• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.3
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• pp.1151-1156
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• 2011

Leveraged buyouts (LBO) means the acquisition of a company using bonds and loans. There are the prolific volumes of LBO transactions in the international M&A markets, and its influence to the financial market is increasingly huge. However, there are very few LBO transaction in the domestic M&A market and there are also few researches in this field due to the private nature of LBO transactions. Once a company is privatized through a LBO transaction, it is not so long before it is relisted on the stock exchange or it is resold to a third-party investor. In order to repay the borrowed money, an LBO investor may decide to end a company's private status through an exit via an initial public offering (IPO) or a takeover. In this paper, we expand Kaplan's study on the organizational status of post leveraged buyout (LBO) transaction. We find that there is a significant change starting 1986. Most notably, fewer LBOs remain private, the median holding period of the LBO was cut in half to 3.2 years and of those that exit, IPO exits had significantly shorter holding periods. Regression analysis shows that good market conditions lengthen the holding period of a LBO investment whereas the size of the transaction shortens it.

• 한국사회정책
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• v.19 no.3
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• pp.149-183
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• 2012

This article aims to analyze main features of activation policy and compare major programmes in terms of their impact on employment performances in Korea. Since the introduction of National Basic Living Security Act in 2000, a series of activation policies have been in place for social assistance recipients, low-income employees, and youth unemployed by means of providing tailored employment and social services via in-depth counselling and case management. These activation policies carry both enabling and demanding elements: requiring programme participation in exchange for public assistance benefit receipts on the one hand, and providing various social services to remove barriers to employment through case management on the other hand. Therefore, it merits attention to analyze how various features of activation programmes affect employment outcomes, the effectiveness of delivery system and policy instruments as well. In analyzing employment outcomes of activation policy of which main characteristics lie in provision of employment and social services, this article points out the features and policy instruments of the activation policy that contribute to labor market entry of public assistance recipients and low income employees. In addition, it also delineates the determinants of exit from benefit receipts. Results from statistical analysis show that activation policy with intense employment service helps both benefit recipients and low income employees enter into the labor market at a faster rate. However, tailored social service provision enables social assistance recipients to exit from benefit receipts. These results suggest theoretical and policy relevant implication in regards to redesigning the delivery mechanisms and service instruments of activation policy.

• Korean Journal of Social Welfare Studies
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• v.42 no.3
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• pp.291-327
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• 2011

The purpose of this study is to classify the type of retirement process among the mature-aged in Korea. The study used the panel data from Korean Labor Panel (year2~6) for the classification of retirement process through Optimal Matching and Cluster Analysis. Classification is made in 5 categories as 'peripheral-economically active', 'private-transfer dependent', 're-entering limited', 'securely exiting', 'exit-and-reentering'. First, "peripheral-economically active" is a group which frequently experienced job status change and work insecurity. Second, "private-transfer dependent" is a group in which private transfer is likely to be supplements income in the incidence of unemployment. Third, "re-entering limited" is a group in which the proportion of no financial support combined with the absence of any economic activity is the largest. Fourth, the type "Securely exit" is th group whose members switches over to non-economically active status with pension receipt. The last type is "exit-and-reenter" that the member are highly possible to reenter in the labor market and stay in long time regardless of with or without pension plan. To examine the inequality among the types of retirement process, the duration of each status is analyzed. First, in the situation of being non-economically active, the duration of status is maintain public pension receiving and duration stabile in "securely exit" group. For "private-transfer dependent" type, members are mostly dependent on private financial support and that duration of it is longest. Through the analysis of retirement process without under other financial supports, it is "securely-exiting" type for which the duration of full-time employment is longest. It appears that the duration of part-time employment is longest in "peripheral-economically active" type. And for the case of non-waged employment it is "exit-and-reenter" type. Finally, the redistribution policy based on life course perspective is necessary to prevent that the opportunity in the structure before retirement stage and the unfavorable position in labor market make worse disadvantage in retirement process and after that.

