• Management & Information Systems Review
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• v.25
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• pp.83-114
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• 2008

We examine whether spinoffs improve long-run stock returns and analyze the factors of long run stock returns. The measures of long run stock returns are CAR(Cumulative Abnormal Returns) and BHAR(Buy and Hold Abnormal Returns). The expected factors of abnormal returns are methods of spinoffs, size, BV/MV, administrative costs, cashflow and Herfindahl index. We find that long-run returns of the case such as carve-out methods, small size, high BV/MV, low administrative costs, low cashflow and low Herfindahl index are larger than those of other cases. We show positive relationship between spinoffs and long-run stock returns(CAR and BHAR). The results supports spinoffs, as the methods of focusing on core business, are very usefulness of corporate restructuring.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.32 no.4
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• pp.45-52
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• 2009

The objective of this was to improve a transportation cost relation between Central Distribution Centers(CDCs) and Regional Distribution Centers(RDCs), to control inventory cost concerning safety stock for each service level, by reviewing distribution steps connecting CDCs and RDCs under the price discount. It was also to examine and compare operating costs for the following two alternative suggestions for setting the service standard as a counter measure for a stock-out of the distribution network system management. First, provision by dispersing the safety stock to the CDCs and RDCs; and second, exclusive provision of the safety stock only to the RDCs. The cost comparison analysis was made for each category of purchase costs, regular transportation costs, express transportation costs, and inventory holding costs.

• 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.

• Economic Analysis
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• v.24 no.3
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• pp.1-36
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• 2018

When it comes to explaining the relationship between inventory investment and business fluctuations, the production smoothing theory and the stock-out avoidance theory take contradictory stances. Decision-making related to inventory investments of corporations is thought to be influenced by both motives, but the relative sizes or directions of their respective influences can differ depending upon the phase of the business cycle. Against this backdrop, this paper differs from existing studies in that it theoretically tests the relative significances of the production smoothing and stock-out avoidance motives in the inventory investment dynamics, while placing its analytical focus on determining the existence and patterns of the asymmetric dynamics of inventory investment over the business cycle phases. To this end this paper sets up a non-linear model that is expanded from the existing linear inventory investment model, and checks whether its predictive power is better than that of the existing model. The results of analysis confirm the nature of the asymmetric dynamics of inventory investment over the business cycle phases. A stock-out avoidance motive appears but there is no significant production smoothing motive in boom times. In downturns, in contrast, the stock-out avoidance motive is insignificant, but a quality of asymmetric dynamics in which changes in inventory cause the deepening of recessions, due to the non-convexity of production costs proposed by Ramey (1991), is detected. This paper confirms that a model considering the asymmetric dynamics of inventory investment can have better predictive power than one that does not consider it, through within-sample and out-of-sample predictions and various predictive power tests. These research results are expected to be useful for economic forecasting, through their enhancement of the understandings of the inventory investment dynamics and of the nature of its business cycle destabilization.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.287-300
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• 2021

The study is conducted to find out the impact of the country- and corporate-level governance and firm internationalization on stock liquidity of 120 listed firms in Japan, Hong Kong, Pakistan, and India. Panel data is used in the current study. The annual time span covered in the current study is 10 years. The current study explores results based on secondary data. The findings of the 'robust panel corrected standard error' estimator shows that the internationalization strategy of firms positively influences the stock liquidity. The internationalization strategy of multinational corporations proves to be an effective methodology for improving stock liquidity in the home market as well as abroad. The study also shows that a stronger relationship exists between stock liquidity and internationalization in those countries where the regulatory settings are effective, the judiciary system is efficient and shareholders' rights are protected. Corporate governance and stock liquidity are negatively associated. The study also finds a negative relationship between country-level governance mechanisms and stock liquidity. Whereas the 'robust panel corrected error' estimator shows a positive association between corporate governance mechanisms and firm internationalization. The study depicts that effective corporate governance motivates multinational companies to expand their business abroad.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.44 no.4
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• pp.62-68
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• 2012

This study was carried out to evaluate the effect of PCC loading at thick stock on the physical properties of paper. The effect of starch addition(2, 4 and 6%) and mixing time(5, 10 and 20 min.) on the filler retention and paper properties were investigated. Optimum dosage of cationic starch as a fixing agent was 4%, and mixing time did not showed any significant effect on the filler retention. PCC loading at thick stock was more effective to improve bulk and opacity than PCC loading at thin stock, although their improvement was not so significant. It was also found that the strength properties could be improved by the loading at thick stock. PCC loading method at thick stock could be considered as one of potential approaches for further improving of paper properties, although further research works are required in order to apply the PCC loading at thick stock in the paper mill.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.761-768
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• 2021

