• Journal of Agricultural Extension & Community Development
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• v.21 no.1
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• pp.35-82
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• 2014

It was main objectives to find the learners characteristics and educational effects of cyber agricultural technology courses in RDA. For the research, it was followed by literature reviews and internet based survey methods. In internet based survey, two staged stratified sampling method was adopted from cyber training members database in RDA along with some key word as open course or certificate course, and enrollment years. Instrument was composed through literature reviews about cyber education effects and educational effect factors. And learner characteristics items were added in survey documents. It was sent to sampled persons by e-mail and 316 data was returned via google survey systems. Through the data cleaning, 303 data were analysed by chi-square, t-test and F-test. It's significance level was .05. The results of the research were as followed; First, the respondent was composed of mainly man(77.9%), and monthly income group was mainly 2,000,000 or 3,000,000 won(24%), bachelor degree(48%), fifty or forty age group was shared to 75%, and their job was changed after learning(12.2%). So major respondents' job was not changed. Their major was not mainly agriculture. Learners' learning style were composed of two or more types as concrete-sequential, mixing, abstract-random, so e-learning course should be developed for the students' type. Second, it was attended at 3.2 days a week, 53.53 minutes a class, totally 172.63 minutes a week. They were very eager or generally eager to study, and attended two or more subjects. The cyber education motives was for farming knowledge, personal competency development, job performance enlarging. They selected subjects along with their interest. A subject person couldn't choose more subjects for little time, others, non interesting subject, but more subject persons were for job performance benefits and previous subjects effectiveness. Most learner was finished their subject, but a fourth was not finished for busy (26.7%). And their entrying behavior was not enough to learn e-course and computer or internet using ability was middle level as software using. And they thought RDA cyber course was comfort in non time or space limit, knowledge acquisition, and personal competency development. Cyber learning group was composed of open course only (12.5%), certificate only(25.7%), both(36.3%). Third, satisfaction and academic achievement of e-learning learners were good, and educational service offering for doing job in learning application category was good, but effect of cyber education was not good, especially, agricultural income increasing was not good because major learner group was not farmer, so they couldn't apply their knowledge to farming. And content structure and design, content comprehension, content amount were good. The more learning subject group responded to good in effects, and both open course and certificate course group satisfied more than open course only group. Based on the results, recommendation was offered as cyber course specialization before main course in RDA training system, support staff and faculty enlargement, building blended learning system with local RDA office, introducing cyber tutor system.

• Journal of Intelligence and Information Systems
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• v.18 no.3
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• pp.97-117
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• 2012

Nowadays, Internet users tend to do a variety of actions at the same time such as web browsing, social networking and multimedia consumption. While watching a video, once a user is interested in any product, the user has to do information searches to get to know more about the product. With a conventional approach, user has to search it separately with search engines like Bing or Google, which might be inconvenient and time-consuming. For this reason, a video annotation platform has been developed in order to provide users more convenient and more interactive ways with video content. In the future of smart TV environment, users can follow annotated information, for example, a link to a vendor to buy the product of interest. It is even better to enable users to search for information by directly discussing with friends. Users can effectively get useful and relevant information about the product from friends who share common interests or might have experienced it before, which is more reliable than the results from search engines. Social networking services provide an appropriate environment for people to share products so that they can show new things to their friends and to share their personal experiences on any specific product. Meanwhile, they can also absorb the most relevant information about the product that they are interested in by either comments or discussion amongst friends. However, within a very huge graph of friends, determining the most appropriate persons to ask for information about a specific product has still a limitation within the existing conventional approach. Once users want to share or discuss a product, they simply share it to all friends as new feeds. This means a newly posted article is blindly spread to all friends without considering their background interests or knowledge. In this way, the number of responses back will be huge. Users cannot easily absorb the relevant and useful responses from friends, since they are from various fields of interest and knowledge. In order to overcome this limitation, we propose a method to filter a user's friends for information search, which leverages semantic video annotation and social networking services. Our method filters and brings out who can give user useful information about a specific product. By examining the existing Facebook information regarding users and their social graph, we construct a user profile of product interest. With user's permission and authentication, user's particular activities are enriched with the domain-specific ontology such as GoodRelations and BestBuy Data sources. Besides, we assume that the object in the video is already annotated using Linked Data. Thus, the detail information of the product that user would like to ask for more information is retrieved via product URI. Our system calculates the similarities among them in order to identify the most suitable friends for seeking information about the mentioned product. The system filters a user's friends according to their score which tells the order of whom can highly likely give the user useful information about a specific product of interest. We have conducted an experiment with a group of respondents in order to verify and evaluate our system. First, the user profile accuracy evaluation is conducted to demonstrate how much our system constructed user profile of product interest represents user's interest correctly. Then, the evaluation on filtering method is made by inspecting the ranked results with human judgment. The results show that our method works effectively and efficiently in filtering. Our system fulfills user needs by supporting user to select appropriate friends for seeking useful information about a specific product that user is curious about. As a result, it helps to influence and convince user in purchase decisions.

