• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.173-188
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• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.3 no.4
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• pp.219-227
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• 1970

The shrimp fishery for Penaeus japonicus on the Koje-Do coast commences in May and continues to October. The best catches are made twice a year, namely June and September. Modal carapace length for the female is $51\~55\;mm$ in May, $51\~60\;mm$ in June occupying about 80 percent of the total catch. There is conspicuous mode in July and $46\~50\;mm$ in August. Modal carapace length for the male is $41\~45\;mm$ in May, $46\~50\;mm$ in June, $41\~45\;mm$ in July and August. The stock of p. japonicus can be divided into two groups, namely, spring and fall groups. Among samples of p. japonicus during the period from May through August the sex ratio consisted of about 33 percent females and 67 percent males, showing wide departure from a 1:1 ratio. The relationships between carapace length ($\iota$), body length (L) and body weight (W) are expressed by the following formulae : $$L=2.9418{\iota}+2.0166$$, $$W:1.449{\iota}^{2.2858}$$ (Mayssample) $$L=2.5551{\iota}+4.2986$$, $$W=1.528{\iota}^{2.2595}$$ (June sample) $$L=2.6738{\iota}+3.4037$$, $$W=1.341{\iota}^{2.3598}$$ (July sample) The relatlonship between carapace length ($\iota$) and ovary weight (W) is shown as follows: $W=2.695\times10^{-3}\iota^{4.2973}$ for May, June and July Samples.

• Journal of Korea Society of Industrial Information Systems
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• v.17 no.2
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• pp.81-94
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• 2012

On December 11, 2001, China joined the WTO and became one of the member countries and the Chinese financial markets had to be open in 5 years. So, the Chinese government transformed national commercial banks into joint-stock banks. The purpose of this paper is to investigate the validity of this decision by the Chinese government. In order to measure the efficiency of banks, the directional distance function (DDF) methodology is used, which analyzes whether a bad output exists in the outputs. In the empirical analysis, the number of staffs, the fixed assets, and the equity capital are used as inputs, while the loans and the non-performing loans ratio are used as a good output and a bad output, respectively. The non-performing loans ratio is included in output since it could affect the efficiency of banks. If it isn't considered in the analysis, a distortion might occur in analyzing the efficiency of banks. The results show that the efficiency of the major commercial banks was improved, and that the efficiency of joint-stocks banks was higher for 2002-2003 while the efficiency of national commercial banks was higher for 2004-2006. It was due mainly to the foreign exchanges reserve funds injected into national commercial banks by the Chinese Ministry of Finance, and as a result bad assets were eliminated.

• Journal of the Economic Geographical Society of Korea
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• v.12 no.4
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• pp.507-520
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• 2009

The purpose of this study is to analyze the changes in the housing instability of low-income households through their residential mobility. The concept of housing instability is measured by taking into consideration of housing types, number of moves, period of homelessness, and housing affordability index. The result of this study shows that housing instability of low-income households owned their homes is mainly caused from their old housing built in at least 1980, and that of tenant households is due to the heavy burden of rent-to-income ratio. By using multinominal logit model, the study finds that low-income tenant households are more likely to move upwards as they are man-headed, aged and relatively high-income if we categorize residential mobility into four types: upwards, equivalent, trade-off, and downwards migration. Considering that the share of homeowners moving downwards increases while the share of tenants moving upwards decreases as they reside increasingly nearby Seoul, the study finds that low-income households living in big cities are no better off to improve their residential instability for themselves than the low-incomes in local small and midium cities. Furthermore, both low-income owners and tenants are less likely to move downwards as the ratio of single-family housing in former residence increases. Such finding has a policy implication that government needs to maintain affordable single-family housing stock rather than supplying excessive unaffordable multi-family housing in order to enhance residential instability of low-incomes households.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.36 no.6
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• pp.532-539
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• 1991

