Firm-Specific Investor Sentiment, Confirmation Bias, and Market Response to Earnings Information

Su-Young Choi(Su-Young Choi),Heejeong Shin(Heejeong Shin) The International Academy of Global Business and T 2023 The International Academy of Global Business and T Vol.19 No.1

Purpose - This study investigates the effect of firm-specific investor sentiment on the asymmetry of the market’s response to signed earnings of accounting information (i.e., positive/negative unexpected earnings). Applying cognitive attribution (i.e., confirmation bias), which arises due to the incongruency of prior and new information to market earning reactions, this paper aims to provide another insight into the market’s efficiency of accounting information. Design/Methodology/Approach - This study hypothesizes that firm-specific investor sentiment is associated with market reactions to earnings information. Using 4,802 firm-year observations of KSE listed firms from 2011 to 2018, this study conducts a series of multiple regression analyses that estimate the moderate/ incremental effect of investor sentiment on market earnings responses. Findings - The analysis results show that on average, firm-specific sentiment plays a role as a reference in interpreting subsequent earnings information. This leads investors to under-react to signed earnings at the announcement date, relying on the sentiment level. Research Implications - This study is distinct from prior literature in using individual firm investor sentiment deemed to be relatively faithful for representing the external mood of firms. By linking the market’s earnings response with investor cognitive attribution (i.e., confirmation bias), this study looks more closely into market informational efficiency.

Inflammatory hypoxia induces syndecan-2 expression through IL-1β–mediated FOXO3a activation in colonic epithelia

Choi, Sojoong,Chung, Heesung,Hong, Heejeong,Kim, So Yeon,Kim, Seong-Eun,Seoh, Ju-Young,Moon, Chang Mo,Yang, Eun Gyeong,Oh, Eok-Soo The Federation of American Societies for Experimen 2017 The FASEB Journal Vol.31 No.4

<P>Chronic inflammation is known to be a key causative factor in tumor progression, but we do not yet fully understand the molecular mechanism through which inflammation leads to cancer. Here, we report that the dextran sulfate sodium (DSS)-induced mouse model of chronic colitis is associated with increases in the serum level of IL-1 beta and the colonic epithelial expression of the cell-surface heparan sulfate proteoglycan, syndecan-2. We further show that IL-1b stimulated the transcription of syndecan-2 via NF-kappa B-dependent FOXO3a activation in CCD841CoN normal colonic epithelial cells and early-stage HT29 colon cancer cells. Inflammatory hypoxia was observed in the colonic epithelia of mice with chronic colitis, suggesting that hypoxic stress is involved in the regulation of syndecan-2 expression. Consistently, experimental inflammatory hypoxia induced hypoxia inducible factor-1 alpha-dependent FOXO3a expression and the p38 MAPK-mediated nuclear localization of FOXO3a. FOXO3a directly mediated syndecan-2 expression in both cell lines and the colonic epithelia of mice with DSS-induced colitis. Moreover, syndecan-2 expression was detected in azoxymethane/ DSS-induced colon tumors. Together, these data demonstrate that inflammatory hypoxia upregulates syndecan-2 via the IL-1 beta-NF-kappa B-FOXO3a pathway. These findings provide new mechanistic insights into inflammatory hypoxia-mediated syndecan-2 expression to connect chronic inflammation and the development of colon cancer.-Choi, S., Chung, H., Hong, H., Kim, S. Y., Kim, S.-E., Seoh, J.-Y., Moon, C. M., Yang, E. G., Oh, E.-S. Inflammatory hypoxia induces syndecan-2 expression through IL-1b-mediated FOXO3a activation in colonic epithelia. FASEB J. 31, 1516-1530 (2017). www.fasebj.org</P>

Effect of Abalone Hydrolysates Encapsulated by Double Emulsion on the Physicochemical and Sensorial Properties of Fresh Cheese

Heejeong Choi,Soo-jin Kim,Sang-yoon Lee,Mi-jung Choi 한국축산식품학회 2017 한국축산식품학회지 Vol.37 No.2

