• Korean small business review
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• v.42 no.3
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• pp.195-220
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• 2020

In this study, we examined the effects of major shareholder's holdings and foreign shareholder's holdings on capital structure with the samples of listed non-financial firms in KOSPI and KOSDAQ. More specifically, we conduct the data on 7,074 large firms and 2,394 SMEs(Small-Medium Enterprises) before and after the adoption of K-IFRS from 2002 to 2019. The main results can be summarized as follows. The results indicate that the adoption of K-IFRS affects the capital structure of large firms more than SMEs. The major shareholder's holdings and the foreign shareholder's holdings of the large and SMEs listed on the KOSPI and the KOSDAQ market have a significant effect on the leverage ratio. It can be seen that major shareholders of large firms and SMEs reduce the leverage ratio by recognizing the use of debt as financial risk. In addition, it can be seen that regardless of whether or not K-IFRS is adopted, foreign shareholders recognize the use of debt as financial risk and reduce the leverage ratio in order to reduce the investment risk.

• Korea Trade Review
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• v.42 no.2
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• pp.227-249
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• 2017

This study investigates whether foreign equity ownership is associated with trading volume. This study establishes null hypothesis indicating that foreign equity ownership is not related to trading volume based on prior studies regarding foreign equity ownership. We measured trading volume as proxy of investors' heterogeneous beliefs. To exam The the hypothesis, we collected sample firms listed on the Korean Stock Exchange from the year of 2001 to the year of 2011 inclusively. Controlling for variables related with trading volume as reported in the previous studies, the regression coefficient for the foreign equity ownership showed statistically significant negative sign. These results indicate that the foreign equity ownership is negatively associated with investors' heterogeneous beliefs. This study contributes to extant literature on foreign equity ownership by providing evidence that foreign equity ownership affects investors' trading decisions. The results also help policy makers in their policy development.

• The Korean Journal of Financial Management
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• v.14 no.3
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• pp.319-339
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• 1997

This paper provides an empirical analysis of the winner's curse in the context of corporate takeovers. The study analyzes conditions which make overpayment likely. For a sample of corporate takeovers completed between 1982 and 1993, the analysis shows that the volatility of targets relative to that of acquirers (not the uncertainty of the target or acquirer alone) has a definitive impact on the magnitude of the winner's curse. Also, the incidence is more pronounced in multiple-bidder than in single-bidder contests. Specifically, white knights are more likely to overpay than other acquirers in multiple bidding situations. Furthermore, the study finds that the process of competitive bidding is a zero sum game since the greater returns to the shareholders of target firms in multiple-bid contests come at the expense of the acquiring companies, Overall, the evidence suggests that the bidders need to become more conservative, particularly as the relative uncertainty of the target's 'true' value and the number of bidders increase.

• The Korean Journal of Financial Management
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• v.17 no.1
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• pp.161-180
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• 2000

본 연구는 주가를 예측하는데 있어서 선형 회귀모형을 이용하는 방법과 비선형 인공신경망 모형을 이용하는 방법을 비교 분석하여, 어떤 모형이 더 우수한 예측성과를 내는지를 검증한다. 자본시장에서 투자자들은 접근하는 정보가 다르고 각기 상이한 예측 변수들을 토대로 나름대로의 예측치를 만들어 낸다. 이렇게 볼 때 개별 투자자들이 이용하는 다양한 정보집합을 결합하여 단일의 뛰어난 정보집합을 만들어내는 것은 매우 어려운 과제이다. 따라서 본 연구에서는 이용 가능한 소수의 예측 변수들을 어떤 방식으로 결합하는 것이 예측오차의 분산을 최소화할 수 있는지에 대한 현실적인 접근방법을 모색하고자 한다. 거시경제변수나 시장자료를 입력변수로 사용한 기존 연구와는 달리 본 연구에서는 재무제표 정보를 입력변수로 사용하였다 즉, 대차대조표의 최종요약치인 주당 지분의 장부가치와 손익계산서의 최종요약치인 주당 순이익을 입력변수로 사용했으며 1991년부터 1995년까지의 추정(학습)결과를 토대로 모형을 선택하여 1996년의 제무제표 정보로 1997년의 주가를 예측하는 것이 본 연구의 과제이다. 연구결과, 대체로 선형회귀모형에 비해 비선형 신경망 모형이 예측오차의 분산을 감소시키는 것으로 나타났다.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.24
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• pp.107-125
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• 2004

This study is based on the survey data of 74 Korean multinational corporations, which undertook foreign direct investments from 1980 to 1996. The study examined the firm-specific as well as the host country-specific factors affecting the decision between shared and full ownership. According to the results of this study, as for the firm-specific factors, Korean firms entering foreign markets in order to penetrate local markets prefer shared ownership while those pursuing core business diversification prefer full ownership. As for the host country factors, the more advanced the host country(such as OECD countries) is, the more preference is given to full ownership.

