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Does Market Performance Influence Credit Risk? (기업의 시장성과는 신용위험에 영향을 미치는가?)

  • Lim, Hyoung-Joo;Mali, Dafydd
    • The Journal of the Korea Contents Association
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    • v.16 no.3
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    • pp.81-90
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    • 2016
  • This study aims to investigate the association between stock performance and credit ratings, and credit rating changes using a sample of 1,691 KRX firm-years that acquire equity in the form of long-term bonds from 2002 to 2013. Previous U.S. literature is mixed with regard to the relation between credit ratings and stock price. On one hand, there is evidence of a positive relation between credit ratings and stock prices, an anomaly established in U.S. studies. On the other hand, the CAPM model suggests a negative relation between stock prices and credit ratings, implying that investors expect financial rewards for bearing additional risk. To our knowledge, we are the first to examine the relationship between stock price and default risk proxied by credit ratings in period t+1. We find a negative (positive) relation between credit ratings (risk) in period t+1 and stock returns in period t, suggesting that credit rating agencies do not consider stock returns as a metric with the potential to influence default risk. Our results suggest that market participants may prefer firms with higher credit risk because of expected higher returns.

Stock Assessment of Purplish Washington Clam, Saxidomus purpuratus in the Southern Coastal Waters of Korea (한국 남해안 개조개 Saxidomus purpuratus의 자원평가)

  • Kim, Yeong-Hye;Kwon, Dae-Hyeon;Lee, Dong-Woo;Chang, Dae-Soo;Kim, Jong-Bin;Kim, Seong-Tae;Ryu, Dong-Ki
    • The Korean Journal of Malacology
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    • v.23 no.1
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    • pp.31-38
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    • 2007
  • Population ecological parameters and stock biomass of the purplish washington clam, Saxidomus purpuratus (Sowerby), in the southern coastal areas of Korea were determined based on the fishery data from the Divers Fisheries Cooperative and other available biological data. Instantaneous coefficient of total mortality (Z) of purplish Washington clam was estimated to be 0.7479/year. The estimated instantaneous coefficient of natural mortality (M) was 0.2012/year. From the values of Z and M, the instantaneous coefficient of fishing mortality coefficient (F) for the recent years was calculated to be 0.4578/year. The age of purplish Washington clam at its first capture ($t_c$) was 2.7506 year. Yield-per-recruit and spawning biomass-per-recruit were estimated under harvest strategies that bases on $F_{max}$, $F_{0.1}$, $F_{35%}$ and $F_{40%}$ were shown as 81.60 g, 61.68 g, 115.07 g and 131.51 g, respectively. The acceptable biological catch (ABC) was estimated to be about 1,404 metric tons.

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Monitoring of Commercial Cephalopod Products Sold on the South Korea Market using DNA Barcode Information (DNA 바코드를 이용한 국내 유통 두족류 제품의 원재료 모니터링 연구)

  • Yu, Yeon-Cheol;Hong, Yewon;Kim, Jung Ju;Kim, Hyung Soo;Kang, Tae Sun
    • Journal of Food Hygiene and Safety
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    • v.34 no.5
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    • pp.502-507
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    • 2019
  • Cephalopods are one of the most important fishery resources in the world because of their desirable taste and nutritional value. In south Korea, one of the countries in which a large amount of seafood is consumed, cephalopods (e.g., octopus, squid, and cuttlefish) have an annual consumption rate of over 400,000 metric tons. In this study, octopus and squid products (n=28) sold on the market were monitored by analyzing sequences of DNA barcode markers (cytochrome c oxidase subunit I and 16S ribosomal RNA genes). For species identification, the NCBI BLAST database was screened with the sequences and analyzed as a query. In this BLAST search, twelve squid products showed 99-100% sequence identity to Dosidicus gigas (n=3) and Todarodes pacificus (n=9). In the case of the other 16 products that were declared using octopus as raw materials on the labels, six products were identified as Cistopus taiwanicus (n=1), Amphioctopus marginatus (n=1), Scaeurgus unicirrhus (n=1), and Dosidicus gigas (n=3). Monitoring results indicated that a significant percentage (37.5%) of mislabeling was present in octopus products sold on the South Korean market.

