• 제목/요약/키워드: Public Information

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주가지수선물에 있어 외국인의 하루중 정보효과에 관한 연구 (The Information Effect on Foreigner's Intraday in Stock Index Futures)

  • 신연수
    • 정보학연구
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    • 제1권2호
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    • pp.181-193
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    • 1998
  • 주가지수선물거래에 있어 외국인의 투자제한이 완전히 철폐된 상태이고, 특히 이들 거래가 우리나라 기관투자자 뿐만 아니라 일반개인에게까지 정보의 주도자로써 미치는 영향이 클 수밖에 없다. 그래서 이들 외국인이 우리나라 선물시장에서 과연 어떠한 거래를 하고 있는 지에 대하여 비거주외국인은행, 비거주외국인증권회사, 비거주외국인계약형투신, 비거주외국인기타법인, 거주외국인증권회사로 구체화시켜 분석하였다. 이 논문은 외국인의 하루중 투자가 어떠한 패턴을 그리고 있으며 특히 이들 외국인간의 정보유입에 따른 시간대별 유의적인 차이를 보이고 있는지에 대하여 실증분석하였다.

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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
    • 재무관리논총
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    • 제3권1호
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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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Efficient Certificate-Based Proxy Re-encryption Scheme for Data Sharing in Public Clouds

  • Lu, Yang
    • KSII Transactions on Internet and Information Systems (TIIS)
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    • 제9권7호
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    • pp.2703-2718
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    • 2015
  • Nowadays, public cloud storage is gaining popularity and a growing number of users are beginning to use the public cloud storage for online data storing and sharing. However, how the encrypted data stored in public clouds can be effectively shared becomes a new challenge. Proxy re-encryption is a public-key primitive that can delegate the decryption right from one user to another. In a proxy re-encryption system, a semi-trusted proxy authorized by a data owner is allowed to transform an encrypted data under the data owner's public key into a re-encrypted data under an authorized recipient's public key without seeing the underlying plaintext. Hence, the paradigm of proxy re-encryption provides a promising solution to effectively share encrypted data. In this paper, we propose a new certificate-based proxy re-encryption scheme for encrypted data sharing in public clouds. In the random oracle model, we formally prove that the proposed scheme achieves chosen-ciphertext security. The simulation results show that it is more efficient than the previous certificate-based proxy re-encryption schemes.

공공도서관의 지식정보격차해소 기여도 분석을 위한 기초 연구 (Basic Study for Analysis of Public Libraries Contribution for Resolving the Gap in Knowledge and Information)

  • 이은철;심효정
    • 한국문헌정보학회지
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    • 제42권2호
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    • pp.309-325
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    • 2008
  • 본 연구에서는 공공도서관의 새로운 역할로 제시된 지식정보격차해소의 개념 및 현황 등을 파악하고, 공공도서관이 어떤 역할을 해야 하는지 고찰해 보았으며, 기존의 통계 데이터를 활용해 공공도서관과 지방자치단체 재정자립도의 관계, 지식정보취약계층과 공공도서관 활용도 관계를 분석해 보았다. 이를 통해 공공도서관이 지식정보격차해소 역할을 강화하기 위한 방안을 모색하는데 필요한 기초적 논점을 제시하고자 하였다.

Results-oriented Culture, Performance Information Use and the Performance of Public Organizations: Evidence from Vietnam

  • CHAU, Thao Hong Phuong;LE, Truc Dinh;PHAM, Quynh Xuan
    • The Journal of Asian Finance, Economics and Business
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    • 제8권8호
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    • pp.541-552
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    • 2021
  • The purpose of this research is to investigate the mediating role of performance information use in the relationship between result-oriented culture and organizational performance. The data were collected from chief accountants and managers working in public-sector organizations in Vietnam. The analysis was based on the 197 completed questionnaires by using Partial Least Squares Structural Equation Modeling (PLS-SEM). For the test research model and hypotheses, the supporting tool is SmartPLS 3 software. Research findings show that result-oriented culture is positively associated with organizational performance, and that performance information use is a mediating mechanism that explains how a result-oriented culture leads to higher performance in public organizations. The findings of this study suggest that the results-oriented culture, not only directly improves organizational performance, but also indirectly does so by the use of performance information. This study provides evidence for theoretical understanding of the impact of result-oriented culture on the performance of public-sector organizations through performance information use, and suggests practical implications for public organizations in applying result-oriented culture to foster using performance measurement and improve organizational performance. In order to achieve good performance, public-sector organizations need to create and spread result-oriented culture and enhance the use of performance information for decision-making.

`I Only Hate Broccoli' : The Library as Place in 21st Century America

  • Wiegand, Wayne A.
    • 한국문헌정보학회지
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    • 제44권4호
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    • pp.61-74
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    • 2010
  • By taking a bottom-up "library in the life of the user" perspective rather than a top-down "user in the life of the library" perspective, this paper uses anecdotal evidence from the past and near present to examine the multiple roles the U.S. public library plays and has played as public space in the everyday lives of its patrons. By harnessing "public sphere" theory discussed in Jurgen Habermas's THE STRUCTURAL TRANSFORMATION OF THE PUBLIC SPHERE (1989) and by the examining the rich literatures on civic life and institutions that have evolved from it, the author argues that Library and Information Studies discourse has to expand its scope to include research and analysis of "library as place" from a user's perspective if it hopes to develop a deeper understanding of what the public library does for means to members of the communities in which they reside.