• Journal of Intelligence and Information Systems
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• v.16 no.4
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• pp.85-97
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• 2010

Internet communities are a typical space for knowledge creation and use on the Internet as people discuss their common interests within the internet communities. When we define 'Knowledge Communities' as internet communities that are related to knowledge creation and use, they are categorized into 4 different types such as 'Search Engine,' 'Open Communities,' 'Specialty Communities,' and 'Activity Communities.' Each type of knowledge community does not remain the same, for example. Rather, it changes with time and is also affected by the external business environment. Therefore, it is critical to develop processes for practical use of such changeable knowledge communities. Yet there is little research regarding a strategic framework for knowledge communities as a source of knowledge creation and use. The purposes of this study are (1) to find factors that can affect knowledge creation and use for each type of knowledge community and (2) to develop a strategic framework for practical use of the knowledge communities. Based on previous research, we found 7 factors that have considerable impacts on knowledge creation and use. They were 'Fitness,' 'Reliability,' 'Systemicity,' 'Richness,' 'Similarity,' 'Feedback,' and 'Understanding.' We created 30 different questions from each type of knowledge community. The questions included common sense, IT, business and hobbies, and were uniformly selected from various knowledge communities. Instead of using survey, we used these questions to ask users of the 4 representative web sites such as Google from Search Engine, NAVER Knowledge iN from Open Communities, SLRClub from Specialty Communities, and Wikipedia from Activity Communities. These 4 representative web sites were selected based on popularity (i.e., the 4 most popular sites in Korea). They were also among the 4 most frequently mentioned sitesin previous research. The answers of the 30 knowledge questions were collected and evaluated by the 11 IT experts who have been working for IT companies more than 3 years. When evaluating, the 11 experts used the above 7 knowledge factors as criteria. Using a stepwise linear regression for the evaluation of the 7 knowledge factors, we found that each factors affects differently knowledge creation and use for each type of knowledge community. The results of the stepwise linear regression analysis showed the relationship between 'Understanding' and other knowledge factors. The relationship was different regarding the type of knowledge community. The results indicated that 'Understanding' was significantly related to 'Reliability' at 'Search Engine type', to 'Fitness' at 'Open Community type', to 'Reliability' and 'Similarity' at 'Specialty Community type', and to 'Richness' and 'Similarity' at 'Activity Community type'. A strategic framework was created from the results of this study and such framework can be useful for knowledge communities that are not stable with time. For the success of knowledge community, the results of this study suggest that it is essential to ensure there are factors that can influence knowledge communities. It is also vital to reinforce each factor has its unique influence on related knowledge community. Thus, these changeable knowledge communities should be transformed into an adequate type with proper business strategies and objectives. They also should be progressed into a type that covers varioustypes of knowledge communities. For example, DCInside started from a small specialty community focusing on digital camera hardware and camerawork and then was transformed to an open community focusing on social issues through well-known photo galleries. NAVER started from a typical search engine and now covers an open community and a special community through additional web services such as NAVER knowledge iN, NAVER Cafe, and NAVER Blog. NAVER is currently competing withan activity community such as Wikipedia through the NAVER encyclopedia that provides similar services with NAVER encyclopedia's users as Wikipedia does. Finally, the results of this study provide meaningfully practical guidance for practitioners in that which type of knowledge community is most appropriate to the fluctuated business environment as knowledge community itself evolves with time.