• Korean Journal of Social Welfare Studies
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• v.43 no.1
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• pp.143-178
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• 2012

This study analyzed the changes of welfare and labor market status of participants of Self-sufficiency Support Program in Korea thorough of analysis follow-up data which were collected about the experiences and changes of participants of the program in Gyeonggi province in 2005. As the results, many of participants exited from the program within five years, and hardly anyone depends on the welfare or the program, also there is very little the revolving door phenomenon. Whatever, the program have positive effects the changes of welfare and labor market status of them. Also, self-sufficiency communities, the small enterprises are started by more two participants and aim the economic independence of them and contribution to social economy have played important role for their persistent work and economic self-reliance. The people exited from the program, however, hardly succeed in exit from the welfare and their economic conditions still are not good. Therefore, we have to arrange the program for the participants' self-sufficiency, and we rather have to effort to secure their economic well-being than emphasize the immediately employment or establishment a business.

• Korea journal of population studies
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• v.19 no.1
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• pp.5-44
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• 1996

Wornen's lahor market participation as well as the policy concern for wider utilization of married women, have continuously grown up. However, research efforts on the determinants of women's labor market participation, in the context of the relationship hetween life courses and active entry into lahor market, has been far behind the growing interest in this field. This study has conducted an event histoiry analysis of women's labor market transition utilizing personal occupational history data collected by the Korea Institute for Women's Development in 1991. The analysis is divided into tow parts: First part introduces logit regression to analyze the determinants of women's labor market participation and exit. The second part employs Cox regression to see the variation of transition rate between employment and non-employment. The result shows that there is a wide variation in women's labor market participation according to age, cohort, and family formation. Special note is needed for the significantly negative effect of marriage and child birth on labor market participation. The transition pattern of lower class women with less education fits well to the prediction of neo-classical economics; but the tendency of highly educated women's regression to non-employment reveals the strong influence of the unfavorable labor market structure, which can be better explained by the neo-structuralist perspective. There is a strong trade-off between productive and reproductive labor of women, which can only be corrected by strong policy implementation, such as extended child care facilities, abolition of discriminatory employment practices, and expansion of flexible part-time employment.

• Korea journal of population studies
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• v.34 no.1
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• pp.53-72
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• 2011

This study analyzes the effects of life course events and labor market conditions on the duration of career interruption among Korean women. The data were drawn from 'A Survey on the Women's Employment Interruption in Korea' conducted by the Korean Ministry of Gender Equality in 2009(currently the Korean Ministry of Gender Equality and Family). This study categorizes the duration of career interruption into three categories: (1) short term interruption(less than 12months), (2) short-medium term interruptio(12-35 months), (3) intermediate term interruption(36-59 months), (4) long term interruption(longer than 36 months), and then analyzes how demographic factors, labor market condition, and life events shape the timing of re-entry into the labor market among women. According to the findings, the jobs that are conducive to combining market work and mother's role expedite women's return to the labor market. Further, the younger, higher the level of human capital, and higher monthly wages that women earned before leaving the labor market, women are likely to experience short-term interruption(less than 12 months) rather than long-term interruption(longer than 60 months). Women who left from the labor market to care for kids are also likely to return to the labor market. However, women who have preschoolers are likely to experience long-term career interruption. These findings highlight the role of family supportive culture at the workplace in order for women to continue their employment while intensive family formation period. Furthermore, the finding that the discriminatory practices against women, in particular mother workers at the workplace lead women to exit from the market work calls for attention to establish family friendly workplace.

• Journal of Labour Economics
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• v.33 no.2
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• pp.91-134
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• 2010

This study examines job transition process and its lahor market performance by reasons of job separation, using the Employment Insurance DB(2000~07). The findings show that involuntary job changers lend to suffer greater loss in job spell and real wage than voluntary job changers, which seems to reflect their characteristics such as lower quality of job matching due to unsystematic job search, negative signaling effect in the labor market and decreasing availability of human capital in previous job. In addition, unemployment benefit eligible for involuntary job changers tends to prolong the period of unemployment, while increasing job spell in the following employment.

