• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.629-639
• /
• 2020

The current study explains how corruption, terrorism, political stability and oil price has an effect on on the Iraq stock exchange utilizing corruption perception index as a proxy of corruption, global terrorism index as proxy for terrorism, political stability and oil price with ISX60 index as proxy of stock market for the period (2005-2019) using Ordinary Least Square method. The results show that the level of corruption, terrorism activities and political stability coefficient is significantly positive with Iraq stock exchange. In contrast, the oil price coefficient is significantly negative with Iraq stock exchange, which means that lower levels of corruption, less terrorism activities and more stability in political system have strong influence on stock market development in Iraq. The study concludes that the explanatory variables are important for Iraq stock exchange. Hence, the study suggests the policy makers to develop stock market by implementing policies and strategies to overcome high level of corruption, terrorism activities especially after ISIS/ISIL announcement has been made public. There is a need for transparency and creating stable political environment through good governance practices in order to attract more foreign investment and promote economic development. Factors like terrorism and corruption make economic and political systems unstable and has an adverse effect on on Iraq's stock exchange performance.

• Nuclear Engineering and Technology
• /
• 제50권5호
• /
• pp.690-697
• /
• 2018

Criticality alarm systems (CASs) are mandatory in nuclear plants for prompt alarm in the event of any criticality incident. False criticality alarms are not desirable as they create a panic environment for radiation workers. The present article describes the design enhancement of the CAS at each stage and provides maximum availability, preventing false criticality alarms. The failure mode and effect analysis are carried out on each element of a CAS. Based on the analysis, additional hardware circuits are developed for early fault detection. Two different methods are developed, one method for channel loop functionality test and another method for dose alarm test using electronic transient pulse. The design enhancement made for the external systems that are integrated with a CAS includes the power supply, criticality evacuation hooter circuit, radiation data acquisition system along with selection of different soft alarm set points, and centralized electronic test facility. The CAS incorporating all improvements are assembled, installed, tested, and validated along with rigorous surveillance procedures in a nuclear plant for a period of 18,000 h.

• 품질경영학회지
• /
• 제42권1호
• /
• pp.43-61
• /
• 2014

Purpose: This study identifies preventive measures for VOC management by analyzing the causes and effects of factors that contribute to high risk service failure using FMEA on KORAIL VOC data. Methods: Two research methods were used. First, a Risk Priority Number (RPN) was assigned to each KORAIL VOC based on Failure Mode and Effect Analysis (FMEA). Second, multiple regression analysis was run with RPN factors that include severity, occurrence, and detection as the independent variables and customer dissatisfaction as the dependent variable. Results: Multiple regression analysis showed that RPN factors including severity, occurrence, and detection had significantly positive relationship with customer dissatisfaction. Based on these results, an FMEA was performed on VOC categories with high RPN for railroad stations including platform, ticketing, ticket verification, parking, and escalator, and VOC categories with high RPN for trains including entrance doors, cafes, air quality, announcement, and ticket verification. Conclusion: This study has practical implications to service failure management. A priority order using FMEA was established for the list of customer dissatisfactions that should be addressed to actively manage service failure, and strategies for tackling this priority list are offered.

• 국제지역연구
• /
• 제22권1호
• /
• pp.67-90
• /
• 2018

프랑스에서 테러범의 국적박탈을 가능하게 한 것은 1996년 법부터로 이후 두 차례(1998년 법, 2006년 법)의 관련 법 개정이 있었다. 이어 2010년 이민 법안에 국적박탈 구문 수정안이 발의된 바 있고 2015-2016년에 국적박탈 대상 확장을 가능하게 하는 헌법개정안이 논의되었지만 채택되지 않았다. 하지만 이러한 일련의 과정을 통해 이중국적자와 테러범과의 관계가 쟁점으로 떠오르고 이민자와 안보문제는 더 밀접한 상관관계를 갖게 되었다. 특히 2016년에는 올랑드의 헌법 개정안이 포기되었지만 비상사태는 계속 연장되고 이중국적자 국적박탈 문제는 뜨거운 논쟁으로 남겨졌다. 4개월 넘게 지속된 논의 끝에 국가비상사태 조항 삽입과 함께 국적박탈 확장 계획을 담은 헌법개정안이 철회되었지만 그 동안 비정치적인 사안(non-politicized)이었던 이중국적자 문제는 정치적 쟁점(politicized)이 되어 안보문제로 규정되는 안보화(securitized)의 경로를 거치게 된다. 이는 부잔(Buzan)을 위시한 코펜하겐 학파가 주장하는 안보화의 '두 단계 과정(Two-stage process of securitization)'을 거쳤음을 보여준다. 코펜하겐 학파의 안보화 개념이 중요한 것은 안보화 과정의 구성적 요소에 주목하기 때문이다. 이러한 안보화의 경로를 프랑스에서 이중국적자의 국적박탈 논쟁에 적용해보면 쟁점이 되지 않았던 비정치적인 이중국적자 문제가 화행(speech-act) 또는 공표효과(announcement effect)를 통해 어떻게 정치화되어 사회적 어젠다로 규정되는 지를 고찰할 수 있다.

