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An Empirical Study on the Long-Run Performance of Cross-Listings by Multinational Corporations (다국적기업 해외상장의 장기적인 성과에 관한 연구)

  • Kim, Dong-Soon;Park, Sang-An
    • The Korean Journal of Financial Management
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    • v.21 no.2
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    • pp.27-63
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    • 2004
  • Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

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Multi-purpose Geophysical Measurements System Using PXI (PXI를 이용한 다목적 물리탐사 측정 시스템)

  • Choi Seong-Jun;Kim Jung-Ho;Sung Nak-Hun;Jeong Ji-Min
    • Geophysics and Geophysical Exploration
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    • v.8 no.3
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    • pp.224-231
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    • 2005
  • In geophysical field surveys, commercial equipments often fail to resolve the subsurface target or even sometimes fail to be applied because they do not fit to the various field situations or the physical properties of the medium or target. We developed a geophysical measurement system, which can be easily adapted for the various field situations and targets. The system based on PXI with A/D converter and some stand alone equipment such as Network Analyzer was applied to borehole radar survey, borehole sonic measurement and electromagnetic noise measurement. The system for borehole radar survey consists of PXI, Network Analyzer, dipole antennas, GPIB interface is used for PXI to control Network Analyzer. The system for borehole sonic measurement consists of PXI, 24 Bit A/D converter, high voltage pulse generator, transmitting and receiving piezoelectric sensors. The electromagnetic noise measurement system consists of PXI, 24 Bit A/D converter, 2 horizontal component electric field sensors and 2 horizontal and 1 vertical component magnetic filed sensors. The borehole radar system has been successfully applied to detect the width of the artificial tunnel through which the borehole pass and to image buried steel pipe, while the commercial borehole radar equipment failed. The borehole sonic system was tested to detect the width of artificial tunnel and showed a reasonable result. The characteristic of electromagnetic noise was grasped at an urban area with the data from the electromagnetic noise measurement system. The system is also applied to characterize the signal distortion by induction between the electric cables in resistivity survey. The system can be applied various geophysical problems with a simple modification of the system and sensors.

An Analysis on the Suicide Concept, its Religious Circuit and Construction Way: Focused on the cases of the Korean Catholic and Protestant Churches (자살 관념의 종교적 회로와 구성 방식에 관한 분석: 한국 가톨릭교회와 개신교를 중심으로)

  • Park, Sang Un
    • The Critical Review of Religion and Culture
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    • no.31
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    • pp.255-287
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    • 2017
  • This paper analyzes the religious circuit of suicidal concept based on verbal expression and ritual acts, which are found in the suicide discourse of Korean Catholic Church and Protestant Church. In the relationship of suicide and religion, it is easily overlooked the religious circuit and its construction that forms the concept of suicide among the religious laymen. It is assumed that the belief system of traditional religions prohibits suicide and the laymen accordingly construct a perception or concept of suicide along with this belief system. Various studies on this subject have proved it. However, in order to understand the religious way of constructing the concept of suicide on a personal level, it is necessary to pay attention to the religious environment in which the concepts and emotions of suicide circulate. The laymen do not passively and perfectly accept the finely established suicide concept provided by the doctrine or the theology. Rather, the laymen tend to collect the pieces of concept over the suicide that are drifting in the religious environment of his/her daily routine life and to make an concept of suicide in an incomplete form. We can find the unstable and imperfect traits of such a suicide concept through the experience of suicide survivors who have a religious background. For the suicide survivors with religious beliefs, they resist the formal doctrinal and theological provisions to suicide, or try to understand the notion of suicide in their own contexts. In terms of linguistic expressions and ritual acts relating to suicide, the attentions are differently directed in the public and the private domain among the religious groups. Considering on the high rates of suicide in Korean society, the Korean Catholic Churches are increasingly tolerant over the suicide and accept it in the public sphere. It is unlikely when comparing to the negative attitudes of the suicide in the past. However, such tolerance does not go beyond the doctrinal and ethical judgment that defines suicide as a serious sin. The once-committed lay believer's speech and gestures usually contain the various emotions, such as sadness, grief, anxiety, regretfulness, eagerness, and pain in the private spheres. The language and gestures with these emotions have been activated in the religious circuits of suicide, being extended to the religious apparatus for the person who died of suicide. In case of Protestantism, the institutional organizations, such as the particular denominations and the individual-churchism of the Korean Protestant Churches, and their own interpretations of the Bible have in the private sphere strongly effected on the linguistic expressions and the rituals related to the suicide. The religious-ethical judgment of the suicide is varied how the suicide is interpreted by the theologians and the pastors. And the ritual acts for healing the complex feelings and the psychological wounds of the suicide survivors are not actively explored and adopted yet. It makes harder to approach and heal the protestant followers since they emphasize the innermost belief and the salvation assurance faith.