Survey of Algorithms and Techniques Used to Improve the Security of A Public Wi-Fi Network

  • Aloufi, Hanouf;Alsuwat, Hatim
    • International Journal of Computer Science & Network Security
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    • 제22권6호
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    • pp.194-202
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    • 2022
  • The use of public Wi-Fi has increased in recent years with many people like to spend their time outside in malls or café shops which provide public Wi-Fi for their customers. However, since the public Wi-Fi can be accessed from any device the security of public Wi-Fi plays a big role to prevent the stealing of information by an attacker with methods and techniques such as WPA, WPA2 and WPA3. However, it is well known to the attackers that these methods are not difficult to get hacked by the attacker device to take the client precious information. Some researches were done in increasing the security of public Wi-Fi each with their own different technique or algorithm to provide more secure connection to the public Wi-Fi and prevent any unauthorized user to connect to avoid stealing the data of another legal user. Theses research paper are evaluated to learn which method excel in protecting the public Wi-Fi security by giving an analysis to the methods provided by the research paper with comparing the pros and cons of each algorithm. Moreover, the research displays that there are methods to actually provide security to the public Wi-Fi with each being very different in implementation.

공공부문 정보화사업평가 - 지식경영 측면의 접근 (An Evaluation of Information Systems Services in the Public Sector: Knowledge Management Approach)

  • 임준형;명성준;김재영
    • 지식경영연구
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    • 제18권3호
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    • pp.231-246
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    • 2017
  • As an interest in the efficiency of public sector expenditures has spread across the world, Korea has operated a self-evaluation system for government projects as a part of the performance-based budget system. However, an evaluation system for public information technology project has been criticized for its lack of validity, which stems from the uniformity of performance management. This study draws insight from knowledge management literature in an attempt to address the problems with the extant performance evaluation system in public agencies. To realize benefits from IT investment, an agency needs to develop its own performance management model for information systems projects, with a focus on the interaction of IT and organizational system. The knowledge management-based framework for IT projects was verified through a case study, with which we discussed the applicability of knowledge management to the evaluation of public information systems projects.

주택평형별 거주자들의 정보화 이용 패턴 차별성 분석 : 주택관리공단의 영구.국민 임대주택을 중심으로 (An Analysis on the Discrimination of the Information Usage Pattern by Pyeong-type Tenants: Focused on Tenants between Kohom's Permanent and Temporary Public Rental Housing)

  • 고종문;김신표
    • 디지털융복합연구
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    • 제5권1호
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    • pp.117-130
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    • 2007
  • This paper examines whether there exists discrimination of the information usage pattern between tenants of permanent and temporary public rental housing in Korea. Moreover, we focus to examine on that matters between two groups, $7{\sim}12$ pyeongs and $11{\sim}24$ pyeongs that indicate permanent and temporary public rental housing respectively. The results derived in this paper can be summarized as follows: there exists statistical significance in using computer, internet, communication and broadcasting, on the other hand, insignificance in using satellite communication and telephone between them. The implication of this results shows that as widen income gap, also widen gaps in using computer and internet between them. Thus government public rental housing policy should focus to make narrow income gap to diminish information gap between those groups.

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기록정보서비스 관점에서 공공저작물 자유이용 법제화의 의미와 한계에 대한 고찰 (A Study on the Provisions in Line with the Free Use of Public Works in the Aspect of Archival Information Services)

  • 정경희
    • 한국기록관리학회지
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    • 제14권4호
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    • pp.177-198
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    • 2014
  • 본 연구는 2013년 12월 "저작권법"에 도입된 공공저작물의 자유이용 규정의 의미와 세부사항을 기록정보서비스 측면에서 분석한 결과 다음과 같은 한계가 있음을 파악하였다. 첫째, 공공저작물 자유이용규정이 적용되는 기관이 매우 제한적이어서 기록관리법 적용기관을 포괄하지 못하고 있다. 둘째, 국가, 지방자치단체, 공공기관이 생산한 업무상저작물 대다수가 미공표기록임에도 불구하고 자유이용 공공저작물이 되기 위해 공표를 요건으로 하는 것은 대상 저작물의 범위를 지나치게 제한하는 것이다. 이러한 문제점을 개선하기 위하여 각급 학교의 업무상저작물을 자유이용 범위에 포함시키고, 공표 요건을 공개요건으로 변경하는 법개정이 필요함을 제안하였다. 또한 향후 기록관리기준표나 현용 및 준현용기록의 메타데이터 표준에 저작권 관리 항목을 추가하여 기록물 등록과 동시에 저작권 정보를 관리할 것을 제안하였다.