• 환경영향평가
• /
• 제21권2호
• /
• pp.297-314
• /
• 2012

This study investigates the stigma effect of unwelcomed facilities on apartment prices through multiple regressions based on hedonic price method. The areas studied are Sang-gye Jugong 7, 9, 10 apartment complexes. The facilities analyzed are the Chang-dong Electric Subway Depot and the Do-bong Driver's License Agency. The factors studied include the environmental variable (the elapsed time since the announcement of the re-location of these facilities), the view commanding, the distance from Chang-dong Depot, the distance from Do-bong Driver's License Test Course, the distance from neighboring facilities (subway stations, schools, parks and so on), the floor and each dwelling's exclusive space. The data used are 2,822 sales which have been collected since January 1, 2006. The facts found are as follows; first, the view commanding and the distance from the unwelcomed facilities are statistically significant. second, the environmental variable, 'days' turns out to have a positive (+) and a negative (-) significant relationship with the dependent variable, 'price', in period II and period IV respectively. This implies that the stigma effect is real. third, there are significant differences in the influence on the apartment prices among the independent variables according to time. fourth, the stigma effect is estimated as 33,686,920 Korean won in the case of the apartments which have the view commanding and 30,311,844 won in the other case before the global economic crisis. This effect seems to decrease to 22,085,078 won after the crisis. These facts suggest that stigma effects could be considered as one of the benefits in the cost-benefit analysis of Chang-dong Depot re-location project to produce somewhat higher NPV or B/C ratio.

• 벤처창업연구
• /
• 제4권4호
• /
• pp.45-70
• /
• 2009

본 연구에서는 기업이 공시를 통해 시장에게 통보한 경영전략이 유형별로 기업의 장기실적 변화에 어떤 기여를 했는지를 분석하였다. 2002년 국내에서 공정 공시제도가 실행되면서 이사회 결의 시점에서 일반투자자도 기업의 경영전략을 손쉽게 알 수 있게 되었다. 기업이 공시된 내용에 충실하게 전략을 수행한다면, 향후 관찰되는 실적 및 성과와 이들 공시된 기업전략 간의 관계분석을 통해 어떤 전략이 기업의 장기성과를 높이는데 기여했으며 어떤 전략이 기업의 실적을 훼손하는데 작용했는지를 알 수 있을 것이다. 연구대상은 2003~2005년 기간에 우회상장을 통해 코스닥시장에 진입한 60개 기업으로 한정하였다. 신규로 거래소에 진입한 기업을 사용했을 매는 사건일 이전 공시가 없기 때문에 사건일 이후에 공시된 내용과 사건일 이후에 기록된 실적간의 관계를 분석하는데 문제가 적다. 또한 IPO보다는 우회상장을 통해 자본시장에 진입한 기업이 더욱 다양한 공시를 한다는 장점을 갖는다. 이들 표본기업에 대해 상장시점부터 1년 간 공시한 내용과 동기간의 주식 보유수익률 및 벤치마크포트폴리오 대비 초과보유수익률 간의 관계를 조사하였다. 연구결과, 우회상장 이후 구조조정의 증거가 되는 감자, 이사감사 퇴임 등의 활동과 새로운 투자의 증거가 되는 투자확대, 회사인수 등의 활동은 기업 가치를 장기적으로 향상시키는데 도움을 주고 있음이 밝혀졌다. 그러나 차입증가, 대표이사변경, 합병은 기업 가치를 장기적으로 떨어뜨리는 효과를 가져왔다. 따라서 우회상장 이후 차입을 늘리는 기업은 차입금을 효율적인 투자 안에 투입하기보다는 기타의 목적으로 사용하고, 대표이사를 변경하는 것은 구조조정의 일환 이라기보다는 우회상장 이후 진행되었던 구조조정이 효율적이지 못했다는 증거로 여겨질 수 있으며, 우회상장 이후 다시 타 기업과 합병을 진행하는 것은 또 다른 우회상장 등 주주 부를 하락시키는 활동이었다고 유추할 수 있다. 특히 감자, 합병, 차입 등에 대한 본 연구의 결과는 기존의 단기영향 분석결과와 상이하여, 향후 공시에 대한 단기효과 분석뿐만 아니라 장기효과 분석도 진행되어야 함을 시사하고 있다.

