• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.137-164
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• 2008

This paper examines the operating performance of firms that for a four-year period, held more than 15% of their assets in cash and cash equivalents. During next four years, operating performance of firms maintaining high cash persistently is greater than the performance of firms matched by size and industry or firms adopting transitory high cash policy. Furthermore, the effect of persistent cash holdings on operating performance depends on the ownership structure and the level of information asymmetry. Foreign investors deteriorate the operating performance of high cash firms, suggesting that potential M&A and the pressure of excessive dividend reduce the usefulness of cash. The level of information asymmetry enhances the operating performance for the firms adopting persistent high cash policy. It suggests that cash holdings reduce the costly external financing and underinvestment problem for firms with high information asymmetry.

• Earthquakes and Structures
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• v.11 no.4
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• pp.583-607
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• 2016

One of the main applications of seismic risk assessment is that an specific design could be selected for a bridge from different alternatives by considering damage losses alongside primary construction costs. Therefore, in this paper, the focus is on selecting the shape of pylon, which is a changeable component in the design of a cable-stayed bridge, as a double criterion decision-making problem. Different shapes of pylons include H, A, Y, and diamond shape, and the two criterion are construction costs and probable earthquake losses. In this research, decision-making is performed by using developed seismic risk assessment process as a powerful method. Considering the existing uncertainties in seismic risk assessment process, the combined incremental dynamic analysis (IDA) and uniform design (UD) based fragility assessment method is proposed, in which the UD method is utilized to provide the logical capacity models of the structure, and the IDA method is employed to give the probabilistic seismic demand model of structure. Using the aforementioned models and by defining damage states, the fragility curves of the bridge system are obtained for the different pylon shapes usage. Finally, by combining the fragility curves with damage losses and implementing the proposed cost-loss-benefit (CLB) method, the seismic risk assessment process is developed with financial-comparative approach. Thus, the optimal shape of the pylon can be determined using double criterion decision-making. The final results of decision-making study indicate that the optimal pylon shapes for the studied span of cable-stayed bridge are, respectively, H shape, diamond shape, Y shape, and A shape.

• Journal of Distribution Science
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• v.18 no.2
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• pp.99-108
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• 2020

Purpose: This paper investigated the relationship between market competition and firm valuation error. Furthermore, Additional analyses were made according to the quality of financial reports and the listed market. Through the process we confirm to the impact of competition on the capital market. The purpose of this study is to analyze the impact of competition on valuation errors. The preceding studies did not provide a consistent results of the effects of competing functions on the capital market. One view is that the competition could mitigate the information asymmetry, and the other is that monopolistic lessens the manager's involvement in financial reporting. This study is intended to expand the prior study by analyzing the impact of competition on the capital market and on the valuation of investors. Research design, data, and methodology: The analysis was conducted on 12,031 samples over 11 years from 2008 to 2018 using data from market in Korea. Here the valuation error was measured by the research methodology of Rhodes-Kropf, Robinson and Viswanathan (2005), and competition measured by Herfindahl-Hirschman Index multiplied by (-1), and Concentration Ratio by (-1). Results: We confirm that the positive relationship between competition and the valuation error. In addition, we also found that the positive relation between competition and valuation error was in cases of low discretionary accruals and the KOSDAQ market. This means that the net function of competition does not mitigate valuation errors. Conclusions. This study has the following contributions when compared to prior research. First, the relevance between the level of competition and the valuation of the entity was confirmed. The study by Haw, Hu and Lee (2015) suggested that monopolistic industry of analysts' forecast is more accurate due to lower the variability in earnings. This study magnified it to confirm that monopolistic lessen information uncertainty in valuation. Second, the study on valuation errors was expanded. While the study on the effect of valuation errors on the capital market is generally relatively active, it is different that competition degree has analyzed the effect on valuation errors amid the lack of research on the effect on valuation errors.

• Health Policy and Management
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• v.17 no.2
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• pp.68-90
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• 2007

Nurse staffing level is an important factor that influences the quality of health service and patient outcomes. This study was carried out to examine the current state of acute hospital nurse staffing and find out factors that affect the nurse staffing level. Nurse staffing of individual hospitals was measured using the number of registered nurses per 100 beds. Descriptive and multiple regression analyses were conducted using 592 acute care hospitals' data. Regression model included structure factors such as referral level, ownership, medical and general staffing, and financial outcome factors such as occupancy rate, inpatient and outpatient revenues. Market characteristics included strength of competition, supply of nurses, and income and health status level of consumers. The average number of nurses per 100 beds was 28 and showed a great variation according to the referral level. Regression model explained this variation as much as 76.87%. Hospital structure variables which affecting the hospital nurse staffing level positively were ICU bed ratio, the staffing level of specialist, training doctor and employees except doctor and nursing personnel, while the negative factor was nurse aid staffing level. General hospitals employed more nurses than hospitals. Among outcome characteristics, occupancy rate and the amount of health insurance inpatient revenue affected positively on the hospital nurse staffing level. The more supply of the new nurse and the higher consumer income and health status in the medical service markets, the more nurses were employed by the medical institutes. According to the study result, hospitals employed more nurses when they had more financial incentive by increasing nurses. This means appropriate hospital incentive policy and regulation policy, which hospital violate nurse staffing level have to pay penality, should be needed. Clarifying job description between nurses and nurse aids and the reentry program for unemployed experienced nurses will be helpful to increase nurse staffing level.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.91-105
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• 2005

Using Campa and Chang's Expectations Hypothesis model, We test the expectations hypothesis in the term structure of volatilities in options on KOSPI 200 by using daily dosing prices from January 1999 to December 2003. In particular, it addresses whether long-dated volatilities are consistent with expected future short-dated volatilities, assuming rational expectation. Our results do not support the expectations hypothesis : long-term volatilities rise relative to short-term volatilities, but the increases are not matched as predicted by the expectations hypothesis. In addition, an increase in the current long-term volatilities relative to the current short-term volatilities is followed by at a random.