The intake of dietary salt through food now exceeds current nutritional recommendations and is thought to have negative effects on human health, such as the increasing prevalence of hypertension. This study was performed to investigate whether W1/O/W2 double emulsions can be used to enhance the saltiness of cheese without increasing the salt content (W1 is distilled water or 1% abalone hydrolysate, and W2 is 1% NaCl or 1% abalone hydrolysate + 1% NaCl solution). We also investigated the effect of adding abalone hydrolysate to the double emulsion as a saltiness enhancer. The cheeses were physico-chemically evaluated to determine curd yield, pH value, moisture content, color, texture, salt release rate, and sensory properties. No significant differences were observed in curd yield, pH value, moisture content, lightness, or redness between the cheeses made with and without the double emulsion. However, in the evaluation of salt release rate, fresh cheese made with double emulsion (W1 = dis-tilled water, W2 = 1% NaCl + 1% abalone hydrolysate) was detected earlier than the control or the other treatments. In the sensory evaluation, fresh cheese made with the double emulsion showed higher scores for saltiness and overall preference than the control or the other treatments. We concluded that abalone hydrolysate encapsulated in a double emulsion (W1 is water and W2 is abalone hydrolysate and NaCl solution) could enhance the saltiness of fresh cheese while maintaining the same salt concentration, without altering its physical properties.

The size effect of red ginseng powder particle on antioxidativity and cytotoxicity

HeeJeong Choi,Munkhtugs Davaatseren,SangYoon Lee,Junggyu Lee,Dong Hyeon Park,JingJing Bai,Youngjae Cho,Mi-Jung Choi 한국산업식품공학회 2017 학술대회 및 심포지엄 Vol.2017 No.04

The red ginseng is known to have effects on antioxidativity and cytotoxicity. Nanoscale active substances have various advantages such as improved bioavailability and permeation ability into the cell. However, few studies conducted with the nanoparticles of red ginseng due to its low yield rate and difficulty of manufacturing the product in pilot scale. This study, therefore, investigated the size effects of ultra-fine powder of red ginseng on antioxidativity and cytotoxicity. Red ginseng powder (6, 8, or 158 μm) prepared using a pilot scale was provided by a local company. Antioxidativity was measured by the 2,2-diphenyl-1-picrylhydrazyl (DPPH) and 2,2′-azino-bis-3-ethylbenzothiazoline-6-sulphonic acid (ABTS) assays, and cytotoxicity was tested by methylthiazolyl tetrazolium (MTT) assay. The results of DPPH and ABTS radical electron donating ability IC50 of red ginseng were ranged from 2.27 to 3.34 mg/ml and 2.94 to 3.09 mg/ml, respectively, which were not significantly different between all samples. However, the results of cytotoxicity clearly showed a pattern of decreased toxicity in 6 and 8 μm power compared to 158 μm powder. Unexpectedly, particle sizes of red ginseng did not significantly affect antioxidativity. It is believed that these were related to the process of pilot scale production. These phenomena are also believed to be caused by aggregation of low size power particle that increases water holding capacity. From our result, it is concluded that this range of particle size of red ginseng affected the reduction of cytotoxicity.

성인자녀-부모관계와 부모의 인지기능

최희정(Heejeong Choi),민주홍(Joohong Min) 가정과삶의질학회 2015 가정과삶의질연구 Vol.33 No.4

기혼자녀와 부모의 특성이 세대 간 거주근접성에 미치는 영향

최희정 ( Heejeong Choi ),남보람 ( Boram Nam ) 한국가족관계학회 2016 한국가족관계학회지 Vol.21 No.1

Objective: This study examined correlates of residential proximity between parents and non-coresident married children. A majority of existing studies on intergenerational living arrangement has focused on exploring factors that are associated with intergenerational coresidence only, despite an increasing number of parents and children who do not live together but close by. Because residential proximity facilitates frequent contacts and support exchanges between the two generations, it is important to understand its correlates. Method: The data were drawn from first wave of the Korean Longitudinal Study of Ageing (KLoSA, 2006), a nationally representative sample of adults 45 years or older and their spouses. The analytic sample consisted of 3,950 parents with 10,946 non-coresident married children. Both regression with robust standard errors and sibling fixed effects regression models were estimated using the reg and xtreg procedures in STATA. Results: Younger, less depressed, and more physically impaired parents lived closer to at least one of their married children (within a 30-minute distance by public transportation). Fathers (compared to mothers), parents living in cities (compared to those living in rural areas), parents with at least one co-resident child or fewer numbers of married children tended to have at least one married child living nearby. With regard to child characteristics, married children who were less educated, homeowners, and had more children lived closer to their parents. Also, sons (compared to daughters) lived in closer distance to their parents. Conclusion: Overall, findings suggest that intergenerational residential proximity may primarily be motivated by the childcare needs of married children or parents’ needs for assistance with functional impairment. Also, the traditional patrilineal norms of intergenerational support may still be a critical factor in residential decisions as observed in the difference between married sons and daughters in proximity to their parents.

