• Management & Information Systems Review
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• v.33 no.2
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• pp.263-279
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• 2014

SPAC(Special Purpose Acquisition Company) is the paper company that aims the merger of private company only, and introduced in Korea at 2009. Until 2013, 22 SPACs were listed, and 10 of them made successful mergers but rest were delisted. When IPO, range of the volume of public offerings were 20~30 billion won. After IPO, some SPACs showed extreme price movements, but on average their prices were below IPO prices 1 year later and near IPO prices 2 years later. Successful SPACs showed positive and significant 2.94% 25 days Cumulative Average Abnormal Return(CAAR) before the public announcements of merger and also showed positive and significant 10.60% 45 days CAAR around the general meetings of shareholders. I concluded that SPAC market were constrained by several regulations, so deregulation is needed for SPAC market activation.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.1-27
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• 2007

In this study, we investigated the market long-term performance of stock splits by using the Korean Stock Market data from 1998 through 2002. We measured the performance by the event-time portfolio approach with the buy-and-hold abnormal return(BHAR) and the cumulative average abnormal return(CAAR). Also, the calendar-time portfolio approach with one-factor and three factor model were used for avoiding the misspecification model problem. The first of main results in this study was that the stock splits had significantly positive abnormal returns around the month of the stock splits announcements. However, the period BHAR and CAAR after the announcement month were significantly negative. This negative long-term abnormal returns were confirmed by the calendar-time portfolio approach. The results suggested that the abnormal return followed by the stock splits seemed to be positive in the short-term period. Second, there was no the difference of the long term performance between the high and the low split ratios. The operating income performance in the periods followed by the stock splits announcements grew worse. Therefore, the signalling effects, the managers of the firm under considering the stock splits would make use of splits as a form of signals for the upward changes in the cash flow or profits, could not be found. Finally, in contrast to Fama, Fisher, Jensen and Roll(1969), the significant negative abnormal returns following the stock splits were still found irrespective of the change of dividend payout ratio.

• Journal of Korean Society of Forest Science
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• v.79 no.2
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• pp.162-172
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• 1990

Habit type classification based on the polyclimax and discontinuum concept applied to Mt. Kasan forest. The results obtained were summirized as follows. 1. PIDE/RHSC H.T. : Pizzas densiflora is a topographic climax which is distributed in a ridge and a upper slope. Rhododeudron schlippenbachii is well represented in the undergrowth (average coverage 21%). 2. CALA/CAAR H.T. : Carpinus laxiflora is distributed in a low slope and adjoined to Pinzrs densiflora of a upper slope and a ridge. Calamaglotis aruredinacea is well represented in the undergrowth (average coverage 10%). 3. QUMO/CAHU H.T. : Quercus mongolica is a topographic climax which is distributed in a upper slope and a midslope of the Kasan fort outside and ranged from 600m to 700m, Carex humilis is well represented in the undergrowth (average coverage 21%). 4. QUMO/CAAR H.T. : Qreercus moragolica is distributed in the basin of Mt. Kasan fort inside and ranged from 700m to 870m, Cdlamagrotis arundinacea is abundant in the undergrowth(average coverage 43%). 5. FRRH/IMTE H.T. : Fraxinus rhynchophilla is distributed in a valley. Impatiens textori is well represented in the undergrowth(average coveraged 10%). 6. COCO/VISA H.T. : Cornus controversa is distributed in a valley and aranged from 780m to 830m Viburunum sargentii is well represented in the undergrowth(average coverage 12%).

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.31-37
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• 2020

The purpose of this research study is to examine the stock market's response to terrorist attacks. The study uses data of terrorist attacks in different parts of the country (Pakistan) from June 1, 2014 to May 31, 2017. The event window procedure applies to a 16-day window in which 5 days before and 10 days after the attack. In addition, several event windows have been built to test the response of the Pakistan Stock Exchange. KSE-100 index is taken as proxy of response. The total terrorist attacks are classified into four categories: attacks on law enforcement agencies, attacks on civilians, attacks on special places and attacks on politicians, government employees and bureaucrats. The standard market model is used to estimate the abnormal return of the Pakistan Stock Exchange, which takes 252 business days each year. Furthermore, BMP test is used to check statistical significance of cumulative abnormal rate of return (CAAR). The results of this study reveal that total number of terrorist attacks and attacks on law enforcement agencies show long-term effects on Pakistan stock exchange. However, attacks on civilians, attacks on special places and attacks on politicians, government employees and bureaucrats have little effect on the Pakistan Stock Exchange.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.675-685
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• 2021

