• Proceedings of the Korea Contents Association Conference
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• 2019.05a
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• pp.77-78
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• 2019

과거에서 지금까지 연예인의 로맨스 루머는 엔터테인먼트 기업의 측면에서 부정적인 요소였으며 이러한 모습은 기사로도 쉽게 접할 수 있다. 이 연구는 익명성 로맨스 루머가 엔터테인먼트 기업의 가치에 미치는 경제적 영향을 사건 연구 방법을 이용해 살펴보았다. 2013년부터 2017년까지 상장된 기업을 중심으로 총 112건의 로맨스 루머를 수집하였고 80건의 비 익명성 루머. 32건의 익명성 루머로 이루어져있다. 해당 엔터테인먼트의 주식 자료가 분석에 이용되었다. 연예인의 로맨스 정보가 유출된 시점 전후의 비정상 수익률 추정을 통해 연예인에 대한 로맨스 루머 언급에 기업의 가치 변화에 미치는 유의성을 실증적으로 검증하였고, 로맨스 루머에 있어서 익명성에 대한 영향이 비익명성의 영향과 차이가 있는지 비교분석을 하였다. 연구 결과 연예인의 로맨스 루머의 언급 및 유출은 해당 엔터테인먼트 기업의 주가 변동에 통계적으로 유의하지 않은 것으로 나타났으며, 추가적으로 연예인의 특성이 엔터테인먼트 기업의 주가에 어떠한 상이한 영향을 미치는지 또한 살펴보았다. 로맨스 루머의 특성은 '성별', '직업'으로 구분하였고, 이에 대한 분석 결과, 특징에 따라 기업의 가치에 큰 영향이 없는 것으로 관찰되었다. 결론적으로 본 연구는 사건연구 방법을 통해 연예인의 익명성 로맨스 루머가 엔터테인먼트 기업의 가치에 미치는 영향을 실제 시장 데이터를 활용하여 실증적으로 분석하였다는 것에 의미가 있다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.3
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• pp.79-85
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• 2016

In today's fast-paced capitalistic society, a primary concern is whether to invest capital in any way to increase profits. In recent years, many companies have emphasized ethics and practiced corporate social responsibility activities. These activities are not only required to have at the end of the company. Bringing the ultimate goal of profit maximization is one way to contribute to the development of society and the economy. Investors are aware of corporate social responsibility activities and have begun to reflect this in their investments. We studied the behavior of a newly incorporated company's stock price on the KRX SRI Index using a scale that indicates the level of social responsibility for companies in the domestic stock market. Socially responsible investment involves an excellent company that looks out and looks for additional effects on the stock price of imports and improves the reliability of investors through an event study. The results show that the company we examined has a positive impact on the market. This study confirms the hypothesis that additional stock market reaction will occur when superior companies are newly incorporated in the KRX SRI Index and gain investors' trust. The results demonstrate that becoming a newly incorporated corporation in the KRX SRI Index is positive information to investors.

• The Journal of Bigdata
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• v.4 no.1
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• pp.11-27
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• 2019

There is gradually being a decrease in earnings rate of the container terminals because of worsened business environment. To enhance global competitiveness of terminal, operators of the container terminal have been attempting to deal with problems of operations through analyzing overall the terminal operations. For improving operations of the container terminal, the operators try to efforts about analyzing and utilizing data from the database which collects and stores data generated during terminal operation in real time. In this paper, we have analyzed the characteristics of operating processes and defined the event log data to generate container processes and CKO processes using stored data in TOS (terminal operating system). And we have explained how imperfect event logs creating non-normal processes are refined effectively by analyzing the container and CKO processes. We also have proposed the framework to refine the event logs easily and fast. To validate the proposed framework we have implemented it using python2.7 and tested it using the data collected from real container terminal as input data. In consequence we could have verified that the non-normal processes in the terminal operations are greatly improved.

