• Title/Summary/Keyword: Abnormal return

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Analysis on Economic Feasibility of Electric Night Storage Heat Pump as a Substitution of a Heater (심야전기보일러 대체 Heat Pump의 경제성 분석)

  • JUNG, H.;JO, J.Y.;Lee, C.H.
    • Journal of the Korean Society of Mechanical Technology
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    • v.13 no.3
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    • pp.119-124
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    • 2011
  • Electric night storage heater was introduced and disseminated for power grid balancing and efficient management of power generation facility. But fuel cost for heating has been increased rapidly while the cost of electricity increased slightly. This abnormal rate system caused peak load in winter at last. To solve this problem, application of an air source heat pump was suggested. In the study, the effect of replacing night heater by heat pump and the economics were analysed. In addition the expectation of prospect of heat pump penetration was simulated based on surveyed and investigated data. As a result, fund supporting as well as institutional backing was needed for effective propagation and return of investment.

The Wealth Effects of M&A on Shareholders and Bondholders (기업 인수합병 공시에 따른 주주 및 채권자의 부의 변화에 관한 연구)

  • Byun, Jin-Ho;Woo, Won-Seok
    • The Korean Journal of Financial Management
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    • v.25 no.2
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    • pp.191-213
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    • 2008
  • This study tests and reconfirms the wealth transfer of mergers and acquisitions(M&As) by examining the changes in and the relationship between shareholder and bondholder wealth after the announcements of M&As for the publicly listed firms in Korea Stock Exchange and KOSDAQ market during $1999{\sim}2006$. The change in shareholder wealth is measured by the Cumulative Abnormal Return(CAR) at the M&A announcements, and the change in bondholder wealth is calculated using the Yield Spread Change(YSC) and the change in acquiring firms' credit ratings. The empirical tests show that the CAR of 344 sample acquiring firms at the announcement is 3.59%, which confirms results of the prior research on M&As in Korean market. The average YSC for 35 sample acquiring firms between $2001{\sim}2006$ proves to be negative when we use the yield spread of firms with comparable credit ratings as a benchmark, which means that the acquiring firms' bondholders gain with the announcements of M&As. We find the same result using another benchmark-the yield spread of government bonds. The improvement in the acquiring firms' credit ratings one year after the M&As also indicates that the M&As, on average, increase bondholder wealth. Our test results are consistent with those of the existing studies on the effect of bondholder wealth after the M&As in the United States, which shows that the bondholder wealth increases after the M&As. We do not find the evidence that there is a wealth transfer from the acquiring firms' bondholders to the shareholders after the M&A announcements. Rather, this study confirms that the wealth of the acquiring firms' bondholders increases in the M&As in Korea.

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The Effects of Information Transfer of Personal Information Security Breaches (개인정보 유출의 정보전이 효과)

  • Park, Sang-Soo;Lee, Hyun-Chul
    • The Journal of Information Systems
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    • v.27 no.1
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    • pp.193-224
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    • 2018
  • Purpose Targeting Korean companies listed on Korean securities markets (i.e., KOSPI and KOSDAQ markets), this study aims to shed lights the effects of personal information security breaches on stock prices of information security companies. Interestingly, this study is, to the best of our knowledge, the first to examine the information transfer effect on personal information security breaches of companies. Design / Methodology /Approach To examine the information transfer effect of personal information security breaches, our study employs the event study commonly used in financial studies. To this end, we investigate a variety of events of personal information security breaches of companies listed on the KOPSI stock market and the KOSDAQ market. We collect the total samples of one hundred and twelve with forty seven of events of personal information security breaches by thirty companies and sixty five of information security companies. Findings The principal findings from the empirical study are as follows. First, for companies of personal information security breaches, our event study presents the significantly negative AAR (averaged abnormal return) value on the event day at the 5 % level and the highly significant negative CAAR(cumulative averaged abnormal return) value on the event day and the day after the event day at the 1 % level. The results suggest that personal information breaches significantly contribute to an decrease in value of the information breached companies. The cross sectional regressions in this study estimate the significantly negative coefficient for the ME/BE variable, the proxy for a growth opportunity at the 5 % level. This suggests a reverse relation between the growth opportunity of companies and their value. As for the various samples of the information security companies categorized by physical security, network and system security, security application software, code authentication, system integration, we find the significantly positive AAR on the day after the event day at the 5% level, only for the network and system security-companies. This addresses that the information transfer effect followed by personal information breaches is uniquely observable for companies categorized into network and system companies. The regressions for the network and system companies estimate the significantly positive coefficient for the NS dummy variable (i.e., the dummy of the network and system security companies) at the standard level. This allows us to identify appropriate times needed to make the information transfer effect realized from personal information breached companies to information security companies.

