• 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.

• Asia pacific journal of information systems
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• v.20 no.1
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• pp.127-140
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• 2010

The benefit that a consumer derives from the use of a good often depends on the number of other consumers purchasing the same goods or other compatible items. This property, which is known as network externality, is significant in many IT related industries. Over the past few decades, network externalities have been recognized in the context of physical networks such as the telephone and railroad industries. Today, as many products are provided as a form of system that consists of compatible components, the appreciation of network externality is becoming increasingly important. Network externalities have been extensively studied among economists who have been seeking to explain new phenomena resulting from rapid advancements in ICT (Information and Communication Technology). As a result of these efforts, a new body of theories for 'New Economy' has been proposed. The theoretical bottom-line argument of such theories is that technologies subject to network effects exhibit multiple equilibriums and will finally lock into a monopoly with one standard cornering the entire market. They emphasize that such "tippiness" is a typical characteristic in such networked markets, describing that multiple incompatible technologies rarely coexist and that the switch to a single, leading standard occurs suddenly. Moreover, it is argued that this standardization process is path dependent, and the ultimate outcome is unpredictable. With incomplete information about other actors' preferences, there can be excess inertia, as consumers only moderately favor the change, and hence are themselves insufficiently motivated to start the bandwagon rolling, but would get on it once it did start to roll. This startup problem can prevent the adoption of any standard at all, even if it is preferred by everyone. Conversely, excess momentum is another possible outcome, for example, if a sponsoring firm uses low prices during early periods of diffusion. The aim of this paper is to analyze the dynamics of the adoption process in markets exhibiting network effects by focusing on two factors; switching and agent heterogeneity. Switching is an important factor that should be considered in analyzing the adoption process. An agent's switching invokes switching by other adopters, which brings about a positive feedback process that can significantly complicate the adoption process. Agent heterogeneity also plays a important role in shaping the early development of the adoption process, which has a significant impact on the later development of the process. The effects of these two factors are analyzed by developing an agent-based simulation model. ABM is a computer-based simulation methodology that can offer many advantages over traditional analytical approaches. The model is designed such that agents have diverse preferences regarding technology and are allowed to switch their previous choice. The simulation results showed that the adoption processes in a market exhibiting networks effects are significantly affected by the distribution of agents and the occurrence of switching. In particular, it is found that both weak heterogeneity and strong network effects cause agents to start to switch early and this plays a role of expediting the emergence of 'lock-in.' When network effects are strong, agents are easily affected by changes in early market shares. This causes agents to switch earlier and in turn speeds up the market's tipping. The same effect is found in the case of highly homogeneous agents. When agents are highly homogeneous, the market starts to tip toward one technology rapidly, and its choice is not always consistent with the populations' initial inclination. Increased volatility and faster lock-in increase the possibility that the market will reach an unexpected outcome. The primary contribution of this study is the elucidation of the role of parameters characterizing the market in the development of the lock-in process, and identification of conditions where such unexpected outcomes happen.

• Asian Journal of Turfgrass Science
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• v.21 no.1
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• pp.23-37
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• 2007

This study was carried out to investigate the characteristics of root growth in Kentucky bluegrass sod(KBS) and creeping bentgrass sod(BGS) transplanted in summer(August 9) and fall(September 19), respectively. Hydroponic system was also used to observe rooting development in the study. Root development differed in KBS by transplanting time. It reached to more than 5 cm after 100 days In summer and 50 days in fall. However, BGS's root grew over 6cm after 40 days, regardless of the season. There was no significant differences in BGS, regardless of any cutting treatment. In the case of KBS, it was best with sod culled with 0.5cm deep and 1.5cm long. But it grew beyond 5 cm in root growth under any treatment after 40 days in transplanting. In a hydroponic study, BGS produced root over 100cm for 80 days through a summer season. However, the root of KBS did only grow in condition below $20^{\circ}C$. These results indicated that root growth characteristics were variable in BGS and KBS. It was considered that rooting development of BGS might be improved with sufficient irrigation in summer, and KBS grows well in lower temperature of $10{\sim}18^{\circ}C$, as compared with BGS. As to establishing the lawn with a sodding method, it should be careful in transplanting time, especially KBS.

• Korean Journal of Heritage: History & Science
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• v.40
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• pp.307-323
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• 2007

One of the distinguishing features of late Jeosun s Hanshi (poem in Chinese) is the numerous creation of Yeonjachyung Keesokshi (serial poem on folklore) which describes the folk manner and folk way of life in detail. Keesokshi s subject matter is the folklike in general including local features, geography, climate, local production, humanity, social conducts, and daily labor for living as well. By its material characteristics, Keesokshi reflects detailed life conditions of the society members in each levels, and represents the local customs as well as the folk emotions. Among the several kinds of Keesokshis, a Sesi Keesokshi focuses only in reciting the folk customs on each seasonal festival days, and the great numbers of such serial poems appear during the latter part of the Jeosun Dynasty. Its overall background is the transition of artistic trend which came after many social changes such as expansion of realism, uprising national consciousness, shaken status system, and the rising of 'Jeosun si motives in the Hansi history. Moreover, each writers various experiences and their interests in the reality and critical minds of common people contributed a crucial roll in creation of Sesi Keesokshi. 178 of the 584 remaining serial Sesi Keesokshi are written particularly about the folk customs in The Grand Full Moon Festival (the first full moon of a year by the lunar calendar). These Hanshis widely reflect the common ways of living by directly accepting the seasonal folk customs as the subject matters. Especially, close to the reality, these poems positively express the people's simple vigorous lives and create unrestrained lively image by describing the joys and sorrows of the folk ewistence along with their craving. Also, it is notable to have customs such as 'Shil-Ssa-Um' and 'No-gu-ban-kong-yang' as subjects for its rarity in other literatures.

• Korean Journal of Heritage: History & Science
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• v.40
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• pp.271-306
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• 2007

One of the distinguishing features of late Jeosun's Hanshi (poem in Chinese) is the numerous creation of Yeonjachyung Keesokshi (serial poem on folklore) which describes the folk manner and folk way of life in detail. Keesokshi's subject matter is the folklike in general including local features, geography, climate, local production, humanity, social conducts, and daily labor for living as well. By its material characteristics, Keesokshi reflects detailed life conditions of the society members in each levels, and represents the local customs as well as the folk emotions. Among the several kinds of Keesokshis, a Sesi Keesokshi focuses only in reciting the folk customs on each seasonal festival days, and the great numbers of such serial poems appear during the latter part of the Jeosun Dynasty. Its overall background is the transition of artistic trend which came after many social changes such as expansion of realism, uprising national consciousness, shaken status system, and the rising of 'Jeosunsi' motives in the Hansi history. Moreover, each writer's various experiences and their interests in the reality and critical minds of common people contributed a crucial roll in creation of Sesi Keesokshi. 178 of the 584 remaining serial Sesi Keesokshi are written particularly about the folk customs in The Grand Full Moon Festival (the first full moon of a year by the lunar calendar). These Hanshis widely reflect the common ways of living by directly accepting the seasonal folk customs as the subject matters. Especially, close to the reality, these poems positively express the people's simple vigorous lives and create unrestrained lively image by describing the joys and sorrows of the folk existence along with their craving. Also, it is notable to have customs such as 'Shil-Ssa-Um' and 'No-gu-ban-kong-yang' as subjects for its rarity in other literatures.