• Journal of Digital Convergence
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• v.20 no.4
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• pp.119-126
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• 2022

With the rise and rapid development of the "Internet+" economic model, the internet is deeply integrated with the social economy and penetrates every corner of life. Compared with expanding the scale of business operations through internal investment and capital accumulation, e-commerce companies are more inclined to directly gain control of other companies through efficient merger and acquisition (M&A). The purpose of this study is to analyze changes in financial performance before and after M&A of Alibaba, China's largest e-commerce company in the Internet era. To present the impact of M&A events on Alibaba's stock price and shareholder wealth more intuitively, this study selected the market model in the event study method to measure abnormal returns. The results show that an M&A event led to a reduction in Alibaba's shareholder wealth in the short term. This study presents the theoretical basis for the M&A performance of e-commerce companies.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.10
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• pp.4359-4368
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• 2011

Among several macroeconomic missteps blamed for the recent global financial crisis including the social problems of income distribution and the lack of proper financial remedies, two of them have received particular attention: the global BOP(Balance of Payment) imbalance and the misguided monetary policy. Such BOP imbalance was blamed for massive foreign exchange investment flows from Asia into the U.S., triggering the financial and real estate bubble in America. The latter refers to the excessively loose monetary policy of the U.S. Federal Reserve, which pushed financial institutions and households into reckless investment behavior in search of higher returns. Given the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the financial crisis This paper is organized as follows: The first section analyzes the real causes of the recent financial crisis. The second details the role of CDOs and CDS. Then, to identify key determinants of the CDS spreads in an emerging capital market, the sample data of major Korean firms' CDS spreads are used to estimate the risk premium by utilizing the multiple regression analysis. The empirical test result indicates that Korean 3-year treasury bond rate(TYIELD), market to book value ratio(MV/BV), and assets size(INASSETS) are shown to demonstrate statistically significant influences on the changes of the CDS premium for sample firms.

• Korean Business Review
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• v.11
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• pp.255-276
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• 1998

This study investigates whether listed companies change accounting methods primarily to smooth reported earnings and income taxes, and how the informations of accounting changes affect stock prices. The information of accounting changes includes tax savings, income smoothing, and tax smoothing. The results show that accounting changes are used as an income or tax smoothing instrument(device) in the listed companies which changed their accounting methods from 1991 to 1996. Also, those have a tendency to smooth income and tax simultaneously by accounting changes. Tax savings, income smoothing, and tax smoothing variables by accounting changes are irrelevant to stock prices. Income smoothing variable has a positive association with stock returns in the periods that the abnormal returns cumulated over four months. But tax smoothing variable has a negative association with stock returns in the same periods. More studies on the firms' accounting changes are needed to get a definitive conclusion.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.141-176
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• 2008

This study provides an analysis of ex post efficient outcome, which can be said an objective of distressed restructurings, using the stock return of listed companies. The findings of this study are as follows: First, upon completing the distressed restructurings, reorganization and workout cases showed positive announcement effects, which was statistically significant. Also, composition cases displayed a positive value, but it was not statistically significant. Second, with respect to post-restructuring long-run stock performance, reorganization and composition showed underperformance after completion. However, workout cases showed overperformance after the completion. Third, multiple regression analysis to find factors affecting post-restructuring long-run stock performance suggests that higher asset decrease(ASSETCH), shareholder concentration (OWNCEN), largest shareholders' stake(OWN) have more positive impacts on long-run performance. However, change of the largest shareholder(OWNERCH) has negative impacts on long-run performance. Finally, change of the largest shareholder is a negative factor in the performance of the distressed restructurings. Therefore, this study implies that if M&A is used as a way of early completing the distressed restructurings, prudent judgment is required on whether a firm can recover its competitiveness and is likely to be economically viable again.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.9
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• pp.5836-5842
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• 2015

We examine the effect of Corporate Social Responsibility activities on the value of corporations through the supply contracts with customers, one of important stakeholders. The analyses using KEJI index and supply contract announcements show that the likelihood of involving in a supply contract is lower and the announcement return is lower when CSR performance is higher. However, this negative effect of CSR is different across the level of CSR performance. The negative effects of CSR do not exist in the firms with highest level of CSR performance while most of the negative effects are concentrated in the firms with mediocre performance in CSR. These results indicate that market recognizes not best CSR activities but mediocre CSR activities as sacrifice of shareholder value.

