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Park Yeol·Kaneko Humiko Case and Performance (박열·가네코 후미코 사건과 퍼포먼스)

  • Baek, Hyun-Mi
    • Journal of Popular Narrative
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    • v.25 no.2
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    • pp.117-167
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    • 2019
  • The aim of this article is to illuminate the Park Yeol(朴烈)·Kaneko Humiko(金子文子) Case from the perspective of performance, by analyzing newspapers published in Colonial Korea. The Park Yeol·Kaneko Humiko Case include the High Treason Incident(大逆事件) case and the mysterious photo(怪寫眞) case that occurred in Tokyo in Imperial Japan from 1923 to 1926. Even though Park Yeol·Kaneko Humiko were individually imprisoned during this period, they proceeded to act shrewdly and preposterously as performers. First, they made the trial itself into an astonishing case by donning traditional Korean clothes and insisting on using the Korean language in Japanese Imperial Court. Second, they caused the judge in charge to accidentally take the so-called 'mysterious photo,' which later led to the collapse of the Japanese cabinet. The newspapers published in Colonial Korea served as unique stage on which Park Yeol and Kaneko Humiko performed. The newspaper articles reported on the public trials as if it were a drama, describing their clothes, look, and dialogue in public court. The news about them was published not as it occurred but in a plotted sequence because of a press ban, consequentially building suspense among readers. Meanwhile, the Korean newspaper editorials pointed out the injustice of the High Treason Incident, breaking down the Japanese judge's opinion. The Park Yeol·Kaneko Humiko Case was a social drama that revealed the disharmony that led to the breakdown of Taisho Democracy and imprinting national resistance in Japan as well as in Korea.

The study of Breast Specific Gamma Imaging Protocol using Self-development Phantom (자체 제작된 팬텀을 적용한 Breast Specific Gamma Imaging 검사 프로토콜에 대한 고찰)

  • Lee, Hae-Jung;Lee, Juyoung;Lim, Kuen-Kyo;Park, Hoon-Hee
    • The Korean Journal of Nuclear Medicine Technology
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    • v.18 no.2
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    • pp.39-47
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    • 2014
  • Purpose As breast cancer patients continue to increase every year, cases of BSGI are on the rise with a heavier reliance on it. However, BSGI protocol in hospitals was not studied enough despite it was covered by hospital's condition and recommendation of manufacturers. The objective of the study was an examination of methods to be applicable to BSGI protocols, putting the self-development phantom to use in quality assessment of the images. Materials and Methods Dilon 6800 (Dilon Technologies Inc, Newport News, USA) was used in the study and five different sizes of sphere were distinctively produced in the phantom. The study used $^{99m}TcO_4$. The cases were classified in to three categories that background radioactivity to region of interest as ratio of 2: 4: 8, They were acquired images for 5, 7, 10mins. The acquired image was set region of interest according to the size of sphere, and We analyzed quantitative and qualitative analysis. The acquired data statistically analyzed with SPSS ver.18.0. Results As the result of quantitative and qualitative analysis, count rate of each sphere in accordance with difference of injection dose showed that higher count rate as injection dose and sphere size increased (P<0.005). Count rate of each sphere in accordance with difference of acquisition time showed that higher count rate as acquisition time and sphere size increased (P<0.005). Contrast noise ratio of each sphere in accordance with difference of injection dose showed that higher contrast noise ratio as injection dose increased. Particularly, Contrast noise ratio of eight times ratio images was the highest among. Contrast noise ratio of each sphere in accordance with difference of acquisition time showed that higher contrast noise ratio as acquisition time increased. And, Contrast noise ratio of seven minute image was the highest among (P<0.005). Conclusion There was significant change of Contrast noise ratio through quantitative and qualitative analysis. Moreover, We found usefulness of phantom. If Institutions identified image through the phantom study and they made BSGI protocol, We expected to help the improvement of diagnostic value of the images.

