• Asia pacific journal of information systems
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• 제21권3호
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• pp.71-96
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• 2011

Within the traditional medical delivery system, patients residing in medically vulnerable areas, those with body movement difficulties, and nursing facility residents have had limited access to good healthcare services. However, Information and Communication Technology (ICT) provides us with a convenient and useful means of overcoming distance and time constraints. ICT is integrated with biomedical science and technology in a way that offers a new high-quality medical service. As a result, rapid technological advancement is expected to play a pivotal role bringing about innovation in a wide range of medical service areas, such as medical management, testing, diagnosis, and treatment; offering new and improved healthcare services; and effecting dramatic changes in current medical services. The increase in aging population and chronic diseases has caused an increase in medical expenses. In response to the increasing demand for efficient healthcare services, a telehealth service based on ICT is being emphasized on a global level. Telehealth services have been implemented especially in pilot projects and system development and technological research. With the service about to be implemented in earnest, it is necessary to study its overall acceptance by consumers, which is expected to contribute to the development and activation of a variety of services. In this sense, the study aims at positively examining the structural relationship among the acceptance factors for telehealth services based on the Technology Acceptance Model (TAM). Data were collected by showing audiovisual material on telehealth services to online panels and requesting them to respond to a structured questionnaire sheet, which is known as the information acceleration method. Among the 1,165 adult respondents, 608 valid samples were finally chosen, while the remaining were excluded because of incomplete answers or allotted time overrun. In order to test the reliability and validity of the assessment scale items, we carried out reliability and factor analyses, and in order to explore the causal relation among potential variables, we conducted a structural equation modeling analysis using AMOS 7.0 and SPSS 17.0. The research outcomes are as follows. First, service quality, innovativeness of medical technology, and social influence were shown to affect perceived ease of use and perceived usefulness of the telehealth service, which was statistically significant, and the two factors had a positive impact on willingness to accept the telehealth service. In addition, social influence had a direct, significant effect on intention to use, which is paralleled by the TAM used in previous research on technology acceptance. This shows that the research model proposed in the study effectively explains the acceptance of the telehealth service. Second, the research model reveals that information privacy concerns had a insignificant impact on perceived ease of use of the telehealth service. From this, it can be gathered that the concerns over information protection and security are reduced further due to advancements in information technology compared to the initial period in the information technology industry, and thus the improvement in quality of medical services appeared to ensure that information privacy concerns did not act as a prohibiting factor in the acceptance of the telehealth service. Thus, if other factors have an enormous impact on ease of use and usefulness, concerns over these results in the initial period of technology acceptance may become irrelevant. However, it is clear that users' information privacy concerns, as other studies have revealed, is a major factor affecting technology acceptance. Thus, caution must be exercised while interpreting the result, and further study is required on the issue. Numerous information technologies with outstanding performance and innovativeness often attract few consumers. A revised bill for those urgently in need of telehealth services is about to be approved in the national assembly. As telemedicine is implemented between doctors and patients, a wide range of systems that will improve the quality of healthcare services will be designed. In this sense, the study on the consumer acceptance of telehealth services is meaningful and offers strong academic evidence. Based on the implications, it can be expected to contribute to the activation of telehealth services. Further study is needed to assess the acceptance factors for telehealth services, such as motivation to remain healthy, health care involvement, knowledge on health, and control of health-related behavior, in order to develop unique services according to the categorization of customers based on health factors. In addition, further study may focus on various theoretical cognitive behavior models other than the TAM, such as the health belief model.

• 한국산학기술학회논문지
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• 제16권11호
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• pp.7978-7989
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• 2015

