• The Korean Journal of Financial Management
• /
• v.21 no.2
• /
• pp.27-63
• /
• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• Korean Association of Arts Management
• /
• no.53
• /
• pp.5-45
• /
• 2020

This study aims to deeply analyze the subjective attitude of jazz performance audiences in Korea using Q methodology. In order to establish a population for the research, we decided 'People's mind about jazz performances' as the main topic and finally selected a Q model consist of 38 statements after having a depth interview with corresponding experts. Additionally, from January to February 2019, we implemented a Q-sorting and individual interview to total of 27 people including people majored in music, jazz club members and other citizens. The result were the following. First of all, a musical-interest oriented type. People of this type understood watching jazz performance as a daily leisure activity and went to watch a show more than once a month on overage. Those people obtained information of performances and actors before attending a show using social network such as SNS and jazz clubs. They also had a big desire to have an emotional interaction with jazz musicians while having a fan signing event or performance. Secondly, a general-interest oriented type. This type of people had a tendency of considering watching a jazz performance as a especial experience and not a daily life event. Attending a jazz performance was a novel experience which could be done with their close friends in a special day. Thirdly, people with self-value oriented type. This people were majored in jazz and classic in their universities. As they had a concrete perspective, professional knowledge and experiences, they were more sensitive on the general quality of the performances such as show's sound, light, video, sound system of the theater, player's ability, level of facilities, accessibility, etc. rather than the reputation of an artist. This research did not only revealed jazz audience's subjective tendency using Q methodology but also demonstrated the types of jazz audiences and their characteristics. Therefore, this could be a meaningful study for suggesting a significant implication for the marketing mix of performance planning on each jazz audience type.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.28 no.2
• /
• pp.334-345
• /
• 2022

The Enforcement Decree of the Framework Act on the Management of Disasters and Safety Article 3-2 specifies two 'disaster management supervision agencies' for responding to shipping disasters. These are the Korea Coast Guard, which is an on-scene disaster-responding and coordinating agency, and the Ministry of Ocean and Fisheries, which is a government department, thereby leading to possibilities for confusion. In the case of shipping disasters, where a personnel entitled full power to deal with shipping disasters is designated and his/her powers and duties are clearly made, relationship of leading and supporting agencies is made clear, and command system is simplified, an efficient response to shipping disasters is made possible. In the management of shipping disasters, all the disaster management processes, that is, prevention-preparedness-response-recovery, should be dealt with systematically and consistently. Notably, to swiftly and efficiently cope with a disastrous situation, the decision-making and command system must be simplified. The establishment of a command system and decision-making must be made independently, based on expertise. In the US, irrespective of the type of disasters, the FEMA plays a leading role and the USCG responds a response to maritime disasters by establishing the Incident Command System or Unified Command System that is an incident management system. In the UK, the MCA supervises an event and responds to it, and the SOSREP has full power to work with command and coordination independently. SOSREP, among others, is necessary to prevent an inefficient dealing of a shipping disaster owing to confrontation between participants. With reference to such leading States' practice, the Korean government should make a standardized and simplified response to maritime disasters. This study deals with a new maritime disaster responding system and provides an idea of the revision of the existing legal regime.

• Korean Journal of Construction Engineering and Management
• /
• v.15 no.5
• /
• pp.40-48
• /
• 2014

As CBR(Chemical, Biological, and Radiological) attack increases, the importance of CBR protective facilities is being emphasized. When CBR warfare emerges, a task force team, who exist outside of CBR protective facility, should enter the CBR protective facility through neutralizing process in CCA(Contamination Control Area) and TFA(Toxic Free Area). If a bottleneck occurs in the process or zones, the task force team cannot enter the CBR protective facility efficiently and may cause inefficiency in its operation performance or result in casualties. The current design criteria of the CBR protective facility is only limited to ventilation system and it does not consider how much time it takes to enter the facility. Therefore, this research aims to propose the entering time estimation model with discrete event simulation. To make the simulation model, the procedure performed through CCA and TFA is defined and segmented. The actual time of the procedure are measured and adapted for the simulation model. After running the simulation model, variables effecting the entering time are selected for alternatives with adjustments. This entering time estimation model for CBR protective facility is expected to help take time into consideration during the designing phase of CBR protective facility and help CBR protective facility managers to plan facility operation in a more realistic approach.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.9 no.5
• /
• pp.193-203
• /
• 2014

