• Asia Pacific Journal of Business Review
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• v.1 no.2
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• pp.37-62
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• 2017

To analyze the effects of R&D expenditure on the firm value of Korean firms, we classified portfolios based on R&D activity levels. After that, we conducted a time-series analysis to assess excess returns from the portfolios. To carry out such an analysis, an empirical analysis of excess returns in the capital market was performed by using the monthly earning rate of stocks from 2000 to 2013. The purpose of this research is to provide basic data on investment to stakeholders in the capital market by analyzing the effects of R&D on the firm value and to overcome scholarly limitations by offering a new model of analysis. The criteria for classifying the portfolios were based on R&D expenditure levels. The analysis models follow the Fama-French Three-Factor Model and the Carhart Four-Factor Model. The analyses results are as follows. Extrapolating monthly profit rates based on R&D expenditure levels, portfolios with low R&D expenditures showed higher earning rates than those with high R&D expenditures. This suggests that high R&D expenditures did not translate into high earning rates. The investor depreciates the R&D expenditures related profitability and the possibility of success in the market, leading to falls in stock prices and a failure to give a positive effect on the firm value. Our research differs from the previous investigations as we carried out an empirical analysis based on the actual investors' attitudes about R&D expenditures and how these can generate excess earnings. Our research results show that the data related to R&D expenditure are not reflected fully in the market.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.23 no.6
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• pp.697-703
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• 2019

This study looked at what the perceived recognition and user characteristics of 3D printers have to do with perceived value and intention of continuing use. The data collection was conducted by 300 people, including employees who lived in Korea and used 3D printers. Research has shown that firstly, perceptual perception affects perceived values and intended use. Second, user characteristics have been shown to affect perceived value and intended use. Third, it appears to have a positive effect on perceived values and the intention of continuous use. Therefore, by fully recognizing the usefulness and ease of 3D printers to consumers, and by making them aware of the convenience and reliability of consumers, it will be effective if a strategy is established that has put a lot of interest and effort into making 3D printers more popular and active by enhancing consumers' intention to continuously use 3D printers.

• Proceedings of the Korea Contents Association Conference
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• 2004.05a
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• pp.575-578
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• 2004

This paper will intend to find the artistic value of playing card and 3D animation that is having much skill and entertaining points through digital virtual3D card animation . And this paper will consider the popularity and explore the creative cooperation relation of skill and art.

• Journal of Information Technology Services
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• v.15 no.3
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• pp.1-14
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• 2016

According to the growing importance of science and technology policy, investment in research and development (R&D) has been increased. In this context, a patent as one of outcome of firm's systematic R&D investment is the way to hold a dominant position in companies' technology competitiveness and also to protect technology right. This study attempts to find the effects of input resources and intellectual property production activity on company value. It conducted empirical analysis based on 238 KOSDAQ-listed and medium-sized firms. Using the previous research, this study configurated research variables about activity of patent production, company value, and input of resources. Through these variables, it aims to know the effect of input of resources and activity of patent production on company value. First, the result of regression analysis shows that R&D cost has the positive effect on a patent production and sales promotion cost positively affects on the registration of the trademark. Second, the output of regression analysis indicates that a patent has the positive effect on company value but a trademark has not. With regard to the input of resources, R&D cost has the influence on company value but sales promotion cost has not. This study attempts to find the effectiveness of company's intellectual property registration on its value and suggests a way that the systematic R&D investment contributes the growth of company value.

• Journal of Digital Contents Society
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• v.16 no.4
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• pp.645-650
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• 2015

In this paper, we propose the method for creating a stable stereoscopic 3D contents with the production guidelines by removing the excessive depth value and scene changes for high quality. We have developed a three-dimensional depth analysis tool for detecting the scene changes out of the production guidelines and the depth value changes excessively. The Scenes detected by depth analysis tool can be modified at the post production and it helps to make a stable stereoscopic 3D contents.

• STI Policy Review
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• v.2 no.3
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• pp.35-44
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• 2011

Korea has rapidly increased R&D investment over the last few decades and the intensity of R&D investment is among the highest in the world; however, there are serious concerns about R&D performance and R&D efficiency. This study is to improve the economic assessment methodology regarding a feasibility study for national R&D programs that are thought to be one of the most prominent ways to enhance R&D efficiency. In order to improve the methodology of economic assessment, a few of important factors such as technical or market uncertainty, spillover effect, and R&D contribution ratio should be covered in the model. The focus of this article is technological and market uncertainty that has a close relation with strategic flexibility and utilization potential to increase the value of R&D programs. To improve the current linear and definitive R&D process, a new framework with strategic flexibility is suggested, in which the result of economic assessment that considers technological and market uncertainty is reflected in planning. That kind of feedback process is expected to enhance the value of the program/project as well as R&D efficiency.