• Proceedings of the KAIS Fall Conference
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• 2011.05b
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• pp.792-795
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• 2011

After the year of 2000, compositions of stock holders in domestic firms are rapidly changing. In domestic stock market, the proportion of market value held by foreign investors reaches over 40%. There are several blue chip companies among those where foreign investors hold more than 50% of the stocks. There are still hot debates going on about whether the increase in the number of foreign investors contributes to domestic companies. This research attempted to determine foreign ownership increases enhance firm value empirically. It has been shown that foreign ownership variable has significant positive impact on Tobin's Q of firm value variable. The result suggests that foreign ownership increases in domestic corporations positively contribute to firm value, as they monitor and keep the management transparent as an institutional investor, and they work to soothe agency problems by the managements or the large stock holders.

• Proceedings of the Korea Association of Information Systems Conference
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• 1997.10b
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• pp.287-295
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• 1997

흔히들 네트워크(network)들의 네트워크라 불리는 인터넷의 급속한 보급은 개별기 관들이 적은 비용으로 전세계에 산재해 있는 정보를 효율적으로 검색할 수 있을 뿐만 아니 라, 개별기관들을 전세계에 쉽게 알릴 수 있는 환경을 제공하고 있지 때문이다. 개별기관들 의 인터넷 접속은 ISP(Internet Service Provider)를 통해서 이루어진다. ISP는 IP 주소를 할 당해주고, 인터넷 접속서비스를 제공하는 업체로서 우리 나라의 경우 비영리업체로는 교육 전산망, 연구 전산망 등이 있고 영리업체로는 Kornet, Boranet, 아니네트 등이 있다. 구미 선진국의 경우 지역기관들을 대상으로 하는 ISP가 설립되어, 인터넷을 이용한 지역정보화의 견인차 역할을 담당하고 있다. 즉, 지역 기관들이 일정한 지분을 참여하여 ISP를 설립하고, 이에 가입한 지역 기관들에 저렴한 가격으로 인터넷 접속 서비스를 지원하고 있다. 이러한 지역 ISP의 설립은 지역적 특성을 반영하여, 지역 중소기업의 정보화라던지 지역교육기관의 정보화 등과 같은 특정한 목적 달성을 위해 효율적으로 활용될 수 있다. 본 연구는 ISP에 대한 현황을 알아보고, 지역 ISP의 설립을 통한 인터넷 접속의 효율화 및 특정 목적을 위한 ISP에 발전방안을 제시하기로 한다.

• The Bulletin of The Korean Astronomical Society
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• v.37 no.1
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• pp.62.2-62.2
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• 2012

한국천문연구원의 대형광학망원경 개발사업(K-GMT)은 거대마젤란망원경(GMT; Giant Magellan Telescope)의 지분 10% 확보를 목표로 2009년부터 2018년까지 수행하고 있는 사업이다. 2011년 GMT 프로젝트에서는 1세대 후보관측장비 개념설계검토회의 수행, 첫번째 주경 최종 마무리, GMT 핵심연구주제 확정을 위한 활동을 수행하였다. 2012년에는 1세대 관측장비를 공식 선정 및 상세 설계 수행, GMT 자료처리센터 구축에 관한 개념설계, 연말로 예정된 GMT PDR 준비를 시작할 예정이다. 국내 사업에서는 GMT 핵심연구그룹 육성을 위하여 AAT 3.9m, CFHT 3.6m, Magellan 6.5m 망원경 활용 연구를 수행하였고 2012년에는 UKIRT 4m 등을 이용한 연구, 계절학교 개최등의 활동이 예정되어 있다. 부경개발분야에서는 시험모델에 대한 2011년 설계검토 및 제작준비완료검토에 이어 최종 시험을 실시할 예정이며 관측기기개발 분야에서는 GMT 1세대 관측장비 선정이 완료되면 본격적으로 기기개발에 참여할 예정이다.

• Journal of Arbitration Studies
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• v.24 no.2
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• pp.183-197
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• 2014

1. This study focuses on recent developments of trade transaction between Korea and China. The volume of trade is most rapidly increasing. There have been many items considered to ensure the proper, impartial, and rapid settlement of disputes in private laws by international arbitration. The article contains recent tendencies and proceedings of cases including place of arbitration, language, and so on. 2. The contract made between parties has led to some interpretational, legal questions. Interpretational questions rise mainly from differences of legal systems and legal questions on applying law. The characteristic features of the contract have different meanings, so some articles of the contract can be construed unlawful as a result. 3. As regards the Arbitration Act of Korea, Article 10, the Arbitration Agreement and Interim Measures by Court stipulate the following: A party to an arbitration agreement may request from a court art interim a measure of protection before or during arbitral proceedings. This article examines the application of Article 10 of the Arbitration Act of Korea.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.5 no.6
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• pp.562-570
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• 2004

Since 2001, REITs are introduced in Korea as a type of general REITs and CR-REITs. But REITs are not succefully settled down in Korea. The purpose of the study is to propose the way to activate REITs in Korea. We should make up for the weak points in the current REITs system. For the success of REITs the followings are prepared.: first, REITs give a current, stable dividend income. second, disclosure obligations should be satisfied. third, securities are registered with the SEC are required to make regular SEC disclosures. fourth, REIT manager should be skilled, experienced real estate professionals. sixth, REITs must distribute more percent of its taxable income to its shareholders. seventh, Ownership interests be more flexible.