• Journal of the Korean Geographical Society
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• v.30 no.2
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• pp.169-187
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• 1995

Contemporary US metropolitan areas have undergone divergent economic transformation, and as a result labor markets have become the focus of concern in their role as determinants of earnings attainment. Explanations of individual earnings attainmnent as a lobor market outcome have been established in two diafferent stances one who emphasizes personal or group attributes in the human capital perspective and the other who emphasizes economic structure in the labor market segmentation perspective. While remaining at the conceptual level and yet relatively unexplored, the importance of place in labormarket operation is a significant advancement as it appears in labor market areas and local labor markets considering that labor market areas represent the intersection of labor market structure and individual labor market experiences at specific geographic places. The substantive inquiry of this study was to explore labor market characteristics and their differentiation across large metropolitan areas, and assess their effects on the individual earnings attainment. Integating individual attributes and labor market characteristics as major factors of labor market operation, this study intended to contextualize individual earnings attainment with geographic labor market areas. Using 1990 US population census 5% "Public-Use Microdata Samples, " the largest 65 metropolitan areas were first selected and employed male workers who are aged between 25 and 50 for whites, blacks, asians, and hispanics. As an initial step earnings differentials between racial/ethnic groups and selected 65 metropolitan areas were examined using analysis of variance, and then earnings differentials were attributed to the individual attributes such as education, age, and immigration status, and four dimensions of metropolitan labor market differentiation devised by principal component analysis of industrial and occupational segments: Public versus Blue Collar Core(CS1), Finance-Core Utility versus Blue Collar Local Monopoly (CS2), Oligopoly versus Blue Collar Periphery(CS3), and Self Employed-White Collar Periphery versus Low-Skill Core(CS4). As a final analysis, individual earnings were related to each individual attribute and its interaction with metropolitan labor market characteristics to examine how the differentiated metropolitan labor market characteristics alter the role of individual attributes on earnings attainment. The findings indicated that individual attributes, education in particular exert significant effects on earnings attainment, but their effects were significantly altered by metropolitan labor market characterristics. Particularly important dimensions were: Oligopoly differentiated from Blue Colla Periphery metropolitan areas enhancing earnings returns to individual attributes for all groups but minority groups (black, asians, hispanics) rely more on this, and Finance-Core Utility differentiated from Blue Collar Local Monopoly metropolitan areas provide higher earnings returns to whites exclusively. These findings suggest that individuals with identical individual attributes involving racial/ethnic categories would have different earnings atteinments depending on the metropolitan labor market characteristics where they reside. Referring back to the major traditions of the human capital and the labor market segmentation in labor market research, the interaction between individual attributes and metropolitan labor market haracteristics on earnings attainment highlights the complimentary nature of the two on earnings determination in particular geographic places, Hence, labor market characteristics differentiatcd across metropolitan areas are an integral part of labor market operation which should be considered for the explanation of individual earnings attainment and racial/ethnic group earnings differentials. Gcographic places are the important contexts for labor market segmentation and individual labor market experiences. In conclusion, this study brings geographic labor markets to the forefront in the examination of individuals' earnings attainments. The empirical vaidation of the role of metropolitan labor market charecteristics on earnings attainment, while exploratory contributes towards a broader perspective of geographic labor market research that recognizes that individuals' labor market experiences are intertwined with geographic contexts of labor market operatin. operatin.

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

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

• Asia pacific journal of information systems
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• v.19 no.2
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• pp.195-221
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• 2009

