• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.66-79
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• 2016

A discussion has recently emerged over the increase of approvals of K-REITs, which is concluded on the basis of how to raise funds for business activity, fulfill the expected rate of return and maximize the management of managing investment funds. In addition, corporations need to acknowledge the necessity of the capital structure reflected in the current economic environment and decision-making processes. This research analyzed the characteristics by investment types and influence factors about the debt ratio of K-REITs. The data were collected from general management about business state, investment, and finance from 2002 to 2015 in K-REITs (except for the GFC period of 2007~2009). The results of the research demonstrated the high ratios of the largest shareholder characteristics, which are corporation, pension funds, mutual funds, banks, securities, insurance, and, recently, the increasing ratio of the largest shareholder and major stockholder. The investment of K-REITs is increasing the role of institutional investors that take a leading development of K-REITs. The behaviors of simultaneous investment of institutional investors were analyzed to show that they received higher interest rates than other financial institutions and ran in parallel with attraction and compensation. The results of the multiple regressions analysis, utilizing variables about debt ratio were as follows. The debt ratio showed a negative (-) relation that profitability is increasing, which matches the pecking order theory and trade off theory. On the other hand, investment opportunities (growth potential) showed a negative (-) relation and assets scale that indicated a positive (+) relation. The research results are reflected as follows. K-REITs focused on private equity REITs more than public offering REITs, and in the case of financing the capital of others, loan capital is operated under the guarantee of tangible assets (most of real estate) more than financing of the stock market. Further, after the GFC, the capital of others was actively utilized in K-REITs business, and the debt ratio showed that the determinant factors by the ratio and characteristics of the largest shareholder and investment products.

• Journal of Intelligence and Information Systems
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• v.28 no.2
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• pp.237-262
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• 2022

There has been a growing interest in IPOs (Initial Public Offerings) due to the profitable returns that IPO stocks can offer to investors. However, IPOs can be speculative investments that may involve substantial risk as well because shares tend to be volatile, and the supply of IPO shares is often highly limited. Therefore, it is crucially important that IPO investors are well informed of the issuing firms and the market before deciding whether to invest or not. Unlike institutional investors, individual investors are at a disadvantage since there are few opportunities for individuals to obtain information on the IPOs. In this regard, the purpose of this study is to provide individual investors with the information they may consider when making an IPO investment decision. This study presents a model that uses machine learning and text analysis to predict whether an IPO stock price would move up or down after the first 5 trading days. Our sample includes 691 Korean IPOs from June 2009 to December 2020. The input variables for the prediction are three tone variables created from IPO prospectuses and quantitative variables that are either firm-specific, issue-specific, or market-specific. The three prospectus tone variables indicate the percentage of positive, neutral, and negative sentences in a prospectus, respectively. We considered only the sentences in the Risk Factors section of a prospectus for the tone analysis in this study. All sentences were classified into 'positive', 'neutral', and 'negative' via text analysis using TF-IDF (Term Frequency - Inverse Document Frequency). Measuring the tone of each sentence was conducted by machine learning instead of a lexicon-based approach due to the lack of sentiment dictionaries suitable for Korean text analysis in the context of finance. For this reason, the training set was created by randomly selecting 10% of the sentences from each prospectus, and the sentence classification task on the training set was performed after reading each sentence in person. Then, based on the training set, a Support Vector Machine model was utilized to predict the tone of sentences in the test set. Finally, the machine learning model calculated the percentages of positive, neutral, and negative sentences in each prospectus. To predict the price movement of an IPO stock, four different machine learning techniques were applied: Logistic Regression, Random Forest, Support Vector Machine, and Artificial Neural Network. According to the results, models that use quantitative variables using technical analysis and prospectus tone variables together show higher accuracy than models that use only quantitative variables. More specifically, the prediction accuracy was improved by 1.45% points in the Random Forest model, 4.34% points in the Artificial Neural Network model, and 5.07% points in the Support Vector Machine model. After testing the performance of these machine learning techniques, the Artificial Neural Network model using both quantitative variables and prospectus tone variables was the model with the highest prediction accuracy rate, which was 61.59%. The results indicate that the tone of a prospectus is a significant factor in predicting the price movement of an IPO stock. In addition, the McNemar test was used to verify the statistically significant difference between the models. The model using only quantitative variables and the model using both the quantitative variables and the prospectus tone variables were compared, and it was confirmed that the predictive performance improved significantly at a 1% significance level.

