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A Study on Information Efficiency in Stock Selection by Various Investor Type (투자자집단별 선택적 종목거래활동의 정보효율성 검증)

  • Lee, Sung-Hoon;Lee, Jung-Jin;Lee, Jae-Hyun
    • Management & Information Systems Review
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    • v.34 no.1
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    • pp.65-80
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    • 2015
  • In previous studies concerning turnover, they argue individual stock's turnover must be identical to market portfolio's turnover under one condition where 2 funds separation theorem holds. In this kind of world, all market participants hold and trade the same portfolio and this should be only market portfolio. If one's trading portfolio's shape is different from market portfolio's, this would mean he or she has an advantage over others in information and this kind of information would be private. In accordance with this theory, we develop a metric which measures how far one's trading portfolio from market's and name it as Stock Selection by Investor(SSI). We apply this measurement to the various types of investor groups classified as individual, institutional and foreign who participate in Korea stock market. To test the validity of measure, we regress price ratio on this measurement using SUR method. As a result, individual investor group shows large number in SSI, but the coefficient in regression is not significant and economically meaningless. In case of institutional investor group, the coefficient proves to be significantly negative. We can infer from this fact that their trading is somehow far from informed trading. Stock selection activity by foreign investor groups proves to be informed trading by showing significantly positive coefficient and the magnitude of coefficient is economically meaningful, especially in sell activity.

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Temporal and Spatial Variation Analysis of Suspended Solids, Ionic Contents, and Habitat Quality in the Woopo Wetland Watershed (우포늪 수계에서 부유물, 이온농도 및 서식지 특성에 대한 시 ${\cdot}$ 공간적 변이 분석)

  • Bae, Dae-Yeul;Choi, Ji-Woong;An, Kwang-Guk
    • Korean Journal of Ecology and Environment
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    • v.39 no.4 s.118
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    • pp.498-507
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    • 2006
  • The main objective of present study was to evaluate how seasonal rainfall influenced natural habitat conditions of 10 metric habitat variables along with ionic conditions and suspended solids in the Woopo Wetland during August 2002-July 2003. Largest spatial variabilities in total suspended solids (TSS) occurred during the summer monsoon and the inorganic suspended solids (ISS), expressed as a inorganic proportion of total solids, showed linearly increasing trend from the upstream to downstream. This phenomenon was mainly attributed to counter flow of turbid water from the main Nakdong-River. During the flooding, ISS : TSS ratio showed large increases (92%) in the downstream than the upstream (43%). For this reason, transparency declined (mean=0.13 m, range=0.08-0.21 m) largely in the downstream reach and thus, chlorophyll-a concentration showed low values (range: $4.2-8.6\;{\mu}g\;L^{-1}$), indicating a direct influence on primary productivity or algal growth by inorganic turbidity. In the 2nd survey, ISS averaged 4.0 mg $L^{-1}$ (3.3-4.8 mg $L^{-1}$), thus the ISS decreased by 14 fold, compared to the ISS in the 1st survey during the flooding, while organic suspended solids (OSS) values were greater than those of ISS, indicating a dominance of organic solids. This condition was similar to solid contents in the 3rd survey, but showed a large difference compared to the 4th survey during the growing season. Habitat health assessments, based on 10 metric habitat variables, showed that QHEI values were greatest in the growing season (May) than any other seasons and largest spatial variations occurred in the 2nd survey. Overall, dataset suggest that seasonal episodic flooding during the monsoon may largely contribute nutrient cycling and sediment contents in the Woopo Wetland and Topyung Stream.

Design and Implementation of Compatible Certification System of International Standard based Industrial Software (산업용 소프트웨어 국제표준 적합성 인증 시스템의 설계 및 구현)

  • Yang, Hae-Sool;Choi, Min-Yong;Park, In-Soo
    • The KIPS Transactions:PartD
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    • v.10D no.5
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    • pp.793-804
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    • 2003
  • In the latest, it's increasing an applied technology to be related with growth of industry circles. It's one of them a software to be used in industry circles. and It's most important part to apply an industrial equipment, so software to take charge of major part is indicative performance of quipment. At this time, it's inspired an evaluation and measurement of software quality to have within industrial equipment, and it's forming the research and development by the inside and outside of the country. For this, it's constructed a valuation metric to be based on ISO/IEC 12119, the International Standard for general the terms desired of quality of software and ISO/IEC 9126-2, the International Standard of the terms valuation of qualify for evaluation and measure, and for this accomplishment, It has been designed and developed industrial software international standard compatible approval system which approve a quality based on quality test result of industrial software using the ISO/IEC 14598-6 that international standard for organization of evaluation module.

