• Proceedings of the Korean Society of Crop Science Conference
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• 2017.06a
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• pp.8-9
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• 2017

Soybean yield has been low and unstable in Japan and other areas in East Asia, despite long history of cultivation. This is contrasting with consistent increase of yield in North and South America. This presentation tries to describe perspective of breaking stagnation of soybean yield in East Asia, considering the factors of the different yields between regions. Large amount of rainfall with occasional dry-spell in the summer is a nature of monsoon climate and as frequently stated excess water is the factor of low and unstable soybean yield. For example, there exists a great deal of field-to-field variation in yield of 'Tanbaguro' soybean, which is reputed for high market value and thus cultivated intensively and this results in low average yield. According to our field survey, a major portion of yield variation occurs in early growth period. Soybean production on drained paddy fields is also vulnerable to drought stress after flowering. An analysis at the above study site demonstrated a substantial field-to-field variation of canopy transpiration activity in the mid-summer, but the variation of pod-set was not as large as that of early growth. As frequently mentioned by the contest winners of good practice farming, avoidance of excess water problem in the early growth period is of greatest importance. A series of technological development took place in Japan in crop management for stable crop establishment and growth, that includes seed-bed preparation with ridge and/or chisel ploughing, adjustment of seed moisture content, seed treatment with mancozeb+metalaxyl and the water table control system, FOEAS. A unique success is seen in the tidal swamp area in South Sumatra with the Saturated Soil Culture (SSC), which is for managing acidity problem of pyrite soils. In 2016, an average yield of $2.4tha^{-1}$ was recorded for a 450 ha area with SSC (Ghulamahdi 2017, personal communication). This is a sort of raised bed culture and thus the moisture condition is kept markedly stable during growth period. For genetic control, too, many attempts are on-going for better emergence and plant growth after emergence under excess water. There seems to exist two aspects of excess water resistance, one related to phytophthora resistance and the other with better growth under excess water. The improvement for the latter is particularly challenging and genomic approach is expected to be effectively utilized. The crop model simulation would estimate/evaluate the impact of environmental and genetic factors. But comprehensive crop models for soybean are mainly for cultivations on upland fields and crop response to excess water is not fully accounted for. A soybean model for production on drained paddy fields under monsoon climate is demanded to coordinate technological development under changing climate. We recently recognized that the yield potential of recent US cultivars is greater than that of Japanese cultivars and this also may be responsible for different yield trends. Cultivar comparisons proved that higher yields are associated with greater biomass production specifically during early seed filling, in which high and well sustained activity of leaf gas exchange is related. In fact, the leaf stomatal conductance is considered to have been improved during last a couple of decades in the USA through selections for high yield in several crop species. It is suspected that priority to product quality of soybean as food crop, especially large seed size in Japan, did not allow efficient improvement of productivity. We also recently found a substantial variation of yielding performance under an environment of Indonesia among divergent cultivars from tropical and temperate regions through in a part biomass productivity. Gas exchange activity again seems to be involved. Unlike in North America where transpiration adjustment is considered necessary to avoid terminal drought, under the monsoon climate with wet summer plants with higher activity of gas exchange than current level might be advantageous. In order to explore higher or better-adjusted canopy function, the methodological development is demanded for canopy-level evaluation of transpiration activity. The stagnation of soybean yield would be broken through controlling variable water environment and breeding efforts to improve the quality-oriented cultivars for stable and high yield.

• Journal of Physiology & Pathology in Korean Medicine
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• v.26 no.4
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• pp.551-556
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• 2012

