• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.4
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• pp.1625-1632
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• 2012

The purpose of this study is to analyze whether asset sales contributed to increase of the shareholder value of the seller and the buyer in Japan. The period of analysis is 2000-2007. As a result of event study, Although the stockholder of the seller earn positive abnormal returns at the announcement of a asset sales, most stockholders of the buyer were break even. However, the buyer which purchase related asset get positive abnormal returns. Furthermore, when using a matched seller-buyer, we find that asset sales are firm value enhancing for the seller and buyer. Furthermore, we verify whether the excess return depends on the financial condition, and the managerial performance. we find that seller gains are related to the seller's managerial performance, leverage ratio, and buyer gains are related to the leverage ratio, foreigner holdings ratio. we conclude that lender and outside monitoring lead to increase of firm value.

• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.201-232
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• 2007

In this study, we investigated public announcements of stock splits using the Korean Stock Market data from 2000 through 2007. The purposes of this study are to examine whether stock splits have the information contents in the Korean capital markets, and to investigate the possible cause of the market reactions. We measured the market reactions with abnormal returns, cumulative abnormal returns and cumulative average abnormal returns. For the purpose, two specific hypotheses were tested. One is 'Signalling Effects' where stock splits function as a signal through which managers transmit a favorable information for investors. The other is 'Liquidity Effects' where stock splits increase the trading convenience. We have th following results. Firstly, positive market effects were found when stock splits were announced. Secondly, there was difference in trading convenience between the high and the low split ratios. Finally, the long term performance through stock splits in the Korean capital markets was not significant.

• Korean Journal of Weed Science
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• v.7 no.2
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• pp.186-199
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• 1987

This study was carried out to investigate the growth of Korean lawn grass (Zoysia japonica Steud.), penncross bentgrass (Agrostis palustris Huda) and seaside bentgrass (Agrostis spp.) under application of 21 pre- and post-emergence herbicides and the weeding effect of 14 annual and 4 perennial weeds with them for the purpose of the systematic chemical weed control in turf. The results obtained were as follows; 1. Napropamide, napropamide + triclopyr and benefin were safe for Korean lawn grass and two kinds of bentgrasses when they were treated at 4 and 25 days after transplanting of turfgrasses. Simazine, lenacil and bentazon inhibited the growth of bentgrasses, but not Korean lawn grass. 2. The preemergence application of simazine, benefin and napropamide + simazine showed excellent control for Digitaria sanguinalis, Cyperus amuricus, Chenopodium album, Portulaca oleracea and Centipeda minima. Lenacil was excellent for control of all the tested weeds except Chenopodium album, napropamide excellent for them except Cyperus amuricus and Portulaca oleraces, and bentazon good for them except Digitaria sanguinalis. When simazine was treated with either napropamide or triclopyr at preemergence of weeds, weeding effect increased without inhibition of lawn growth. 3. The postemergence application of mecoprop, bentazon, benefin + dicamba and benefin + mecoprop was safe to bentgrasses. All the tested postemergence herbicides except simazine + atrazine did not inhibit the growth of Korean lawn grass. 4. Other postemergence herbicides mecoprop and triclopyr were excellent for the control of Echinochloa crusgalli and those except benefin and mecoprop excellent for Kummerovia striata. Digitaria sanguinalis was controlled by treating with all the tested post emergence herbicides and Cyperus amuricus controlled only by bentazon. 5. The growth rates of bentgrasses treated with simazine, lenacil and napropamide + simazine were lower than that of hand-weeded check, and those of benefin, bentazon, napropamide, napropamide + triclopyr, stomp, bensulide and triclopyr were higher than that one when applied at spring season. Korean lawn grass growth appeared to be good under application of all the tested preemergence herbicides at spring. Lanacil and bentazone showed poor control of Echinochloa crusgalli, and bensulide showed poor control of Erigeron canadensis. Also, napropamide and bentazon were not good for Kummerovia striata control. However, at the respective rates of all the tested herbicides, these three weeds were greatly controlled by 85-100% of weeding effect. 6. At the application of autumn season, bentazon, napropamide, pendimethalin, benefin, napropamide + triclopyr, bensulide and triclopyr seemed to be safe against three kinds of turfgrasses. But simazine, napropamide + simazine inhibited the growth of bentgrasses except Korean lawn grass. In terms of weed control performance, triclopyr was poor for controlling Echinochloa crusgalli and bentazon and stomp for Poa annua, napropamide, benefin and bensulide for Stellaria medico. Stellaria uliginosa and Cerastium caespitosum were well controlled by all the tested preemergence herbicides. 7. Korean lawn grass was safe when paraquat and glyphosate were treated at the dormanant season of turfgrass. These herbicides showed excellent controll of Poa annua but poor control of perennials in order of Trifolium repens < Miscanthus sinensis < Calystegia japonica < Artemisia asiatica. 8. In field test, all of 19 herbicides seemed to be safe when treated at Korean lawn grass. All of 10 preemergence herbicides were excellent for controlling annual weeds, but poor for perennial ones. All of 9 postemergence herbicides showed a excellent control for broad-leaf weeds.