• Proceedings of the Korea Water Resources Association Conference
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• 2006.05a
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• pp.57-65
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• 2006

본 연구는 유량에 의한 수면폭의 변화로 인한 하천경관의 시각적 선호도에 미치는 선호요인 파악하였다. 등간척도의 점수부가체계를 적용하여 이용자에 의한 금강경관의 시각적 선호를 평가한 후 시각적 선호와 이에 영향을 미치는 선호요인들과의 관계를 다중회귀분석방법으로 검정하였다. 수면폭 변화에 따른 금강경관의 시각적 선호요인 변수는 심미성 인자, 물리적 특성 인자, 복잡성 인자로서 3개 변수 모두 유의성이 있는 것으로 판명되었다. 모든 선호요인의 값이 증가함에 따라 시각적 선호의 값도 증가를 가져오고 그 반대의 경우도 마찬가지였다.다중회귀모형에서 다른 조건이 불변일 경우, 심미성 인자의 값이 증가할 때 전체적인 시각적 선호에 가장 크게 영향을 미치고, 다음으로 물리적 특성 인자가 두 번째로 영향을 미치는 것으로 판명되었다. 선호요인이 시각적 선호에 기여하는 상대적 중요도는 심미성 인자, 물리적 특성 인자, 복잡성 인자 순으로 나타났다. 심미성 인자는 복잡성 인자에 비해 3.2배 만큼 중요도가 크며 물리적 특성 인자는 복잡성 인자에 비해 3배의 중요도를 가지고 있는 것으로 나타났다. 따라서 심미성인자는 가장 중요한 선호요인으로 판명되었다. 수면폭 변화에 따른 금강경관의 시각적 평가에 의한 선호 요인 분석 결과는 하천의 수면폭 및 수량에 큰 영향을 미칠 것이다. 수위 변화로 인한 하천 경관의 선호 요인을 파악함으로서 금강 유지유량의 결정에 지침을 마련하고, 시각적 선호도에 따른 최적의 수면폭/하폭비 산정하였으며 본 연구 결과는 수량에 의한 수면폭/하폭 비의 변화로 인한 하천경관의 수량결정에 중요한 정보를 제공하고 이용자의 만족을 극대화할 수 있는 경관조성에 기여할 것으로 판단된다. 통하여 유기농업의 실현을 도모하여 소비자의 욕구에 맞는 작물 생산 및 농촌관광단지 조성을 통해 부가가치증대 및 소득증대를 꾀함으로 농촌문제 해결에 도움이 될 것으로 기대된다. 본 연구를 통해 GIS 와 RS의 기술이 농촌분야에 더 효율적으로 적용될 것으로 기대되며, 농업기술센터를 통한 정보제공을 함으로써 대농민 서비스 및 농업기관의 위상이 제고 될 것으로 기대된다.여 전자파의 공간적인 가시화를 수행할 수 있었다. 본 전자파 시뮬레이션 기법이 실무에 이용될 경우, 일반인이 전자파의 분포에 대한 전문지식을 습득할 필요 없이, 검색하고자 하는 지역과 송전선, 전철 등 각종 전자파의 발생 공간 객체를 선택하여 실생활과 관련된 전자파 정보에 예측할 수 있어, 대민 환경정보 서비스 질의 개선측면에서 획기적인 계기를 마련할 것으로 사료된다.acid$(C_{18:3})$가 대부분을 차지하였다. 야생 돌복숭아 과육 중의 지방산 조성은 포화지방산이 16.74%, 단불포화지방산 17.51% 및 다불포화지방산이 65.73%의 함유 비율을 보였는데, 이 중 다불포화지방산인 n-6계 linoleic acid$(C_{18:2})$와 n-3계 linolenic acid$(C_{18:3})$가 지질 구성 총 지방산의 대부분을 차지하는 함유 비율을 나타내었다.했다. 하강하는 약 4일간의 기상변화가 자발성 기흉 발생에 영향을 미친다고 추론할 수 있었다. 향후 본 연구에서 추론된 기상변화와 기흉 발생과의 인과관계를 확인하고 좀 더 구체화하기 위한 연구가 필요할 것이다.게 이루어질 수 있을 것으로 기대된다.는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전

• 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.