The Study on Possibility of Strategic Trade using Disclosure Interval (공시시차를 이용한 전략적 매매의 개연성에 관한 연구)

  • Ko, Hyuk-Jin;Park, Seong-Ho;Lim, Jun-Kyu;Park, Young-S.
    • The Korean Journal of Financial Management
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    • v.26 no.4
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    • pp.165-189
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    • 2009
  • According to disclosure regulation, insider can hide their trading until disclosure day, because there be interval between trading time and disclosure time. To accommodate strategic trade, they have an incentive to be brought disclosure interval as long as possible. This research investigate whether strategical behaviour of informed traders using disclosure intervals exists in domestic stock market.ls xt, we aney he whether they can get abnormal return through stealth strategy after announcement date. We also evaluate the effect of mimicking trading on price impact with the assumption of existence of mimicking trading. Our major research results are as follows: In case of main shareholder without having no prompt disclosure duty, the frequency of trading started at the beginning of month is shown significantly higher than others. This result shows a direct evidence that informed traders buy or sell their equity strategically using disclosure intervals. Also, we find the result that the coefficient of strategic variables has highest value in middle size information. However, the empirical evidence that informed trader get abnormal return through strategic trading was not shown in this study. Meanwhile, stock price over-reacts for selling transaction on trading point and is recovered after disclosure date., so we assume possibility of mimicking trading exists in domestic stock market.

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Convertible Bond Issue Announcements and Stock Price Changes: Focusing on Domestic and Offshore CB Issues (전환사채 발행공시와 주식가격 변화: 국내외 전환사채 발행을 중심으로)

  • Lee, Hyun-Chul
    • International Area Studies Review
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    • v.15 no.1
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    • pp.87-106
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    • 2011
  • Using an event study, this paper investigates stock price reactions on Korean listed firms' convertible bond (CB) issue announcements over the sample period of January 2000 to November 2007. This study finds that on the Korean Security market, the CB issue announcements are associated with an increase in shareholder wealth on the announcement date. An information leakage by insider traders is also observable at preannouncement dates. Unlike the prior studies that indicate a prevailing negative effect on the announcements, this paper shows that domestic CB issue announcements as well as offshore ones yield a positive impact on the stock prices. This presents that in terms of stock price reactions to the CB issue announcements, the two CB issue markets show the positively same effects on shareholder wealth for the post-2000 period. For its drivers, this paper suggests that on the Korean market, firm size have negative relationship with the increase in the wealth incurred by the announcements. By contrast, an issue to maturity, a growth opportunity, and a relative issue size make a positive impact on it.

Lock-up Expiration and VC Investments: Impact on Stock Prices (의무보유 종료와 VC투자가 주가에 미치는 영향)

  • Lee, Jinsuk;Hong, Min-Goo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.6
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    • pp.133-145
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    • 2023
  • This paper examines whether investors have adapted to the venture capital(VC) investment style. VC firms invest in privately held companies and generate returns by selling them after the lock-up period expires. We analyze the impact on stock prices before and after the lock-up period expiration, and compare the Cumulative Abnormal Return(CAR) between the past period(2015-2017) and the recent period(2020-2022) to investigate the effect of the second venture boom. The main findings are as follows. First, unlike in the past, stock price returns around the lock-up period expiration have been lower than the KOSDAQ index in recent years. Second, the impact on stock prices is significant for both 1-month and 12-month lock-up periods. Specifically, it is confirmed that stocks held by venture capital and professional investors with a 1-month lock-up period respond in advance to their information after the second venture boom. Finally, we find that there is a difference in CAR depending on whether or not the company received VC investment after the second venture boom. Based on our findings, we suggest that VC firms need to revise their exit strategies to improve performance. This includes finding ways to reduce information asymmetry and fees, as well as developing strategies to mitigate market volatility. Additionally, the current lock-up period for VCs should be reconsidered as it may increase the risk of stock price decline. We recommend that the government revise the scope and duration of lock-up periods to protect investors after IPO.

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Market Responses and Liquidity Effect to Stock Splits in Korea (우리나라에서 주식분할에 따른 시장반응과 유동성효과)

  • Hwang, Sun-Wung;Shin, Woo-Yong
    • The Korean Journal of Financial Management
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    • v.24 no.4
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    • pp.201-232
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    • 2007
  • In this study, we investigated public announcements of stock splits using the Korean Stock Market data from 2000 through 2007. The purposes of this study are to examine whether stock splits have the information contents in the Korean capital markets, and to investigate the possible cause of the market reactions. We measured the market reactions with abnormal returns, cumulative abnormal returns and cumulative average abnormal returns. For the purpose, two specific hypotheses were tested. One is 'Signalling Effects' where stock splits function as a signal through which managers transmit a favorable information for investors. The other is 'Liquidity Effects' where stock splits increase the trading convenience. We have th following results. Firstly, positive market effects were found when stock splits were announced. Secondly, there was difference in trading convenience between the high and the low split ratios. Finally, the long term performance through stock splits in the Korean capital markets was not significant.