The Effects of Job Satisfaction, Social Support and Hope on Life Quality of Mongolian Workers: Focusing on the Mediating Effects of Hope and the Moderating Effect of the Legal Status (재한 몽골 합법·불법 이주노동자들의 직업만족도, 사회적 지지, 희망이 삶의 질에 미치는 영향: 희망의 매개효과와 체류자격의 조절효과를 중심으로)

  • Sung Ja Shin;Mijid-Ochir Otgondulam
    • Korean Journal of Culture and Social Issue
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    • v.18 no.4
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    • pp.435-462
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    • 2012
  • The predominant concern of the study centers on: (1) the direct effects of the job satisfaction, social support and hope on the individual's quality of life; (2) the direct effect of hope alone on the individual's quality life; (3) the mediating effect of the hope between the job satisfaction/social support and life quality; (4) the moderating effect of the worker's legal status(legal labors Vs. illegal labors) on each causal relationship. Research is based on a survey conducted with 453 Mongolian immigrant workers(333 legal workers, 120 illegal workers) from 10 cities including Seoul. In order for respondents to address research questions, structural equation models are explored. A variety of tests are conducted(metric invariance test, critical ratio for difference test, multi-group analysis, bias-corrected boot-strapping, latent mean analysis including Cohen's effect test). The noticeable findings are as follow: First, both job satisfaction and social support have a positive influence respectively on the individual's hope and the individual's quality of life. Second, we found a partial mediating effect of hope between both job satisfaction/social support and the individual's life quality. Third, we failed to find a moderating effect of the workers' legal status on each causal relationship. Finally, there is no significant difference of the latent means of each latent variable -job satisfaction, social support, hope, and life quality - between the legal group and the illegal group, except the latent mean of workers' quality of life. A range of practical and political implications are discussed based on the study's findings.

An Efficient Estimation of Place Brand Image Power Based on Text Mining Technology (텍스트마이닝 기반의 효율적인 장소 브랜드 이미지 강도 측정 방법)

  • Choi, Sukjae;Jeon, Jongshik;Subrata, Biswas;Kwon, Ohbyung
    • Journal of Intelligence and Information Systems
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    • v.21 no.2
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    • pp.113-129
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    • 2015
  • Location branding is a very important income making activity, by giving special meanings to a specific location while producing identity and communal value which are based around the understanding of a place's location branding concept methodology. Many other areas, such as marketing, architecture, and city construction, exert an influence creating an impressive brand image. A place brand which shows great recognition to both native people of S. Korea and foreigners creates significant economic effects. There has been research on creating a strategically and detailed place brand image, and the representative research has been carried out by Anholt who surveyed two million people from 50 different countries. However, the investigation, including survey research, required a great deal of effort from the workforce and required significant expense. As a result, there is a need to make more affordable, objective and effective research methods. The purpose of this paper is to find a way to measure the intensity of the image of the brand objective and at a low cost through text mining purposes. The proposed method extracts the keyword and the factors constructing the location brand image from the related web documents. In this way, we can measure the brand image intensity of the specific location. The performance of the proposed methodology was verified through comparison with Anholt's 50 city image consistency index ranking around the world. Four methods are applied to the test. First, RNADOM method artificially ranks the cities included in the experiment. HUMAN method firstly makes a questionnaire and selects 9 volunteers who are well acquainted with brand management and at the same time cities to evaluate. Then they are requested to rank the cities and compared with the Anholt's evaluation results. TM method applies the proposed method to evaluate the cities with all evaluation criteria. TM-LEARN, which is the extended method of TM, selects significant evaluation items from the items in every criterion. Then the method evaluates the cities with all selected evaluation criteria. RMSE is used to as a metric to compare the evaluation results. Experimental results suggested by this paper's methodology are as follows: Firstly, compared to the evaluation method that targets ordinary people, this method appeared to be more accurate. Secondly, compared to the traditional survey method, the time and the cost are much less because in this research we used automated means. Thirdly, this proposed methodology is very timely because it can be evaluated from time to time. Fourthly, compared to Anholt's method which evaluated only for an already specified city, this proposed methodology is applicable to any location. Finally, this proposed methodology has a relatively high objectivity because our research was conducted based on open source data. As a result, our city image evaluation text mining approach has found validity in terms of accuracy, cost-effectiveness, timeliness, scalability, and reliability. The proposed method provides managers with clear guidelines regarding brand management in public and private sectors. As public sectors such as local officers, the proposed method could be used to formulate strategies and enhance the image of their places in an efficient manner. Rather than conducting heavy questionnaires, the local officers could monitor the current place image very shortly a priori, than may make decisions to go over the formal place image test only if the evaluation results from the proposed method are not ordinary no matter what the results indicate opportunity or threat to the place. Moreover, with co-using the morphological analysis, extracting meaningful facets of place brand from text, sentiment analysis and more with the proposed method, marketing strategy planners or civil engineering professionals may obtain deeper and more abundant insights for better place rand images. In the future, a prototype system will be implemented to show the feasibility of the idea proposed in this paper.

