• Journal of the Korean Operations Research and Management Science Society
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• v.15 no.2
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• pp.45-61
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• 1990

This study examines shareholder wealth effects in tender offers and attempts to explain abnormal return variations of bidding and target firms at announcement of takeovers using the free cash flow hypothesis of Jensen. On average, bidders with large free cash flows pay higher premia (apparently more than fair market value) to targets than do other bidders with no free cash flows. Thereby, these bidders experience negative wealth effects on announcement of tender offers. Cross-sectional regression analysis suggests that for the subsample of takeover bids where bidders have large free cash flows, the increase in the debt ratio resulting from takeover has a significant positive wealth effect for bidding firm shareholders, while it has no effect in other subsamples. The evidence is consistent with the free cash flow hypothesis.

• Proceedings of the Korean Information Science Society Conference
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• 2011.06c
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• pp.258-261
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• 2011

Living in the age of information people face problems related to information overload. Information is easy to produce, store and distribute through various communication channels, one of which is emails. With the appearance of the mobile devices, such as smart phones and tabs, people can have access to email inbox at any moment of time from everywhere. In this paper we present information extraction system with a specific goal of extracting meeting location from the announcement of seminar or conference. We apply a machine learning method (conditional random fields, CRF), train the system using annotated corpus of seminar and conference announcements and validate results by applying various extracted correction rules and patterns. Furthermore, we normalize extracted location, and reference using geo-coding databases, OpenStreetMap and Wikipedia resources to determine real geographical coordinates.

• Asia-Pacific Journal of Business
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• v.1 no.1
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• pp.41-60
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• 2010

After over a decade of sluggish economic growth accompanied by massive fiscal stimulus in the 1990s, it remains an open question whether and how Japanese firms have restructured their operations, and whether these efforts have borne any fruit. Using a randomly selected sample of 300 firms from the Tokyo Stock Exchange, we collect all restructuring announcement in the FY 2000-2001 (April 2000-March 2002) period. Our results are striking in that while we find that firms engaging in restructuring of various sorts display improved earnings in the period following the restructuring announcement, shareholders do not appear to benefit at the time of the restructuring announcements.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2017.10a
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• pp.697-698
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• 2017

In this paper, we propose a method that the simulated objects acquire the information in the war game system according to the resolution using information announcement mode. It is confirmed that the time of object information acquisition in the proposed information announcement mode is shorter than that of the conventional direct requesting mode in the simulation.

• ETRI Journal
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• v.44 no.4
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• pp.588-598
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• 2022

Since multi-access edge computing (MEC) was established as a key enabler of 5G, MEC based on 5G networks (5G MEC) has been perceived as a new business opportunity for many industry players, including telecom operators. Numerous 5G MEC cooperation announcements among companies playing their respective roles in the MEC ecosystem have been recently released. However, because of cooperative and competitive relationships among key players in the MEC ecosystem and the uncertainty of 5G MEC, the announcement of 5G MEC cooperation can negatively affect the telecom operators' firm value. This study investigates the market reaction to announcements of 5G MEC cooperation for telecom operators using an event study methodology. The empirical results show that announcements of 5G MEC cooperation have a negative impact on the telecom operators' firm value. The results also show that the early deployment of 5G networks may reduce the negative impact of 5G MEC cooperation announcements by reducing uncertainty.

• Asia pacific journal of information systems
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• v.30 no.2
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• pp.328-352
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• 2020

If a firm announces an investment in IT security, how the market value of its competitors reacts to the announcement? We try to shed light on this question through an event study design. To test the relationship, we collected 143 announcements on cybersecurity investment and measured the subsequent impact on 533 competitors' abnormal returns, spanning from 2000 to 2019. Our estimation results present that, on average, the announcements have no observable impact on the market value of announcing firms and competitors as well, which is consistent with findings of a prior study. Interestingly, however, the impact becomes evident when we classify our samples by industries (Finance vs. non-Finance or ICT vs. non-ICT) and firm size (Big vs. Small). We interpret our empirical findings through the lenses of contagion effect and competition effect between announcing firms and their competitors. Key finding of our study is that, for financial service firms, the effect resulting from the announcement on cybersecurity investment transfers to competitors in the same direction (i.e., contagion effect).

• Journal of the Korean Data and Information Science Society
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• v.27 no.3
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• pp.639-651
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• 2016

"Law on price announcement for real estate" which was revised as of Jan. 19, 2016 (will be enforced as of Sep. 1, 2016) decided the introduction of 'Price announcement system for non-residential property' for the first time. However, its introduction seems to be delayed based on two reasons. Firstly the methodology for introduction of non-property system is not definitized, despite many problems were brought up for current tax base of non-residential property. In addition, changes in tax base will place a burden on the government. In this regard, this study analyzed actual transaction price data throughout one year to analyze equity of taxation for non-residential property and to find major factor which affects on the tax base, in relation with the change of current public announcement system to actual transaction based system. And this is the first study that applied actual transaction price to non-residential property.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.107-133
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• 2005

The object of this study is to examine the informational effect of the rating change announcement on the capital market. For this study, daily stock prices from January 1993 to February 2001 and daily bond prices from July 2000 to February 2001, for the bond market are used. In the stock market, we could not observe any statistically significant stock price reaction to rate change announcements from July 2000 to February 2001. However, if rating agencies announce more than two degradation for the period of January 1993 to February 2001, statistically negative significant stock price reactions are observed. On the other hand, there is no statistically significant stock price reaction to any other rating change announcement. In the bond market, there is no statistically test on the bond price reaction, but the general directions of bond price movements are consistent with the effect we can expect from rating change announcements. Generally, when the rating agencies degraded more than two grades at once, a cumulative abnormal returns move negatively during the overall period. In this case, we can say that rating agencies' role is to confirm information or investor's expectations. However, for the other cases, we could not observe my significant movement before or on the event data.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.59-86
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• 2004

This study analyzed the effects of M&A announcement before and after the 1998 amendments of 'Securities and Exchange Act' through the event study. The M&A firms turned out to gain the abnormal returns during the entire periods. The cumulative average abnormal returns of M&A firms was 1.38%(market adjusted model) or 5.37%(industry-adjusted model) higher after the 1998 amendments than before. The differences of performance of M&A were significant also in case of the related M&A, vertical or horizontal M&A, M&A in booms. In regression analysis, the 1998 amendments of Act was the significant factor to explain the cumulative abnormal returns.

• Journal of the Korean Society of Clothing and Textiles
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• v.31 no.11
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• pp.1611-1620
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• 2007

The precaution to spray with agricultural chemicals is very important, in particular personal protective equipment against pesticide in order to protect farmers# pesticide poisoning. The Ministry of Agriculture and Forestry has proclaimed the announcement of pesticide proof clothing(PPC) in 1983, and revised it in 1987. The announcement had many performance items to achieve the high-quality protective clothing for pesticide including weight, density, force strength, dimensional change(in washing and drying), fastness(dyeing, washing, sweating and rubbing) and water resistance of clothes. Announcement of the PPC has better durability and penetration resistance function than former days, but the plenty of farmers didn#t wear it because of the intolerable heat. To increase wearing rates, the pesticide proof clothing must be estimated the water-vapour resistance. From the results, the developed PPC with polyester treated water-repellent showed the more excellent comfort than an existing PPC with nylon coated polyurethane. But the developed PPC appeared to have the low water-vapour resistance. Therefore, it is suggested that the property of pesticide penetration must be evaluated through the field test in the future study.