The database for the oriental medicine had been existed in documentation in past times and it has been developed to the database type for random accesses in the information society. However, the aspects of the database are not so diversified and the database for the bio herbal material exists in widened type dictionary style. It is a situation that the database which handles the in-depth raw herbal medicines is not sufficient in its quantity and quality. Korean wild grape is a deciduous plant categorized into the Vitaceae and it was found experimentally that it has various medical effects. It is one of the medical materials with higher potentiality of academic study and commercialization recently because it has a bigger possibility to be applied into diverse industrial fields including the medical product for health, food and beauty. We constituted the cooperative system among the Muju cluster business group for Korean mountain wild grapes, Physiology Laboratory in Kyung Hee University Oriental Medicine and Medical Classics Laboratory in Kyung Hee University Oriental Medicine with a view to focusing on such potentiality and a database for Korean wild grapes was made a touchstone for establishing the in-depth database for the single bio medical materials. First of all, the literatures based on the North East Asia in ancient times had been categorized into the classical literature (Korean literature published by government organization, Korean classical literature, Chinese classical literature and classical literature fro Korean and Chinese oriental medicine) and modern literature (Modern literature for oriental medicine, modern literature for domestic and foreign herbal medicine) to cover the eastern and western research records and writings related to Korean wild grapes and the text-mining work has been performed through the cooperation system with the Medical Classics Laboratory in Kyung Hee University Oriental Medicine. First of all, the data for the experiment and theory for Korean wild grape were collected for the Medline database controlled by the Parliament Library of USA to arrange the domestic and foreign theses with topic for Korean wild grapes and the network hyperlink function and down load function were mounted for self-thesis searching function and active view based on the collected data. The thesis searching function provides various auxiliary functions and the searching is available according to the diverse searching/queries such as the name of sub species of Korean wild grape, the logical intersection index for the active ingredients, efficacy and elements. It was constituted for the researchers who design the Korean wild grape study to design of easier experiment. In addition, the data related to the patents for Korean wild grape which were collected from European Patent Office in response to the commercialization possibility and the system available for searching and view was established in the same viewpoint. Perl was used for the query programming and MS-SQL for database establishment and management in the designing of this database. Currently, the data is available for free use and the address is as follows. http://163.180.41.43:8011/index.html

• The Journal of Small Business Innovation
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• v.19 no.4
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• pp.1-17
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• 2016

The purpose of this study is to suggest an efficient way for ventures to achieve innovation performance through R&D cooperative arrangements. Achieving innovation is one of the critical factors for the survival of ventures. Unlike established firms, ventures often do not have the specialized assets necessary to take technological developments to the product and market stages. Young and resource-constrained firms can achieve innovation by finding and accessing to the complementary resources from R&D cooperation. In the current business environment, many firms are likely to engage in multiple simultaneous R&D cooperations with different partners. Recent research stream addresses the importance of efficient cooperation management from the holistic portfolio perspective. Since maintaining the multiple cooperative relations require substantial amount of time and effort, managing cooperative relationships play a more important role to resource-constrained firms. In order to find an efficient composition of R&D cooperative partners, we mainly focus on the diversity of partner type and dependence level in partnership. We analyze the data on Korean manufacturing ventures collected in the Korean Innovation Survey (KIS) which was conducted by the Science and Technology Policy Institute (STEPI). The KIS questionnaire assesses the existence of cooperative relationships with different types of partners respectively. The types of cooperating partners are affiliated companies, suppliers, clients & customers, competitors or other firms in the same industry, consulting firms, universities, and research institutes. We confirm that ventures obtain relatively higher benefits from R&D cooperation compared with established firms in terms of innovation performance. The results show that a moderate level of diversity in cooperative partner type composition increases innovation. Moreover, diversity of cooperation dependency among the partners enhances innovation performance. Likewise, concentrating on the quality aspects of cooperative composition, such as diversity of partners and degree of dependencies, this study offers some implications for ventures in managing partners from an integrative perspective.

• Journal of Nutrition and Health
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• v.1 no.2
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• pp.107-115
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• 1968