The purpose of this study is to examine the reaction of stock prices on the implementation of Extensible Business Reporting Language (XBRL) in companies listed on the Indonesia Stock Exchange (IDX). Using the event study method and calculating abnormal returns of the 2015 financial statements of 462 companies listed on the IDX, findings showed that 49 companies have not applied the XBRL format in their financial statements. Based on the results of the Average Abnormal Return (AAR) and Cumulative Average Abnormal Return (CAAR) values, using the one-sample test, investors react to shares in companies that have not implemented XBRL and who have implemented XBRL; however, based on the independent t-test based on average values there are differences between companies that have not applied XBRL and those who have implemented XBRL. This research only looks at the one-year implementation of XBRL in financial reporting (2015), then the research does not separate which companies are on time in the delivery of financial statements to the public through the IDX website. Our research contributes to the understanding of the use of XBRL in corporate financial reporting because before the XBRL financial reporting format was published, the company had published a financial statement format based on the legal provisions of financial statements in Indonesia.

• Management & Information Systems Review
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• v.29 no.3
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• pp.51-69
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• 2010

The purpose of this research is to analyze the motivations for mergers and the disclosure effects before and after two parties, which have a parent and subsidiary relationship, submit a merger agreement. The results of analysis show that the main aims of a merger between the two parties are to enhance the efficiency and the competitive power of the companies and to diversify their business lines. Efficiency increment plays an important role in a merger. A merged corporation has realized positive abnormal returns before and after a merger. Business diversification has brought the highest cumulative average abnormal returns due to the disclosure effects.

• 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.

• Korean Business Review
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• v.16
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• pp.169-184
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• 2003

IR(Investor Relation) is an active management activity to provide well balanced information to investors which can reduce asymmetry of information between investors and management. This activity could contribute to the long-term development of corporation with increased mutual trust between investors and management. Consequently, in these days, ill is widely recognized as an effective measure of securing corporate transparency, maximization corporate value, and stock-holder oriented management. The purpose of this study is to examine the effect of corporate IR activity on investment behavior as well as stock price. It is assumed that if asymmetry of information between investors and management is cured by active ill activity from a corporation, with more transparent and reliable information of the firm at hand investors would more actively involved in trading. Statistically speaking, I assumed that the more information provided by ill activities, the higher value of a corporation at the stock trading.

• Korean Journal of Psychosomatic Medicine
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• v.27 no.2
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• pp.147-154
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• 2019

Objectives : Cognitive dysfunction, including inattention, is often observed in patients with depression. Inattentive symptoms in patients with depression is similar to those among attention deficit/hyperactivity disorder (ADHD) patients. It is important to diagnose the two diseases accurately, because the treatment varies depending on the cause of inattention. This study aimed to investigate the coexistence rate of ADHD and the correlation between ADHD symptoms and depression in patients with depression. Methods : Participants in this study were 158 outpatients presenting with depression, who visited the psychiatric department from March 2015 to July 2018. Participants divided into a depression and a non-depression group according to the Korean version of the Center for Epidemiological Studies-Depression Scale (CES-D) score and were administered the following : a sociodemographic variables form (age, sex, academic background, occupation), the self-reporting test for adult ADHD (Adult Attention Deficit/Hyperactivity Disorder self-report scale-V 1.1; ASRS V1.1), and the Korean version of the Connors adult ADHD rating scale (K-CAARS). Descriptive statistical analysis, crossover analysis, t-tests, and Pearson's correlation coefficient were conducted on the data. Results : The coexistence rate of adult ADHD symptom was as high as 36.7% in patients with depression (p<0.001). In K-CAARS, the depression group (Inattention=1.80, Hyperactivity=1.92, Impulsivity=1.56, Self-concept=2.06) showed higher average scores on ADHD symptoms than the non-depressive group (Inattention=1.28, Hyperactivity=1.25, Impulsivity=1.09, Self-concept=1.42, p<0.001). Conclusions : This study confirmed that ADHD symptoms coexist in the depression group. When evaluating the symptoms of patients who complain of depression, it is suggested that they should be accurately diagnosed and appropriately treated with interest to the coexistence of ADHD symptoms and the possibility for ADHD diagnosis.