• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.125-134
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• 2020

This study examines the nominal price anomaly in the Vietnamese stock market, that is, whether stocks with low nominal price outperform stocks with high nominal price. Using a sample of all 351 companies listed on the Ho Chi Minh Stock Exchange (HOSE) from June 2009 to March 2018, we confirm our hypothesis and document that cheaper stocks yield higher subsequent abnormal returns. The results are robust after controlling for various stock characteristics that have been documented to be value-relevant in prior literature, including firm size, book-to-market ratio, intermediate-term momentum, short-term reversal, skewness, market risk, idiosyncratic risk, illiquidity and extreme daily returns, using both the portfolio analysis and the Fama-MacBeth cross-sectional regression. The negative effect persists in the long term (i.e., after up to 12 months), implying a slow adjustment of stock prices to their intrinsic value. Further analysis show that the observed nominal price anomaly is mainly driven by mispricing but not a latent risk factor proxied by stock price, thus the observed anomaly reflects a mispricing but not a fundamental risk. The study highlights the irrational behaviour of investors and market inefficiency in the Vietnamese stock market and provides important implication for investors in the market.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.9-20
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• 2018

Global rating agencies, such as Moody's and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody's or S&P. Additionally, the firm's financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.

• Journal of the Korean Society of Earth Science Education
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• v.3 no.3
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• pp.228-238
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• 2010

The purpose of this study is to examine the effects which applies teaching program that search solution to prevent global warming in middle school gifted class. This program of total 10 class was theoretical and experimental class and the students presented after collecting the synthetic data about climate-change and roleplayed what they debated to firm their country's opinion about Kyoto Protocol. Finally, students as policymaker made mock Kyoto Protocol by discussion. Impression papers and images about climate-changes was made by students in last class. In discussion of making up mock Kyoto Protocol, developed and developing nations had an argument about carbon dioxide emissions because of their economic benefits. In the course of allocating mutual $CO_2$ reduction, they needed yield and negotiation among nations. Although they mainly took passive position about $CO_2$ reduction, atmosphere that all the country make greater effort for the future global environment was formed. Like this, students had more concepts over climate change by making mock Kyoto Protocol. And they could equipped global scientific literacy and responsibility by participating in social decision making process of solving global environmental issues.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.409-419
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• 2022

This paper examines the post-IPO price volatility in the first trading days after the IPO of SOEs that carry out equitization, on a sample of 76 IPOs on the Hanoi Stock Exchange (Vietnam) in the period 2013-2018. Oversubscription rate, firm size, issuance size, internal equity ownership, and listing delay are all factors that influence IPO price volatility in a primitive stock market. The results showed that the average initial market-adjusted return for the first three trading days was -11.95%; -9.58% and -7.29% and the level of price volatility is related to the rate of oversubscription and company size. Issuance price, issuance size, internal equity holdings, and listing delay do not seem to contribute significantly to post-IPO share prices. Individual investors based their valuation on information released during and after the IPO. In general, the number of IPOs that yield positive and negative returns in the first trading days is about the same, indicating that the two phenomena of undervaluation and overvaluation still occur in the process of valuing shares of Vietnamese SOEs for IPOs.

• Magazine of the Korean Society of Agricultural Engineers
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• v.34 no.4
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• pp.59-68
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• 1992

A Study was made to improve soil and water temperature and mechanized farming for a wetted paddy under the influence of artesian groundwater located at Samcheon-Dong, Chuncheon City, Kangweon Province. Half perforated PVC drainage pipes were installed in the test paddy to observe temperature change of water and soil. The temperature of the water in the paddy and soil itself raised significantly after the installation of the half perforated PVC pipes. A subsequent improvement of growth and yield of rice on the paddy was achieved. Harvesting operation was also improved with firm ground condition so that cutting and threshing could be done simultaneously within the paddy plot. Following results were obtained from the study. 1.Temperature of the water in a paddy under the influence of artesian groundwater was not changed notably although air temperature was fluctuated during the crop period. Soil temperature was mostly affected by the artesian groundwater. However, the half perforated PVC pipe drainage system made it possible to raise temperature of water and soil remarkably up to the level of optimum farming. 2.Total precipitation was 534.Omm during the crop period of the paddy for 118 days from May 26 to September 20 in 1992. Due to heavy rainfalls of 105.6mm and 109.8mm occurred on August 7 and August 27.1992, respectively, the rate of the artesian groundwater increased to 35 litter per minute with two to three days of time lag. 3.Average rate of the artesian groundwater was 28 litter per minute from the one year of observation. The rate varied by 0.7 to 1.3 times of average during the observation period. Peak rate of the artesian groundwater decreased to 14.5 litter per minute when daily precipitation maintained at the amount of 20 to 30mm for a long time period. Contrarily, it showed a tendency to increase to 35 to 40 litter per minute when heavier precipitation of 50 to l00mm occurred in a short period of three to five days. 4.Growth and yield of Yemyung variety of rice planted on the paddy that was facilitated with a drainage system with half perforated PVC pipes were confirmed at a normal level, while paddy without this perporated drainage system showed abnormal growth with low yield.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.8
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• pp.86-93
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• 2018