Number of aspects, not only nutritional but social as well as political involved in human starvation pose nowadays global problems. In order to help establish the minimum nutritional requirements in the daily life of a man and to free people as well from either undernourishment, malnutrition or even starvation many workers have devoted themselves so far on the research programs to know what and how number of metabolic events take place in animals in vivo. It is the purpose of the present paper to examine in effect to what extent both of the protein and nucleic acids (DNA & RNA) together with an enzyme, guanine deaminase, which converts guanine into xanthine and in turn ends up to uric acid as an end product, undergo changes, quantitatively during acute starvation, using the mouse as an experimental animal. The mouse was strictly inhibited from taking foods except drinking water ad libitum and was sacriflced 24, 48, and 72 hours following starvation thus acutely induced. The animals consisted of two experimental groups, one control and another starvation groups, each being consisted of 6-24 mice of whose body weights ranged in the vicinity of 10 g. The animals were sacriflced by a blow on the head, followed by immediate excision of their livers into ice-cold distilled water, washing adherent blood and other contaminant tissues. The liver was minced foramin, by an all-glass homogenizer immersing it in an ice-bath, followed by subsequent fractionatin of the homogenate (10% W/V in 0.25M sucrose solution made up with 0.05M phosphate buffer of pH 7.4). For the liver protein and guanine deaminase assay, the 10% homogenate was centrifuged at 600 x g for 10 minutes to eliminate the nuclear fraction; and for the estimation of DNA and RNA, the homogenate was prepared by the addition of 10% trichloroacetic acid in order to free the homogenate from the acid-soluble fraction, the remaining residue being delipidate by the addition of alcohol and dried in vacuo for later KOH (IN) hydrolysis. The changes in body and liver wegihts during acute starvation were checked gravimetrically. Protein contents in the liver were monitored by the method of Lowry et al; and guanine deaminase activities were followed by the assay of liberated ammonia from the substrate utilizing the Caraway's colorimetry. The extraction of both DNA and RNA was performed by the Schmidt-Thannhauser's method, which was followed by Marmur's method of purification for DNA and by Chargaff's method of purification for RNA. The determinations of both DNA and RNA were carried out by the diphenylamine reaction for the former and by the orcinol reaction for the latter. The following resume was the results of the present work. 1. It was observed that the body as well as liver weights fall abruptly during starvation, and that the loss of body weight showed no statistical correlation with the decreases in the content of liver protein. 2. The content of liver protein and activity of liver guanine deaminase activity as well decline dramatically, and the specific activities of the enzyme (activity/protein), however, decreased gradually as starvation proceeded. 3. Both of the nucleic acids, DNA and RNA, showed decrements in the liver of mouse during acute starvation; the latter, however, being more striking in the decline as compared to the former. 4. The decreases in the liver protein content as resulted from the acute starvation had no statistically significant correlation with the decrements of DNA in the same tissue, but had regressed with a significant statistical correlation with the fall of RNA in the tissue. 5. The decrease in the activity of guanine deaminase in the liver of mouse during acute starvation was functionally more proportional to the decrease in RNA than DNA, and moreover correlated with the changes in the content of the liver protein. 6. The possible mechanisms involved during in this acute starvation as bring the decreases in the contents of DNA, protein, and guanine deaminase were discussed briefly.

• Korean Journal of Heritage: History & Science
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• v.53 no.1
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• pp.24-33
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• 2020

In excavated bronze artifacts, corrosion products of various shapes and colors are observed due to multiple corrosion factors coexisting in the burial environment, and these corrosion products can constitute important data not only in terms of long-term corrosion-related information, but also in connection with preservation of artifacts. As such, scientific analysis is being carried out on the corrosion layer and corrosion products of bronze artifacts, and the corrosion mechanism and the characteristics of corrosion products elucidated, which is essential for interpreting the exposed burial environment and its association with corrosion factors inside the burial environment. In this study, after classifying excavated bronze artifacts according to alloy ratio and fabrication technique, comprehensive analysis of the surface of corrosion artifacts, corrosion layer, and corrosion products was carried out to investigate the corrosion mechanism, formation process of the corrosion layer, and characteristics of corrosion products. The study designated two groups according to alloy ratio and fabrication technique. In Group 1, which involved a Cu-Sn-Pb alloy and had no heat treatment, the surface was rough and external corrosion layers were formed on a part, or both sides, of the inside and the outside, and the surface was observed as being green or blue. α+δ phase selection corrosion was found in the metal and some were found to be concentrated in an empty space with a purity of 95 percent or more after α+δ phase corrosion. The Cu-Sn alloy and heat-treated Group 2 formed a smooth surface with no external corrosion layer, and a dark yellow surface was observed. In addition, no external corrosion layer was observed, unlike Group 1, and α corrosion was found inside the metal. In conclusion, it can be seen that the bronze artifacts excavated from the same site differ in various aspects, including the formation of the corrosion layer, the shape and color of the corrosion products, and the metal ion migration path, depending on the alloy ratio and fabrication technique. They also exhibited different corrosion characteristics in the same material, which means that different forms of corrosion can occur depending on the exposure environment in the burial setting. Therefore, even bronze artifacts excavated from the same site will have different corrosion characteristics depending on alloy ratio, fabrication technique, and exposure environment. The study shows one aspect of corrosion characteristics in specific areas and objects; further study of corrosion mechanisms in accordance with burial conditions will be required through analysis of the corrosive layer and corrosive product characteristics of bronze artifacts from various regions.

