• 지식경영연구
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• 제5권1호
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• pp.39-56
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• 2004

Mergers and Acquisitions(M&A) have long played an important role in the growth of firm. M&A has been considered a effective strategy for Korean government to restructure industry. Previous studies provided mixed results on the synergy effect of M&A This study provides investigation on 39 mergers occurred over the sample period from 2000 to 2001. In this study, event study methodology arc used to calculate abnormal return(AR) and cumulative abnormal return(CAR) based on mean-adjusted model. The testing period of this study from date -30 through date +30, where date zero is the date of the first public announcement of the merger. The empirical results in this study can be summarized as follows. First, the return rates of KOSDAQ registered firms with M&A appears higher than that of KSE listed firms. This means that public announcement of M&A is more influential on stock price for KOSDAQ registered firms than KSE listed firms. Second, The difference between actual merging price and fair value is significant in KSE listed firms and KOSDAQ registered firms. This means that the investors take M&A of KOSDAQ registered firms as a good news. Third, the impact on the market prices of merging firms take place after the first public announcement of the merger in KSE registered firms. But the impact on the market prices take place not only merging firms but also merged firms in KOSDAQ registered firms. This result shows that the investors recognize a M&A is a strategy of technology transfer in small & venture business.

• 재무관리연구
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• 제20권1호
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• pp.61-92
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• 2003

스톡옵션 부여 공시가 비정상적인 양(+)의 초과수익률을 가져온다는 선행 연구의 연장선상에서, 본 연구에서는 스톡옵션 부여 공시가 야기하는 초과수익률이 시간 및 부여횟수에 따라 변하는가를 검증해 보았다. 스톡옵션 도입 초기부터 스톡옵션 부여가 보편화된 시기까지에 대해 스톡옵션 부여공시에 따른 주가반응이 동일한가를 검증한 결과, 2000년 이후에는 스톡옵션 부여공시가 뉴스로서 가지는 의미가 점차 약해짐을 발견했다. 또한, 한 기업이 여러 차례에 걸쳐 스톡옵션을 부여할 경우, 부여횟수가 증가함에 따라 초과수익률이 점차 감소함을 발견했다. 이는 기업의 스톡옵션 부여가 보다 보편화될수록 스톡옵션 부여공시가 가지는 뉴스로서의 긍정적인 영향이 상대적으로 감소됨을 의미한다. 주식시장에서 보다 많은 수의 기업이 스톡옵션을 부여할수록, 또 한 기업이 여러 차례에 걸쳐 스톡옵션을 부여할수록, 투자자들은 기업의 스톡옵션 부여가 기업가치 증대에 미치는 영향이 상대적으로 적어질 것이라 기대함을 시사한다.

• Journal of Chest Surgery
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• 제18권3호
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• pp.440-445
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• 1985

Cor triatriatum is a variant of abnormal connection between the pulmonary vein and true left atrium, which is separated from accessory left atrium receiving pulmonary venous blood flow by fibromuscular diaphragm. Usually it is diagnosed after operation because difficulty in visualization of the diaphragm by conventional diagnostic tools. We experienced a rare entity of congenital heart disease diagnosed as car triatriatum with atrial septal defect and partial anomalous pulmonary venous return after completing operation, which was diagnosed as ASD with PAPVR preoperatively. Anomalous right pulmonary venous opening was located at right atrium, secundum type defect of atrial septum was present, and dual chambered left atrium without connection was also seen. Excision of the diaphragm and wide patch repair of ASD including right pulmonary vein were performed with good postoperative results. Herewith, we report this case with review of literatures.

• Journal of Chest Surgery
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• 제25권12호
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• pp.1461-1464
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• 1992

Cor triatriatum is rare congenital heart disease which is another variant of anomalous pulmonary venous return. It has abnormal fibromuscular diaphragm between true left atrium and accessary chamber which has one or more orifice to the left atrium. In classic form, the patient dies within several months after birth due to pulmonary hypertension inevitably, so it is rarely found in adult. With priopertive echocardiogram and cineangiogram we had two impressions, left atrial cystor cortriatriatum. At operative finding, there was no visible combined anomaly except accessary chamber which received all pulmonary venous return that drained into the left atrium through small calcified orifice. The operation was performed by simple resection of the diaphragm under cardiopulmonary bypass. The postope rative course was uneventful.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.79-91
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• 2016

This paper is the first of its kind using a non-linear approach based on cross-correlation function (CCF) to investigate the information arrival hypothesis in crude palm oil (CPO) futures market. Based on daily data from 1986 to 2010, our empirical results reveal that: First, the volume of volatility is not a proxy of information flow. Second, dependence causality running from current return to future volume in conditional variance exhibit an asymmetric pattern of time span with different signs of correlation between price and volume series. This finding indicates the presence of noise traders' hypothesis of price-volume interaction in CPO futures market. Both findings suggest that this futures market is weak-form inefficiency. In terms of investors' behavior, they tend to change their expectations on current return based on errors made in previous trade in generating abnormal volume in the subsequent period. As implied, it is advisable for the investors devise their future trading strategies according to time span and changes of return.

• 유통과학연구
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• 제21권3호
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• pp.93-100
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• 2023

Purpose: The purpose of this paper is to confirm whether stocks belonging to the distribution industry in Korea have reversals, following large daily stock price changes accompanied by large trading volumes. Research design, data, and methodology: We examined whether there were reversals after the event date when large-scale stock price changes appeared for the entire sample of distribution-related companies listed on the Korea Composite Stock Price Index from January 2004 to July 2022. In addition, we reviewed whether the reversals differed depending on abnormal trading volume on the event date. Using multiple regression analysis, we tested whether high trading volume had a significant effect on the cumulative rate of return after the event date. Results: Reversals were confirmed after the stock price shock in the Korean distribution industry and the return after the event date varied depending on the size of the trading volume on the event day. In addition, even after considering both company-specific and event-specific factors, the trading volume on the event day was found to have significant explanatory power on the cumulative rate of return after the event date. Conclusions: Reversals identified in this paper can be used as a useful tool for establishing a trading strategy.