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The Effects of Anoxic Treatments on Color and Mechanical Property in Fabrics, Natural Dyed Fabrics, Papers, Natural Dyed Papers and Paints (저산소 농도 살충처리가 직물, 염색 직물, 종이, 염색지 및 채색편의 색상 및 기계적 성질에 미치는 영향)

  • Oh, Joon Suk;Choi, Jung Eun;Noh, Soo Jung;Eum, Sang Wook
    • Journal of Conservation Science
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    • v.30 no.2
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    • pp.219-234
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    • 2014
  • Fabrics, natural dyed fabrics, papers, natural dyed papers and paints were examined effects of colors and mechanical properties for materials of museum collections under anoxic treatment. Anoxic conditions using nitrogen and argon were oxygen concentration 0.01%, temperature($20^{\circ}C$, $25^{\circ}C$, $30^{\circ}C$), 50% RH and exposure time 30 days. Examined fabrics were raw silk fabric, UV irradiated raw silk fabric, degummed silk fabric, UV irradiated degummed silk fabric, cotton fabric, and UV irradiated cotton fabric. Natural dyed silk and cotton fabrics were dyed with fresh indigo, indigo, safflower, gromwell, madder sappanwood, amur cork tree, turmeric, gardenia, barberry root, pagoda tree flower, cochineal, lac, alnus japonica, gallnut, chestnut shell, and combination(indigo and safflower, indigo and amur cork tree, indigo and pagoda tree flower, indigo and sappanwood). Papers were Korean papers(mulberry paper, mulberry(70%) and rice straw(30%) mixed paper), Japanese paper(gampi paper), cotton paper, refined linen paper, cotton, linen & manila mixed fibre furnish, copy paper, news print, and alum sized mulberry paper. Natural dyed papers were dyed with indigo, sappanwood, madder, safflower, gardenia, amur cork tree, and pagoda tree flower. Paints were painted on alum-sized papers and silk fabrics using glue and pigments(azurite, malachite, cinnabar, vermilion, orpiment, gamboge, red lead, haematite, iron oxide red, indigo(lake), lac, cochineal, safflower, madder root lake, celadonite, smalt, ultramarine blue, lapis lazuli, prussian blue, kaolin, lead white, oyster-shell white, and clam-shell white). The color differences(${\Delta}E^*$) of all examined materials were below 1.5 or lowered than control samples after anoxic treatment. The variations of tenacity of yarns of fabrics and natural dyed fabrics after anoxic treatment were within that of standard silk and cotton fabrics. Gases(nitrogen and argon) and temperatures of anoxic treatment did not also affected color differences and variations of tenacity of materials.

Issue tracking and voting rate prediction for 19th Korean president election candidates (댓글 분석을 통한 19대 한국 대선 후보 이슈 파악 및 득표율 예측)