A Preliminary Study for Nonlinear Dynamic Analysis of EEG in Patients with Dementia of Alzheimer's Type Using Lyapunov Exponent (리아프노프 지수를 이용한 알쯔하이머형 치매 환자 뇌파의 비선형 역동 분석을 위한 예비연구)

  • Chae, Jeong-Ho;Kim, Dai-Jin;Choi, Sung-Bin;Bahk, Won-Myong;Lee, Chung Tai;Kim, Kwang-Soo;Jeong, Jaeseung;Kim, Soo-Yong
    • Korean Journal of Biological Psychiatry
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    • v.5 no.1
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    • pp.95-101
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    • 1998
  • The changes of electroencephalogram(EEG) in patients with dementia of Alzheimer's type are most commonly studied by analyzing power or magnitude in traditionally defined frequency bands. However because of the absence of an identified metric which quantifies the complex amount of information, there are many limitations in using such a linear method. According to the chaos theory, irregular signals of EEG can be also resulted from low dimensional deterministic chaos. Chaotic nonlinear dynamics in the EEG can be studied by calculating the largest Lyapunov exponent($L_1$). The authors have analyzed EEG epochs from three patients with dementia of Alzheimer's type and three matched control subjects. The largest $L_1$ is calculated from EEG epochs consisting of 16,384 data points per channel in 15 channels. The results showed that patients with dementia of Alzheimer's type had significantly lower $L_1$ than non-demented controls on 8 channels. Topographic analysis showed that the $L_1$ were significantly lower in patients with Alzheimer's disease on all the frontal, temporal, central, and occipital head regions. These results show that brains of patients with dementia of Alzheimer's type have a decreased chaotic quality of electrophysiological behavior. We conclude that the nonlinear analysis such as calculating the $L_1$ can be a promising tool for detecting relative changes in the complexity of brain dynamics.

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A Study on Iris Recognition by Iris Feature Extraction from Polar Coordinate Circular Iris Region (극 좌표계 원형 홍채영상에서의 특징 검출에 의한 홍채인식 연구)

  • Jeong, Dae-Sik;Park, Kang-Ryoung
    • Journal of the Institute of Electronics Engineers of Korea SP
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    • v.44 no.3
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    • pp.48-60
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    • 2007
  • In previous researches for iris feature extraction, they transform a original iris image into rectangular one by stretching and interpolation, which causes the distortion of iris patterns. Consequently, it reduce iris recognition accuracy. So we are propose the method that extracts iris feature by using polar coordinates without distortion of iris patterns. Our proposed method has three strengths compared with previous researches. First, we extract iris feature directly from polar coordinate circular iris image. Though it requires a little more processing time, there is no degradation of accuracy for iris recognition and we compares the recognition performance of polar coordinate to rectangular type using by Hamming Distance, Cosine Distance and Euclidean Distance. Second, in general, the center position of pupil is different from that of iris due to camera angle, head position and gaze direction of user. So, we propose the method of iris feature detection based on polar coordinate circular iris region, which uses pupil and iris position and radius at the same time. Third, we overcome override point from iris patterns by using polar coordinates circular method. each overlapped point would be extracted from the same position of iris region. To overcome such problem, we modify Gabor filter's size and frequency on first track in order to consider low frequency iris patterns caused by overlapped points. Experimental results showed that EER is 0.29%, d' is 5,9 and EER is 0.16%, d' is 6,4 in case of using conventional rectangular image and proposed method, respectively.