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Comparative Analysis on 「The Snow Queen」 and -Focusing on A.J. Greimas' semiology (「눈의 여왕」과 <겨울왕국>의 비교분석 -그레마스의 기호학을 중심으로)

  • Sung, Rea
    • The Journal of the Korea Contents Association
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    • v.16 no.2
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    • pp.211-220
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    • 2016
  • It is very common to produce fairytales, folktales, or fables into animations. If they often transform existing works into animations, we may have to examine how they change the original to communicate with the audience and also how they change the original's subject matter or theme to create meaning. The purpose of this study is to consider how the original's meaning and value were changed as Hans Christian Andersen's fairy tale, "The Snow Queen", was converted into an animation, , and also how it influenced the work itself. To attain the goal, this author is going to comparatively analyze the two works' narratives, actants, and semiotic squares by using A.J. Greimas' semiology. According to the findings, although "The Snow Queen" expresses the desire to go back to happy days in the past, it is not a simple return to the past but a stepwise process to become mature mentally as well as religiously. Meanwhile, intends to generate past-oriented meaning expressing the desire to return what is abnormal in the present to what was normal in the past and resolve the individual and religious aspects of "The Snow Queen" in a social and popular way.

Analysis of 174 Consecutive Free Flaps (유리피판 이식술 174예의 분석)

  • Tark, Kwan Chul;Roh, Tai Suk
    • Archives of Reconstructive Microsurgery
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    • v.9 no.1
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    • pp.15-22
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    • 2000
  • One hundred & seventy four consecutive free-flap transfers were reviewed to analyze distribution of the type of reconstructions, kinds of donor flaps as well incidence of complications. The role of emergent exploration and the effect of preoperative wound conditions in flap survival were evaluated. Free flap transfer for head and neck reconstruction was most common as 93 cases, followed by for upper extremity of 30 cases, for lower extremity 30 cases, 18 penile reconstructions and for trunk & breast 3 cases. Nine flaps exhibited signs of ciruclatory insufficiency between 5 hours and 7 days. Three were managed conservatively with ultimate partial necrosis of the flaps. Eight flaps required return to the operating room. On exploration, early arterial occlusion was revealed in 1 flap, late arterial occlusion in 2 flaps, early venous occlusion in 1 flap, late venous thrombosis in 2 flaps, prolonged venous spasm in 1 and hematoma in 1 flap. The average time from the first abnormal examination to exploration was 2.6 hours. There were no false-positive explorations. Four free flaps failed in spite of the correction of the cause of circulatory compromise. The remaining 4 flaps were salvaged following the correction the casuse. Recipient vessel problems such as irradiation and infection were the most common cause of circulatory crisis. Among the eight flaps requiring return to the operating room, single vein was anastomosed in three flaps and two veins in the remaining five. In the totally failed four flaps only single vein was anastomosed in three cases. The results of this study demonstrate the efficacy of clinical monitoring and the role of early exploration. Precautious selection of recipient vessels and two vein anastomosis are recommended for safe and better prognosis.

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Study of the effects of injector cleaning on the exhaust gases in a common rail diesel engine (커먼레일 디젤엔진의 인젝터 클리닝이 배기가스에 미치는 영향에 관한 연구)

  • Cho, Hong-Hyun;Kim, Tae-Jung
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.15 no.10
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    • pp.5980-5987
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    • 2014
  • As a response to exhaust gas regulations, the electronic control system was applied to the diesel engine. The injected fuel mass and injection timing are accurately controlled using it, and the fuel efficiency and the engine output are significantly increased. In addition, the noise and the vibration of vehicles are decreased. To maintain the optimal performance of an electronic control diesel engine, it is important to control the fuel injection pressure accurately using the fuel pressure regulator. When the fuel pressure regulator is not worked normally, the failure phenomena (starting failure, staring delay, accelerated failure, engine mismatch et al.) occurred because the fuel pressure is not stabilized and controlled accurately. In this study, the effects on a fuel pressure, return fuel mass flow, and engine rotating speed according to the control rate of fuel pressure regulator were investigated to analyze the performance variation under the failure conditions of a fuel pressure regulator. As a result, when the control rate of a fuel pressure regulator decreased by 4%~6% compared to that of the standard condition, the variation of engine rotating speed and return fuel flow were increased greatly, and the abnormal condition occurred. In addition, it is possible to diagnose the failure of a fuel pressure regulator by monitoring these conditions.