  • Seo, Dae-Ho;Kim, Ji-Ho;Kim, Chang-Ki
    • Journal of Intelligence and Information Systems
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    • v.24 no.3
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    • pp.199-219
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    • 2018
  • With the everyday use of the Internet and the spread of various smart devices, users have been able to communicate in real time and the existing communication style has changed. Due to the change of the information subject by the Internet, data became more massive and caused the very large information called big data. These Big Data are seen as a new opportunity to understand social issues. In particular, text mining explores patterns using unstructured text data to find meaningful information. Since text data exists in various places such as newspaper, book, and web, the amount of data is very diverse and large, so it is suitable for understanding social reality. In recent years, there has been an increasing number of attempts to analyze texts from web such as SNS and blogs where the public can communicate freely. It is recognized as a useful method to grasp public opinion immediately so it can be used for political, social and cultural issue research. Text mining has received much attention in order to investigate the public's reputation for candidates, and to predict the voting rate instead of the polling. This is because many people question the credibility of the survey. Also, People tend to refuse or reveal their real intention when they are asked to respond to the poll. This study collected comments from the largest Internet portal site in Korea and conducted research on the 19th Korean presidential election in 2017. We collected 226,447 comments from April 29, 2017 to May 7, 2017, which includes the prohibition period of public opinion polls just prior to the presidential election day. We analyzed frequencies, associative emotional words, topic emotions, and candidate voting rates. By frequency analysis, we identified the words that are the most important issues per day. Particularly, according to the result of the presidential debate, it was seen that the candidate who became an issue was located at the top of the frequency analysis. By the analysis of associative emotional words, we were able to identify issues most relevant to each candidate. The topic emotion analysis was used to identify each candidate's topic and to express the emotions of the public on the topics. Finally, we estimated the voting rate by combining the volume of comments and sentiment score. By doing above, we explored the issues for each candidate and predicted the voting rate. The analysis showed that news comments is an effective tool for tracking the issue of presidential candidates and for predicting the voting rate. Particularly, this study showed issues per day and quantitative index for sentiment. Also it predicted voting rate for each candidate and precisely matched the ranking of the top five candidates. Each candidate will be able to objectively grasp public opinion and reflect it to the election strategy. Candidates can use positive issues more actively on election strategies, and try to correct negative issues. Particularly, candidates should be aware that they can get severe damage to their reputation if they face a moral problem. Voters can objectively look at issues and public opinion about each candidate and make more informed decisions when voting. If they refer to the results of this study before voting, they will be able to see the opinions of the public from the Big Data, and vote for a candidate with a more objective perspective. If the candidates have a campaign with reference to Big Data Analysis, the public will be more active on the web, recognizing that their wants are being reflected. The way of expressing their political views can be done in various web places. This can contribute to the act of political participation by the people.

Collaboration Strategies of Fashion Companies and Customer Attitudes (시장공사적협동책략화소비자태도(时装公司的协同策略和消费者态度))

  • Chun, Eun-Ha;Niehm, Linda S.
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.1
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    • pp.4-14
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    • 2010
  • Collaboration strategies entail information sharing and other varied forms of cooperation that are mutually beneficial to the company and stakeholder groups. This study addresses the specific types of collaboration used in the fashion industry while also examining strategies that have been most successful for fashion companies and perceived benefits of collaboration from the customer perspective. In the present study we define fashion companies and brands as collaborators and their partners or stakeholders as collaboratees. We define collaboration as a cooperative relationship where more than two companies, brands or individuals provide customers with beneficial outcomes utilizing their own competitive advantages on an equal basis. Collaboration strategies entail information sharing and other varied forms of cooperation that are mutually beneficial to the company and stakeholder groups. Through collaboration, fashion companies have pursued both tangible differentiation, such as design and technology applications, and intangible differentiation such as emotional and psychological benefits to customers. As a result, collaboration within the fashion industry has become an important, value creating concept. This qualitative study utilized case studies and in-depth interview methodologies to examine customers' attitudes concerning collaboration in the fashion industry. A total of 173 collaboration cases were identified in Korean and international markets from 1998 through December 2008, focusing on fashion companies. Cases were collected from documented data including websites and industry data bases and top ranked portal search sites such as: Rankey.com; Naver, Daum, and Nate; and representative fashion information websites, Samsungdesignnet and Firstviewkorea. Cases were collected between November 2008 and February 2009. Cases were selected for the analysis where one or more partners were associated with the production of fashion products (excluding textile production), retail fashion products, or designer services. Additional collaboration case information was obtained from news articles, periodicals, internet portal sites and fashion information sites as conducted in prior studies (Jeong and Kim 2008; Park and Park 2004; Yoon 2005). In total, 173 cases were selected for analysis that clearly exhibited the benefits and outcomes of collaboration efforts and strategies between fashion companies and stakeholders. Findings show that the overall results show that for both partners (collaborator and collaboratee) participating in collaboration, that the major benefits are reduction of costs and risks by sharing resource such as design power, image, costs, technology and targets, and creation of synergy. Regarding types of collaboration outcomes, product/design was most important (55%), followed by promotion (21%), price (20%), and place (4%). This result shows that collaboration plays an important role in giving life to products and designs, particularly in the fashion industry which seeks for creative and newness. To be successful in collaboration efforts, results of the depth interviews in this study confirm that fashion companies should have a clear objective on why they are doing the collaboration. After setting the objective, they should select collaboratees that match their brand image and target market, make quality co-products that have definite concepts and differentiating factors, and also pay attention to increasing brand awareness. Based on depth interviews with customers, customer benefits were categorized into six factors: pursuit for individual character; pursuit for brand; pursuit for scarcity; pursuit for fashion; pursuit for economic efficiency; and pursuit for sociality. Customers also placed more importance on image, reputation, and trust of brands regarding the cases shown in the interviews. They also commented that strong branding should come first before other marketing strategies. However, success factors recognized by experts and customers in this study showed different results by subcategories. Thus, target customers and target market should be studied from various dimensions to develop appropriate strategies for successful collaboration.