This study was conducted to screen genetic stock for resistant to pod shedding. Materials used were 7 recommended varieties in Korea and 211 introduced varieties containing 94 Virginia type, 99 Spanish type and 18 Valencia type varieties. the days from seeding to first anthesis. number of mature pods per plant. 100 seeds weight and shedded pod ratio per total mature pod at harvesting were investigated. And the breaking tensile strength required to detach a pod from its gynophore was measured at a proper time for harvesting of each variety. In addition. factors related to pod shedding were discussed. The first anthesis of Spanish and Valencia types were earlier than that of Virginia type, but Korean recommended varieties which were recognized as Virginia type had relatively earlier anthesis. The varieties of Spanish type yielded more pods compared with those of Valencia and Virginia types. but Korean recom-mended varieties yielded slightly more pods than the others. Seeds weight of Korean recommended varieties was larger than not merely those of Spanish and Valencia types which were small seeds but also those of Virginia type which were large seeds. The breaking tensile strengths between pod and gynophore were various among the varieties belonging to same type. The strength was relatively strong in the Spanish type, but weak in both Virginia type and Korean recommended varieties. Therefore, pod shedding in the varieties of Spanish type was low and high in Virginia type and Korean recommended varieties. There were positive or negative correlations at the 0.1 % significan level among the days to first anthesis. number of pods per plant. seed weight, breaking tensile strength and shedding ratio. The pod shedding is considered a compound character that is affected by the factors such as breaking tensile strength between pod and gynophore, number of pods per plant and seed size.

• Resources Recycling
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• v.18 no.1
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• pp.38-43
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• 2009

In this study, binderless consolidation processes of ultra foe Si powder, by-products of making high purity poly-Si in the current method, were systematically investigated for use as economical solar-grade feedstock. The average diameter of the silicon powder was $7.8{\mu}m$. The main contaminants of the fine silicon powder were $SiO_2$ type oxide and humidity. The chemical pretreatment using the HF solution was observed to be effective for the improvement of the compactability of the silicon powder and the density ratio and the strength of the silicon powder compacts. The yield of the binder-free consolidation process increased by 20% under a vacuum condition. In as-received state, the silicon powder were not pure enough to be used as solar grade feed-stock material. After the dry chemical treatments, a sufficiently high purity above solar-grade was able to be achieved.

• Journal of Industrial Convergence
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• v.19 no.5
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• pp.21-34
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• 2021

The purpose of this study is to find out what the investment efficiency of BW is from an investor's point of view and to suggest an efficient investment plan to investors. The research method is to investigate the coupon interest rate, maturity interest rate, issuance date, right exercise start and end date, maturity date, exercise price, etc. for BW issued from 2014 to July 2021. By connecting them, it was attempted to quantitatively understand the efficiency of investment in BW and the effect of new stock acquisitions. As a result of the study, the ratio of the number of days in excess of the exercise price was 41.3% of the available days for new stocks, so it was analyzed that the investment efficiency of bonds with warrants was not high. The return on the exercise start date was 24.8% on average and the return on the end date was 52.6% on average, showing a positive return on average, so it was derived in line with investor expectations. The number of stocks with negative returns on the exercise start date was 1.47 times higher than the number of stocks with positive returns, and the number of stocks with negative returns on the end date was 1.16 times higher than the number of positive stocks.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.33-68
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• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Korea Trade Review
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• v.41 no.1
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• pp.67-90
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• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.

• The Korean Journal of Financial Management
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• v.23 no.2
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• pp.27-56
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• 2006

This paper analyzes whether corporations which have done capital reduction fulfill the objectives of their capital reduction as planned and also asks how did the capital reduced corporations fare in terms of stock returns, by investigating the capital reduced corporations on the Exchange and the Kosdaq between 2000 and 2004. Most capital reduced companies aim to improve their capital structure. Debt to Equity ratio among financial ratios has improved significantly after capital reduction, yet the profitability of corporations wasn't up to expectations. The analysis of cumulative abnormal returns (CARs) indicates that the CARs were below '0' during whole investigation period. Besides, the CARs of companies listed on the Kosdaq have plummeted to -53.5%. Half of the companies on the Kosdaq in this sample which have reduced their capital to avoid delisting have been eventually delisted after capital reduction. This Study concludes that simple capital reduction without having value-added projects is not beneficial to shareholders.