• Journal of Korean Neurosurgical Society
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• 제37권1호
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• pp.8-15
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• 2005

Objective: We evaluate temporal correlations between postoperative symptomatic and electrophysiological improvements, and assessed the recovery time required for patients with carpal tunnel syndrome(CTS) before returning to routine activities. Methods: 30 CTS patients were treated via the endoscopic monoportal approach, from March 2001 to September 2003. We assessed the symptoms (hyperesthesia in the finger tips, or abnormal sensations and painful numbness or night pain) and electrophysiological changes in the preoperative state, 1 month and 6 months after surgery. We marked the times at which patients became able to return to activities of daily living and work, after undergoing endoscopic carpal tunnel release. Results: At the end of the follow-up period, high levels of achievement and good outcomes were observed, with respect to both the symptoms and electrophysiological studies. We discovered significant differences between the preoperative and postoperative periods, especially in terms of motor nerve onset latency from $4.50{\pm}1.43$ to $3.97{\pm}0.69$ and sensory nerve conduction velocity, the wrist-to-finger from $19.81{\pm}10.03$ to $28.18{\pm}11.01$ and wrist-to-palm from $23.34{\pm}13.40$ to $31.79{\pm}13.38$(P<0.05 for each comparison). The average time interval required before return to activities of daily living was 26.4 days, and time interval required before return to work was 48.08 days. Conclusion: Electrophysiological improvements are largely consistent with symptomatic relief, but there is some disparity between electrophysiological and symptomatic improvement.

• 항공우주시스템공학회지
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• 제16권2호
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• pp.39-48
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• 2022

본 논문에서는 항공기가 비행 중 RF 간섭 신호로 인해 전파고도계의 비정상인 고도값이 발생되는 현상에 대한 개선 방안을 연구하였다. 비행 임무 시 수회 이상을 고기동 후 기동 회복을 수행하기 때문에 정확한 고도가 시현되어야 비행 임무를 효과적으로 수행할 수 있다. 따라서, 원인분석, 고장탐구를 통해 RF 간섭 신호를 감쇠시키는 감쇠기 장착 방안을 도출하였다. 또한, 개선사항에 대한 검증 및 적용결과도 함께 기술하였다.

• 대한안전경영과학회지
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• 제3권4호
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• pp.113-122
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• 2001

This study is to examine the effect of layoff on shareholders' wealth. Firms make layoff decisions by reason of cost cutting, lower performance, demand decline, restructuring. Therefore, I think that stock market responds to layoff positively, since the firm's labor productivity and profitability is improved after execution of layoff, I find that layoff variables effect on abnormal return positively in regression analysis. This means that layoff sends positive signal to the stock market for the firm's future performance. Therefore, layoff has a good effect on shareholders' wealth.

• 경영과정보연구
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• 제32권1호
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• pp.195-216
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• 2013

본 연구는 현행 세법상 영업권 평가규정을 고찰하여 해당 규정에 대한 문제점을 인식한 후 이에 대한 방안을 모색해보고자 착수되었다. 이는 무형자산에 대한 인식 비중이 최근 급속히 증가함에도 불구하고 국내에서는 무체재산권 특히 영업권 평가에 대한 논의가 부족하여 이와 관련한 분쟁이 판례와 심판례 등에서 자주 나타나고 있음에 기인한다. 따라서 본 연구를 통해 현행 세법 규정에 따른 영업권 평가 문제를 진단하고 이에 대한 개선방향을 점검하는 것은 납제사의 납세순응비용을 축소하고 불필요한 관세관청의 정세비용 축소에 기여하는 바가 있을 것으로 판단된다. 주요한 논의를 요약하면 다음과 같다. 첫째, 법인세법 및 상속세 및 증여세법에 제시되고 있는 현행 매수영업권 관련 규정은 매수영업권의 과대평가를 초래할 문제점을 지니고 있는 것으로 파악된다. 이는 사업결합일 현재 피취득자의 재무제표에 표시되어 있지는 않으나 사업결합 과정에서 추가적으로 인식될 수 있는 무형의 재산권이 존재하는 경우 현행 세법은 이를 구분하지 못하고 모두 매수영업권의 취득가액에 포함하여 평가하도록 규정하고 있기 때문이다. 따라서 현행 매수영업권 관련 규정을 개선하여 사업결합과정에서 추가적으로 인식되는 식별가능한 무체재산권을 매수영업권에서 구분할 필요가 존재한다. 둘째, 현행 상속세 및 증여세법상 보충적 평가기법으로 제시하고 있는 내부창출영업권의 평가규정을 살펴본 결과 현행 규정이 해당 기업이 속한 산업별 특성을 고려하지 않은 채 모든 기업에 일률적으로 적용됨에 따라 동 규정에 따른 영업권의 평가가액이 산업효과(industry effect)에 따라 편의를 지닐 가능성이 있는 것으로 관찰된다. 이는 특히 같은 규정을 준용하여 초과이익을 구하는 과정에서 10%의 정상이익률을 모든 기업에 일률적으로 적용함에 따라 정상이익이 산업별 특성을 반영하지 못할 가능성이 크며 이로 인해 초과이익의 평가가 왜곡될 수 있기 때문이다. 따라서 해당 기업이 속한 산업의 특성이 반영될 수 있도록 정상이익률에 관한 현행 규정을 기존 일률적 10%에서 해당 동종 산업의 평균이익률 등으로 전환하는 것이 필요할 것으로 보인다.