Mammalian Cloning by Nuclear transfer, Stem Cell, and Enzyme Telomerase (핵치환에 의한 cloning, stem cell, 그리고 효소 telomerase)

  • 한창열
    • Korean Journal of Plant Tissue Culture
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    • v.27 no.6
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    • pp.423-428
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    • 2000
  • In 1997 when cloned sheep Dolly and soon after Polly were born, it had become head-line news because in the former the nucleus that gave rise to the lamb came from cells of six-year-old adult sheep and in the latter case a foreign gene was inserted into the donor nucleus to make the cloned sheep produce human protein, factor IX, in e milk. In the last few years, once the realm of science fiction, cloned mammals especially in livestock have become almost commonplace. What the press accounts often fail to convey, however, is that behind every success lie hundreds of failures. Many of the nuclear-transferred egg cells fail to undergo normal cell divisions. Even when an embryo does successfully implant in the womb, pregnancy often ends in miscarriage. A significant fraction of the animals that are born die shortly after birth and some of those that survived have serious developmental abnormalities. Efficiency remains at less than one % out of some hundred attempts to clone an animal. These facts show that something is fundamentally wrong and enormous hurdles must be overcome before cloning becomes practical. Cloning researchers now tent to put aside their effort to create live animals in order to probe the fundamental questions on cell biology including stem cells, the questions of whether the hereditary material in the nucleus of each cell remains intact throughout development, and how transferred nucleus is reprogrammed exactly like the zygotic nucleus. Stem cells are defined as those cells which can divide to produce a daughter cell like themselves (self-renewal) as well as a daughter cell that will give rise to specific differentiated cells (cell-differentiation). Multicellular organisms are formed from a single totipotent stem cell commonly called fertilized egg or zygote. As this cell and its progeny undergo cell divisions the potency of the stem cells in each tissue and organ become gradually restricted in the order of totipotent, pluripotent, and multipotent. The differentiation potential of multipotent stem cells in each tissue has been thought to be limited to cell lineages present in the organ from which they were derived. Recent studies, however, revealed that multipotent stem cells derived from adult tissues have much wider differentiation potential than was previously thought. These cells can differentiate into developmentally unrelated cell types, such as nerve stem cell into blood cells or muscle stem cell into brain cells. Neural stem cells isolated from the adult forebrain were recently shown to be capable of repopulating the hematopoietic system and produce blood cells in irradiated condition. In plants although the term$\boxDr$ stem cell$\boxUl$is not used, some cells in the second layer of tunica at the apical meristem of shoot, some nucellar cells surrounding the embryo sac, and initial cells of adventive buds are considered to be equivalent to the totipotent stem cells of mammals. The telomere ends of linear eukaryotic chromosomes cannot be replicated because the RNA primer at the end of a completed lagging strand cannot be replaced with DNA, causing 5' end gap. A chromosome would be shortened by the length of RNA primer with every cycle of DNA replication and cell division. Essential genes located near the ends of chromosomes would inevitably be deleted by end-shortening, thereby killing the descendants of the original cells. Telomeric DNA has an unusual sequence consisting of up to 1,000 or more tandem repeat of a simple sequence. For example, chromosome of mammal including human has the repeating telomeric sequence of TTAGGG and that of higher plant is TTTAGGG. This non-genic tandem repeat prevents the death of cell despite the continued shortening of chromosome length. In contrast with the somatic cells germ line cells have the mechanism to fill-up the 5' end gap of telomere, thus maintaining the original length of chromosome. Cem line cells exhibit active enzyme telomerase which functions to maintain the stable length of telomere. Some of the cloned animals are reported prematurely getting old. It has to be ascertained whether the multipotent stem cells in the tissues of adult mammals have the original telomeres or shortened telomeres.

