• Management & Information Systems Review
• /
• v.34 no.2
• /
• pp.113-130
• /
• 2015

This study considers the relation between firms' earnings management and credit rating. Unlike preceding papers only focusing earnings management by accrual(thereafter, AM), this paper examines the effect of accrual earnings management(AMs) and real earning management(thereafter, RM) on credit rating. RMs have more negative effects on firms' forward cash flow generation abilities and long term operating performances than AMs. So, RMs are more negative signals for credit analysts than AMs. But credit analysts have much difficulty in seeing through RM, because if credit analysts want to find out RMs, they have to understand firms' internal operating activities, cost structures, receivables collection practices, and review whether profit distortions are due to abnormal change of them. Sample of this study consists of 2,150firm-year data listed companies from 2002 to 2010. Empirical evidence shows that AMs and RMs are negatively related to credit rating. This result implies that credit analysts see through AMs and RMs in interpreting financial informations, that is to say, they discount credit rating in considering level of earnings management that consist of real activity and accrual earning management. This paper also finds that RMs are more negatively related to credit ratings than AMs. This result suggests that credit analysts don't take RMs into account in credit rating process as much as AMs.

• 정보화사회
• /
• s.113
• /
• pp.21-29
• /
• 1997

인터넷상에서 구현되고 있는 전자상거래를 위한 전자지급결제시스템은 신용카드 거래를 처리하는 신용카드지급시스템, 인터넷에서 통용되는 현금을 만들고 상거래에 이용케하는 전자현금시스템, 수표를 인터넷상에서 구현한 전자수표시스템 이 있다.

• 정보화사회
• /
• s.126
• /
• pp.62-65
• /
• 1998

PC통신용 전화요금 정액제 적용시간의 확대로 국민들의 통신용 전화요금 부담경감 효과는 연간 100억원 이상이 예상되며, 전화명 유휴시간대를 활용함으로써 전화망의 이용효율을 증대시킬 것으로 전망

• Korea Information Processing Society Review
• /
• v.7 no.5
• /
• pp.12-16
• /
• 2000

• Journal of Digital Contents Society
• /
• v.7 no.4
• /
• pp.227-234
• /
• 2006

While most of the real estate information provided on the web is simply based on the information of the properties like addresses, locations, prices etc, this paper suggests methodologies for the development of a total information system of real estate which can provide, in an one-stop mode, value-added real estate information contents. The total information system of real estate designed in this paper includes a geological information system using a GIS, a property information system using photos and videos, a systemized legal consulting system, a web call center where customers can communicate with real estate experties on the web and lastly marketing analyses system using credit card data.

• The Korean Journal of Financial Management
• /
• v.22 no.2
• /
• pp.107-133
• /
• 2005

The object of this study is to examine the informational effect of the rating change announcement on the capital market. For this study, daily stock prices from January 1993 to February 2001 and daily bond prices from July 2000 to February 2001, for the bond market are used. In the stock market, we could not observe any statistically significant stock price reaction to rate change announcements from July 2000 to February 2001. However, if rating agencies announce more than two degradation for the period of January 1993 to February 2001, statistically negative significant stock price reactions are observed. On the other hand, there is no statistically significant stock price reaction to any other rating change announcement. In the bond market, there is no statistically test on the bond price reaction, but the general directions of bond price movements are consistent with the effect we can expect from rating change announcements. Generally, when the rating agencies degraded more than two grades at once, a cumulative abnormal returns move negatively during the overall period. In this case, we can say that rating agencies' role is to confirm information or investor's expectations. However, for the other cases, we could not observe my significant movement before or on the event data.

• Management & Information Systems Review
• /
• v.35 no.4
• /
• pp.37-56
• /
• 2016

This study investigates how adapting of K-IFRS effects NI and OCI affecting of credit rating on changing of the period and variable by using samples of around adapting of K-IFRS. First of all, after adapting of K-IFRS(2011-2013), it was noticeable that how NI affecting after adapting of K-IFRS(2007-2010) had been increased more than that of before affecting of K-IFRS. However, there was not a single difference in affecting OCI on credit rating comparing to the past of adapting of K-IFRS. Second, it seemed like NI affected more after adapting of K-IFRS(2011-2013). The first year of K-IFRS had bigger incremental effect than after adapting of K-IFRS. However, after adapting of K-IFRS, OCI affecting on credit rating had no ncremental effect. Third, it seemed like NI in the first year affected more than OCI on credit rating. After adapting(2012-2013) of K-IFRS, it seemed like NI and OCI do not affect on credit rating. To interpret this, NI and OCI affected the first year of adapting of K-IFRS; therefore, adapting of K-IFRS affected without affecting financial ratio on adapting credit rating. As the time goes on, it can be expected that adapting K-IFRS became stable; therefore, extra incremental effect will not be seen comparing to the early adaption. The implication of this study is when information users use credit rating, they have to concern of affecting of K-IFRS. This is because NI in financial ratio is affecting on credit rating.

• International Commerce and Information Review
• /
• v.2 no.1
• /
• pp.67-95
• /
• 2000

Owing to the Boero Service, Global Trading will be materialized as international Business to Business E-Commerce. There are three principles in the letter of credit transaction, that is to say, independence and abstraction, document dealing, strict compliance. In the electronic letter of credit, these principles are called as independence and abstraction, electronic document dealing, strict compliance. As a joint venture between SWIFT and TT Club, bolero.net is changing the way the world trades by providing a web-based, paperless mode of commerce that is designed to become a global standard. As bolero.net supplies the service of the title registry resolves the problem of Electronic Bill of Lading, the electronic letter of credit will be easily introduced. Thus, this study deals with the Nature of the Electronic Letter of Credit Transaction and the Presentation of the Documents, in particular, the Bolero Bill of Lading.

• The Korean Journal of Financial Management
• /
• v.22 no.2
• /
• pp.213-226
• /
• 2005

Adverse selection is a heavily scrutinized subject within the financial intermediary industry. Consensus is reached regarding its effect on the loan interest rate. Despite the similar features of financial service offered by the credit card, we still have controversy regarding credit card interest rate on how is adverse selection incurred with the change of interest rate. Thus, this paper explores how does the adverse selection, if ever, take place and affect the credit card interest rate. Information asymmetry regarding the credit card users' type represented by the default probability is assumed. The users are assumed to be rational in that they want to minimize the per unit dollar expense associated with the commercial transaction and financing between the two typical payment methods, cash and credit card. Suppliers, i.e. credit card companies, would like to maximize their profit and would be better off with more pervasive use of credit cards over the cash. Then we could show that the increasing credit card interest rate is subject to the adverse selection, sharing the same tenet with that of the bank loan interest rate proposed by Stiglitz and Weiss. Hence the current theory predicts that credit card market also suffers from adverse selection with increasing interest rate.

• The Journal of the Korea institute of electronic communication sciences
• /
• v.12 no.1
• /
• pp.181-188
• /
• 2017

As smart phone users increase the number of users who insert credit cards into wallet type smart phone cases is increasing. In this paper, we developed an Android application for preventing credit card loss in a wallet type smart phone case using the NFC (Near Field Communication) technology of smart phone. The developed android application uses the NFC reading and writing functions of the smart phone. When the credit card is inserted into the wallet type smart phone case, the android application detects the NFC tag in the credit card and registers credit card information. When the credit card is removed from the smart phone case, the Android application automatically detects the credit card loss and notifies to the user. The user can check and finds the location information of the lost credit card on the map of the Android application. We can easily develop the Android application for preventing credit card loss when a function that automatically detects an leaving NFC tag is added to Android.