다자녀와의 접촉빈도 및 접촉유형과 중노년기 주관적 복지감

최희정(Choi, Heejeong),남보람(Nam, Boram) 가정과삶의질학회 2019 가정과삶의질연구 Vol.37 No.4

세대 간 거주근접성과 중고령 부모에게 제공하는 경제적 지원

최희정(Heejeong Choi),남보람(Boram Nam),유수빈(Soo-Bin You) 한국노년학회 2021 한국노년학 Vol.41 No.2

본 연구는 세대 간 거주근접성이 성인자녀가 중고령부모에게 제공하는 경제적 자원이전과 어떠한 관련성이 있는지, 세대간 거주근접성과 경제적 자원이전의 관계가 자녀의 성별에 따라 차이가 나타나는지 살펴보았다. 자녀 본인 뿐 아니라 형제자매의 거주근접성 역시 고려되었다. 미국 등 국외 선행연구는 근거리에 거주하는 형제자매가 제공하는 도구적 지원을 보완하기 위해 원거리에 거주하는 자녀의 경제적 지원수준이 높을 것으로 보았다. 데이터는 한국고령화연구패널 5차(2014)자료를 활용하였으며 연구대상은 부모의 연령이 60세 이상이고 자녀의 연령은 35세에서 55세 사이로 부모가 자녀와 동거하는 경우 분석에서 제외되었다. 부모의 경우 부부가구이거나 배우자와 사별한 독거가구로 구분하였다. 고정효과모형과 확률효과모형으로 가족내 분석을 실시하였고 연구결과는 다음과 같다. 첫째, 부모와 30분 이내 거리에 거주하거나 혹은 1시간 이상 2시간 이내 거리에 거주하는 경우 아들의 경제적 지원액이 딸보다 많았다. 둘째, 선행연구 결과와 달리, 형제자매를 포함하여 모든 자녀가 부모와 1시간 이상 거리에 거주할 때 아들과 딸 성별의 구분 없이 경제적 지원액이 높았다. 세대간 거주근접성과 경제적 자원이전의 관련성은 배우자와 사별한 1인가구 부모가 경제적 지원의 수혜자인 경우 나타나지 않았다. We examined if intergenerational proximity might be associated with upstream financial transfer from adult children to older parents, and whether adult child gender might moderate the association. We considered siblings’ proximity to parents, as well as that of the adult child. Prior work conducted in the US and other countries has suggested that children living further from parents might provide financial support to compensate for instrumental support provided more by siblings living closer to parents. Data were drawn from the Korean Longitudinal Study of Ageing (2014). Our analytic sample consisted of older adults 60+ and their children aged 35 and 55. None of the children co-resided with parents. Parental households consisted of either widowed individuals or married couples. For within-family analyses, fixed effects and random effects regression models were estimated. Results suggest first, sons living within a 30-minute distance, or within an hour to two-hour distance provided more monetary support to married parents compared to daughters. Second, contrary to existing findings, greater financial assistance was provided by sons and daughters when no children lived within an hour distance from their parents. For widowed parents living alone, intergenerational proximity was not associated with the amount of financial transfer from adult children.

비혼자녀와 부모의 접촉

최희정(Choi Heejeong) 가정과삶의질학회 2016 가정과삶의질연구 Vol.34 No.5

개질한 zeolite를 이용한 중금속제거

최희정 ( Heejeong Choi ),유성환 ( Sungwhan Yu ) 한국수처리학회 2015 한국수처리학회지 Vol.23 No.4

The aim of this study was to investigate the heavy metal removal using modified zeolite with magnesium (Mg-zeolite). Mg-zeolite adsorbed two fold higher Cd than that of K-zeolite. In addition, Mg-zeolite adsorbed successfully 100% of the Cd, As, Cu and Mn at the following optimal Mg-zeolite dosage: 30 mg/L for As and Cd, and 15 mg/L for Cu and Mn. The relationship between heavy metal concentration and amount of Mg-zeolite was determined highly linear; 0.9982, 0.9965, 0.9972 and 0.9964 for Cd, Mn, Cu and As, respectively. The bio-adsorbent, Mg-zeolite, can be a promising adsorption due to its high efficiency and low dose requirements. In addition, Mg-zeolite does not contaminate treated wastewater, which can be recycled to reduce not only the cost and the demand for water but also the extra operational costs for reusing wastewater.