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The Study about Role and Importance of Site Activity Stage in Safety Activity for the International Conference among Several Countries (다자간 국제회의 안전활동에 있어서 현장활동단계의 역할 및 중요성에 관한 연구 : 부산 APEC 행사를 중심으로)

  • Lee, Sun-Ki
    • Korean Security Journal
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    • no.19
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    • pp.105-138
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    • 2009
  • This study's purpose is to present the improvement of effectiveness of security activity for international conference among Several Countries which can be held hereafter. On the basis of security activity problems originating in APEC that had been held in Busan in 2005. I made up questions three times to on the members of the police, military, fire figher and national intelligence service who had experienced in Busan APEC and recognition of possible problem and possibility of improvement on each item of questions was analyzed by Delphi Method. Also interviews with 4 security experts selected from each security agency were conducted to present improvement in each part of problem. The results obtained from the face to face interview with four experts of security-enforcement agency about the role and importance of site activity stage for international conference among several countries are as followings ; First, the system that experienced security-enforcement agents can be selected for the next national security event is needed, by data-basing the security-enforcement agents who were experienced in security event as man power management. Second, the middle-term plan for the introduction of high-tech equipment and joint inspection with relevant security agents are needed for the efficient explosive technical detection. Third, high-tech security equipment could be introduced through the international high-tech security equipment exhibition. Fourth, an anti-terrorism plan should be measured by sharing information through the cooperation with domestic and international intelligence agency. Fifth, public relations should be measured systematically by organization rather than agents' individual public relations. Sixth, political consideration to secure integrative coordination with other agency is needed for security activity, through normal cooperation with fire fighting related agency such as an electric, gas, elevator company. Seventh, a definite press guideline is needed for a convenient news coverage and safety during security event.

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The Study on Change in Sex-Related Knowledge and Attitude through Sex Education : focusing on the 1st grade students in girls' junior high schools (성교육 실시에 따른 성지식, 성태도 변화 연구 -1학년 여중생을 대상으로-)