This study was to highlight the importance of elements of flower fair to organizer who organize flower fair in local community, to increase of participancy in flower fair exhibition with informing experience element and finally to increase incomes of flower farmhouse. To investigate degrees of interest of visitors on experience marketing of exhibition factors in flower fair, survey was conducted for 278 target audiences and data was analyzed to find the effect of experience marketing of exhibition factors in flower fair on the interest of purchasing. To population statistics, female took majority, 61.9% in sex, twenties, 34.5% in ages, married, 50.7% in marriage and students, 36.7% in job. University graduation occupied 58.3% in education, one million something, 48.6% in average income, seoul showed 38.1% in resident cities and 1st time visit was 79.9% in flower fair visit. For statistical categories, technology statistics analysis and reliability analysis were conducted. To check validity, factor analysis was conducted, and to see interrelationship of factors, using regression analysis, fluence among factors was analyzed. Results showed that exhibition environment of flower fair was effected by cultural elements, exhibition quality and exhibition service were effected by event and cultural element, exhibition marketing was effected by cultural and image element and purchasing interest was effected by image element.

• Weed & Turfgrass Science
• /
• v.3 no.4
• /
• pp.305-311
• /
• 2014

The cultivation area and use of genetically modified (GM) crops have been increased continuously over the world. Seed distribution and transgenes to environmental ecosystem is one of the most important factors in risk assessment and risk management of GM crop. Safe management for the development and commercialization of GM crops is required according to The Act on Transboundary Movements of Living Modified Organisms,etc (LMO Act) in Korea. This study was conducted to setup the environmental monitoring system of GM zoysiagrass (event JG21 and JG21-MS). The monitoring was performed in 4 GMO confined fields, Sungwhan, Ochang, Jeju University and Jeju Namwon. In the result of monitoring, we could not found any gene flow and distribution of GM zoysiagrass in the 3 fields, but one spill of JG21 was found in the Namwon field in 2012. These results suggest that continuous monitoring is necessary to detect the occurrence of GM zoysiagrass for preventing genetic contamination in natural environment.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.13 no.2
• /
• pp.562-574
• /
• 2012

Simulation validation techniques which have been employed in most studies are statistical analysis, which validate a model with mean or variance of throughput and resource utilization as an evaluation object. However, these methods have not been able to ensure the reliability of individual elements of the model well. To overcome the problem, the weighted F-measure method was proposed, but this technique also had some limitations. First, it is difficult to apply the technique to complex system environment with numerous values of interarrival time because it assigns a class to an individual value of interarrival time. In addition, due to unbounded weights, the value of weighted F-measure has no lower bound, so it is difficult to determine its threshold. Therefore, this paper propose weighted F-measure technique with cluster analysis to solve these problems. The classes for the technique are defined by each cluster, which reduces considerable number of classes and enables to apply the technique to various systems. Moreover, we improved the validation technique in the way of assigning minimum bounded weights without any lack of objectivity.

• Korean journal of applied entomology
• /
• v.55 no.2
• /
• pp.139-148
• /
• 2016

A seasonal outlook for crop insect pests is most valuable when it provides accurate information for timely management decisions. In this study, we investigated probable tele-connections between climatic phenomena and pest infestations in Korea using a statistical method. A rice insect pest, brown planthopper (BPH), was selected because of its migration characteristics, which fits well with the concept of our statistical modelling - utilizing a long-term, multi-regional influence of selected climatic phenomena to predict a dominant biological event at certain time and place. Variables of the seasonal climate forecast from 10 climate models were used as a predictor, and annual infestation area for BPH as a predictand in the statistical analyses. The Moving Window Regression model showed high correlation between the national infestation trends of BPH in South Korea and selected tempo-spatial climatic variables along with its sequential migration path. Overall, the statistical models developed in this study showed a promising predictability for BPH infestation in Korea, although the dynamical relationships between the infestation and selected climatic phenomena need to be further elucidated.

• The Korean Journal of Financial Management
• /
• v.25 no.2
• /
• pp.191-213
• /
• 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.

• The Journal of the Korea Contents Association
• /
• v.11 no.7
• /
• pp.519-527
• /
• 2011

The e-Learning program is a multimedia data program consisting of texts, images, animation, audio and video. The development of an e-Learning program requires time and is a complex process, requiring cooperation and open-communication between all parties involved, particularly in the event of a problem. This study will analyze the e-Learning contents development process from the Social Negotiation Perspective. An appropriate process for the development of the program and effective decision-making guidelines for those parties involved will be recommended. Participants' viewpoints regarding program development and guidelines were studied qualitatively, while the evaluation of developed content employed both qualitative and quantitative research. The study found the following results. First, the development of an e-Learning program requires a clear goal and purpose. Second, the target group must be clearly identified. Third, all parties involved must share in the development process and its outcomes. Fourth, the party requesting the program must allocate the appropriate time and budget for the development group. Finally, the project requires a strong, capable leadership for effective decision-making.