According to an industry report, a large number of organizations have invested in Organizational Information System(OIS) in the past few years. Several research results indicate that successful investments in OIS lead to productivity enhancement, while failed ones result in undesirable consequences such as financial losses and dissatisfaction among employees. In spite of huge investments, however, many organizations have failed in achieving the hoped-for returns from OIS. Thus, understanding user acceptance, adoption, and usage of new IS(Information Systems) is an important issue for IS practitioners. Indeed, study of the user acceptance of new information system has been one of the most important research topics in the contemporary IS literature. Several theoretical models are tested to examine 'user acceptance' and 'usage behavior' in IS context. While many research models incorporate 'ease of use' or 'usefulness' as important factors in explaining user acceptance, Technology Acceptance Model(TAM) has been one of the most widely applied models in user acceptance and usage behavior. Even in recent IS studies that employ theories of innovation diffusion in the area of IS implementation, a major focus has been on the user's perception of information technologies. In this research, we study 'voluntariness' as an important factor in IS acceptance by users. Voluntariness is defined as "the degree to which the use of the innovation is perceived as being voluntary, or of free will" When examining the diffusion of accepting OIS, a thoughtful consideration should be given to 'perceived voluntariness.' Current article has following research questions: 1) What models are appropriate to explain the success of OIS? and 2) How does the 'voluntariness' affect the success of OIS? In order to answer these questions, a research model is proposed to describe the detailed nature of association among three independent variables (IT usage level, task interdependency, and organizational support), a mediating variable (IS usage), a dependent variable (perceived performance), and a moderating variable(perceived voluntariness). The central claim of this article is that organizations hardly realize expected returns from OIS investments unless perceived voluntariness is effectively managed after operating OIS. As an example of OIS in this study we have selected the Intranet of Republic of Korea Air Force (ROKAF). ROKAF has implemented the Intranet in an attempt to improve communication and coordination within the organization. To test our research model and hypotheses, survey questionnaires were first sent out to 400 Intranet users. With the assistance of ROKAF, Intranet users were initially identified among its members, and subjects were randomly drawn from the pool. 377 survey responses were finally returned. The unit of measurement and analysis in this research is a personal level. Path analysis based on structural equation modeling was used to test research hypotheses. Construct validity represents accordance between the theoretical base concept of constructs and its measurement items. Tests for the reliability and discriminant validity are accepted, thus verifying our survey instrument. In this research, we have proposed a conceptual framework to highlight the importance of perceived voluntariness after organization deploys OIS. The results of our analysis present several key finding. First, all three independent variables (IT usage level, task interdependency, and organizational support) have significant effects on IS usage, which will eventually improve performance. Thus, IS usage plays a mediating role between antecedent variables (IT usage level. task interdependency, and organizational support) and performance improvement. Second, the effect of the task dependency was the highest for IS usage among the three antecedent variables. This is highly plausible since one of the Intranet's major capabilities is to facilitate communication among members within an organization. Accordingly, we conclude that the higher the task dependency, the higher Intranet usage. The effect of user's IT usage level was the second, while the effect of the organizational support was the third. Finally, the perceived voluntariness plays a pivotal role in enhancing perceived performance in personal level after launching the Intranet. Relationships among investigated variables were significantly different between groups with a high level and a low level of voluntariness. The impact of the Intranet usage on the performance was greater in the higher level voluntariness group than in the lower one. For the lower level voluntariness group, the user's IT usage had the highest effect on the Intranet usage among the three antecedent variables. In short, our study suggests that the higher the perceived voluntariness is the more IS usage will be. Perceived voluntariness was found to have a moderating effect on the relationships among user IT usage level, task interdependency, IS usage, and perceived performance, supporting all the hypotheses on the moderating effect. Most of all, user IT usage level has the strongest influence on IS usage, indicating that users with superior IT usage are more likely to enjoy a high level of perceived performance.