The Islamic capital market in Indonesia is currently developing rapidly marked by the massive growth of sharia stock investors. It is followed by the development of an online sharia trading platform by stock brokerage companies so that investors can transact online sharia shares. From the number of existing stock investors, however, there are still very few Islamic stock investors who repurchase shares after the previous purchase. This really attracted the attention of researchers to investigate the repurchase intention of sharia share in the Indonesia stock market. 415 samples who are Islamic stock investors in the Indonesia stock market have filled out distributed questionnaires. Then, the data was processed using SEM Amos. The results of this study found that perceived enjoyment, perceived ease to use, and expectation have a positive and significant effect on investor satisfaction. Then, perceived enjoyment and expectation have a positive and significant effect on repurchase intention, while perceived ease to use has a negative and insignificant effect on repurchase intention, but has a positive effect through the mediating variable investor satisfaction. Investor satisfaction has a positive and significant effect on repurchase intention, and investor satisfaction is a good mediator for the exogenous variables in this study.

• Culinary science and hospitality research
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• v.7 no.3
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• pp.45-56
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• 2001

The HPC(High Pressure Cooking) method and the traditional method of brown stock preparation are compared in terms of gelatin, free amino acid and sensory evaluation. The HPC outperform the traditional method. In addition, free amino acid content of brown stock increased when HPC method is applied. In traditional method, however, the contents of free amino acids gradually increased in proportion to the length of heating times. When the HPC method is used for brown stock, the level of alanine and methionine were relatively higher than that of traditional method. In order to measure the quality of brown stock made from different methods, the highly qualified chefs were selected. They favoured the taste and smell made from HPC while they preferred traditional approach to HPC in terms of stickiness and appearance(colour). It is turned out that five hours is the most appropriate heating time for HPC method to obtain the maximum extraction of amino acid. The results suggest that the quality of brown stock from HPC method is not at all inferior to that of traditional brown stock while the HPC approach can improve the level of productivity by saving the labour cost, food cost and time.

• Journal of Sericultural and Entomological Science
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• v.3
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• pp.37-43
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• 1963

This experimental work was carried out to know the best method in producing the root stock effectively. The major experimental work was carried out by using Kairyo-Nezumigaeshi, and the comparative works were carried out by using Ichi-Hei, Kairyo-Nezumigaeshi, Ro-Soh, Yongchon-Chuwoo and Suwon No. 4. Results obtained from the test are as follows. 1. The larger size of the branch burried, the better live ratio and the quality of the sapling was found, and there was no significant difference between the top part and bottom part of the branch from the point of view of the ratio, but it was found that the top part showed better live ratio and quality. Mean time there was no difference in live ratio between the two sprouts root-stock type and the three sprouts root-stock type. 2. When the live ratio and sapling quality was compared from the aspect of the new root development, the heavy and medium developed root type showed better result than the poor developed one. 3. For the ambushing depth test of the root-stock, the root-stock which was painted with paraffin on the top and exposed in the air was found to have best live ratio. Mean time, even though paraffin was not painted all the top of the root-stock, the one which was exposed the top of it or the one ambushed with thin soil layer, showed better live ratio than the one deep ambushed. 4. There was difference for the live ratio between the perpendicularly ambushed root-stock and the lied ambushed mot-stock, but the former method showed better sapling quality. 5. The soil nature did not show any difference for the live ratio between the sand loam and clay loam, but the former one showed better sapling quality. 6. There was no difference live ratio between the mulberry varieties, but Yongchon-Chuwoo showed best sapling quality. 7. The grafted sapling production cost was 2.30 won and cattage sapling cost was 1.61 won.

• The Korean Journal of Financial Management
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• v.12 no.2
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• pp.221-237
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• 1995

When we apply parametric models to the movement of stock prices, we don't know whether they are really correct specifications. In the paper, any prior conditional mean structure is not assumed. By applying the nonparametric model, we see if it better performs (than the random walk model) in terms of out-of-sample prediction. An interesting finding is that the random walk model is still the best. There doesn't seem to exist any form of nonlinearity (not to mention linearity) in stock prices that can be exploitable in terms of point prediction.