• The Southeast Asian review
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• v.23 no.3
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• pp.1-48
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• 2013

Taking the cases of Korean garment factories in Binh Duong area, this study aims to explain the phases and causes of the wildcat strikes that have rapidly expanded recently in Vietnam. For the purpose, this study raises several questions as follows. Why the strikes sometimes increase and decrease other times? Why the factory workers prefer a wildcat strike even though it is politically risky, unproductive, and complicated? By the same token, why the foreign management cannot or will not preemptively preclude the wildcat strikes that are usually predictable and the workers are mostly able to accomplish their demands? While answering these questions, this study explores the economic, political, and socio-cultural conditions of the wildcat strikes respectively. Based on the fieldwork in around 30 Korean owned garment factories and the interview with around 100 Vietnamese factory workers in Binh Duong, this study confirms several findings on the phases and causes of the strikes in the area in specific and in Vietnam in general. First, the annual trends of the wildcat strikes reflect the macroeconomic conditions in which the consumer prices and the labor market in Vietnamese economy and business conditions in the world economy are pivotal. Second, however, the influence of macroeconomic conditions on both the management and the workers in the garment factories are differential, depending on the financial situations of the multinational corporations and the workers' capability of reproducing their household economies. Thirdly, the possibility of the wildcat strike in each factory is relatively independent on the financial conditions of a factory and rather associated with the stable political structure and active political processes within the factory that enable the management and the workers to efficiently communicate each other. Lastly, the necessity of establishing political stability in a factory arises from the distinctive social and cultural characteristics of the multinational corporation in which foreign managers and native workers inevitably live in separate and different socio-cultural worlds.

• Korea Trade Review
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• v.46 no.1
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• pp.83-111
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• 2021

This paper conducts a Structural Dcomposition Analysis on the structure of factors contributing to the output growth of Korean Maritime and Port Industry during year 2000~ year 2017. Some of results are as follows. The output growth rates of the industry (yearly average 4.3%) was far lower than the average growth rates of Service as well as of Manufacturing Industries (yearly average 9% and 6.8%, respectively) due to the lower output growth of Maritime Industry. Among the growth contributing factors, change in domestic demand for final goods is the first contributing factor, and then change in technology, change in export and import substitution for intermediate goods are followed in order, but import substitution for final goods decreased its output. However, in each respective sub-periods of pre-global financial crisis and post-global financial crisis, change in the export, especially change in the export of Maritime Industry is the dominant determinant of output change in the Maritime and Port Industry in opposite ways. In the periods of the former the increase in the export of Maritime Industry overwhelmingly led the output growth of the Maritime and Port industry, but in the periods of the latter the decrease in its export was the culprit of lower output growth of the industry. On the other hand, among all industries of service and manufacturing sectors, Wholesale and Retail industry is the leading industry in contributing to the output growth of the Maritime and Port Industry, and Transportation Equipment industry is the leading industry among all manufacturing industries.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.131-143
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• 2024

Purpose - The purpose of this study was to analyze cases of big data-driven business in the financial industry, focusing on organizational structure and business processes using big data in banking industry. Design/methodology/approach - This study used a case study approach. To this end, cases of two banks implementing big data-driven business were collected and analyzed. Findings - There are two things in common between the two cases. One is that the central tasks for big data-driven business are performed by a centralized organization. The other is that the role distribution and work collaboration between the headquarters and business departments are well established. On the other hand, there are two differences between the two banks. One marketing campaign is led by the headquarters and the other marketing campaign is led by the business departments. The two banks differ in how they carry out marketing campaigns and how they carry out big data-related tasks. Research implications or Originality - When banks plan and implement big data-driven business, the common aspects of the two banks analyzed through this case study can be fully referenced when creating an organization and process. In addition, it will be necessary to create an organizational structure and work process that best fit the special situation considering the company's environment or capabilities.

• The Journal of the Korea institute of electronic communication sciences
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• v.9 no.3
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• pp.393-402
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• 2014

ICT environment to the survey released by the Bureau of Statistics 2012 Household Finance. Korean Welfare survey 24.9% of all households in financial assets, real estate is about three times more than 69.9%, respectively. The problem is that the information is slow and income deciles(deciles 1-4), a relatively high proportion of households with low(78.8 to 69%) of the real estate assets of the expansion of the world economy with low growth and low uncertainty, work from home due to the information changes in the structure of the economy, such as increases in real estate prices remain exposed to the risk of a phenomenon such as Pour House Pour Talent and low-income people is bound to be more serious symptoms. This low correlation is by constructing a composite asset portfolio, the weighted average risk of the individual assets while increasing overall revenue decrease that risk is based on the principle of portfolio by type and different areas in the ICT environment in a portfolio of real estate price index low correlation to financial assets by including the effect of dispersion stable complex asset portfolio and empirical Growth was divided.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.28 no.5
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• pp.1059-1070
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• 2018

The block cipher Zorro is designed to reduce the implementation cost for side-channel countermeasure. It has a structure similar to AES, but the number of S-Boxes used is small. However, since the master key is used as the round key, it can be vulnerable to related key attacks. In this paper, we show key recovery attacks on Zorro using related-key differential characteristics. In addition, the related key differential characteristics are fatal when Zorro is used as the base block cipher of the hash function. In this paper, we describe how these characteristics can be linked to collision attacks in the PGV models.