• Knowledge Management Research
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• v.15 no.4
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• pp.1-14
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• 2014

This study investigates earnings management of IPO firms in knowledge-based-industry. we analyse the relation between earnings management and R&D expenses(Research and development expense)which is an important expenditure in knowledge based management. First, we found that the earnings management is the largest in the year when the firm is enrolled on the market. Second, the IPO firms have higher DA(discretionary accruals) than existing firms on the market and the size of R&D expenses is larger, too. Finally, in the IPO firms in knowledge-based-industry, the higher accounting receivable and R&D expenses are, the more happens earnings management. Our study shows that the IPO firms of knowledge-basedindustry have high R&D expenses which are core expenditure. Also, earnings management has happened frequently in the IPO firms.

• Asia-Pacific Journal of Business
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• v.14 no.3
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• pp.167-186
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• 2023

Purpose - The purpose of this study is to empirically investigate whether the auditor accreditation system for IPO firms improves the efficiency of the KOSDAQ IPO market. To verify the effectiveness of the auditor designation system, we time series compare four measures of IPO firms (earnings management, long-term stock performance, change in operating performance, and possibility of delisting). Design/methodology/approach - We test the hypothesis through event research method and regression analysis. Specifically, the dependent variables of the regression model are discretionary accruals in the year of IPO, 36-month holding period excess return after IPO, change in operating performance for 3 years after IPO, and dummy variable for delisting. And the explanatory variable is a dummy variable that separates the period before and after the implementation of the auditor designation system. Findings - We find that earnings management and delisting risks decreased more in the period after the implementation of the auditor accreditation system than in the previous period. In addition, we find that long-term stock performance and operating performance after IPO increase further after the implementation of the auditor accreditation system. Research implications or Originality - Overall, the results of this study suggest that the implementation of the auditor accreditation system for IPO firms contributes to improving market efficiency in the KOSDAQ market, where information asymmetry is high. Our study differs from previous studies in that it demonstrates the effectiveness of the auditor designation system using various measures.

• Annals of Hepato-Biliary-Pancreatic Surgery
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• v.27 no.1
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• pp.102-106
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• 2023

Hepatocellular carcinoma (HCC) accounts for most of the hepatic neoplasms and can also occur in ectopic liver tissue. We present a case of a 55-year-old male complaining of weight loss. The imaging studies reported a 2.9 cm nodule in the pancreatic body, with a neuroendocrine tumor diagnosis by cytology. A corpo-caudal pancreatectomy was performed. Pathology showed a well-differentiated HCC developed in ectopic liver tissue with free margins and no lymph node metastases. HCC presenting in ectopic liver tissue is rare. In this case, the preoperative study did not establish the diagnosis, warranting the need for suspicion of this neoplasm.

• Proceedings of the KIEE Conference
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• 2004.11c
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• pp.687-689
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• 2004

As using of network increases rapidly, performance of system has been deteriorating because of the overhead and bottleneck. Nowadays, High speed I/O network standard, that is a sort of PCI Express, HyperTransport, InfiniBand, and so on, has come out to improve the limites of traditional I/O bus. The InfiniBand Architecture(IBA) provides some protocols to service the applications such as SDP, SRP and IPoIB. In our paper, We explain the architecture of IPoIB (IP over InfiniBand) and its features in channel based I/O network. And so we provide a performance evaluation result of IPoIB which is compared with current network protocol. Our experimental results also show that IPoIB is batter than TCP/IP protocol. For this test, We use the dual processor server systems and Linux Redhat 9.0 operating system.

• Proceedings of the Korean Information Science Society Conference
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• 2012.06b
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• pp.255-257
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• 2012

긴 파라미터 리스트(Long parameter list)는 소프트웨어 코드의 품질을 저해시키는 Bad Smell들 중 하나로써, 코드에 대한 이해도를 떨어뜨리고 코드의 변경을 어렵게 한다는 문제점이 있다. 이러한 문제를 해결하는 기법들 중 하나인 IPO(Introduce Parameter Object) 기법은 함께 사용되는 빈도가 높은 파라미터들을 하나의 클래스로 만든 후에 관련된 기능들을 해당 클래스의 메소드로 추출하여 사용하므로 코드의 중복을 막아 재사용성을 높이고 코드에 대한 이해도를 높일 수 있다. 하지만 IPO 기법의 주된 관심사는 파라미터 그룹의 발생 빈도에 초점을 두고 있으며, 커플링에 대한 고려가 충분히 이루어지지 않는다. 따라서 본 연구에서는 IPO 기법과 커플링의 관계를 분석하여 IPO 기법이 커플링까지 고려할 수 있도록 확장된 IPO기법을 제안한다. 제안된 기법은 기존의 기법에 비해 더 낮은 커플링을 달성하여 고품질의 코드를 얻을 수 있다.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.23 no.57
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• pp.41-49
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• 2000

