• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.1-47
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• 2006

This study investigated the effect of tender-offer on the value of the firms in Korea. For this purpose, the study applied an event study methodology to 55 cases(bidding firm : 26, target firm : 39) of tender-offer and 164 cases(bidding firm : 144, target firm : 20) of merger announcements made between January 1st, 1994 and September 30th 2004. We found the following results. For tender-offer announcements, there was a significant increase in target firm's value while there was no significant change in bidding firm's value. In contrast, for merger announcements, there was a significant increase in bidding firm's value while there was no significant change in target firm's value. In addition, the synergy effect of tender-offer was higher than that of merger. The results support the Berkovitch and Khanna(1991)'s prediction that bidding firms choose tender-offer rather than merger in the presence of higher synergy profit from M&A.

• Korean Journal of Environment and Ecology
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• v.37 no.6
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• pp.499-507
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• 2023

This study conducted an empirical analysis on a land purchase requisition policy in Bukhansan National Park to draw the efficacy, limitations and implications of this policy. A logistic regression analysis was conducted to identify factors that affected the landowners' decision on applying for land purchase requisition using the government's records on acquisition of private lands in the park since 2006 when this policy began to be implemented. Results illustrate that the probability that a landowner applied for purchase requisition increased if the land was classified as forest, if a large proportion of the land was designated as the nature conservation district, if it was located farther from park boundary, and if it had higher appraised value per square meter. These results indicate that as the landowners had less chance to utilize their lands, they more likely apply for purchase requisition. These results also imply that the government can achieve a high conservation performance level if private lands are acquire by the land acquisition requisition policy. The logistic regression model also predict that 401m² of the private lands in Bukhansan National Park will likely be purchase-requested in future. Despites its usefulness in mitigating landowners' complaints in national parks, the land purchase requisition policy has not been widely utilized. Based on these empirical results, this study provides policy implications to facilitate the ulitization of this policy.

• Korean Journal of Construction Engineering and Management
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• v.12 no.3
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• pp.121-130
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• 2011

Real option values of early termination payment for selected BTO PPI projects are studied using binomial models. Two cases of early termination payments are considered; an option with the condition of private participants' default, and an option without the condition. Values vary depending upon parameter values such as revenues, costs, discount rates, debt ratio, and volatility of revenues. For selected projects, the option values without the default condition are estimated as 1%~7% of total project costs, whereas the option values with the default condition are estimated as 0%~1.89% of total project cost. When actual revenues differ from the forecasted revenues, apparently the option values deviate from the values based upon the forecasted revenues. When actual revenues fall short of the forecasted revenues, the option values increase by a large amount whereas the option values decrease by a small amount in the opposite case. This implies that the option values can be quite bigger than the values based upon the forecasted revenue especially when the revenue forecast uncertainty is large. This study is expected to play an important role in improving the early termination payment option policy of the government in PPI projects in Korea.

• The Korean Journal of Financial Management
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• v.11 no.1
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• pp.157-169
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• 1994

