more attention to the management of them. 8) Considering that they have managed their groves carelessly and primitively, and that unfortunately their groves must have faced almost on clear felling over the entire area at the time of the Korean War, we can surely expect much more increments in bamboo groves, if we introduce some scientific methods in managing their groves.