  • 계수연;문인옥
    • Korean Journal of Health Education and Promotion
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    • v.16 no.2
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    • pp.137-155
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    • 1999
  • The purpose of this study was to assess the effect of sex education on knowledge and attitude related to sex. The subjects were taken from by 199 students in 3 classes from 1st grade in H girl's junior high school as the study group, and 2 classes from 1st grade in S girl's junior high school as control group. During the survey period(September 21, 1998 to September 30, 1998), 6 times in terms of one-hour class for sex education were taught to the study group. A pre-test was executed on September 19, 1998 and the post-test on September 30. The findings were as follows. 1. According to the research, 20.1% of the subjects have experienced sex education from parents and 89.9% from teacher. They have mostly obtained the sex-related information from teachers(59.8%), following movie, radio, TV, or video tape(40.7%), friends(35.2%), reading materials such as books, cartoons, news papers and magazines(31.7%), parents(15.6%), siblings(7.0%), PC(1.5%) and telephone service(1.5%). 2. 27.1% of the subjects reported that they had sex-related worry concerning from friendship with the opposite sex, following physiological phenomenon(31.5%), sex violence(11.1%), physical characteristics(7.4%), VD and contraception(5.6%), sexual impulse(5.6%), pregnancy and delivery(5.5%), and sexual behaviour(3.7%). The research showed that the adolescents usually solved their problems through the consultation with theifriends(44.4%). However, 16.7% of the subjects were turned out not to request any solution. The other minor routes to settle their problems were written materials such as books, magazines(13.0%), parents(13.0%), movie, radio, TV, or video tape(5.5%), acquainted female elders(3.7%) and teachers(3.7%). 3. The most interesting part regarding sex was the friendship with the opposite sex(61.8%), following adolescent's emotion(55.8%), physiological differences between two genders(52.8%), AIDS(48.7%), VD(46.7%), pregnancy(45.2%), contraception(45.2%), abortion(41.7%), intercourse(41.7%), masturbation(41.2%), sex violence(41.2%) and genital structure and secondary sexual characteristics(28.6%). 4. In regard to characteristics of the subjects influencing sex-related knowledge, the higher educational career of mother, living with at least either parent and the experience of sex education by teachers were statistically significant factors(p〈0.05). 5. In regard to characteristics of the subjects influencing attitudes toward sex, the experience of sex education by parents or teachers was a statistically significant factor(p〈0.05). 6. The analysis of knowledge score comparing results before and after sex education showed that control group's score decreased from 12.5 to 12.44 while the study group's score increased from 12.33 to 21.31, which was statistically significant(p〈0.001). 7. The analysis of the attitude scores before and after sex education showed that the control group's score slightly increased from 55.57 to 56.36, while the study group's score increased from 54.79 to 61.95, which was statistically significant(p〈0.001). 8. The level of sex-related concerns of the study group after sex education marked both the increase in some items and the decrease in others. 9. Most instructive session among the sex education was the third “to be a good friend to the opposite sex”(27.0%).

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Independent Production Routines and Environmental Changes In 'Comprehensive Programming Television Channels' in Korea Focusing on Interviews with Independent Producers, Broadcast Writers and Individuals Involved with the TV Channels (종합편성채널의 독립제작 환경과 관행에 관한 연구 독립PD, 작가 및 종합편성채널 관계자 심층인터뷰를 중심으로)

  • Choi, Sun Young;Han, Hee Jeong
    • Korean journal of communication and information
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    • v.73
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    • pp.56-91
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    • 2015
  • This study examined changes in the independent production environment in the perspectives from flexible specialization of labor and media routines since January 2011, when comprehensive programming television channels (JTBC, MBN, Channel A, TV Chosun) emerged in Korea. In-depth interviews were conducted with thirteen individuals, including producers from independent production companies, broadcast writers, and individuals involved with these TV channels. The interview results indicated that a flexible specialization production system had been established by the comprehensive programming channels. This means that they were heavily dependent on independent producers, except in relations to their own news programs. Moreover, it was identified that the production of diverse programs could be difficult due to absurd contract practices such as those related to TV ratings and performance systems. Second, these channels have implemented some positive changes such as the payment of higher production costs and an incentive system, compared to terrestrial TV stations. However, the incentive system also helps to aggravate internal competition in the channel and also instigate contract competitions among independent companies, which can eventually result in the channels for holding exclusive rights to certain content and, hence, unfair business practices. Third, as a result of the newspaper and broadcast cross-owenership system of the comprehensive programming channels, hierarchical independent production practices can be established under the influence of newspaper proprietors and executives or managers who have previously worked for newspapers. Lastly, as a result of interviews with independent producers and individuals involved with the TV channels concerning the awareness of comprehensive programming channels, it could not be ascertained whether it is difficult to produce programs dealing with diverse items and genres, because programming autonomy has been distorted by capital or the advertisement market. In this circumstance, it is not surprising that some comprehensive programming channels mentioned that they prioritize profit and performance in programming. In conclusion, it is absolutely imperative that complementary and legal measures be implemented institutionally in order to redress the existing systematic dysfunctional routines in the independent productions of the comprehensive programming TV channels in Korea.

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WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • The Korean Journal of Financial Studies
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    • v.3 no.1
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    • pp.233-265
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    • 1996
  • We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

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