• 아태비즈니스연구
• /
• 제11권4호
• /
• pp.317-332
• /
• 2020

Purpose - This study examines the information effect and trading behavior of investors for the 430 stock split data from January 2004 to June 2018 in the Korean stock market. Design/methodology/approach - The stock split samples are classified into two groups by split ratio as well as three groups by price level prior to split. We also investigate the trading behavior of investors categorized by institutional versus individual investors. Findings - First, we find a significantly positive information effect on the announcement day. In particular, the information effect is more distinct in the group of larger split ratio and higher price level of stocks. Second, we find a huge increase in turnover following the stock splits, which mainly results from the trading by individual investors. Also, the increase in turnover by individual investors is evident in the group of larger split ratio and higher price level of stocks. Third, the stock splits have a negative impact on the long-term stock performance. The negative buy-and-hold abnormal return(BHAR) makes no difference in the groups by split ratio as well as price level of stocks. Lastly, we find individual investors tend to buy splitted stocks, which exhibit the long-term under-performance. Research implications or Originality - The results in this paper suggest that the liquidity hypothesis is not supported in the Korean stock splits. In addition, we observe that individual investors are exposed to losses due to their unfavorable trading behavior following the stock split.

• Journal of Korea Trade
• /
• 제23권6호
• /
• pp.145-158
• /
• 2019

Purpose - Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value. Design/methodology - To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis. Findings - This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms' stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors' expectations were higher with new partners and new alliances than with old partners. Research Implications - A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times. Originality/value - This study analyzed partner volatility on relevant companies' stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.

• 지능정보연구
• /
• 제25권2호
• /
• pp.99-122
• /
• 2019

IDC(International Data Corporation) 사(社)의 최근 보고서에 따르면, 2025년에는 2016년에 생성된 데이터의 10배에 달하는 163제타바이트의 데이터가 생성될 것이고 그 주체의 비중은 소비자에서 기업으로 이동하고 있다고 한다. 이러한 소위 '빅데이터의 물결'은 도래하고 있고 그 파장은 산업 전반적으로 영향을 미칠 것이다. 따라서, 방대한 데이터를 효과적으로 관리하는 것은 기업의 관점에서 그 어느 때보다 더 중요하다. 하지만, IT 투자에 대한 효과를 측정한 선행 연구는 다수 존재함에도 불구하고 빅데이터 투자 효과를 측정한 선행 연구는 거의 전무한 실정이다. 따라서, 해당 투자 효과를 정량적으로 분석한다면 기업의 의사 결정을 도울 수 있을 것이다. 본 연구는 효율적 시장 가설을 이론적 바탕으로 둔 사건연구방법론(Event Study Methodology)을 적용하여, 기업의 빅데이터 투자가 시장 투자자들의 반응에 미치는 영향을 측정하였다. 또한, 보다 심층적으로 이 효과를 분석하기 위해서 5가지 하위 변수를 설정했고 그 내용은 기업 크기 구분, 산업 구분(Finance와 ICT), 투자 구축 완료 구분, 벤더 유무 구분이다. 분석 결과, 91개 기업은 빅데이터 투자 공시 이후 시장 가치가 평균 0.92% 상승한다는 사실을 확인하였다. 특히 Finance 기업, non-ICT 기업, 시가 총액이 작은 기업, 빅데이터 전문 벤더 기업을 통해 투자한 기업, 그리고 빅데이터 시스템이 구축 완료됐다는 공시에 해당하는 기업의 시장 가치가 두드러지게 상승한다는 사실을 알 수 있었다. 본 연구는 빅데이터 투자 효과를 측정한 선행 연구가 거의 전무하다는 점에서 학문적인 의의를 지니고, 빅데이터 투자를 고려 중인 기업 의사 결정자들에게 실질적인 참고 자료가 될 수 있다는 점에서 실무적인 시사점을 갖는다.

• 한국의상디자인학회지
• /
• 제4권3호
• /
• pp.65-73
• /
• 2002

The purpose of this study was to prepare lesson plans, study aids and multimedia learning materials for the clothing units in TechnologyㆍHome economics of the 7th national curricula. It's also meant to utilize these materials in instruction in order to provide students with more direct and practical learning experience and make them capable of leading a successful life in the 21st century. 1. The teaching plans were mapped out for the clothing units in TechnologyㆍHome economics class for middle school grade 2, which were all covered by eight textbooks: clothing and life(the function of clothes, my attire, wearing a suit, and wearing Korean traditional dress), the preparation of garments(the type of fiber, understanding of stuff, and preparing garments), and cloth care and storage (washing, storage, alteration and recycling). 2. The lesson plans included information on the name of units, period, learning objectives, teaching environment, materials, learning content, introduction, development, remarks, topping off, announcement for next session, and related Web sites. 3. To raise the effect of education, study aids were developed to be appropriate for the units. The lesson plans and study aids for the clothing part of TechnologyㆍHome economics class for middle school grade 2 would serve to help students build the right clothing habits, and are expected to serve as good teaching materials.