• Journal of Korea Technology Innovation Society
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• v.8 no.1
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• pp.94-115
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• 2005

The purpose of this study is to evaluate the economic value of a biotechnology in the middle of R&D and to examine strategies to manage a variety of risks and uncertainties intrinsic in research and development of biotechnologies through economic valuation in consideration of technological and industrial characteristics of the technology. To do this, this study analyzes the probability of commercial success of the technology development in qualitative terms, evaluates the quantitative value of the technology on the basis of a determined model, and proposes the implications on R&D strategy. In concrete, this study analyzes the economic value of the technology by constructing a decision tree reflecting the characteristics of the R&D process of the technology and draw the implications on the future R&D strategies of the technology.

• Journal of Korea Technology Innovation Society
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• v.8 no.1
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• pp.29-50
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• 2005

Real options provide a new and productive way to view corporate r&d investment decisions. DCF approach is well established and beloved of financial executives, but is known to systematically underestimate investment value under significant uncertainty. Though real options are not inherent in a r&d investment, they can be used to compute the investment value including managerial flexibility like option value. In this paper, we explain how the interval of option value in black-scholes model can be estimated using simulation. We also present a process framework for interval estimation of volatility and efficient of period of investment value. In such a setting, we can obtain the appropriate interval estimation of the expanded investment value.

• The Journal of Korean Society for Radiation Therapy
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• v.16 no.1
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• pp.57-65
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• 2004

Introduction : The phantom that includes high density materials such as steel was custom-made to fix lung and bone in order to evaluation inhomogeneity correction at the time of conducting radiation therapy to treat lung cancer. Using this, values resulting from the inhomogeneous correction algorithm are compared on the 2 and 3 dimensional radiation therapy planning systems. Moreover, change in dose calculation was evaluated according to inhomogeneous by comparing with the actual measurement. Materials and Methods : As for the image acquisition, inhomogeneous correction phantom(Pig's vertebra, steel(8.21g/cm3), cork(0.23 g/cm3)) that was custom-made and the CT(Volume zoom, Siemens, Germany) were used. As for the radiation therapy planning system, Marks Plan(2D) and XiO(CMS, USA, 3D) were used. To compare with the measurement value, linear accelerator(CL/1800, Varian, USA) and ion chamber were used. Image, obtained from the CT was used to obtain point dose and dose distribution from the region of interest (ROI) while on the radiation therapy planning device. After measurement was conducted under the same conditions, value on the treatment planning device and measured value were subjected to comparison and analysis. And difference between the resulting for the evaluation on the use (or non-use) of inhomogeneity correction algorithm, and diverse inhomogeneity correction algorithm that is included in the radiation therapy planning device was compared as well. Results : As result of comparing the results of measurement value on the region of interest within the inhomogeneity correction phantom and the value that resulted from the homogeneous and inhomogeneous correction, gained from the therapy planning device, margin of error of the measurement value and inhomogeneous correction value at the location 1 of the lung showed $0.8\%$ on 2D and $0.5\%$ on 3D. Margin of error of the measurement value and inhomogeneous correction value at the location 1 of the steel showed $12\%$ on 2D and $5\%$ on 3D, however, it is possible to see that the value that is not correction and the margin of error of the measurement value stand at $16\%$ and $14\%$, respectively. Moreover, values of the 3D showed lower margin of error compared to 2D. Conclusion : Revision according to the density of tissue must be executed during radiation therapy planning. To ensure a more accurate planning, use of 3D planning system is recommended more so than the 2D Planning system to ensure a more accurate revision on the therapy plan. Moreover, 3D Planning system needs to select and use the most accurate and appropriate inhomogeneous correction algorithm through actual measurement. In addition, comparison and analysis through TLD or film dosimetry are needed.

• Asia pacific journal of information systems
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• v.32 no.4
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• pp.728-749
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• 2022

The information and communication technology (ICT) value creation process is inherently unobservable. In addition to the direct effect of ICT on productivity, some information or knowledge can create value through other knowledge activities. In this paper, we study the impact of ICT on productivity through R&D. We tested the mediating effect of R&D between ICT and productivity using panel data from 47 US industries from 1987 to 2013 from the Bureau of Labor Statistics. The results show that R&D partially mediates ICT and productivity. That is, ICT directly increases productivity, and some of its effects can be realized through R&D. Recipients who acquire knowledge through ICT have to interpret codified ideas and apply them to practice. The increased absorptive capacity that can be developed through R&D improves interpretation ability, allowing employees to share more complex ideas. Thus, ICT helps people to effectively communicate, but some information and knowledge can be realized and applied through R&D knowledge activities. This is the first study empirically examining the process of ICT value creation through R&D. It also provides practical guidelines for knowledge management, such as making decisions about ICT and R&D investments that are better done concurrently rather than individually to maximize their impact on productivity.