The Consensus String Problem based on Radius is NP-complete (거리반경기반 대표문자열 문제의 NP-완전)

  • Na, Joong-Chae;Sim, Jeong-Seop
    • Journal of KIISE:Computer Systems and Theory
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    • v.36 no.3
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    • pp.135-139
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    • 2009
  • The problems to compute the distances or similarities of multiple strings have been vigorously studied in such diverse fields as pattern matching, web searching, bioinformatics, computer security, etc. One well-known method to compare multiple strings in the given set is finding a consensus string which is a representative of the given set. There are two objective functions that are frequently used to find a consensus string, one is the radius and the other is the consensus error. The radius of a string x with respect to a set S of strings is the smallest number r such that the distance between the string x and each string in S is at most r. A consensus string based on radius is a string that minimizes the radius with respect to a given set. The consensus error of a string with respect to a given set S is the sum of the distances between x and all the strings in S. A consensus string of S based on consensus error is a string that minimizes the consensus error with respect to S. In this paper, we show that the problem of finding a consensus string based on radius is NP-complete when the distance function is a metric.

Elaborate Image Quality Assessment with a Novel Luminance Adaptation Effect Model (새로운 광적응 효과 모델을 이용한 정교한 영상 화질 측정)

  • Bae, Sung-Ho;Kim, Munchurl
    • Journal of Broadcast Engineering
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    • v.20 no.6
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    • pp.818-826
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    • 2015
  • Recently, objective image quality assessment (IQA) methods that elaborately reflect the visual quality perception characteristics of human visual system (HVS) have actively been studied. Among those characteristics of HVS, luminance adaptation (LA) effect, indicating that HVS has different sensitivities depending on background luminance values to distortions, has widely been reflected into many existing IQA methods via Weber's law model. In this paper, we firstly reveal that the LA effect based on Weber's law model has inaccurately been reflected into the conventional IQA methods. To solve this problem, we firstly derive a new LA effect-based Local weight Function (LALF) that can elaborately reflect LA effect into IQA methods. We validate the effectiveness of our proposed LALF by applying LALF into SSIM (Structural SIMilarity) and PSNR methods. Experimental results show that the SSIM based on LALF yields remarkable performance improvement of 5% points compared to the original SSIM in terms of Spear rank order correlation coefficient between estimated visual quality values and measured subjective visual quality scores. Moreover, the PSNR (Peak to Signal Noise Ratio) based on LALF yields performance improvement of 2.5% points compared to the original PSNR.

Development of Java/VRML-based 3D GIS's Framework and Its Prototype Model (Java/VRML기반 3차원 GIS의 기본 구조와 프로토타입 모델 개발)

  • Kim, Kyong-Ho;Lee, Ki-Won;Lee, Jong-Hun
    • Journal of Korean Society for Geospatial Information Science
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    • v.6 no.1 s.11
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    • pp.11-17
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    • 1998
  • Recently, 3D GIS based on 3D geo-processing methodology and Internet environment are emerging issues in GIS fields. To design and implement 3D GIS, the strategic linkage of Java and VRML is first regarded: 3D feature format definition in the passion of conventional GIS including aspatial attributes, 3B feature indexing, 3D analytical operators such as selection, buffering, and Near, Metric operation such as distance measurement and statistical description, and 3D visualization. In 3D feature format definition, the following aspects are implemented: spatial information for 3D primitives extended from 2D primitives, multimedia data, object texture or color of VRML specification. DXF-format GIS layers with additional attributes are converted to 3D feature format and imported into this system. While, 3D analytical operators are realized in the form of 3D buffering with respect to user-defined point, line, polygon, and 3D objects, and 3D Near functions; furthermore, 'Lantern operator' is newly introduced in this 3D GIS. Because this system is implemented by Java applet, any client with Java-enable browser including VRML browser plug-in can utilize the new style of 3D GIS function in the virtual space. Conclusively, we present prototype of WWW-based 3D GIS, and this approach will be contribute to development of core modules on the stage of concept establishment and of real application model in future.

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Analysis of the Relationship between a Batter's Performance and Discomfort Index using Big Data: focusing on the Number of Pitches and On Base Percentage (빅데이터를 활용한 타자의 출루 관련 경기력과 불쾌지수의 관계 분석 : 투구 수 유도와 출루율을 중심으로)

  • Kim, Semin;You, Kangsoo
    • Journal of Industrial Convergence
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    • v.18 no.4
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    • pp.61-66
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    • 2020
  • Recently, attempts have been made to use data to operate games, seasons, and teams in professional baseball. Therefore, in this study, we collected baseball game records and analyzed the relationship between on-base rate and pitching count induction, and this was defined as the third record for non-game factors such as discomfort index, which includes the weather application data. When the discomfort index was over 75, the pitcher's induction of pitching was high, and when the discomfort index was less than 69.9, the on-base rate was high, but when the discomfort index was 70 or more and less than 75, the batter's on-base performance was the lowest. Through the results of the study, it could be inferred that the discomfort index, the batter's on-base rate, and the number of induction pitches are related, and that it is highly likely to be related to the pitcher's performance. Through this study, we could see the possibility of defining a cumulative/ratio record defined as the primary record and a saver metric defined as the secondary record, and a third, tertiary record linking data outside the game.