• 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.

• Korea Science and Art Forum
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• v.34
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• pp.327-337
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• 2018

Korea is rapidly becoming an aging society as much as it takes the first place among OECD countries, and as the life expectancy of Korea gradually increases, the proportion of the elders in society increases. Accordingly, the happiness of the elders is contributed to the overall social atmosphere and happiness, however, the lower quality of life of the elders due to physical, psychological and social changes can be developed into social problems such as depression and rising suicide rate. As a result, there is a social interest in improving the quality of life and satisfaction of the elders, and the senior citizen center is receiving renewed attention as a form of welfare facility that can play a pivotal role in the social activities of the elders. In recent years, efforts to improve the environment of the senior citizen center have been made due to the growing role of it, however, there is a controversy over whether the quality of the indoor environment is user-friendly or not due to the limitations of material resources and human resources. It is considered that the quality of the color environment should be improved in the senior citizen center in the way that the color environment is not only an indoor environmental factor which gives high psychological and mental effects to users but also a way to improve the environmental satisfaction at the lowest cost. Previous studies on the facilities related to the elders have been actively carried out, but they were very sporadic and there was very little information about the color environment in the related laws or in the guideline presented by cities. It is necessary to integrate guidelines that are scattered within a comprehensive range without any specific target in order to grasp the current status of the color environment and to properly evaluate it. In addition, considering that the senior citizen center is an important leisure facility for the elders that functions in a residential area with a nationwide network, the results of this study are expected to contribute to the environmental improvement of existing senior citizen center which will be activated in the future by enabling the improvement of psychological satisfaction of the elders.

• Korean Journal of Soil Science and Fertilizer
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• v.11 no.4
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• pp.283-295
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• 1979

A new Farmland Expansion and Development Promotion Law was enacted in 1975. This law authorizes the Government to undertake development within a declared "reclamation area", wherever the land owners are unable to do so. In order to give additional impetus to conversion of waste hilly land into productive farmland, these hilly land development projects were conducted as large scale scheme which include soil fertility improvements such as the application of lime and phosphate. Farmland Expansion and Development Promotion Corps has attempted to undertake annual farm surveys in order to obtain some information about hilly land agriculture and farming operations within the reclamation project areas since 1976. As survey data accumulates, more and more clear picture of hilly land farming come to appear and enable us to conduct in-depth study. Effects of such upland reclamation include converting of previously unproductive slopeland into cultivable farmland for lucrative and commercial farming or food production. Furthermore, idle or marginal resources such as farm labor, equipment and compost would be fully employed. Socio-economic effects would include increases in land value and attitude change of farmers. On the other hand the preservation of natural environments might be damaged to the some extend by the projects. As shown in Table 7, the average farm size increased from 3,156 pyeong($3.3m^2$) to 5,562 pyeong, a 76.2% increase. The proportion of small farms with less than I ha dropped from 59.8% to 34.4%, but that of the large farms over 2 ha rose from 13.1% to 32.0% (See Table 8). The survey results indicate that as the farming on reclaimed uplands become time-honored, the acreage devoted for food crop production decreases against the economic crop growing acreage (see Table 6). For example, in the case of uplands reclaimed in 1972, the ratio of food crop acreages decreased from 99.7% in 1972 to 62.5% in 1977, whereas that of economic crop acreages increased from 0.3% in 1972 to 37.5% in 1977. The government used to actively encourage the farmers to carry out food crop production in the reclaimed upland targting toward the realization of self-sufficiency in food grains. It is, however, apparent that the farmers did hardly take the government advises as far as their economic interest were concerned. Yield per 10a. of various crops from the reclaimed uplands by year were surveyed as seen in Table 12. On the average, barley production in the reclaimed areas achieved 83.3% of the average unit yield from the existing upland in its 5 th year. Soybean yields showed a modest increase from 64% in the first year to 95%, in the 5 th year. In contrast, economic crops such as red pepper, totacco and radish achieved their maximum target yields in 3 years from starting to cultivate on the reclaimed farms. In order to test the post economic viability, an economic analysis was performed for each of selected subprojects on the basis of the data obtained through survey. The average actual internal economic rate of return on upland reclamation investments was found to be 20.3% which exceeded other types of projects of land and water development such as tidal land reclamation, irrigation or paddy rearrangement. The actual IRRs of subcategories of upland reclamation projects varied from 17.9% to 21.4% depending upon the kinds of cropping system adopted in each reclaimed areas such as food, economic, fruit or forage crops.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.17-32
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• 2023

In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.