• Journal of Intelligence and Information Systems
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• v.20 no.2
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• pp.179-192
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• 2014

Keeping in line with the recent changes in the information technology environment, the online learning environment that supports multiple users' participation such as MOOC (Massive Open Online Courses) has become important. One of the largest professional associations in Information Technology, IEEE Computer Society, announced that "Supporting New Learning Styles" is a crucial trend in 2014. Popular MOOC services, CourseRa and edX, have continued to build active learning environment with a large number of lectures accessible anywhere using smart devices, and have been used by an increasing number of users. In addition, collaborative web services (e.g., blogs and Wikipedia) also support the creation of various user-uploaded learning materials, resulting in a vast amount of new lectures and learning materials being created every day in the online space. However, it is difficult for an online educational system to keep a learner' motivation as learning occurs remotely, with limited capability to share knowledge among the learners. Thus, it is essential to understand which materials are needed for each learner and how to motivate learners to actively participate in online learning system. To overcome these issues, leveraging the constructivism theory and collective intelligence, we have developed a social bookmarking system called WeStudy, which supports learning material sharing among the users and provides personalized learning material recommendations. Constructivism theory argues that knowledge is being constructed while learners interact with the world. Collective intelligence can be separated into two types: (1) collaborative collective intelligence, which can be built on the basis of direct collaboration among the participants (e.g., Wikipedia), and (2) integrative collective intelligence, which produces new forms of knowledge by combining independent and distributed information through highly advanced technologies and algorithms (e.g., Google PageRank, Recommender systems). Recommender system, one of the examples of integrative collective intelligence, is to utilize online activities of the users and recommend what users may be interested in. Our system included both collaborative collective intelligence functions and integrative collective intelligence functions. We analyzed well-known Web services based on collective intelligence such as Wikipedia, Slideshare, and Videolectures to identify main design factors that support collective intelligence. Based on this analysis, in addition to sharing online resources through social bookmarking, we selected three essential functions for our system: 1) multimodal visualization of learning materials through two forms (e.g., list and graph), 2) personalized recommendation of learning materials, and 3) explicit designation of learners of their interest. After developing web-based WeStudy system, we conducted usability testing through the heuristic evaluation method that included seven heuristic indices: features and functionality, cognitive page, navigation, search and filtering, control and feedback, forms, context and text. We recruited 10 experts who majored in Human Computer Interaction and worked in the same field, and requested both quantitative and qualitative evaluation of the system. The evaluation results show that, relative to the other functions evaluated, the list/graph page produced higher scores on all indices except for contexts & text. In case of contexts & text, learning material page produced the best score, compared with the other functions. In general, the explicit designation of learners of their interests, one of the distinctive functions, received lower scores on all usability indices because of its unfamiliar functionality to the users. In summary, the evaluation results show that our system has achieved high usability with good performance with some minor issues, which need to be fully addressed before the public release of the system to large-scale users. The study findings provide practical guidelines for the design and development of various systems that utilize collective intelligence.

• Journal of Intelligence and Information Systems
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• v.22 no.4
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• pp.123-138
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• 2016

This study investigates intents of acquisitions in information technology industries. Mergers and acquisitions are a strategic decision at corporate-level and have been an important tool for a firm to grow. Plenty of firms in information technology industries have acquired startups to increase production efficiency, expand customer base, or improve quality over the last decades. For example, Google has made about 200 acquisitions since 2001, Cisco has acquired about 210 firms since 1993, Oracle has made about 125 acquisitions since 1994, and Microsoft has acquired about 200 firms since 1987. Although there have been many existing papers that theoretically study intents or motivations of acquisitions, there are limited papers that empirically investigate them mainly because it is challenging to measure and quantify intents of M&As. This study examines the intent of acquisitions by measuring specific intents for M&A transactions. Using our measures of acquisition intents, we compare the intents by four acquisition types: (1) the acquisition where a hardware firm acquires a hardware firm, (2) the acquisition where a hardware firm acquires a software/IT service firm, (3) the acquisition where a software/IT service firm acquires a hardware firm, and (4) the acquisition where a software /IT service firm acquires a software/IT service firm. We presume that there are difference in reasons why a hardware firm acquires another hardware firm, why a hardware firm acquires a software firm, why a software/IT service firm acquires a hardware firm, and why a software/IT service firm acquires another software/IT service firm. Using data of the M&As in US IT industries, we identified major intents of the M&As. The acquisition intents are identified based on the press release of M&A announcements and measured with four categories. First, an acquirer may have intents of cost saving in operations by sharing common resources between the acquirer and the target. The cost saving can accrue from economies of scope and scale. Second, an acquirer may have intents of product enhancement/development. Knowledge and skills transferred from the target may enable the acquirer to enhance the product quality or to expand product lines. Third, an acquirer may have intents of gain additional customer base to expand the market, to penetrate the market, or to enter a foreign market. Fourth, a firm may acquire a target with intents of expanding customer channels. By complementing existing channel to the customer, the firm can increase its revenue. Our results show that acquirers have had intents of cost saving more in acquisitions between hardware companies than in acquisitions between software companies. Hardware firms are more likely to acquire with intents of product enhancement or development than software firms. Overall, the intent of product enhancement/development is the most frequent intent in all of the four acquisition types, and the intent of customer base expansion is the second. We also analyze our data with the classification of production-side intents and customer-side intents, which is based on activities of the value chain of a firm. Intents of cost saving operations and those of product enhancement/development can be viewed as production-side intents and intents of customer base expansion and those of expanding customer channels can be viewed as customer-side intents. Our analysis shows that the ratio between the number of customer-side intents and that of production-side intents is higher in acquisitions where a software firm is an acquirer than in the acquisitions where a hardware firm is an acquirer. This study can contribute to IS literature. First, this study provides insights in understanding M&As in IT industries by answering for question of why an IT firm intends to another IT firm. Second, this study also provides distribution of acquisition intents for acquisition types.