• Journal of the Korean Society of Food Science and Nutrition
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• v.14 no.2
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• pp.182-187
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• 1985

This study was attempted to evaluate the chemical components of Aldaegu, Gadus macrocephalus, which consumed as a salted and dried product popularly in Korea. The contents of such compounds as amino acids, nucleotides and their related compounds, fatty acids and minerals were analysed. The content of total free amino acids was 814.9 mg% on dry basis and the major amino acids were tyrosine, alanine, histidine, leucine, phenylalanine, lysine and valine in a decreasing order. These amino acids were resulted as 45% of total free amino acids in Aldaegu. In the nucleotides and their related compounds, inosine and hypoxanthine were the only compounds detected. The overall content of nucleotide and their related nitrogenous compounds, free amino acid-N., ammonia-N., creatine and creatinine-N., and betaine-N., was 78.6% of extractable nitrogen. Ammonia-N was the most abundant of other nitrogenous compounds, resulting 36.6% of extractable nitrogen from the sample. In the fatty acid composition of total lipid and phospholipid, polyenoic fatty acid was abundant holding about 48% respectively. However, higher amounts of saturated fatty acids(39.8%) were found in glycolipid, and the predominant fatty acids in quantity were palmitic $acid(C_{16:0})$, stearic acid $(C_{18:0})$, oleic $acid(C_{18:1})$, docosahexaenoic $acid(C_{22:6})$, eicosapentaenoic $acid(C_{20:5})$ and eicosatetraenoic $acid(C_{20:4})$. Aldaegu contained 27,430 ppm of sodium and the trace amount of lead and cadmium was detected, which gave a good safety in the food sanitation aspects. It was presumed that free amino acids, ammonia, hypoxanthine, betaine, creatine and creatinine, and minerals play an important role for the characteristics of taste and flavor of Aldaegu.

• The Korean Journal of Air & Space Law and Policy
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• v.28 no.2
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• pp.183-221
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• 2013

While in the early stages of space activities only a few states engaged in the use of outer space, as is well known, commercial space activities have grown dramatically in recent years. Both states, state institutions, and international governmental organizations as well as many private enterprises are engaged in such commercial use of outer space by now. This development is not reflected in the present state of space law. The existing international instruments of space law were developed and finalized before this development and thus only provide very few and sometimes unfitting provisions for the commercial use of outer space and particularly the use by private enterprises. Law formulated in an era when the word "privatization" had not even been coined cannot contain potential problems caused by the increasing commercialization of outer space. For the promotion and further development of such commercial use of outer space it is necessary to clarify and establish the legal framework for such use, because participants will need this information for their future investments in this field. The purpose of this paper is to research and make an analysis of the contents and international regulation of international space commerce, which is rapidly proliferating and to review the process of improvement on national legislations relating to the commercialization of outer space in a few main space advanced countries to make the sustainable progress of commercial space activities project in international society. The legal implications of matters such as international commercial launch services, the liability aspects of such services, intellectual property rights, insurance, product liability insurance and materials processing could one day will be subject to regulated by international space law as well as domestic law. In fact, the question of commercialization is linked to the question of sharing benefits of space activities, and this currently is an agenda item in the Legal Subcommittee of UN COPUOS. Most of developed countries have enacted the national legislation for commercial space activities relating to the development of our space as follows : The National Aeronautic and Space Act of 1958 and the Commercial Space Act of 1998 in the United States, Outer Space Act of 1986 in England, Establishment Act of National Space Center of 1961 in France, Canadian Space Agency Act of 1990 in Canada, Space Basic Act of 2008 in Japan, and Law on Space Activity of 1993 in Russia. Becides there are currently three national legislations relating to space development and commercial space activities in Korea as follows : Aerospace Industry Development Promotion Act of 1987, Outer Space Development Promotion Act of 2005, Outer Space Damage Compensation Act of 2008. Commercial space great promise for the utilization and expansion of human outer space activities but aspring commercial actors must recognize that foreign policy, as well as obligations to the international community as a whole, ensure that commercial space activities will not operate in a legal and regulatory vacuum. As commercial space matures the law and accompanying regulation will most certainly evolve and choose to become participants in the inevitable evolution of law and regulation.

