An SAO‐based text‐mining approach for technology roadmapping using patent information

A technology roadmap (TRM) links technologies with a company's strategic objectives and so supports acquisition of required technologies in advance of needs. It is a powerful tool for strategic planning and technology management. Because technology is changing rapidly and market competition is fierce, the role of a TRM is becoming increasingly important. To support the role of a TRM, many firms and governments that use roadmapping are becoming interested in reducing costs while retaining objectivity during TRM development. One suggestion to achieve these goals is to use the keyword‐based quantitative approach to creating a TRM, but the information provided by the approach is limited because of the characteristics of keyword information. To solve this limitation, this research uses the concept of ‘function’ to support quantitative analysis for developing a TRM. The concept of function can provide information on the uses and purposes of a technology. To represent a function, a subject–action–object structure is commonly used. The suggested approach allows research and development (R&D) managers to extend the views of product and technology during development of a TRM. In addition, by reducing the time required to develop a TRM, the proposed approach supports quick and accurate decision‐making by R&D managers.     

Volatility, Efficiency, and Trading: Further Evidence

Along the lines of Amihud and Mendelson (1987a, 1989,1991), this study investigates the unique trading mechanism of the Korea Stock Exchange (KSE) and its intraday behavior of stock price volatility. The evidence from this study indicates that the introduction of an additional clearing procedure at the afternoon closing makes price discovery process more efficient than before from the viewpoint of stock price volatility. Hence, such trading mechanisms can be applied to emerging stock markets as well as developed stock markets. In addition, based on intraday analysis, stock price volatilities appear to occur mainly during the trading period, not during the lunch break or overnight period. Consequently, the results confirm the previous studies that information arrival and trading activities are the main sources of volatility.     

How does the partner type in R&D alliances impact technological innovation performance? A study on the Korean biotechnology industry

The number of strategic alliances for R&D activities in the biotechnology industry is sharply increasing. Some studies show that each alliance partner type has different alliance motives, resources and capabilities, organizational structures and cultures, and degrees of competition with partners, which can lead to different performances of strategic alliances. In this regard, this study conducts an empirical analysis of the different impact of each type of alliance partner on technological innovation performance and finds the moderating effect of absorptive capacity and potential competition by categorizing strategic alliances for R&D activities in the biotechnology industry into three types: vertical-downstream alliances, vertical-upstream alliances, and horizontal alliances. This study analyzed 206 Korean biotechnology firms and their strategic alliances for a total of 292 R&D activities. The results of the analysis showed that vertical alliances have a positive impact on technological innovation performance, while horizontal alliances have an inverted U-shaped relationship with technological innovation performance caused by the effect of competition. Additionally, it was confirmed that the R&D intensity of biotechnology firms has a moderating effect of increasing the impact of vertical-upstream alliances on technological innovation performance.     

Short selling and stock prices with regime switching in the absence of market makers: The case of Japan

This paper investigates the relation between short selling and stock price at an aggregated market level. In order to study the differential impact of market microstructure on short selling, the data from Japanese stock markets are used. Both traditional regression and Markov switching models are used to compare Japanese results to those of U.S. and to admit non-stationary relation between short selling and stock price, respectively. Particularly, relatively long period (1978–2002) of analysis including bullish and bearish periods gives a good testable bed for studying the effect of short selling on stock price according to market condition. The empirical findings reveal that percentage change of short interests has a statistically significant positive relation with stock returns. It gives regulators policy implication that short selling is not a destabilizing activity, but an acceptable form of trading even in the absence of market makers. And short selling information cannot be used as an indicator for predicting future stock markets.     

Who wins in the money game? The case of KOSPI 200 futures

This study investigates the information advantage of each investor category (i.e., foreigners, individuals, institutions, and the others) in the Korean stock index (i.e., KOSPI 200) futures market. To evaluate the information advantage of each investor category, we calculate futures trading and position gains; review and criticize the Value Weighted Average Price (VWAP) measure; and develop adjusted VWAP measures that are consistent with trading gains. Our main inferences are made based on adjusted VWAP measures. This study analyzes the transaction data of the nine years from January 1998 through 2006. From the perspectives of the adjusted VWAP measures, our findings support the information advantage of foreign investors over domestic (particularly, domestic individual) investors in the KOSPI 200 futures market.     

Religion and perceived travel risks

This study investigates the effects of religion on perceived risks associated with travel to China. A sample of 223 international travelers answered questions about the travel risks associated with travel to China, their religious affiliation, and the strength of their religious beliefs—their religiosity. A principal components analysis identified five risk dimensions: “Value risk,” “Physical/Psychological risk,” “Health risk,” “Terrorism/Social risk,” and “Equipment/Satisfaction risk.” Regression analyses identified statistically significant positive relationships between religiosity and perceived travel risks while holding experience constant. Multivariate analysis of variance (MANOVA) and a series of one-way analysis of variance (ANOVA) tests revealed significant differences in the perceived travel risks across religious affiliations. Across all five risk dimensions, travelers who reported a religious affiliation perceived more risk than nonreligious travelers did. Religiosity, religious affiliation, and the perceived risk dimensions also discriminated among preferred travel styles for a future trip to China. Implications of the study's results are discussed, and limitations and recommendations for future research presented.