이상지질혈증은 심뇌혈관질환의 주된 위험인자로서, 한국 성인의 유병률은 매우 높지만 관리가 미흡하다는 문제점이 제기되어 왔다. 본 연구의 목적은 이상지질혈증의 진단기준이 아닌, 이의 관리를 위한 치료기준에 따라 한국 성인의 유병률, 인지율, 치료율, 그리고 조절률을 조사하는 것이다. 이를 위해 심뇌혈관질환 위험요인과 수준을 평가하여, 위험군 범주에 따라 차등적인 치료목표치를 적용하였다. 표본은 국민건강영양조사 3개년(2010년-2012년)의 공개된 자료에서 추출되었고, 만 20세 이상의 성인 16,236명을 연구대상으로 하였다. 치료기준에 따른 이상지질혈증의 연령 표준화된 유병률은 34.1%이었고, 유병자 기준 연령 표준화된 인지율, 치료율, 그리고 조절률은 각각 19.2%, 9.5%, 그리고 8.7%에 불과하였다. 치료자 중 연령 표준화된 조절률은 47.5%이었다. 남성의 유병률은 여성에 비해 통계적으로 유의하게 높았지만(39.7% vs. 28.8%), 인지율, 치료율, 그리고 조절률은 모두 유의하게 낮았다(각각 16.0% vs. 22.3%, 7.7% vs. 11.3%, 그리고 6.1% vs. 11.2%). 심뇌혈관질환의 위험이 높은 집단일수록, 유병률은 높은 반면 조절률은 낮았다. 당뇨병 환자의 치료기준(LDL-콜레스테롤 ${\geq}100mg/dL$과 중성지방 ${\geq}200mg/dL$)에 따른 이상지질혈증 유병률은 82.5%에 달하였지만, 이들 유병자 중 치료목표 미만으로 지질이 조절되는 사람은 11.9%에 불과했다. 이러한 결과는 이상지질혈증 유병자냐의 낮은 치료율을 개선하기 위한 효과적인 방안이 모색되어야 한다는 것을 제시하며, 이를 위해 국가건강검진에서 특히 심뇌혈관질환 고위험군에 대해 이상지질혈증 유병자의 사후 관리를 강화할 필요가 있다.

• Asia pacific journal of information systems
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• 제23권2호
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• pp.1-20
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• 2013

Social commerce has been gaining explosive popularity, with typical examples of the model such as Groupon and Level Up. Both local business owners and consumers can benefit from this new e-commerce model. Local business owners have a chance to access potential customers and promote their products in a way that could not have otherwise been easily possible, and consumers can enjoy discounted offerings. However, questions have been increasingly raised about the value and future of the social commerce model. A recent survey shows that about a third of 324 business owners who ran a daily-deal promotion in Groupon went behind. Furthermore, more than half of the surveyed merchants did not express enthusiasm about running the promotion again. The same goes for the case in Korea, where more than half of the surveyed clients reported no significant change or even decrease in profits compared to before the use of social commerce model. Why do local business owners fail to exploit the benefits from the promotions and advertisements through the social commerce model and to make profits? Without answering this question, the model would fall under suspicion and even its sustainability might be challenged. This study aims to look into problems in the current social commerce transactions and provide implications for the social commerce model, so that the model would get a foothold for next growth. Drawing on justice theory, this study develops theoretical arguments for the effects of transaction characteristics on consumers' distributive justice and purchase intention in the social commerce. Specifically, this study focuses on two characteristics of social commerce transactions-the discount rate and the purchase rate of products-and investigates their effects on consumers' perception of distributive justice for discounted transactions in the social commerce and their perception of distributive justice for regular-priced transactions. This study also examines the relationship between distributive justice and purchase intention. We conducted an online experiment and gathered data from 115 participants to test the hypotheses. Each participant was randomly assigned to one of nine manipulated scenarios of social commerce transactions, which were generated based on the combination of three levels of purchase rate (high, medium, and low) and three levels of discount rate (high, medium, and low). We conducted MANOVA and post-hoc ANOVA to test hypotheses about the relationships between the transaction characteristics (purchase rate and discount rate) and distributive justice for each of the discounted transaction and the regular-priced transaction. We also employed a PLS analysis to test relations between distributive justice and purchase intentions. Analysis results show that a higher discount rate increases distributive justice for the discounted transaction but decreases distributive justice for the regular-priced transaction. This, coupled with the result that distributive justice for each type of transaction has a positive effect on the corresponding purchase intention, implies that a large discount in the social commerce may be helpful for attracting consumers, but harmful to the business after the promotion. However, further examination reveals curvilinear effects of the discount rate on both types of distributive justice. Specifically, we find distributive justice for the discounted transaction increases concavely as the discount rate increases while distributive justice for the regular-priced transaction decreases concavely with the dscount rate. This implies that there exists an appropriate discount rate which could promote the discounted transaction while not hurting future business of regular-priced transactions. Next, the purchase rate is found to be a critical factor that facilitates the regular-priced transaction. It has a convexly positive influence on distributive justice for the transaction. Therefore, an increase of the rate beyond some threshold would lead to a substantial level of distributive justice for the regular-priced transaction, threrby boosting future transactions. This implies that social commerce firms and sellers should employ various non-price stimuli to promote the purchase rate. Finally, we find no significant relationship between the purchase rate and distributive justice for the discounted transaction. Based on the above results, we provide several implications with future research directions.