• The Journal of Korea Institute of Information, Electronics, and Communication Technology
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• v.13 no.3
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• pp.226-234
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• 2020

As the average life expectancy of human beings is extended in addition to the entry of the aging society, there is a tendency for the interest in the appearance of men and women in modern society to increase. The most external judgment of human aging is the wrinkles on the facial skin. People are undergoing various procedures to have clean, wrinkled, and resilient healthy skin. Many thread lifting procedures are being implemented because they tend to want simple and effective procedures during the procedure. In this study, in order to improve lifting effect in thread lifting, animal experiments were conducted to confirm the improvement of wrinkles by injecting RF high frequency and CO₂ gas into existing PDO suture procedures. The experimental groups consisted of natural aging groups, PDO treatment groups, groups with RF high frequency in PDO procedures, groups with CO₂ gas injected into PDO procedures, and groups with CO₂ gas and RF injected simultaneously into PDO procedures. The individuals in the natural aging group had an average wrinkle depth of 0.408mm before the procedure, and the average wrinkle depth of the 10th week was 0.68mm. The depth of wrinkles in the PDO treatment group averaged 0.384mm before the procedure, and 0.348mm on the 10th week after the procedure. The average crease depth of pre-procedure objects injected with RF high frequency in PDO was 0.42mm, and the average crease depth for 10 weeks was 0.378mm. The average crease depth of the CO₂ gas injected into the PDO was 0.4mm before the procedure, and the average crease depth was reduced to 0.332mm in the 10th week after the procedure. On average, the number of objects injected with CO₂ gas and RF high frequency in the PDO procedure decreased to 0.412mm before and 0.338mm in the 10th week after the procedure. The procedure of injecting CO₂ gas and RF into the PDO suture showed the highest reduction rate of 17.96%.

• The Korean Journal of Nuclear Medicine
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• v.36 no.3
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• pp.166-176
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• 2002

Purpose: The purpose of this study is to investigate the effects of visual activation and quantitative analysis of regional cerebral blood flow. Visual activation was known to increase regional cerebral blood flow in the visual cortex in occipital lobe. We evaluated that change in the distribution of $^{99m}Tc-HMPAO$ (Hexamethyl propylene amine oxime) to reflect in regional cerebral blood flow. Materials and Methods: The six volunteers were injected with 925 MBq (mean ages: 26.75 years, n=6, 3men, 3women) underwent MRI and $^{99m}Tc-HMPAO$ SPECT during a rest state with closed eyes and visual stimulated with 8 Hz LED. We delineate the legion of interest and calculated the mean count per voxel in each of the fifteen slices to quantitative analysis. The ROI to whole brain ratio and regional index was calculated pixel to pixel subtraction visual non-activation image from visual activation image and constructed brain map using a statistical parameter map (SPM99). Results: The mean regional cerebral blood flow was increased due to visual stimulation. The increase rate of the mean regional cerebral blood flow which of the activation region in primary visual cortex of occipital lobe was $32.50{\pm}5.67%$. The significant activation sites using a statistical parameter of brain constructed a rendering image and image fusion with SPECT and MRI. Conclusion: Visual activation was revealed significant increase through quantitative analysis in visual cortex. Activation region was certified in Talairach coordinate and primary visual cortex (Ba17),visual association area (Ba18,19) of Brodmann.

• Journal of Intelligence and Information Systems
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• v.25 no.4
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• pp.67-88
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• 2019