Software Development for Optimal Productivity and Service Level Management in Ports (항만에서 최적 생산성 및 서비스 수준 관리를 위한 소프트웨어 개발)

  • Park, Sang-Kook
    • Journal of Navigation and Port Research
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    • v.41 no.3
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    • pp.137-148
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    • 2017
  • Port service level is a metric of competitiveness among ports for the operating/managing bodies such as the terminal operation company (TOC), Port Authority, or the government, and is used as an important indicator for shipping companies and freight haulers when selecting a port. Considering the importance of metrics, we developed software to objectively define and manage six important service indicators exclusive to container and bulk terminals including: berth occupancy rate, ship's waiting ratio, berth throughput, number of berths, average number of vessels waiting, and average waiting time. We computed the six service indicators utilizing berth 1 through berth 5 in the container terminals and berth 1 through berth 4 in the bulk terminals. The software model allows easy computation of expected ship's waiting ratio over berth occupancy rate, berth throughput, counts of berth, average number of vessels waiting and average waiting time. Further, the software allows prediction of yearly throughput by utilizing a ship's waiting ratio and other productivity indicators and making calculations based on arrival patterns of ship traffic. As a result, a TOC is able to make strategic decisions on the trade-offs in the optimal operating level of the facility with better predictors of the service factors (ship's waiting ratio) and productivity factors (yearly throughput). Successful implementation of the software would attract more shipping companies and shippers and maximize TOC profits.

The Study on the Risk Predict Method and Government Funds Supporting for Small and Medium Enterprises (로짓분석을 통한 중소기업 정책자금 지원의 위험예측력에 대한 연구)

  • Choi, Chang-Yeoul;Ham, Hyung-Bum
    • Management & Information Systems Review
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    • v.28 no.3
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    • pp.1-23
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    • 2009
  • Prior bankruptcy studies have established that bankrupt firm's pre-filing financial ratios are different from those of healthy firms or of randomly selected going concerns. However, they may not be sufficiently different from the financial ratios of other firms in financial distress to allow the development of a ratio-based model that predicts bankruptcy with reasonable accuracy. As the result, in the multiple discriminant model, independent variables divided firms into bankrupt firms and healthy firms are retained earnings to total asset, receivable turnover, net income to sales, financial expenses, inventory turnover, owner's equity to total asset, cash flow to current liability, and current asset to current liability. Moreover four variables Retained earnings to total asset, net income to sales, total asset turnover, owner's equity to total asset indicate that these valuables classify bankrupt firms and distress firms. On the other hand, Owner's Equity to borrowed capital, Ordinary income to Net Sales, Operating Income to Total Asset, Total Asset Turnover and Inventory Turnover are selected to predict bankruptcy possibility in the Logistic regression model.

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An Optimized Deployment Mechanism for Virtual Middleboxes in NFV- and SDN-Enabling Network

  • Xiong, Gang;Sun, Penghao;Hu, Yuxiang;Lan, Julong;Li, Kan
    • KSII Transactions on Internet and Information Systems (TIIS)
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    • v.10 no.8
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    • pp.3474-3497
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    • 2016
  • Network Function Virtualization (NFV) and Software Defined Networking (SDN) are recently considered as very promising drivers of the evolution of existing middlebox services, which play intrinsic and fundamental roles in today's networks. To address the virtual service deployment issues that caused by introducing NFV or SDN to networks, this paper proposes an optimal solution by combining quantum genetic algorithm with cooperative game theory. Specifically, we first state the concrete content of the service deployment problem and describe the system framework based on the architecture of SDN. Second, for the service location placement sub-problem, an integer linear programming model is built, which aims at minimizing the network transport delay by selecting suitable service locations, and then a heuristic solution is designed based on the improved quantum genetic algorithm. Third, for the service amount placement sub-problem, we apply the rigorous cooperative game-theoretic approach to build the mathematical model, and implement a distributed algorithm corresponding to Nash bargaining solution. Finally, experimental results show that our proposed method can calculate automatically the optimized placement locations, which reduces 30% of the average traffic delay compared to that of the random placement scheme. Meanwhile, the service amount placement approach can achieve the performance that the average metric values of satisfaction degree and fairness index reach above 90%. And evaluation results demonstrate that our proposed mechanism has a comprehensive advantage for network application.