This paper investigates the relation between operating performance and initial underpricing of companies that go public. A significant decline in operating performance subsequent to the initial public offering(IPO) is found. Additionally there is a significant positive relation between post-IPO operating performance and the level of initial underpricing.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.22 no.12
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• pp.1148-1154
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• 2011

In this paper, the radiation properties of a Ka-band Von Karman radome are analyzed by using an IPO(Iterative PO) scheme. Since the operating frequency is very high, and the size of the considered radome is large, a numerical method cannot be directly applied to calculate the properties of the radome such as transmission loss, radome pattern, boresight error, etc. Hence, in this paper, an IPO scheme is used, which can efficiently consider the multiple interaction inside the radome. Also, the IPO scheme is based on the PO scheme, which is efficient and fast in a numerical point of view. The proposed scheme is verified based on Ku-band measurement data, and its feasibility for applicability to a higher frequency simulation is addressed through a simulation at the Ka-band.

• Asia-Pacific Journal of Business
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• v.12 no.2
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• pp.97-114
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• 2021

Purpose - The purpose of this study was to examine the effects of privatization of Chinese state-owned enterprises (SOEs) on their initial returns and long-term performance after initial public offering(IPO). Design/methodology/approach - This study used 1,599 Chinese IPO firms, some of which were SOEs. The multivariate regression analyses were implemented to analyze their effects. Findings - First, the privatization of SOEs does not have any statistically significant effect on the initial return of IPO firms. Second, the shareholdings of government prior to IPOs for both privatizing of SOEs and non-privatizing firms and for both exchanges of Shanghai and Shenzhen have a statistically significant positive effect on the initial return of IPO firms. Third, the privatization of SOEs has statistically significant negative effect on the long-term returns of IPO firms. Fourth, the state-shareholdings prior to IPOs have statistically significant negative effects on the long-term return of IPO firms. Fifth, the state-shareholdings of the privatizing SOEs prior to IPOs have statistically significant positive effects on the long-term return of IPO firms. Research implications or Originality - The results imply that the higher shareholdings and ownership of the Chinese government on SOEs reduce the information asymmetry for the investors of IPO shares or maybe due to inefficiency of SOEs prior to IPOs lead to lower offer prices or higher opening prices leading to severe underpricing and relatively lower stock market returns in the long-run both for the privatizing firms and for the higher state-shareholding firms, while both factors interactively improve their long-term stock market returns.

• Journal of Digital Convergence
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• v.10 no.10
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• pp.19-29
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• 2012

We made a regression analysis on the early IPO of venture capital investments in Korean IPO market. First, we found that it was likely to shorten the period to IPO in companies which were fast growing with a good operating cash flow, but these companies had a higher possibility of the earning management. Second, companies with more assets and larger size of the board of directors did not take companies public any earlier. Third, a better corporate governance also had no impact on the time period to IPO in the newly public firms. The findings above clearly show that venture-backed companies in Korea pursue the tendency of an early IPO. This phenomenon was much clearer when the companies were invested in by multiple venture capital firms than by a single investor. In general, venture capital firms invest in companies which are fast growing and which have a good operating cash flow. On the other side, venture capitals make investee companies go public earlier by manipulating operating earnings, so that they themselves may exit early. In conclusion, this research has shown that venture capitals in Korea do not play a positive role in the corporate transparency. This is the paradox of venture capital investment and this also shows the current status of Korean venture capital firms.

• 한국벤처창업학회:학술대회논문집
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• 2018.04a
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• pp.183-185
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• 2018

Online search has recently become a popular business research field not only because the search volume is used to predict demand, but also consumer search history is effective to predict product prices and investment returns. This study analyzes the relationship between the Internet search volume of IPO stocks and their post-IPO stock returns in Korean Exchange. We find that the lower the amount of Internet search for stocks before IPO, the higher the stock returns after IPO both in short and long-term. Similar results are shown for excess returns over benchmark stocks. This finding suggests that IPO stocks with low investors' attention based on the Internet search volume may be undervalued.