• Journal of Life Science
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• v.24 no.9
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• pp.1030-1038
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• 2014

Platelet products are used to treat hemorrhagic or platelet dysfunction diseases. Plateletpheresis involves collecting the platelet components of blood using an apheresis blood-collection system. Various indicators are available for evaluating the qualities of the apheresis platelets. The productivity of platelet collection is evaluated through both the collection efficiency and collection rates. Platelet storage quality can be evaluated in vitro using several indicators, including visual appearance, metabolic activities, volume, platelet count, white blood cell count, microparticles, and various platelet activation markers. Platelet activation markers have been used as indicators of storage quality in various studies. Post-transfusion platelet quality can be evaluated based on the corrected count increment and the percentage of platelet recovery. Although various studies have investigated the aspects of plateletpheresis, no article has systemically presented assessments of the platelet products obtained from different plateletpheresis devices. The present study provides a review of plateletpheresis, including the specifics of the process, the types of devices employed, the platelet quality, the overall efficacy, and the evaluation indicator qualities. Furthermore, the differences in functionality among the different apheresis devices are discussed. Although adverse reactions to the citrate anti-coagulant have been reported, apheresis processing may provide a safer option for donors who are at a high risk for presyncopal or syncopal reactions related to whole blood collection.

• Proceedings of the Korean Institute of Intelligent Systems Conference
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• 1993.06a
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• pp.975-976
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• 1993

This talk presents the overview of the author's research and development activities on fuzzy inference hardware. We involved it with two distinct approaches. The first approach is to use application specific integrated circuits (ASIC) technology. The fuzzy inference method is directly implemented in silicon. The second approach, which is in its preliminary stage, is to use more conventional microprocessor architecture. Here, we use a quantitative technique used by designer of reduced instruction set computer (RISC) to modify an architecture of a microprocessor. In the ASIC approach, we implemented the most widely used fuzzy inference mechanism directly on silicon. The mechanism is beaded on a max-min compositional rule of inference, and Mandami's method of fuzzy implication. The two VLSI fuzzy inference chips are designed, fabricated, and fully tested. Both used a full-custom CMOS technology. The second and more claborate chip was designed at the University of North Carolina(U C) in cooperation with MCNC. Both VLSI chips had muliple datapaths for rule digital fuzzy inference chips had multiple datapaths for rule evaluation, and they executed multiple fuzzy if-then rules in parallel. The AT & T chip is the first digital fuzzy inference chip in the world. It ran with a 20 MHz clock cycle and achieved an approximately 80.000 Fuzzy Logical inferences Per Second (FLIPS). It stored and executed 16 fuzzy if-then rules. Since it was designed as a proof of concept prototype chip, it had minimal amount of peripheral logic for system integration. UNC/MCNC chip consists of 688,131 transistors of which 476,160 are used for RAM memory. It ran with a 10 MHz clock cycle. The chip has a 3-staged pipeline and initiates a computation of new inference every 64 cycle. This chip achieved an approximately 160,000 FLIPS. The new architecture have the following important improvements from the AT & T chip: Programmable rule set memory (RAM). On-chip fuzzification operation by a table lookup method. On-chip defuzzification operation by a centroid method. Reconfigurable architecture for processing two rule formats. RAM/datapath redundancy for higher yield It can store and execute 51 if-then rule of the following format: IF A and B and C and D Then Do E, and Then Do F. With this format, the chip takes four inputs and produces two outputs. By software reconfiguration, it can store and execute 102 if-then rules of the following simpler format using the same datapath: IF A and B Then Do E. With this format the chip takes two inputs and produces one outputs. We have built two VME-bus board systems based on this chip for Oak Ridge National Laboratory (ORNL). The board is now installed in a robot at ORNL. Researchers uses this board for experiment in autonomous robot navigation. The Fuzzy Logic system board places the Fuzzy chip into a VMEbus environment. High level C language functions hide the operational details of the board from the applications programme . The programmer treats rule memories and fuzzification function memories as local structures passed as parameters to the C functions. ASIC fuzzy inference hardware is extremely fast, but they are limited in generality. Many aspects of the design are limited or fixed. We have proposed to designing a are limited or fixed. We have proposed to designing a fuzzy information processor as an application specific processor using a quantitative approach. The quantitative approach was developed by RISC designers. In effect, we are interested in evaluating the effectiveness of a specialized RISC processor for fuzzy information processing. As the first step, we measured the possible speed-up of a fuzzy inference program based on if-then rules by an introduction of specialized instructions, i.e., min and max instructions. The minimum and maximum operations are heavily used in fuzzy logic applications as fuzzy intersection and union. We performed measurements using a MIPS R3000 as a base micropro essor. The initial result is encouraging. We can achieve as high as a 2.5 increase in inference speed if the R3000 had min and max instructions. Also, they are useful for speeding up other fuzzy operations such as bounded product and bounded sum. The embedded processor's main task is to control some device or process. It usually runs a single or a embedded processer to create an embedded processor for fuzzy control is very effective. Table I shows the measured speed of the inference by a MIPS R3000 microprocessor, a fictitious MIPS R3000 microprocessor with min and max instructions, and a UNC/MCNC ASIC fuzzy inference chip. The software that used on microprocessors is a simulator of the ASIC chip. The first row is the computation time in seconds of 6000 inferences using 51 rules where each fuzzy set is represented by an array of 64 elements. The second row is the time required to perform a single inference. The last row is the fuzzy logical inferences per second (FLIPS) measured for ach device. There is a large gap in run time between the ASIC and software approaches even if we resort to a specialized fuzzy microprocessor. As for design time and cost, these two approaches represent two extremes. An ASIC approach is extremely expensive. It is, therefore, an important research topic to design a specialized computing architecture for fuzzy applications that falls between these two extremes both in run time and design time/cost. TABLEI INFERENCE TIME BY 51 RULES {{{{Time }}{{MIPS R3000 }}{{ASIC }}{{Regular }}{{With min/mix }}{{6000 inference 1 inference FLIPS }}{{125s 20.8ms 48 }}{{49s 8.2ms 122 }}{{0.0038s 6.4㎲ 156,250 }} }}