• 한국조경학회지
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• 제47권1호
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• pp.76-87
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• 2019

본 연구는 서울시립대학교 맹꽁이 대체서식지의 2015~2017년 사후모니터링 이후 대체서식지 조성 평가 및 유지관리방안 도출을 목적으로 하였다. 연구대상지는 2014년에 조성되었으며, 면적은 $191m^2$이다. 조성 평가는 목표종의 서식환경 유지, 목표종의 개체수와 번식률 유지, 자생종 서식환경 유지, 자연생태계로의 회복력, 주변 환경과의 조화로 구분 평가하였다. 목표종의 서식환경 유지 측면에서 대체서식지 내 토양을 기존 맹꽁이 서식지에서 채취하여 토심 30cm 깊이로 조성하였다. 대체서식지 수원은 우수와 수돗물이라 자연적으로 이루어질 수 없으므로 맹꽁이와 함께 다른 양서류 산란 및 부화시기에 인위적인 물 공급이 매년 필요하였다. 그리고 연구대상지는 대체서식지 조성 이후 산란 및 번식을 하는 시기인 6~8월의 평균 기온이 $26.2^{\circ}C$로 맹꽁이 서식에는 어려움이 없는 것으로 판단되었다. 맹꽁이 개체수와 번식률 유지 측면에서는 맹꽁이가 점차 안정적인 서식 및 번식을 이루고 있는 것으로 평가하였다. 자생종 서식환경 유지 측면에서는 피식자 또는 포식자 특성을 고려한 식생 종 및 식생 구조 개선이 필요하였고, 환삼덩굴, 미국가막사리 등 외래종은 자생종의 습지생태계 유지를 위해 제거가 필요하였다. 자연생태계로 회복 평가에서 물빠짐 현상의 완화를 위해 수심 변화 모니터링을 통한 진흙다짐을 실시하였다. 진흙은 대상지 주변에 위치한 하늘연못 습지 바닥에서 채취하여 이설했다. 식생 관리는 부분적인 예초관리가 필요하고, 자연적인 식생 군락 형성 유도가 필요하였다. 또한 고목, 나뭇가지 등 다공질 공간을 조성하여 소생물의 서식 공간 및 은신처, 먹이 산란처를 조성할 필요가 있었다. 주변 환경과 조화 측면에서는 차량 및 보행자에 의한 양서류 로드킬, 인공 배수로에 양서류 빠짐, 주변 이용자 접근 등 위협요인 관리가 필요하였다. 대체서식지 관리방안은 모니터링 결과를 바탕으로 산란 및 은신할 수 있는 다양한 수변구조, 지속적인 수환경 관리, 자생종 서식환경 중심의 식생관리, 야생생물의 서식환경을 위한 주변 환경관리를 제시하였다. 창출형 대체서식지는 모니터링을 통해 대상지 변화 특성을 반영한 관리와 복원 목표종의 서식 환경 개선 노력이 지속적으로 필요하다.

• 지질공학
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• 제30권4호
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• pp.457-468
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• 2020

플랜트, 토목 및 건축 사업에서 말뚝(Pile) 설계 시 어려움을 겪는 주된 요인은 지반 특성의 불확실성이다. 특히 표준관입시험(Standard Penetration Test, SPT)을 통해 측정되는 N치를 얻는 것이 가장 중요한 자료이나 광범위한 모든 지역에서 구하는 것은 어려운 현실이다. 짧은 해외사업 입찰기간 내에 시추조사를 할 경우 인허가, 시간, 비용, 장비접근, 민원 등 많은 제약요건이 존재하여 전체적인 시추조사가 어렵다. 미시추 지점에서 지반 특성은 엔지니어의 경험적 판단에 의존하여 파악되고 있고, 이는 말뚝의 설계 및 물량산출 오류로 이어져서, 공기 지연 및 원가 증가의 원인이 되고 있다. 이를 극복하기 위해서, 한정된 최소한의 지반 실측 자료를 활용하여 미시추 지점에서도 N치를 예측 할 수 있는 기술이 요구되며, 본 연구에서는 AI기법 중 하나인 인공신경망을 적용하여 N치를 예측하는 연구를 수행하였다. 인공신경망은 제한된 양의 지반정보와 생물학적인 로직화 과정을 통하여 입력변수에 대한 보다 신뢰성 있는 결과를 제공하여 준다. 본 연구에서는 최소한의 시추자료의 지반정보를 입력항목으로 하여 다층퍼셉트론과 오류역전파 알고리즘에 의하여 학습된 패턴을 가지고 미시추 지점에서 N치를 예측하는데 그 목적을 두고 있다. 이를 위하여 2개 현장(필리핀, 인도네시아)에 AI기법 적용시 실측값과 예측값에 대한 적정성을 검토하였고, 그 결과 예측값에 대한 신뢰도가 높은 것으로 연구 검토되었다.