• KIPS Transactions on Software and Data Engineering
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• v.3 no.10
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• pp.441-450
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• 2014

The stock market is constantly changing and sometimes the stock prices unaccountably plummet or surge. So, the stock market is recognized as a complex system and the change on the stock prices is unpredictable. Recently, many researchers try to understand the stock market as the network among individual stocks and to find a clue about the change of the stock prices from big data being created in real time from Internet. We focus on the correlation between the stock prices and the human interactions in Internet especially in the stock message boards. To uncover this correlation, we collected and investigated the articles concerning with 57 target companies, members of KOSPI200. From the analysis result, we found that there is no significant correlation between the stock prices and the article volume, but the strength of correlation between the article volume and the stock prices is relevant to the stock return. We propose a new method for recommending stock portfolio base on the result of our analysis. According to the simulated investment test using the article data from the stock message boards in 'Daum' portal site, the returns of our portfolio is about 1.55% per month, which is about 0.72% and 1.21% higher than that of the Markowitz's efficient portfolio and that of the KOSPI average respectively. Also, the case using the data from 'Naver' portal site, the stock returns of our proposed portfolio is about 0.90%, which is 0.35%, 0.40%, and 0.58% higher than those of our previous portfolio, Markowitz's efficient portfolio, and KOSPI average respectively. This study presents that collective human behavior on Internet stock message board can be much helpful to understand the stock market and the correlation between the stock price and the collective human behavior can be used to invest in stocks.

• 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.

• Journal of Korean Society of Forest Science
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• v.87 no.4
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• pp.519-527
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• 1998

An economic study of vegetation control to increase production of Songyi (Korean name far pine mushroom, matsutake, Tracholoma matsutake (S. Ito & Imai) Sing.) in red pine (Panes densiflora) stands in Korea was undertaken. In Korea, Songyi grows only in red pine stands. Harvest of this mushroom provides a significant income source to rural people in Korea yielding exports of US$20 million to US$80 million per year. However, hypogeous Songyi colonies and the mushroom production are declining, partly because shade tolerant species are succeeding the shade intolerant red pine. Past research says that it is possible to deep Songyi production increasing by controlling under-story vegetation. But few people are wilting to invest in the necessary control. Our analysis found that the economics of vegetation control appear to be quite favorable, showing an internal rate of return (IRR) of 20.7 percent in 15 years. However, positive returns do not occur for at least eight years and even then, the returns may not appear to the landowner to be a result of vegetation control efforts only because the mushroom production has been greatly variable depending on weather conditions. In a sensitivity analysis, it was found that the number of circular mushroom colonies was critically important for the cash flow. Results of this analysis are also sensitive to assumptions about annual growth length(0.16m radial growth=1.0m/circular length growth) of Songyi colony. However, the primary goal of vegetation control should be to keep the young colonies growing. Further research in the behavior of hypogeous Songyi colonies after vegetation control would help to improve our confidence in the results.

• Korea journal of population studies
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• v.19 no.2
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• pp.107-137
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• 1996

Under-utilization of Korean women's education in the labor market has been observed and pointed out as a waste of valuable human resources. Although education provides women with positive returns when they work, it has been found that Korean women's education is not much related to the likelihood of women's labor force participation. This tendency cannot be explained by micro-economic theory, which says that educated women are more likely to participate in the labor force. Thus, in this analysis, a macro-level explanation is attempted to understand Korean women's economic behaviors in relation to education. Korea's rapid industrialization since 1960 has provided ample job opportunities mostly for less educated women. On the other hand, increasing demand for educated female labor has been moderate. Various restriction against women, especially married women, have prevailed in the Korean labor market. Restrictions against women and the marriage bar tend to be selectively applied to decent white-collar jobs, mostly affecting educated women. Furthermore, there has been no shortage of educated male labor due to its adequate supply. Since Korean women spend most of their adult lives in marriage, married women's low participation in the labor force is a critical factor for the low economic returns to women's education throughout their lifetime. Restriction against married women in the labor market also existed in the past of the United States and the Great Britain. However, along with the expansion of the service sector, married women in great numbers flowed into non-manual jobs. The post-1940 increase of married women in the labor force in those countries can be understood to be a result of a labor shortage for non-manual jobs. Also in Taiwan, which shares many common cultural and economic backgrounds with Korea, the marriage bar has been in decline since the late 1970s, along with an increasing demand for female labor in the service sector. In sum, the changes in the demand structure and the supply of educated male labor force will contribute to the lift of the marrige bar in Korea.