• Journal of Intelligence and Information Systems
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• v.21 no.3
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• pp.117-129
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• 2015

As the Internet becomes ubiquitous, a large volume of information is posted on the Internet with exponential growth every day. Accordingly, it is not unusual that investors in stock markets gather and compile firm-specific or market-wide information through online searches. Importantly, it becomes easier for investors to acquire value-relevant information for their investment decision with the help of powerful search tools on the Internet. Our study examines whether or not the Internet helps investors assess a firm's value better by using firm-level data over long periods spanning from January 2004 to December 2013. To this end, we construct weekly-based search volume for information technology (IT) services firms on the Internet. We limit our focus to IT firms since they are often equipped with intangible assets and relatively less recognized to the public which makes them hard-to measure. To obtain the information on those firms, investors are more likely to consult the Internet and use the information to appreciate the firms more accurately and eventually improve their investment decisions. Prior studies have shown that changes in search volumes can reflect the various aspects of the complex human behaviors and forecast near-term values of economic indicators, including automobile sales, unemployment claims, and etc. Moreover, search volume of firm names or stock ticker symbols has been used as a direct proxy of individual investors' attention in financial markets since, different from indirect measures such as turnover and extreme returns, they can reveal and quantify the interest of investors in an objective way. Following this line of research, this study aims to gauge whether the information retrieved from the Internet is value relevant in assessing a firm. We also use search volume for analysis but, distinguished from prior studies, explore its impact on return comovements with market returns. Given that a firm's returns tend to comove with market returns excessively when investors are less informed about the firm, we empirically test the value of information by examining the association between Internet searches and the extent to which a firm's returns comove. Our results show that Internet searches are negatively associated with return comovements as expected. When sample is split by the size of firms, the impact of Internet searches on return comovements is shown to be greater for large firms than small ones. Interestingly, we find a greater impact of Internet searches on return comovements for years from 2009 to 2013 than earlier years possibly due to more aggressive and informative exploit of Internet searches in obtaining financial information. We also complement our analyses by examining the association between return volatility and Internet search volumes. If Internet searches capture investors' attention associated with a change in firm-specific fundamentals such as new product releases, stock splits and so on, a firm's return volatility is likely to increase while search results can provide value-relevant information to investors. Our results suggest that in general, an increase in the volume of Internet searches is not positively associated with return volatility. However, we find a positive association between Internet searches and return volatility when the sample is limited to larger firms. A stronger result from larger firms implies that investors still pay less attention to the information obtained from Internet searches for small firms while the information is value relevant in assessing stock values. However, we do find any systematic differences in the magnitude of Internet searches impact on return volatility by time periods. Taken together, our results shed new light on the value of information searched from the Internet in assessing stock values. Given the informational role of the Internet in stock markets, we believe the results would guide investors to exploit Internet search tools to be better informed, as a result improving their investment decisions.