본 연구는 기업합병매수후 자산매각(資産賣却)이 기업가치에 어떠한 영향을 미치는가를 분석한다. 특히, 기업합병매수후에 자산이 매각될 때의 기업가치에 대한 영향과 기업합병매수와 관련이 없이 자산이 매각될 때의 기업가치에 대한 영향을 비교하여 어떠한 차이가 있는지를 파악하고자 한다. 이러한 분석을 위해 본 연구는 Shleifer와 Vishny(1991)가 정의한 자대매각(資臺賣却)의 유동성비용(流動性費用)(Liquidity Cost of Asset Sale)이라는 개념을 원용하였다. 그들은 자산매각의 유동성비용을 어떤 자산의 급매가치(急賣價値)와 최적활용시(最適活用時) 그 자산이 가져다주는 현금흐름의 순현재가치와의 차이(差異)라고 정의하고 있다. 또한 그들은 어떤 기업이 재무적(財務的) 곤경(困境)에 처해 있을 때 자산매각의 유동성비용이 매우 높다는 것을 보였다. 이러한 개념하에 자산매각이 기업합병매수후 발생할 때 자산매각의 유동성비용이 보다 높은지 여부를 분석하였다. 이를 위해 1982년부터 1989년까지 1,185개의 자산매각 사건들을 합병매수후 자산매각 사건과 합병매수와 관련이 없는 자산매각 사건으로 분류하여 시장위험조정수익률(市場危險調整收益率) 모형(模型)과 시장모형(市場模型)을 이용하여 두표본집단간의 주가변화의 차이를 분석하였다. 그 결과 두집단모두 자산매각에 의해 통계적으로 유의한 정(正)의 초과수익(超過收益)을 보이지만, 기업합병매수후 자산이 매각될 경우가 기업합병 매수와 관련이 없는 경우에 비해 통계적으로 낮은 초과수익을 보이고 있다. 이러한 차이를 본 연구에서는 기업이 합병매수후 겪고 있는 재무적 곤경을 피하기 위해 자산을 신속히 매각하였기 때문에 발생한 유동성 비용이라 해석하고 있다.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1991.10a
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• pp.27-38
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• 1991

최근 관심의 대상이 되고 있는 JIT시스템은 간판매수 결정이 그 무엇보다도 중요하다 하겠다. 제1보에 있어서는 단일 제품인 경우에 있어서의 간판매수 결정법을 제안했다. 본 논문에서는, 복수의 제품이 다단계 생산 시스템을 흘러가는 경우, 1) 공정에서의 간판용량이 다른경우 2) 제품에 공통하는 부품의 공정이 있는 경우 3) 공통부품공수가 있지만 제품에 따라 흘러가는 공정이 다른 경우 등을 고려한다. 또한 종래의 코스트 최소화만의 사고를 탈피, 간판매수의 결정에 있어 중요한 요인을 정리 간판매수결정 방법을 제시하는데 있다. 구체적으로, 간판매수의 결정에 있어 중요한 요인으로써 수요, 공정간의 목표, 재고수준, 재고비용, 노무비용, 하청업체의 공급능력, 작업자의 작업시간을 고려한다. 또한, JIT시스템의 전제조건의 하나인 평준화생산을 실시하기 위하여 작업시간에 있어서 기간별 공정별 부하 밸런스를 고려한다. 그리고, 수리계획법의 하나인 다목표계획법에 의한 문제의 형식으로 모델화하고, 모델에 대한 수리적 검증을 실행한다.

• Journal of the Korean Institute of Landscape Architecture
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• v.48 no.3
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• pp.45-53
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• 2020

With the increasing attention of the international community on climate change and biodiversity promotion programmes, the Korean government and public agencies are trying to protect and restore the ecosystem of areas protected by law, such as waterfronts, by acquiring private land. However, the inadequate purchase system has caused various problems. In this study, an efficient and systematic land purchase system was developed through ecological evaluation, focusing on the ecological and landscape conservation areas of the Donggang basin. The ecological evaluation was developed by integrating parcel-level evaluation and regional-specific evaluation, and the overall level of ecological function was established and finalized through on-site verification. As a result of verifying the purchase land of 88 parcels, it showed a relatively high agreement of more than 85.2%, and the rest of parcels (non-agreement) were considered to have had an impact on vegetation, crop harvesting, etc. due to seasonal differences in ecological evaluation and field verification. The purchasing system was ranked according to the ecological evaluation grade based on the endangered species and the distance from the core ecosystem. As a result, the purchase priority was systematically drawn up to the 5th rank for a total of 68 parcels for the private lands of Geoeun-ri, Munsan-ri, Deokcheon-ri, Unchi-ri, Gumam-ri, and Suji-ri. This study is expected to contribute to the preservation, restoration and ecological management of purchased land in the protected area in the future by establishing and proposing a systematic land purchase system based on ecological evaluation.