• Journal of Intelligence and Information Systems
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• v.20 no.3
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• pp.133-149
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• 2014

One of the main purposes of universities is to create new intellectual resources that will increase social values. These intellectual resources include academic research papers, lecture notes, patents, and creative ideas produced by both professors and students. However, intellectual resources in universities are often not distributed to the actual users or companies; and moreover, they are not even systematically being managed inside of the universities. Therefore, it is almost impossible for companies to access the knowledge created by university students and professors to utilize them. Thus, the current level of knowledge sharing between universities and industries are very low. This causes a great extravagant with high-quality intellectual and human resources, and it leads to quite an amount of social loss in the modern society. In the 21st century, the creative ideas are the key growth powers for many industries. Many of the globally leading companies such as Fedex, Dell, and Facebook have established their business models based on the innovative ideas created by university students in undergraduate courses. This indicates that the unconventional ideas from young generations can create new growth power for companies and immensely increase social values. Therefore, this paper suggests of a new platform for intellectual properties distribution with university-industry cooperation. The suggested platform distributes intellectual resources of universities to industries. This platform has following characteristics. First, it distributes not only the intellectual resources, but also the human resources associated with the knowledge. Second, it diversifies the types of compensation for utilizing the intellectual properties, which are beneficial for both the university students and companies. For example, it extends the conventional monetary rewards to non-monetary rewards such as influencing on the participating internship programs or job interviews. Third, it suggests of a new knowledge map based on the relationships between key words, so that the various types of intellectual properties can be searched efficiently. In order to design the system platform, we surveyed 120 potential users to obtain the system requirements. First, 50 university students and 30 professors in humanities and social sciences departments were surveyed. We sent queries on what types of intellectual resources they produce per year, how many intellectual resources they produce, if they are willing to distribute their intellectual properties to the industries, and what types of compensations they expect in returns. Secondly, 40 entrepreneurs were surveyed, who are potential consumers of the intellectual properties of universities. We sent queries on what types of intellectual resources they want, what types of compensations they are willing to provide in returns, and what are the main factors they considered to be important when searching for the intellectual properties. The implications of this survey are as follows. First, entrepreneurs are willing to utilize intellectual properties created by both professors and students. They are more interested in creative ideas in universities rather than the academic papers or educational class materials. Second, non-monetary rewards, such as participating internship program or job interview, can be the appropriate types of compensations to replace monetary rewards. The results of the survey showed that majority of the university students were willing to provide their intellectual properties without any monetary rewards to earn the industrial networks with companies. Also, the entrepreneurs were willing to provide non-monetary compensation and hoped to have networks with university students for recruiting. Thus, the non-monetary rewards are mutually beneficial for both sides. Thirdly, classifying intellectual resources of universities based on the academic areas are inappropriate for efficient searching. Also, the various types of intellectual resources cannot be categorized into one standard. This paper suggests of a new platform for the distribution of intellectual materials and human resources, with university-industry cooperation based on these survey results. The suggested platform contains the four major components such as knowledge schema, knowledge map, system interface, and GUI (Graphic User Interface), and it presents the overall system architecture.

• Journal of Intelligence and Information Systems
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• v.27 no.1
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• pp.103-128
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• 2021

