• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.4
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• pp.1640-1647
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• 2012

The allocation to third parties in increase of capital is increasing in KOSDAQ firms. With this trend, they cause many problems which involves stock price manipulation. Under this condition, this study analyzes stock price reaction by event study to 197 cases of 81 KOSDAQ companies that allocated to third parties in increase of capital between the year of 2007 and 2009. And we find determinants of cumulative abnormal return by using multiple regression. Results of this research are as follows. First, in case of excess return of (-5, +5), it reveals positive excess return significantly at 1% significance level during 4 days before payment day(event day). But it reveals negative excess return significantly at 1% significance level during 5 days after payment day. Second, in case of excess return of (-40, +40), it reveals positive excess return significantly at 1% significance level during 40 days before payment day(event day). But it reveals negative excess return significantly at 1% significance level during 40 days after payment day. Third, in case of excess return of (0, 1 year), it reveals negative excess return significantly at 1% significance level during 1 year after payment day. Fourth, significant determinant of cumulative abnormal return to (-5, +5) was firm size with positive effect. Significant determinants of cumulative abnormal return to (-40, +40) were reserve ratio and debt ratio. Reserve ratio has positive effect But debt ratio has negative effect. Significant determinants of cumulative abnormal return to (0, 1 year) were firm size, debt ratio, reserve ratio. equity ratio to large shareholder. Firm size, debt ratio, equity ratio to large shareholder have negative effect. But reserve ratio has positive effect.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.38 no.1
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• pp.124-130
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• 2015

In many inventory situations, items for sales are generally stocked in a multiple of variations called stockkeeping units, such as size, color, style, and so on. For better management performance on sales items, proper and effective management is necessary for the stockkeeping units. In dealing with many items and those stockkeeping units, individual inventory analysis for each stockkeeping unit needs large amount of time or cost. Also the individual approach in inventory planning increases the demand variation of an item as the result by combining of demand variations of all stockkeeping units, accordingly the inventory turnover ratio and profitability are dropped down. This research suggests an effective method of systematic control of total stockkeeping units by generating from the total item basis, and shows how to reduce the safety stock and the average inventory with attaining a planned customer fill rate of the item and each stockkeeping units.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.1-7
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• 2020

This paper investigates the determinants on decision to conduct seasoned equity offerings (SEOs) of listed companies on the Ho Chi Minh Stock Exchange in Vietnam. Seasoned equity offerings (SEOs) are defined as the issue of more stocks by a firm to raise more capital after a primary issue. Using panel data collected from audited financial statements of 99 listed companies on the Ho Chi Minh Stock Exchange during 2014-2018, the study employs a logit regression model by fixed effects method to examine factors that affect the decision to implement seasoned equity offerings of those companies. The findings of this study show that profit, revenue growth and company's size have a positively significant impact on the decision, while dividend pay-out ratio negatively significantly influences the equity issuing decision. Furthermore, these results are robust after controlling for the forms of equity offerings, i.e. bonus stocks, stock dividends and rights to buy shares. These findings are consistent with economic theories such as agency theory, pecking order theory, and growth opportunity theory, and also could be explained by the real situations of the Vietnamese stock exchange. This study has important implications for corporate managers, policy makers and investors.

• Journal of the Korea Safety Management & Science
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• v.6 no.2
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• pp.263-274
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• 2004

The foreign capital of appropriate scale is affirmative in stabilizing the domestic foreign exchange and stock market. But its excessive scale threatens corporate governance by a hostile M&A and causes the out-flow of national wealth and the unhealthiness of finn because foreign investors require high dividend through the superiority of stock ownership ratio. Therefore, the government and corporate must make the defensive countermeasure of corporate governance for the foreign capital immediately.

• Land and Housing Review
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• v.11 no.1
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• pp.59-66
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• 2020

This thesis investigates relationship between Stock-to-Flow price and housing starts in Seoul metropolitan form 2008 year to 2019 year. The paper tests the relationship through two time-series models such as a vector error correction model and Dynamic Panel regression model. The model results show evidence of positive correlation between Stock-to-Flow price and housing starts in the long run. By transforming the regional data into a panel data set and running a fixed effects model, we test the explanatory power of PBR on housing starts. The result of VECM confirms that one unit uprising PBR raises up apartment construction by 7.4%. This result supports that PBR is a major factor in choosing a start of housing construct. Base on the result of empirical model, We also suggest that the market self-regulation function of housing providers is operating in the entire metropolitan area market.