• Tunnel and Underground Space
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• v.20 no.2
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• pp.125-130
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• 2010

Model blast experiments of mortar blocks were performed to investigate the effect of the guide hole on crack growth. The mortar block specimens have a blast charge hole and 8 guide holes. Two of circular guide hole, notched guide hole, diamond shaped guide hole and diamond shaped guide holder are installed around 110 mm, 165 mm and 220 mm apart from the charge hole for each specimen. From the blast experiments, it was revealed that all the guide hole used in this study were effective for controlling the crack growth at the fracture control.

• The Korean Journal of Financial Management
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• v.16 no.2
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• pp.27-51
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• 1999

본 연구는 사업구조조정을 위하여 기업이 자발적으로 자산을 매각할 때, 부채변제 목적으로 자산을 매각하는 경우를 제외한 재투자 목적으로 자산을 매각한 경우에 없어 자산매각에 따른 주가변동인 공시효과를 살펴보고 또한 이런 공시효과가 매각기업의 매각직전 경영성과인 Tobin's Q에 따라 달리 나타날 수 있으므로 이에 따른 공시효과의 차이를 비교해 본다. 그 다음에, 기업이 자산매각을 통하여 확보한 유동성을 새로 재투자할 기회를 갖는 자산매각의 경우에 있어, 이런 기회가 사업을 집중화할 목적인지 혹은 아닌지에 따라 장기간의 경영성과인 Tobin's Q와 어떤 영향관계를 갖는 지와, 또 매각자산의 상대적 매각규모가 장기간의 경영성과와 어떤 영향관계를 갖는 지를 분석한다. 분석결과, 자산매각에 대한 중시효과는 통계적으로 유의한 정의 비정상수익률을 실현하였으며, 자산매각직전의 경영성과를 나타내는 Tobin's Q값의 우열에 따리 분류한 4사분위별 집단의 비정상수익률은 Tobin's Q값이 낮거나 높은 기업일수록 정의 비정상수익률을 크게 실현하였다. 그리고 사업을 집중화할 목적으로 자산매각을 실시한 경우와 그렇지 않은 경우에 없어서 경영성과는 두 집단간에 유의적인 차이를 나타냈으나, 매각이후 각 연도기말의 Tobin's Q값들 사이에 대한 전년도와의 차이는 통계적인 유의성을 찾을 수가 없었다. 그렇지만 기업의 경영성과인 Tobin's Q는 집중화 집단이 비집중화 집단보다 크게 나타났었다. 또한 자산매각 이후에 없어, Tobin's Q와 집중화등기 및 상대적 매각규모는 유의적인 정의 관계를 나타냈다.었다.가 높은 한국, 영국, 독일에서는 환율이 주가에 비해 선행하여 변동한다고 볼 수 있다.하는 것이 필요할 것이다. 초과가치가 크게 나타나는 것으로 분석되어, 다각화 기업이 더 많은 부채부담능력을 가질 수 있고, 부채의 세금절감효과에 의해 기업가치를 증가시킬 수 있음을 알 수 있었다.있는 과정이므로 장기기대 주가의 미지성이 평균회귀 과정의 기각을 유도하게 된다. 우리나라의 투자자들은 무위험자산과 위험을 동시에 고려하여 투자활동을 전개하고 있음이 발견되었다. 선형의 효용함수를 갖는 위험중립적 태도의 투자자가 아니다. 위험기피형 효용함수 아래에서 투자활동을 수행하고 있는 합리적 투자자들이라 할 수 있다. 뿐 만 아니라 자신의 평생에 걸친 소비를 소비가 이루어지는 각 기마다 가급적 일정하게 하는 소비행동을 목표로 삼고 소비와 투자에 대한 의사결정을 내리고 있음이 실증분석을 통하여 밝혀졌다. 투자자들은 무위험 자산과 위험성 자산을 동시에 고려하여 포트폴리오를 구성하는 투자활동을 행동에 옮기고 있다.서, Loser포트폴리오를 매수보유하는 반전거래전략이 Winner포트폴리오를 매수보유하는 계속거래전략보다 적합한 전략임을 알 수 있었다. 다섯째, Loser포트폴리오와 Winner포트폴리오를 각각 투자대상종목으로써 매수보유한 반전거래전략과 계속거래 전략에 대한 유용성을 비교검증한 Loser포트폴리오와 Winner포트폴리오 각각의 1개월 평균초과수익률에 의하면, 반전거래전략의 Loser포트폴리오가 계속거래전략의 Winner포트폴리오보다 약 5배정도의 높은 1개월 평균초과수익률을 실현하였고, 반전거래전략의 유용성을

• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.4A
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• pp.331-340
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• 2011

The application of newly developed fiber-sheet and steel-plate composite plate (FSP) as a means of improving strength and ductility capacity of concrete cylinders under axial compression load through confinement is investigated experimentally in this study. An experimental investigation involves axial load tests of two types of FSP strengthening material, two anchoring methods, and three concrete strengths. The FSP-confined cylinder tests showed that FSP provided a substantial gain in compressive strength and deformability. The performance of FRP-confined cylinders was influenced by type of the FSP strengthening material, the anchoring method, and concrete compressive strength. The FSP failure strains obtained from FSP-confined cylinder tests were higher than those from FRP-confined cylinder tests. The magnitude of FSP failure strain was related to the FSP composite effectiveness. The effects of FSP confinement on the concrete microstructure were examined by evaluating the internal concrete damage using axial, radial, and volumetric strains. From the observations obtained in this investigation, it is believed that FSP is one of the best solutions for the confinement of concrete compressive members.

• Korean Journal of Soil Science and Fertilizer
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• v.28 no.2
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• pp.191-205
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• 1995

The carrier materials used for the development of bacterial inoculants to be effective in field were made with various carrier materials of two major forms, alginate bead and powder inoculants. Inoculants were prepared after mixing those carrier materials with Pseudomonas fluorescens SSL3 and Bacillus subtilis B5, and the treatment effects of each inoculants was investigated on cucumber, tomato, pepper and potato. Survival density of SSL3 and B5 in various carrier materials for duration of storage and the bead inoculants were better than the powder. In the powders, survival rate increased in carrier materials treated 5% skimilk. The growth condition of microorganisms in carrier materials is good at powder. When they were preserved in the long period, contamination is problem. Scanning(200 to 600nm) of the P. fluorescens SSL3 supernatant in centrifuged MKB broth incubated for 48h had two main peaks, pyochelin(300nm) and pyoverdin(400nm). The potato yield in field experiments of spring, treated with bead formulas showed increase of 22~29% in whole potato breeds as compared with control, because the bead formulas degraded, and released the antibiotic microorganisms in slow and constant rate. In the pot experiment, there were significant difference in soil, wheatbran, and bead formed wheatbran.

• The Journal of Engineering Geology
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• v.8 no.3
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• pp.215-224
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• 1998

In this study, total strain was measured by LVDTs and local strains on the surface of specimens were measured by strain gauges. And axi-symmetrically elastoplastic FEM analyses was carried out for cylindrical specimens. Considering the influence of the restraint induced by the loading platen, in the case of H/D=1, the strain distribution on the side of a specimen is obviously affected by the condition of platen contact. Furthermore, it is clear that the larger H/D ratio becomes, the smaller the influence to the strain distribution is. For the smooth contact condition, the strain on the side is not influenced by the stiffness of the specimen, the shape and the scale effect, the strain distribution coincides with the nominal total strain. Whereas, in the case of rough contact condition, the strain distribution is remarkably affected. It is made clear that strain responses of hard rock specimens may more sensitive than these of soft rock specimens as a results of interaction between loading platens and specimen and the uniaxial strength of specimens may strongly depends on this interaction and stress-strain relation is affected by the contact condition.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.1-39
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• 2003

Using a comprehensive sample of convertible security offerings by Korean firms from 1981 to 1999, we examine the effect of convertible bond issues on firm value. We find that the announcement of convertible bond issues has a positive effect on firm value. However, the announcement of private convertible bond issues by chaebol firms has a significant negative effect on their market values. This result is different from that in Japan, suggesting that the efficiency of the financing decision by Korean chaebol is different from that by Japanese keiretsu. In addition, we find that the announcement effect of private convertible bond issues by chaebol firms has a significant relation with the corporate governance variables such as ownership structure, bank relationship. These results indicate that convertible bond issues can be used as a mechanism for chaebol owner-manager to give rise agency problems at the expense of the wealth of minority shareholders.