• Management & Information Systems Review
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• v.39 no.1
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• pp.93-114
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• 2020

Platform is considered as an alternative strategy to the traditional linear pipeline based business. Moreover, in the 4th industrial revolution period, efficiency driven pipeline business model needs to be changed to platform business. We have such success stories about platform as Apple, Google, Amazon, Uber, and so on. However, for those smaller corporations, it is not easy to find out the transformation strategy. The essence of platform business is to leverage network effect in management. Thus platform based management can be rephrased as network management across the business functions. Research on platform business is popular and related to diverse facets. But few scholars cover what the research trend of the domain is. The main purpose of this paper is to identify the research trend on platform business in Korea. To do that we first propose the analytical model for platform architecture whose components are consumers, suppliers, artifacts, and IT platform system. We conjecture that mapping of the research work on platform to the components of the model will make us understand the hidden domain of platform research. We propose three hypotheses regarding the characteristics of research and one proposition for the transitional path from pipeline to platform business model. The mapping is based on the research articles filtered from the Korea Citation Index, using keyword search. Research papers are searched through the keywords provided by authors using the word of "platform". The filtered articles are summarized in terms of the attributes such as major component of platform considered, platform type, main purpose of the research, and research method. Using the filtered data, we test the hypotheses in exploratory ways. The contribution of our research is as follows: First, based on the findings, scholars can find the areas of research on the domain: areas where research has been matured and territory where future research is actively sought. Second, the proposition provided can give business practitioners the guideline for changing their strategy from pipeline to platform oriented. This research needs to be considered as exploratory not inferential since subjective judgments are involved in data collection, classification, and interpretation of research articles.

• The Korean Journal of Air & Space Law and Policy
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• v.32 no.2
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• pp.155-188
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• 2017

On the one hand, the 4th Industrial Revolution provides a positive opportunity to build a new civilization paradigm for mankind. However, on the other hand, due to the 4th Industrial Revolution, artificial intelligence such as 'Goggle Alpha Go' revolutionized and even the human ability was replaced with a 'Silicon Chip' as the opportunity to communicate decreases, the existence of human beings is weakened. And there is a growing concern that the number of violent crimes, such as psychopath, which hunts humans as games, will increase. Moreover, recent international terrorism is being developed in a form similar to 'Psychopathic Violent-Crime' that indiscriminately attacks innocent people. So, the probability that terrorist organizations abuse the positive effects provided by the Fourth Industrial Revolution as means of terrorism is increasing. Therefore, the paradigm of aviation terrorism is expected to change in a way that attacks airport facilities and users rather than aircraft. Because airport facilities are crowded, and psychopathic terrorists are easily accessible. From this point of view, our counter terrorism system of aviation has many weak points in various aspects such as: (1) limitations of counter-terrorism center (2) inefficient on-site command and control system (3) separated organization for aviation security consultation (4) dispersed information collection function in government (5) vulnerable to cyber attack (6) lack of international cooperation network for aviation terrorism. Consequently, it is necessary to improve the domestic counter terrorism system of aviation so as to preemptively respond to the international terrorism. This study propose the following measures to improve the aviation security system by (1) create 'Aviation Special Judicial Police' (2) revise the anti-terrorism law and aviation security law (3) Strengthening the ability respond to terrorism in cyberspace (4) building an international cooperation network for aviation terrorism.