• The Korean Journal of Food And Nutrition
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• v.4 no.2
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• pp.133-140
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• 1991

This study was designed to investigate age-related changes in body composition and cell mediated immunity. Male Sprague-Dawley rats were fed stock diet ad libitum and 12 rats were sacrified at 1, 4, 6, 12 months of age. Body weight Increased sharply from 1 to 4 months. and Increased steadily thereafter. The weights of liver, epididymal fat pads, and kidney increased in similar pattern as body weight, but their relative ratio to body weight decreased with age. The ratio of epididymal fat pads to body weight increased with age. The weight of extensor digitorium longus, coleus and plantaris increased from 1 to 4 months, but it decreased at 6, 12 months. The protein content of muscles decreased or increased through- out 12 months. The T cell proliferation response to Con A stimulation was significantly lower at 6 months than 1 month and lower at 12 months than 6 months.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.38 no.3 s.116
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• pp.72-78
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• 2006

The extraction properties of the biological waste originated from the Tobacco industry were evaluated. The biological waste have been recycled and transformed into a valuable material, so called a reconstituted tobacco sheet(Recon) by the papermaking process. In this process, The mechanical extraction process, which divides the mixed raw material slurry into the soluble stock and the insoluble stock, could affect not only the quality of final Recon product but also the productivity of whole Recon making process. This study investigated the effects of the extraction process on the slurry properties in detail. In order to quantify the amounts of the solubles which resided in the insoluble fibers, the washing treatment of the stock before and after squeezing process was applied. The amounts of the residual solubles showed little changes according to each stage of the extraction process. The fractionation of the slurry showed the difference in the amount of soluble in the stock depending on the size of the biological waste. After the extraction process, the bigger size fiber portion contained about 19%(by weight) in soluble after pressing but the smaller size fiber portion 9% in soluble. The fractionation ratio of the stocks also was changed by the screw press process, which could demonstrate the physical effects of the mechanical extraction.

• The Korean Journal of Applied Statistics
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• v.25 no.1
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• pp.15-27
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• 2012

We have studied the realized variance(RV) of intra-day returns and market microstructure noise based on high-frequency stock transaction data for the four largest companies in terms of market capitalization in the KOSPI. First, non-negligible biases are observed for the RV and for the bias-corrected realized variance($RV_{AC_1}$) which is constructed by adjusting RV for the first order autocorrelation in intra-day returns. Bias is more obvious for the RV and the $RV_{AC_1}$ when intra-day returns are sampled more frequently than every 2 minutes. Transaction Time Sampling(TTS) is shown to be better than Calendar Time Sampling(CTS) in terms of biases of the RV and the $RV_{AC_1}$ for the 4 companies. The analysis reveals that market microstructure noise is temporally dependent. Second, by using the Noise-to-Signal Ratio(NSR), we estimate sampling frequencies that are optimal in terms of the Mean Square Errors(MSE) of the RV and the $RV_{AC_1}$. The optimal sampling frequencies are around 200 for RV and is around 5000 for the $RV_{AC_1}$ for all the four stock prices. For the 6 hour transaction period of the Korean stock trading, these correspond to about 2 minutes and 6 seconds.

• Journal of Environmental Science International
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• v.10 no.4
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• pp.253-258
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• 2001

A macroeconomic minimodel was simulatedto suggest the public for sustainable us of Nakdong River Basin. The minimodel for the simulation shows the interrelationships between natural environment and economic activity. Topsoil, water, economic assets, and money stock are plotted for 300 years, beginning with 1996 in each simulation. The computer simulation runs suggest that the Nakdong River Basin system in the near future may strongly be influenced by the favorable availability of outside resources, while the economic assets and money stock may be declined by indigenous environmental stock depletion. The simulation run made under the constant decrease in systems purchased inputs with investment ratio of developed country and for sustainable use. The results of simulation shows the recover of natural environment and decrease of economic activity under these condition. Therefore, the economic structure of Nakdong River Basin should be transformed from the present industrial structure to the social-economic structure based on an ecological-recycling concept which depend on renewable resources rather than industrial structural which depend on outside resources.

• Journal of the Korea Convergence Society
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• v.6 no.4
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• pp.127-132
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• 2015

This study attempts to empirically investigate if relative momentum strategy is effective in the Korean stock market. The sample of the study is comprised of companies which are traded in both Kospi and Kosdaq stock markets in Korea for the period between 2001~2014. The study observes that the momentum strategy buying past winner stocks and selling past loser stocks is negatively correlated with the value strategy buying value stocks with high book to market ratio and selling glamour stocks with low book to market ratio. And each strategy is alternatively effective from period to period. The study demonstrates that the momentum strategy is effective when both strategies which are negatively correlated are treated as one system by estimating Fama and French's[1] 3 factor regression model.