• 대한토목학회논문집
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• 제29권1D호
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• pp.25-32
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• 2009

교통시설공급정책의 한계를 극복하고자 다양한 교통수요관리 정책이 연구 시행되고 있으며, 본 연구는 이러한 연장선상 에서 현재 국내에 연구된 적이 없는 HOT(High Occupancy Toll) Lane에 대해 국내 도입여부 및 효과분석을 실시하였다. 본 연구에서는 HOT Lane의 국내 도입을 위해 현재 버스전용차로제가 시행되고 있는 경부고속도로 일부구간을 대상으로 IC에서 HOT Lane으로 접근까지의 최소차로변경구간과 HOT Lane으로 진입하려는 차량, 일반차로로 진출하려는 차량들의 엇갈림구간에 대한 교통처리방안을 제시함은 물론, HOT Lane의 효과분석을 수행하였다. 효과는 평소 교통수요가 많아 상습 적인 정체가 발생되는 경부고속도로 기흥IC~수원IC 구간(5.2km)과 서울외곽고속도로 학의JC~판교JC(8.3km) 구간에 대해 1 개 차로가 HOT Lane으로 운영되는 것을 가정하에 차선변경율(5~30%)을 고려하여 시뮬레이션 프로그램(VISSIM)을 사용하여 각 시나리오별로 분석한 결과, 일반차로의 통행속도가 시행 전에 비해 1.57~2.62km/h 향상되는 것으로 나타났다. 통행속도의 향상효과와 더불어 다양한 교통수요정책 연구라는 취지에서 국내에서의 연구가 전무한 환경에서 HOT Lane운영이라는 하나의 교통수요관리 정책분석은 향후 유사 연구의 기초가 될 수 있는 자료로서의 의미가 있다고 할 수 있을 것이다. 향후 버스의 수단분담률이 증가할 것으로 예상되나 버스간의 통행사이에서 여유gap 등이 생기는 버스전용차로에 대한 효율적인 운영방안 중 하나의 대안으로 HOT Lane의 연구가 향후 다른 고속도로 구간에서도 유용한 버스차로 관리정책대안으로서 구체적으로 검토되어야 할 필요성이 있는 것으로 사료된다.

• Asia pacific journal of information systems
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• 제23권3호
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• pp.25-53
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• 2013