This study examines the differences in the determinants of dividend payout across advance disclosure firms and ordinary disclosure firms using firm-level data from firms listed on the Korea Exchange. Results are as follows: First, firm characteristics of advance disclosure firms significantly differ from those of ordinary disclosure firms in all variables except sales growth and operating risk variables. Second, regression results show that the determinants of dividend payout from ordinary disclosure firms are generally similar to results of previous studies. However, determinants of advance disclosure firms contain only few variables such as Tobin's Q, corporate bond yield, and operating cash flows from conventional factors. Third, logistic regression results show that factors affecting the probability of dividend payment substantially differ across advance disclosure firms and ordinary disclosure firms. These results suggest that the motivation and incentive of dividend payout from firms choosing advance disclosure are substantially and systematically different from those of ordinary disclosure firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.1
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• pp.216-221
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• 2011

After the year of 2000, the Korean government has abolished the limit on foreign investments. Foreign investments in the domestic market have been thriving since. In domestic stock market, the proportion of market value held by foreign investors reaches over 40%. There are many followers in the markets, asking about what kinds of the firm that foreign investors prefer. Prior researches show that foreign investors in the American and European markets prefer stocks of the firm which are well known and are geographically closer. In this paper, we attempt to define the financial characteristics of the firms in which foreigners invest in the Korean market. The result shows that foreign investors in the domestic market tend to prefer firms with high market value of capital and dividend yield. It also shows that foreign investors in the Korean market choose firms with high book value to market value over others, while the firms with high debt ratio and the portion of the largest stock holders are shunned. This research suggests that foreign portfolio investments in the Korean market have contributed to liquidity of stock market and changed the governance structure of domestic firms in a positive way.

• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.79-106
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• 1992

This study analyzes the determinants of wage premium, defined as the excess of actual wage rate over opportunity wage, for the average worker in a Korean bargaining unit. Average wage premium of a firm is decomposed into quasi-rent per worker and rent-sharing rule. Per capita quasi-rent, representing a firm's ability to pay, is defined as the difference between sales revenue and the opportunity cost of mobile factors, divided by the number of employees. Rent-sharing rule, a measure of workers' bargaining power, is defined as the average wage premium divided by the per capita quasi-rent. Empirical results show that the differences in wage premium among Korean bargaining units are much better explained by the differences in quasi-rent than by the differences in bargaining power. Also, comparing the results of 1986 with those of 1988 show that the wage settlement mechanism in 1988 was not quite different from that of 1986, in spite of the drastic change in industrial relation system in 1987. It may simply yield higher opportunity wages, by raising the bargaining power of overall workers. The tendency of Korean labor market in 1988 to show a dual structure of high & low wage premium sectors, is not due to the fact that the differences in bargaing powers across firms tend to expand, but to the fact that unions tend to reduce the wage differences among the workers within an enterprise by pursuing more equal distribution of total wage premium. Hence, the policies for reducing the wage differentials across firms should focus on rent-regulating industrial policies, e.g. eliminating monopoly rents by deregulation.

• 한국생물공학회:학술대회논문집
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• 2003.10a
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• pp.320-323
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• 2003

The effects of pH on the binding of human granulocyte-macrophage colony-stimulating factor (hGM-CSF) expressed from transgenic plant cell suspensions to cationic and anionic exchange resins were investigated. In terms of stability, the optimum pH was found to be 5-7. In the case of using buffer exchange, when CM-sepharose was used as a cationic exchange resin, the best binding pH was 4.8 (77%) and when DEAE-sepharose was used as an anionic exchange resin, the best binding pH was 5.5 (74%). Without using buffer exchange, the optimum pH was 4.6 and the adsorption yield was 84%. From these results, a possibility of overcoming the degradation and instability of secreted protein product by in firm adsorption was found.