• Journal of Animal Reproduction and Biotechnology
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• v.36 no.4
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• pp.230-238
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• 2021

This study attempted to determine the characteristic features of postpartum dairy cows during their return to estrus. Moreover, it investigated the effects of abnormal ovarian cycles (AOC) on subsequent reproductive performance and the relationship between normal ovarian cycles (NOC) and the blood urea nitrogen (BUN) level postpartum. Incidentally, 56.3% of the Holstein cows and 66.7% of the Jersey cows had NOC, whereas the 43.7% and 33.3% of the Holstein and Jersey, respectively, had AOC. Within 100 days of calving, the cows with AOC had significantly lower rates of artificial insemination (AI) submission as well as pregnancy and a significantly longer interval to first AI, as compared to that in the cows with NOC. Additionally, the cows with NOC had a significantly higher first AI conception rate than that in the cows with AOC. In this study, of the 32 Holstein cows, 8 resumed their ovarian cycle within 20 days of calving, 10 resumed the cycle with 21-40 days of calving, 8 within 41-60 days of calving, while the remaining 6 did not resume their ovarian cycles until 60 days postpartum. Furthermore, the likelihood ratios of incidence of NOC are 0.93, 1.94, and 0.38, respectively, in the groups with BUN levels < 15, 15-19.9, and ≥ 20 mg/dl. In conclusion, AOC postpartum adversely affects reproductive performance such as AI submission rate, pregnancy rate, interval to first AI and first AI conception rate; moreover, an increase or decrease in the BUN levels beyond 15-19.9 mg/dL leads to the AOC postpartum.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.4
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• pp.1625-1632
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• 2012

The purpose of this study is to analyze whether asset sales contributed to increase of the shareholder value of the seller and the buyer in Japan. The period of analysis is 2000-2007. As a result of event study, Although the stockholder of the seller earn positive abnormal returns at the announcement of a asset sales, most stockholders of the buyer were break even. However, the buyer which purchase related asset get positive abnormal returns. Furthermore, when using a matched seller-buyer, we find that asset sales are firm value enhancing for the seller and buyer. Furthermore, we verify whether the excess return depends on the financial condition, and the managerial performance. we find that seller gains are related to the seller's managerial performance, leverage ratio, and buyer gains are related to the leverage ratio, foreigner holdings ratio. we conclude that lender and outside monitoring lead to increase of firm value.

• Journal of Distribution Science
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• v.17 no.3
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• pp.69-83
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• 2019

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return α_P for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.173-188
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• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• Journal of Distribution Science
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• v.14 no.1
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• pp.93-102
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• 2016

Purpose - The purpose of paper is studying the static and dynamic side for long-term memory storage properties, and increase the explanatory power regarding the long-term memory process by looking at the long-term storage attributes, Korea Composite Stock Price Index. The reason for the use of GPH statistic is to derive the modified statistic Korea's stock market, and to research a process of long-term memory. Research design, data, and methodology - Level shifts were subjected to be an empirical analysis by applying the GPH method. It has been modified by taking into account the daily log return of the Korea Composite Stock Price Index a. The Data, used for the stock market to analyze whether deciding the action by the long-term memory process, yield daily stock price index of the Korea Composite Stock Price Index and the rate of return a log. The studies were proceeded with long-term memory and long-term semiparametric method in deriving the long-term memory estimators. Chapter 2 examines the leading research, and Chapter 3 describes the long-term memory processes and estimation methods. GPH statistics induced modifications of statistics and discussed Whittle statistic. Chapter 4 used Korea Composite Stock Price Index to estimate the long-term memory process parameters. Chapter 6 presents the conclusions and implications. Results - If the price of the time series is generated by the abnormal process, it may be located in long-term memory by a time series. However, test results by price fixed GPH method is not followed by long-term memory process or fractional differential process. In the case of the time-series level shift, the present test method for a long-term memory processes has a considerable amount of bias, and there exists a structural change in the stock distribution market. This structural change has implications in level shift. Stratum level shift assays are not considered as shifted strata. They exist distinctly in the stock secondary market as bias, and are presented in the test statistic of non-long-term memory process. It also generates an error as a long-term memory that could lead to false results. Conclusions - Changes in long-term memory characteristics associated with level shift present the following two suggestions. One, if any impact outside is flowed for a long period of time, we can know that the long-term memory processes have characteristic of the average return gradually. When the investor makes an investment, the same reasoning applies to him in the light of the characteristics of the long-term memory. It is suggested that when investors make decisions on investment, it is necessary to consider the characters of the long-term storage in reference with causing investors to increase the uncertainty and potential. The other one is the thing which must be considered variously according to time-series. The research for price-earnings ratio and investment risk should be composed of the long-term memory characters, and it would have more predictability.

• Korean Journal of Construction Engineering and Management
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• v.6 no.5 s.27
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• pp.128-138
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• 2005

The success of mergers and acquisitions(M&A) have been evaluated by either measuring ex ante expectations for the specified time period(Window) or assessing long term-based post operating performance (ex post operating performance). In this study, utilizing cumulative abnormal return(CAR) method, M&As which are observed in both domestic and U.S. construction industries were analyzed then research outcomes are compared. Analysis results indicate that stockholders of public construction companies did not realize significant economic gains from M&As. In other words, there was no synergistic gains from the construction M&As. Also, no significant performance difference was observed between related and unrelated diversifications.