This study analyzes the effect of Computer Aided Innovation (CAI) to improve R&D Capabilities empirically. Survey was distributed by e-mail and Google Docs, targeting CTO of 235 SMEs. 142 surveys were returned back (rate of return 60.4%) from companies. Survey results from 119 companies (83.8%) which are effective samples except no-response, insincere response, estimated value, etc. were used for statistics analysis. Companies with less than 50billion KRW sales of entire researched companies occupy 76.5% in terms of sample traits. Companies with less than 300 employees occupy 83.2%. In terms of the type of company business Partners (called 'partners with big companies' hereunder) who work with big companies for business occupy 68.1%. SMEs based on their own business (called 'independent small companies') appear to occupy 31.9%. The present status of holding IT system according to traits of company business was classified into partners with big companies versus independent SMEs. The present status of ERP is 18.5% to 34.5%. QMS is 11.8% to 9.2%. And PLM (Product Life-cycle Management) is 6.7% to 2.5%. The holding of 3D CAD is 47.1% to 21%. IT system-holding and its application of independent SMEs seemed very vulnerable, compared with partner companies of big companies. This study is comprised of IT infra and IT Utilization as CAI capacity factors which are independent variables. factors of R&D capabilities which are independent variables are organization capability, process capability, HR capability, technology-accumulating capability, and internal/external collaboration capability. The highest average value of variables was 4.24 in organization capability 2. The lowest average value was 3.01 in IT infra which makes users access to data and information in other areas and use them with ease when required during new product development. It seems that the inferior environment of IT infra of general SMEs is reflected in CAI itself. In order to review the validity used to measure variables, Factors have been analyzed. 7 factors which have over 1.0 pure value of their dependent and independent variables were extracted. These factors appear to explain 71.167% in total of total variances. From the result of factor analysis about measurable variables in this study, reliability of each item was checked by Cronbach's Alpha coefficient. All measurable factors at least over 0.611 seemed to acquire reliability. Next, correlation has been done to explain certain phenomenon by correlation analysis between variables. As R&D capabilities factors which are arranged as dependent variables, organization capability, process capability, HR capability, technology-accumulating capability, and internal/external collaboration capability turned out that they acquire significant correlation at 99% reliability level in all variables of IT infra and IT Utilization which are independent variables. In addition, correlation coefficient between each factor is less than 0.8, which proves that the validity of this study judgement has been acquired. The pair with the highest coefficient had 0.628 for IT utilization and technology-accumulating capability. Regression model which can estimate independent variables was used in this study under the hypothesis that there is linear relation between independent variables and dependent variables so as to identify CAI capability's impact factors on R&D. The total explanations of IT infra among CAI capability for independent variables such as organization capability, process capability, human resources capability, technology-accumulating capability, and collaboration capability are 10.3%, 7%, 11.9%, 30.9%, and 10.5% respectively. IT Utilization exposes comprehensively low explanatory capability with 12.4%, 5.9%, 11.1%, 38.9%, and 13.4% for organization capability, process capability, human resources capability, technology-accumulating capability, and collaboration capability respectively. However, both factors of independent variables expose very high explanatory capability relatively for technology-accumulating capability among independent variable. Regression formula which is comprised of independent variables and dependent variables are all significant (P<0.005). The suitability of regression model seems high. When the results of test for dependent variables and independent variables are estimated, the hypothesis of 10 different factors appeared all significant in regression analysis model coefficient (P<0.01) which is estimated to affect in the hypothesis. As a result of liner regression analysis between two independent variables drawn by influence factor analysis for R&D capability and R&D capability. IT infra and IT Utilization which are CAI capability factors has positive correlation to organization capability, process capability, human resources capability, technology-accumulating capability, and collaboration capability with inside and outside which are dependent variables, R&D capability factors. It was identified as a significant factor which affects R&D capability. However, considering adjustable variables, a big gap is found, compared to entire company. First of all, in case of partner companies with big companies, in IT infra as CAI capability, organization capability, process capability, human resources capability, and technology capability out of R&D capacities seems to have positive correlation. However, collaboration capability appeared insignificance. IT utilization which is a CAI capability factor seemed to have positive relation to organization capability, process capability, human resources capability, and internal/external collaboration capability just as those of entire companies. Next, by analyzing independent types of SMEs as an adjustable variable, very different results were found from those of entire companies or partner companies with big companies. First of all, all factors in IT infra except technology-accumulating capability were rejected. IT utilization was rejected except technology-accumulating capability and collaboration capability. Comprehending the above adjustable variables, the following results were drawn in this study. First, in case of big companies or partner companies with big companies, IT infra and IT utilization affect improving R&D Capabilities positively. It was because most of big companies encourage innovation by using IT utilization and IT infra building over certain level to their partner companies. Second, in all companies, IT infra and IT utilization as CAI capability affect improving technology-accumulating capability positively at least as R&D capability factor. The most of factor explanation is low at around 10%. However, technology-accumulating capability is rather high around 25.6% to 38.4%. It was found that CAI capability contributes to technology-accumulating capability highly. Companies shouldn't consider IT infra and IT utilization as a simple product developing tool in R&D section. However, they have to consider to use them as a management innovating strategy tool which proceeds entire-company management innovation centered in new product development. Not only the improvement of technology-accumulating capability in department of R&D. Centered in new product development, it has to be used as original management innovative strategy which proceeds entire company management innovation. It suggests that it can be a method to improve technology-accumulating capability in R&D section and Dynamic capability to acquire sustainable competitive advantage.