• Proceedings of the KSR Conference
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• 2004.10a
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• pp.162-167
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• 2004

The ascent and descent market screen door (PSD-Platform Screen Door) between the electromotive car which is in the process of operating from the subway ascent and descent market and the passenger it is an immediacy and crisis as the system which it intercepts currently the inside and outside of the country of course signal system automatic operation signal system (ATO) establishment is operated from the segment. Manual operation signal system (the ATS and the ATC) almost it is a condition which is wholly lacking from the segment. This year from second half of the year 2 line manual operation signal system (ATS). It established the shutting tightly elder brother and the railing elder brother in PSD system in segment 12 reverses and the death accident due to the passenger hurt accident which occurs from the subway. It prevented an energy curtailment in the same time when it raises air cooling efficiency, It gathered it restricted the underground space which is comfortable in the use citizen and and and service it did interface the electromotive car and PSD entrance and exit literature course from the manual operation segment to sleep technically optimizationt. It researched a minute dust diffusion.

• Korean Journal of Family Social Work
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• no.43
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• pp.61-85
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• 2014

The aim of this study is to examine how labour transition of female householders is proceeded, and to identify mechanisms that cause them to be excluded from labor market. For this, thirteen lone mothers who have had labor experience in the market, while raising children were interviewed. This qualitative case study was proceeded by way of participants' interviews and questionnaires. Finding shows, impoverished lone mothers were horizontally moving incessantly on second labor market. As poverty worsens by years, poor lone mothers tend to be more dependant on the government's support and to transit downward to work-poor labor market. The unprivileged women were excluded from multi-dimentions: market structure, social relations and gender norms. The sex-segmental and human capital-oriented market has excluded women who gave up their career for caring. Female breadwinners were frequently excluded from social relations and opportunities for labor due to their stigma. sometimes they were self-excluded from the market for they had to care for their children. In conclusion, suggestions are given to enhance qualities of lone mother's lives and help them exit from poverty. It is necessary to implement positive labor policy with labor flexibility and stability and to practice socialization of care as care support system is very important for maintaining their jobs. Above all, social awareness of gender role must be changed.

• Journal of Korea Trade
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• v.24 no.8
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• pp.153-170
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• 2020

Purpose - As the US-China trade war intensifies and lasts long time, there is growing concern about its potential effects on the global economy. In particular, for the countries like Korea that have a large economic dependence on the economy of the two countries, the US-China trade war may have a great repercussion in many ways. The aim of this paper is to investigate the global productivity and market structure implications of the US-China trade war for Korea, as well as for other surrounding countries and regions. Design/methodology - In this paper, we develop a full multi-country/region multi-sector computable general equilibrium (CGE) model of global trade incorporating heterogeneous workers and firms in individual skill levels and used technologies. We then calibrate the model using a global Social Accounting Matrix (SAM) dataset extracted from the recently released GTAP 10 Database, and assess the potential effects of the US-China trade war on the aggregate real productivity and the market structure for Korea, as well as for other surrounding countries and regions. Findings - We show that the US-China trade war may largely affect the aggregate productivity in each sector in each country/region, as well as the global market structure through entry and exit of firms, which results finally in considerable changes in the industrial comparative advantage of each country/region. Though the effects are diverse sector by sector, the results show that Korea may also be affected significantly: concerning the real productivity implications, it is shown that the machinery industry may be affected the most negatively; on the other hand, it is shown that the number of exporting firms may decrease the most in the other transports industry. Originality/value - As the US-China trade war intensifies, many studies have tried to estimate the possible implications, and for this usually the CGE models have largely been used as the standard tool for evaluating the impacts of changes in trade policies. Standard CGE models, however, cannot be used to assess the global productivity and market structure implications due to the symmetric and simplified base assumptions. This paper is the first to analyze and quantify the possible impacts of the US-China trade war on the aggregate productivity and global market structure using a CGE model incorporating endogenous skill-technology assignment of heterogeneous workers and firms.