• Korean Journal of Agricultural and Forest Meteorology
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• v.18 no.4
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• pp.208-220
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• 2016

Automatic Mountain Meteorology Observation System (AMOS) is an important ingredient for several climatological and forest disaster prediction studies. In this study, we select the optimal sites for AMOS in the mountain areas of Honam and Jeju in order to prevent forest disasters such as forest fires and landslides. So, this study used spatial dataset such as national forest map, forest roads, hiking trails and 30m DEM(Digital Elevation Model) as well as forest risk map(forest fire and landslide), national AWS information to extract optimal site selection of AMOS. Technical methods for optimal site selection of the AMOS was the firstly used multifractal model, IDW interpolation, spatial redundancy for 2.5km AWS buffering analysis, and 200m buffering analysis by using ArcGIS. Secondly, optimal sites selected by spatial analysis were estimated site accessibility, observatory environment of solar power and wireless communication through field survey. The threshold score for the final selection of the sites have to be higher than 70 points in the field assessment. In the result, a total of 159 polygons in national forest map were extracted by the spatial analysis and a total of 64 secondary candidate sites were selected for the ridge and the top of the area using Google Earth. Finally, a total of 26 optimal sites were selected by quantitative assessment based on field survey. Our selection criteria will serve for the establishment of the AMOS network for the best observations of weather conditions in the national forests. The effective observation network may enhance the mountain weather observations, which leads to accurate prediction of forest disasters.

• 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.

• Journal of Intelligence and Information Systems
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• v.22 no.2
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• pp.81-96
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• 2016

As the internet has become widespread and easy to access everywhere, it is common for people to search information via online search engines such as Google and Naver in everyday life. Recent studies have used online search volume of specific keyword as a measure of the internet users' attention in order to predict disease outbreaks such as flu and cancer, an unemployment rate, and an index of a nation's economic condition, and etc. For stock traders, web search is also one of major information resources to obtain data about individual stock items. Therefore, search volume of a stock item can reflect the amount of investors' attention on it. The investor attention has been regarded as a crucial factor influencing on stock price but it has been measured by indirect proxies such as market capitalization, trading volume, advertising expense, and etc. It has been theoretically and empirically proved that an increase of investors' attention on a stock item brings temporary increase of the stock price and the price recovers in the long run. Recent development of internet environment enables to measure the investor attention directly by the internet search volume of individual stock item, which has been used to show the attention-induced price pressure. Previous studies focus mainly on Dow Jones and NASDAQ market in the United States. In this paper, we investigate the relationship between the individual investors' attention measured by the internet search volumes and stock price changes of individual stock items in the KOSDAQ market in Korea, where the proportion of the trades by individual investors are about 90% of the total. In addition, we examine the difference between industries in the influence of investors' attention on stock return. The internet search volume of stocks were gathered from "Naver Trend" service weekly between January 2007 and June 2015. The regression model with the error term with AR(1) covariance structure is used to analyze the data since the weekly prices in a stock item are systematically correlated. The market capitalization, trading volume, the increment of trading volume, and the month in which each trade occurs are included in the model as control variables. The fitted model shows that an abnormal increase of search volume of a stock item has a positive influence on the stock return and the amount of the influence varies among the industry. The stock items in IT software, construction, and distribution industries have shown to be more influenced by the abnormally large internet search volume than the average across the industries. On the other hand, the stock items in IT hardware, manufacturing, entertainment, finance, and communication industries are less influenced by the abnormal search volume than the average. In order to verify price pressure caused by investors' attention in KOSDAQ, the stock return of the current week is modelled using the abnormal search volume observed one to four weeks ahead. On average, the abnormally large increment of the search volume increased the stock return of the current week and one week later, and it decreased the stock return in two and three weeks later. There is no significant relationship with the stock return after 4 weeks. This relationship differs among the industries. An abnormal search volume brings particularly severe price reversal on the stocks in the IT software industry, which are often to be targets of irrational investments by individual investors. An abnormal search volume caused less severe price reversal on the stocks in the manufacturing and IT hardware industries than on average across the industries. The price reversal was not observed in the communication, finance, entertainment, and transportation industries, which are known to be influenced largely by macro-economic factors such as oil price and currency exchange rate. The result of this study can be utilized to construct an intelligent trading system based on the big data gathered from web search engines, social network services, and internet communities. Particularly, the difference of price reversal effect between industries may provide useful information to make a portfolio and build an investment strategy.