• Radiation Oncology Journal
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• 제19권4호
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• pp.369-380
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• 2001

목적 : 인터넷을 이용한 국내 방사선종양학과내의 관련정보를 공유할 수 있는 통계처리프로그램을 개발함으로써 방사선 종양학의 발전을 위한 정책적 판단의 기초자료를 제공하고자 한다. 대상 및 방법 : 전국 52개 병원을 대상으로 방사선 종양학과내의 관련정보를 지면을 이용한 설문조사를 통해 통계 처리하던 기존 방식에서, 인터넷을 이용하여 입력한 후 필요한 정보에 대한 전국 통계를 실시간으로 얻을 수 있도록 구성하였다. 통계조사를 위한 서버 환경으로 O/S는 Windows NT 4.0을 기반으로 하였으며 웹서버로는 Internet Information Server 4.0 (IIS4.0)을 이용하였다. 자료를 수집하고 검색하기 위한 데이터베이스로는 $Microsoft^{\circledR}$사의 Access MDB를 사용하였고 데이터베이스를 사용자가 접근하고, 활용하기 위한 실제 프로그램은 Structured Query Language (SQL), Visual Basic, VBScript, JAVAScript 등을 이용하여 구현하였다. 입력된 자료는 사용자의 요구에 따라 연도별, 병원별로 통계처리 되어 표시되도록 하였다. 결과 : 프로그램은 크게 나누어 인력현황, 연구현황, 특수증기 및 특수기술 등을 요하는 치료현황, 외부조사기기에 따른 치료현황, 근접치료현황, 임상통계현황, 방사선 안전관리현황, 시설현황, 장비현황, 방사선 정도관리현황 및 방사성 핵종 보유현황으로 구성되어 있다. 세부항목은 총 38개의 입력창으로 구성되어 있으며, 통계 처리한 결과는 6개의 출력창을 통하여 보여주고 있다. 또한 사용자의 요구에 따라 통계처리결과는 유연하게 확장이 가능하게 되어 있다. 결론 : 전국 방사선 종양학과내에서 이루어지고 있는 모든 자료에 대할 통계 자동화 프로그램을 개발하여 기초자료로 활용할 수 있도록 하였다. 이를 통하여 관련 사용자들이 쉽고 빠르게 자료를 입력할 수 있고, 또 전국적인 통계자료 정보를 필요에 따라 수시로 얻을 수 있게 되었다.

• Journal of Chest Surgery
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• 제35권3호
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• pp.209-216
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• 2002

배경: 심장 판막증은 국내에서 아직까지 가장 많은 유병률을 보이는 중요 심장질환이다. 1958년 이후 1999년까지 한국에서는 총 94,586례의 개심술이 시행되었으며 그중 36,247례가 성인심장질환이었고 그중 20,704례는 판막질환이었다. 그러나 제대로 된 데이터베이스가 구축되어 있지 않아 많은 자료들을 효과적으로 활용하지 못하고 있어 저자들은 판막레지스트리를 확립하고 활용할 수 있는 시스템을 구축하고자 하였다. 대상 및 방법: 마이크로소프트 악세스를 이용하여 데이터베이스 프로그램을 개발하였다. 이는 관계형 구조를 갖는 비교적 작고 간결한 프로그램으로 그 사용자환경이 쉽고 효율적으로 구성되어 있으며 각종 질의와 보고서 기능 등을 이용하여 사용자가 원하는 자료를 쉽고 빠르게 추출해 낼 수 있는 장점이 있다. 결과: 서울대학교병원 흉부외과에서는 1968년부터 1999년까지 약 3000여명의 환자에 대하여 판막치환술을 시행하였으며 여기에 사용된 총 판막의 수는 약 3700 개였다. 삽입된 판막을 부위별로 살펴보면 승모판막 1600명, 대동맥판막 584명, 삼첨판막 76명 등이었으며, 700여명에서 2개이상의 판막을 치환하였다 전체 판막환자의 약 46%인 1280여명이 조직판막을 치환 받았으며, 54%인 약 1500여명이 금속판막을 치환 받았다. 약 16%인 460여명이 판막재치환술을 시행받았으며 해마다 약 40여명 전후에서 시행되고 있다. 결론: 저자들은 판막레지스트리를 확립하기 위한 데이터베이스 프로그램을 성공적으로 개발하였으며 이는 향후 연구활동과 보건의료분야의 발전에 효과적으로 활용될 수 있다.

• 재무관리논총
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• 제3권1호
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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.