USABILITY EVALUATION OF PLANNING MRI ACQUISITION WHEN CT/MRI FUSION OF COMPUTERIZED TREATMENT PLAN (전산화 치료계획의 CT/MRI 영상 융합 시 PLANNING MRI영상 획득의 유용성 평가)

  • Park, Do-Geun;Choe, Byeong-Gi;Kim, Jin-Man;Lee, Dong-Hun;Song, Gi-Won;Park, Yeong-Hwan
    • The Journal of Korean Society for Radiation Therapy
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    • v.26 no.1
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    • pp.127-135
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    • 2014
  • Purpose : By taking advantage of each imaging modality, the use of fused CT/MRI image has increased in prostate cancer radiation therapy. However, fusion uncertainty may cause partial target miss or normal organ overdose. In order to complement such limitation, our hospital acquired MRI image (Planning MRI) by setting up patients with the same fixing tool and posture as CT simulation. This study aims to evaluate the usefulness of the Planning MRI through comparing and analyzing the diagnostic MRI image and Planning MRI image. Materials and Methods : This study targeted 10 patients who had been diagnosed with prostate cancer and prescribed nonhormone and definitive RT 70 Gy/28 fx from August 2011 to July 2013. Each patient had both CT and MRI simulations. The MRI images were acquired within one half hour after the CT simulation. The acquired CT/MRI images were fused primarily based on bony structure matching. This study measured the volume of prostate in the images of Planning MRI and diagnostic MRI. The diameters at the craniocaudal, anteroposterior and left-to-right directions from the center of prostate were measured in order to compare changes in the shape of prostate. Results : As a result of comparing the volume of prostate in the images of Planning MRI and diagnostic MRI, they were found to be $25.01cm^3$(range $15.84-34.75cm^3$) and $25.05cm^3$(range $15.28-35.88cm^3$) on average respectively. The diagnostic MRI had an increase of 0.12 % as compared with the Planning MRI. On the planning MRI, there was an increase in the volume by $7.46cm^3$(29 %) at the transition zone directions, and there was a decrease in the volume by $8.52cm^3$(34 %) in the peripheral zone direction. As a result of measuring the diameters at the craniocaudal, anteroposterior and left-to-right directions in the prostate, the Planning MRI was found to have on average 3.82cm, 2.38cm and 4.59cm respectively and the diagnostic MRI was found to have on average 3.37cm, 2.76cm and 4.51cm respectively. All three prostate diameters changed and the change was significant in the Planning MRI. On average, the anteroposterior prostate diameter decrease by 0.38cm(13 %). The mean right-to-left and craniocaudal diameter increased by 0.08cm(1.6 %) and 0.45cm(13 %), respectively. Conclusion : Based on the results of this study, it was found that the total volumes of prostate in the Planning MRI and the diagnostic MRI were not significantly different. However, there was a change in the shape and partial volume of prostate due to the insertion of prostate balloon tube to the rectum. Thus, if the Planning MRI images were used when conducting the fusion of CT/MRI images, it would be possible to include the target in the CTV without a loss as much as the increased volume in the transition zone. Also, it would be possible to reduce the radiation dose delivered to the rectum through separating more clearly the reduction of peripheral zone volume. Therefore, the author of this study believes that acquisition of Planning MRI image should be made to ensure target delineation and localization accuracy.