• The Journal of Fisheries Business Administration
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• v.28 no.1
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• pp.85-117
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• 1997

This paper is focused on management control system. From a management control perspective, strategies should be viewed as useful, but not absolutely necessary, guides to the proper design of an MCS. When strategies are formulated more clearly, more control alternatives become feasible and it becomes easier to implement each form of management control effectively. The common and important category of controls are action controls, personnel and cultural controls, and results controls. Action controls involves ensuring that employees perform(or do not perform) certain actions that are known to be beneficial(or harmful) to the organization. Personnel and cultural controls take steps to ensure that employees will control each others' behaviors. Results controls involve rewarding individuals(and sometimes groups of individuals) for generating good outcomes or punishing them for poor outcomes. The results controls of ROI-type measure cause to make managers excessively short- term oriented, or myopic. When managers' orientations to the short - term become excessive -when the management are more concerned with short-term profit than entity value-the managers are said to be myopic. We car, solve myopic problem by introducing AR(abnormal return), near-perfect indicators of value creation. The results - control ideal would be to hold all employees accountable for the wealth they individually create(or destroy) for the owners of the entities in which they work. This ideal is approachable for top management of publicly traded corporations because for these organizations, the wealth created(returns to shareholders) can be measured directly for any period(such as a year, a quarter, or a month) as the measurement period pin(or minus) the change in the market value of the stock.

• Journal of Convergence for Information Technology
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• v.7 no.3
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• pp.105-109
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• 2017

This paper examines the effect of the analysts' earnings forecast revisions on stock price after the dividend announcement of the firms has been released. We show that the analysts' upward revisions on earnings forecasts are followed by the positive cumulative abnormal return. We also investigate the signalling effect and the confirmation effect with respect to the effect of the dividend announcement and the earnings forecast revisions on stock price. The test results show that the confirmation effect is stronger than the signalling effect. That is, the investors react only when the analysts' forecasts coincide with the preceding dividend announcement.

• The Korean Journal of Pain
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• v.9 no.1
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• pp.235-238
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• 1996

Hyperhidrosis is the distressing condition of abnormal sweating which affects the palm, sole and axillary region. Transthoracic endoscopic sympathectomy is recommended as the treatment of choice for hyperhidrosis, especially when the upper limbs are affected. We experienced a case of accidental cauterization of right azygos vein in a healthy 23 year old male during endoscopic transthoracic sympathectomy. We changed the single lumen endotracheal tube to a double lumen tube which made it easier to perform the explo-thoracotomy and bleeder ligation under one lung ventilation. Crystalloid and colloid solutions, and packed RBC were loaded during explo-thoracotomy. Monitoring showed the signs indicating pulmonary edema. Pulmonary arterial catheterization revealed global heart failure. The patient was transfered to ICU for intensive management for heart failure. On the 4th postoperative day, pulmonary edema and heart failure were cured; and the patient was extubated. But in the evening of the same day ST-segment elevation and Q-wave were noted on ECG monitoring. On the 13th postoperative day coronary angiography was performed. This revealed left apex focal hypokinesia, patent coronary artery and accidental right coronary spasm, treated by vasodilator. On the 14 day, after surgery, he was discharged to return to work.

• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.35-62
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• 2010

This paper examines the existence of the fund performance persistence and the smart money effect in Korean stock market and tests the flow-induced price pressure (FIPP) hypothesis, that is, fund flows affect individual stock returns and mutual fund performance. This paper also tests whether the FIPP effect can cause the performance persistence using the monthly returns and stock holdings data of 2,702 Korean mutual funds from January 2002 to June 2008. The empirical results indicate that the performance persistence exists significantly for a long time but the smart money effect does not. The hedge portfolio constructed by buying funds with the highest past 12 months performance and selling funds with the lowest past 12 months performance earns 0.11%~1.05% monthly abnormal returns, on average, in 3 years from portfolio formation month, but the hedge portfolio constructed by buying funds with the highest past net fund inflows and selling funds with the lowest past net fund inflows cannot earn positive monthly abnormal returns and the size of negative abnormal returns of the portfolio increase as time goes on. We find the evidence that the FIPP hypothesis is significantly supported. We first estimate the FIPP measure for each individual stock using the trading volume resulting from past fund flows and then construct the hedge portfolio by buying stocks with the highest FIPP measure and selling stocks with the lowest FIPP measure. That portfolio earns significantly positive abnormal return, 1.01% at only portfolio formation month and cannot earn significant abnormal returns after formation month. But, the FIPP effect cannot cause the performance persistence because, within the same FIPP measure group, funds with higher past performance still earn higher monthly abnormal returns than those with lower past performance by 0.08%~0.77%, on average, in 2 years. These results imply that the main cause of the performance persistence in Korean stock market is the difference of fund managers' ability rather than the FIPP effect.