Webtoon is a Korean-style digital comics platform that distributes comics content produced using the characteristic elements of the Internet in a form that can be consumed online. With the recent rapid growth of the webtoon industry and the exponential increase in the supply of webtoon content, the need for effective webtoon content recommendation measures is growing. Webtoons are digital content products that combine pictorial, literary and digital elements. Therefore, webtoons stimulate consumer sentiment by making readers have fun and engaging and empathizing with the situations in which webtoons are produced. In this context, it can be expected that the sentiment that webtoons evoke to consumers will serve as an important criterion for consumers' choice of webtoons. However, there is a lack of research to improve webtoons' recommendation performance by utilizing consumer sentiment. This study is aimed at developing consumer sentiment pattern maps that can support effective recommendations of webtoon content, focusing on consumer sentiments that have not been fully discussed previously. Metadata and consumer sentiments data were collected for 200 works serviced on the Korean webtoon platform 'Naver Webtoon' to conduct this study. 488 sentiment terms were collected for 127 works, excluding those that did not meet the purpose of the analysis. Next, similar or duplicate terms were combined or abstracted in accordance with the bottom-up approach. As a result, we have built webtoons specialized sentiment-index, which are reduced to a total of 63 emotive adjectives. By performing exploratory factor analysis on the constructed sentiment-index, we have derived three important dimensions for classifying webtoon types. The exploratory factor analysis was performed through the Principal Component Analysis (PCA) using varimax factor rotation. The three dimensions were named 'Immersion', 'Touch' and 'Irritant' respectively. Based on this, K-Means clustering was performed and the entire webtoons were classified into four types. Each type was named 'Snack', 'Drama', 'Irritant', and 'Romance'. For each type of webtoon, we wrote webtoon-sentiment 2-Mode network graphs and looked at the characteristics of the sentiment pattern appearing for each type. In addition, through profiling analysis, we were able to derive meaningful strategic implications for each type of webtoon. First, The 'Snack' cluster is a collection of webtoons that are fast-paced and highly entertaining. Many consumers are interested in these webtoons, but they don't rate them well. Also, consumers mostly use simple expressions of sentiment when talking about these webtoons. Webtoons belonging to 'Snack' are expected to appeal to modern people who want to consume content easily and quickly during short travel time, such as commuting time. Secondly, webtoons belonging to 'Drama' are expected to evoke realistic and everyday sentiments rather than exaggerated and light comic ones. When consumers talk about webtoons belonging to a 'Drama' cluster in online, they are found to express a variety of sentiments. It is appropriate to establish an OSMU(One source multi-use) strategy to extend these webtoons to other content such as movies and TV series. Third, the sentiment pattern map of 'Irritant' shows the sentiments that discourage customer interest by stimulating discomfort. Webtoons that evoke these sentiments are hard to get public attention. Artists should pay attention to these sentiments that cause inconvenience to consumers in creating webtoons. Finally, Webtoons belonging to 'Romance' do not evoke a variety of consumer sentiments, but they are interpreted as touching consumers. They are expected to be consumed as 'healing content' targeted at consumers with high levels of stress or mental fatigue in their lives. The results of this study are meaningful in that it identifies the applicability of consumer sentiment in the areas of recommendation and classification of webtoons, and provides guidelines to help members of webtoons' ecosystem better understand consumers and formulate strategies.

• The Korean Journal of Nuclear Medicine Technology
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• v.21 no.1
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• pp.76-82
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• 2017

Purpose Whole body bone scan is one of the most frequently performed in nuclear medicine. Basically, both the anterior and posterior views are acquired simultaneously. Occasionally, it is difficult to distinguish the lesion by only the anterior view and the posterior view. In this case, accurate location of the lesion through SPECT / CT or additional static scan images are important. Therefore, in this study, various improvement activities have been carried out in order to enhance the work capacity of technologists. In this study, we investigate the effect of technologist training and standardized work process processes on bone scan error reduction. Materials and Methods Several systems have been introduced in sequence for the application of new processes. The first is the implementation of education and testing with physicians, the second is the classification of patients who are expected to undergo further scanning, introducing a pre-filtration system that allows technologists to check in advance, and finally, The communication system called NMQA is applied. From January, 2014 to December, 2016, we examined the whole body bone scan patients who visited the Department of Nuclear Medicine, Asan Medical Center, Seoul, Korea Results We investigated errors based on the Bone Scan NMQA sent from January 2014 to December 2016. The number of tests in which NMQA was transmitted over the entire bone scan during the survey period was calculated as a percentage. The annual output is 141 cases in 2014, 88 cases in 2015, and 86 cases in 2016. The rate of NMQA has decreased to 0.88% in 2014, 0.53% in 2015 and 0.45% in 2016. Conclusion The incidence of NMQA has decreased since 2014 when the new process was applied. However, we believe that it will be necessary to accumulate data continuously in the future because of insufficient data until statistically confirming its usefulness. This study confirmed the necessity of standardized work and education to improve the quality of Bone Scan image, and it is thought that update is needed for continuous research and interest in the future.