• The Journal of Society for e-Business Studies
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• v.14 no.3
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• pp.15-37
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• 2009

This study presents a new retrieval system developed to consider various preferential requirements for buyers in the real estate market. The paper analyses essential factors affecting the price of real estate and then a set of factors are classified by region-related factor and individual-related factor. After endowing the buyer's selected factors with weights in the retrieval system, the optimal solutions have been drawn by comparing with the others through an entropy measure of Multi-attribute Decision Making. This retrieval system is applied to the Busan real estate market to estimate the solutions of retrieval. Evaluation results indicate that the retrieval system can provide useful information to analyse the price determination factors of real estate, as well as to save the searching cost of the buyers.

• International Commerce and Information Review
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• v.16 no.3
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• pp.159-182
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• 2014

CISG Article 71 (1) states that a party may suspend the performance of his obligations if, after the conclusion of the contract, it becomes apparent that the other party will net perform a substantial part of his obligations as a result of a serious deficiency in his ability to perform or in his creditworthiness or his conduct in preparing to perform or in perfoming the contract. CISG Article 71 (2) states a 'right of stoppage in transit' that if the seller has already dispatched the goods before the grounds described in the preceding paragraph become evident, he may prevent the handing over of the goods to the buyer even though the buyer holds a document which entitles him to obtain them. The present paragraph relates only to the rights in the goods as between the buyer and the seller. Under the right of stoppage in transit, the carrier copes with risks that the seller may claim damages arose from the handing over the goods, if he hand over the goods to the buyer and that the buyer may claim damages, if he deny handing over the goods to the buyer who has the document which entitles him to obtain the goods. Therefore the legal position of the carrier may become weak. This paper purpose to point out the legal weakness of the carrier under the right of stoppage in transit and to provide the proper legal act of the carrier and possible practice related to various characters of the contract of sale of the goods. Although there is the opinion it prevent from handing over the goods to the buyer actually under the interpretation that the buyer should take claim damages to the seller, if the goods are handed over to the buyer under the right of stoppage in transit, it is not appropriate because the opinion may disable the right of stoppage in transit. The right of stoppage in transit could be carried out under any payment conditions except letter of credit and under any mode of transportation except the cases that carrier is the buyer himself or the agent of the buyer. It could be executed regardless the forms of the transport document.

• Proceedings of the Korean Society for Cognitive Science Conference
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• 2000.05a
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• pp.195-200
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• 2000

판단자의 입장에 따라 의사결정에 영향을 미치는 요인이 달라지는지를 알아보기 위해 두 개의 실험을 실시하였다. 실험 1 에서는 투자 수준이 주식의 선택과 최고 매수가에 영향을 주는지 알아보았다. 투자수준에 관한 정보를 주는 조건과 그렇지 않은 조건간에 약간의 차이가 있었다. 매수자와 매도자의 입장에서 주식을 선택하거나 가격을 정하게 한 실험 2에서는 매도의 경우에는 기대값에 비중을 두나 매수자의 경우에는 이익을 얻을 확률정보에 더 비중을 두는 것을 관찰하였다. 이는 입장에 따라 정보의 유관성이 달라지는 것을 보여주는 것이었다.

• Journal of Global Scholars of Marketing Science
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• v.5
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• pp.79-101
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• 2000

본 연구의 목적은 사이버 주식투자의 성과를 중심으로 이익 투자자와 손실 투자자로 구분하고 투자자의 행태 변수에 대하여 두 집단간에 어떠한 차이가 있는지를 규명하고자 하는 것이며 나아가 이러한 특성변수들이 투자성과와 어떠한 연관성을 가지는지를 분석하고자 하는 것이다 연구의 결과 두 집단간에 유의적인 차이를 보이면서 투자성과에 보다 큰 영향을 미치는 변수로는 가격하락시의 손절매(stop loss) 사용 빈도, 매수후 해당 종목의 평균 보유기간, 매수후 현금(잔금)보유비율의 정도, 하락시 재매수의 정도, 평균 보유 종목수, 일밀 평균 거래 횟수, 동일 종목에 대한 분할 매수 빈도, 가격 하락시 반응, 평균 확습시간, 손실 발생 원인, 언론에 대한 반응 등이었다.