A Nobel Video Quality Degradation Monitoring Schemes Over an IPTV Service with Packet Loss (IPTV 서비스에서 패킷손실에 의한 비디오품질 열화 모니터링 방법)

  • Kwon, Jae-Cheol;Oh, Seoung-Jun;Suh, Chang-Ryul;Chin, Young-Min
    • Journal of Broadcast Engineering
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    • v.14 no.5
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    • pp.573-588
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    • 2009
  • In this paper, we propose a novel video quality degradation monitoring scheme titled VR-VQMS(Visual Rhythm based Video Quality Monitoring Scheme) over an IPTV service prone to packet losses during network transmission. Proposed scheme quantifies the amount of quality degradation due to packet losses, and can be classified into a RR(reduced-reference) based quality measurement scheme exploiting visual rhythm data of H.264-encoded video frames at a media server and reconstructed ones at an Set-top Box as feature information. Two scenarios, On-line and Off-line VR-VQMS, are proposed as the practical solutions. We define the NPSNR(Networked Peak-to-peak Signal-to-Noise Ratio) modified by the well-known PSNR as a new objective quality metric, and several additional objective and subjective metrics based on it to obtain the statistics on timing, duration, occurrence, and amount of quality degradation. Simulation results show that the proposed method closely approximates the results from 2D video frames and gives good estimation of subjective quality(i.e.,MOS(mean opinion score)) performed by 10 test observers. We expect that the proposed scheme can play a role as a practical solution to monitor the video quality experienced by individual customers in a commercial IPTV service, and be implemented as a small and light agent program running on a resource-limited set-top box.

An Efficient Multipath Routing with Dynamic Load Balancing (효율적인 동적 부하 균등 분산을 적용한 다중 경로 라우팅)

  • Jung, Sun;Lee, Mee-Jeong
    • Journal of KIISE:Information Networking
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    • v.28 no.3
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    • pp.406-416
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    • 2001
  • Single path routing schemes using dynamic routing metric amy find out the dynamic network status and recompute paths to keep the traffic from the highly loaded regions of the network. This type of routing approach, however, may lead to a routing oscillation, and further, it cannot exploit multi-paths that may frequently exist in the real network. We propose a multipath routing scheme with dynamic load balancing, called MP-DLB, which is capable of reducing the overhead incurred by the multipath routing with dynamic load balancing approach while taking advantage of the high routing performance provided by the approach. According to the analysis of Internet packet traces which show that a high percentage of network traffic is destined for a small number of networks, MP-DLB applies the multipath routing with dynamic load balancing only to a limited subset of all the destinations in the network. For the rest of the destinations, it applies traditional single path routing scheme. This approach may reduce overall routing overheads by limiting the number of destinations to apply the more complicated routing scheme while it can keep the routing performance high by providing efficient routing for the most significant traffic in the routing performance. A series of simulations are done to analyze the performance of MP-DLB. The simulation results show that MP-DLB may effectively cope with the congestion and achieve high routing performance by distributing traffic streams that are generated from varying sources and heading toward a specific hot destination over multi-paths.

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Long-term Changes of Fish Ecological Characteristics on the Gwanpyeong Stream Development and the Necropsy-based Health Assessments (관평천 개발에 따른 장기간 어류 생태적 특성 변화 및 해부학적 건강도 평가)

  • Oh, Ja Yun;Lee, Sang-Jae;An, Kwang-Guk
    • Korean Journal of Environment and Ecology
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    • v.34 no.4
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    • pp.282-293
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    • 2020
  • This study investigated a long-term variation trend of water quality, fish compositions, and ecological health conditions in the Gwanpyeong stream located in the nearby Daejeon metropolitan city to understand the impact of urban development projects on the aquatic ecosystem. The sampling was made in four surveys (2009, 2010, 2016, 2019) before and after urbanization. The urban development was conducted in 2008, resulting in the stream's ecological disturbance, and the stream restoration was conducted in 2012. Thus, stream monitoring was conducted to analyze the ecological trends before and after the restoration. The multi-metric models for Fish Assessment Index(FAI) and necropsy-based Health Assessment Index(HAI) were applied in the fish community and organ-level, respectively, to assess the ecological health of the stream. Minimum turbidity and chlorophyll-a(Chl-a) occurred in the mid-stream(St. 2), and this was probably due to rapid current velocity in the riffle zone. We collected 18 fish species, and the dominant species was Zacco platypus (40.6%). In 2016 immediately after the stream restoration, the relative proportions of sensitive species and insectivore species were the highest along with highest values in the species diversity and species richness index, resulting in the best condition in the ecological health, based on FAI model values. However, the ecological health, based on the FAI, became worse in the latest survey conducted in 2019. The analysis of the HAI model based on the organ-level approach showed skin erosion in the fish of upper stream, kidney defects in downstream, and the liver and gill defects observed in all sites, indicating that the anatomical health was also affected.