Recently, investors' interest and the influence of stock-related information dissemination are being considered as significant factors that explain stock returns and volume. Besides, companies that develop, distribute, or utilize innovative new technologies such as artificial intelligence have a problem that it is difficult to accurately predict a company's future stock returns and volatility due to macro-environment and market uncertainty. Market uncertainty is recognized as an obstacle to the activation and spread of artificial intelligence technology, so research is needed to mitigate this. Hence, the purpose of this study is to propose a machine learning model that predicts the volatility of a company's stock price by using the internet search volume of artificial intelligence-related technology keywords as a measure of the interest of investors. To this end, for predicting the stock market, we using the VAR(Vector Auto Regression) and deep neural network LSTM (Long Short-Term Memory). And the stock price prediction performance using keyword search volume is compared according to the technology's social acceptance stage. In addition, we also conduct the analysis of sub-technology of artificial intelligence technology to examine the change in the search volume of detailed technology keywords according to the technology acceptance stage and the effect of interest in specific technology on the stock market forecast. To this end, in this study, the words artificial intelligence, deep learning, machine learning were selected as keywords. Next, we investigated how many keywords each week appeared in online documents for five years from January 1, 2015, to December 31, 2019. The stock price and transaction volume data of KOSDAQ listed companies were also collected and used for analysis. As a result, we found that the keyword search volume for artificial intelligence technology increased as the social acceptance of artificial intelligence technology increased. In particular, starting from AlphaGo Shock, the keyword search volume for artificial intelligence itself and detailed technologies such as machine learning and deep learning appeared to increase. Also, the keyword search volume for artificial intelligence technology increases as the social acceptance stage progresses. It showed high accuracy, and it was confirmed that the acceptance stages showing the best prediction performance were different for each keyword. As a result of stock price prediction based on keyword search volume for each social acceptance stage of artificial intelligence technologies classified in this study, the awareness stage's prediction accuracy was found to be the highest. The prediction accuracy was different according to the keywords used in the stock price prediction model for each social acceptance stage. Therefore, when constructing a stock price prediction model using technology keywords, it is necessary to consider social acceptance of the technology and sub-technology classification. The results of this study provide the following implications. First, to predict the return on investment for companies based on innovative technology, it is most important to capture the recognition stage in which public interest rapidly increases in social acceptance of the technology. Second, the change in keyword search volume and the accuracy of the prediction model varies according to the social acceptance of technology should be considered in developing a Decision Support System for investment such as the big data-based Robo-advisor recently introduced by the financial sector.

• (The) Research of the performance art and culture
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• no.23
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• pp.347-368
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• 2011

This article is a review of the composition pattern of Suryukjae, which is one of the Buddhist ceremonies, and a consideration of the performance process. As one of the ceremonies leading the dead to heaven performed in the Buddhist circle, Suryukjae had been performed in Buddhist temples nationwide, but currently, it remains only in several Buddhist temples. Suryukjae is composed as follows. First, the early part of Suryukjae is a stage of preparing Suryukjae and ensuring legitimacy; thus, it has no detailed Jaecha except for Gwanyok. It is made up of Onghoge and Dage, has no Somun, and is centered on Yojabbara. The middle part of Suryukjae is a part in which Suryukjae is performed on a full-scale, which wishes the achievement of the goal of Suryukjae. It is made up of Geobul, Dage, and Somun, and is centered on Sadaranibara. Furthermore, this part delineates the flow of the Jaecha concerned as it contains detailed Jaecha. Meanwhile, in the middle part of Suryukjae, there is only detailed Jaecha called Sajadanman Bongsong (sending off), and the rest parts including Orodan, upper part, middle part, and lower part, in which there is no detailed Jaecha called Bongsong. The fact that there is no Bongsong in this part means all Bongsong is made in Heuihyang Bongsong, which is the last Jaecha. This implies that Saja, which is enshrined in Sajadan, is the essence of the achievement of the goal of Suryukjae. Only when there is Saja, Muju, Yuju, and Gohon (the meaning of all spirits) can be led to heaven. Also, from a rough perspective, this part is connected to other Chundojae (ceremony for sending off the dead to heaven) in Korea. There is a geori(Jaecha) that calls in Saja also in Jinogigut (exorcism) of Seoul. Then, although various gods from the otherworld are coming in in succession, to which Saja enters clearly shows a process in that Saja returns to the next world with the dead through . Just as demonstrates a process in that Saja returns to the next world with the dead in Jinogigut, also in Suryukjae, Saja needs to return to the next world with Gohon; therefore, at least Sajadan has detailed Jaecha called Bongsong. That is, this means that although Suryukjae of Buddhism is different from other Chundojae in terms of the composition of Jaecha, its notion about Saja is the same.