• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.233-260
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• 2003

This paper compares the underpricing of IPOs listed on KOSADQ with that of IPOs listed on KSE. When we consider the last day of upper price limit of IPOs, IPOs on KSE show higher initial excess return than IPOs on KOSDAQ. And AR2 which is the abnormal return based on the stock price of the last day recording upper limit after listing, IPOs on KOSDAQ exhibit larger abnormal return than IPOs on KSE. Our study also reports that the long-term performance of IPOs in two markets does not show any difference. That is, IPOs of both markets under performed in the long-run. The wealth relatives of IPOs are a little higher than market portfolio. We explored the reasons of the underpricing of IPOs in both markets through the multiple regression analysis. The business history is examined asstatistically significant variable to explain the underpricing.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.6
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• pp.524-533
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• 2021

Recently, due to the increasing necessity of developing core parts for weapons systems, the project for localization of parts for weapons systems is expanding. In order to apply the developed core parts to the domestic weapon system and advance into the overseas market, it is necessary to plan a project that reflects the technology trends in advance. This study derived trend of technology development through conducting the patent research and analysis. Also, suggested plan for applying the analysis results when project planning and selecting. As a detailed method, patents related to the 2019 year selection project were investigated. The number of patent applications by year and number of applicants from the time of the first application to the present were analyzed. And the growth stage of the technology market was derived. The comprehensive result was derieved through the portfolio analysis by arranging the parts localization technology in each area of the matrix consisting of market growth stage and the criteria for the selection of parts localization project. This research suggested the applying plan for improving project selection process. we expect the promotion of defense industry and the effective task planning.

• Korea Trade Review
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• v.41 no.2
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• pp.203-229
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• 2016

Korean general trading companies had started their business to benchmark and to adopt the successful new business models of the Japanese ones. Nevertheless, the strategic gaps between Korean and Japanese GTCs, Sogo-Shosha, still exist, including financial profitability and managerial competencies. In this regard, it is academically and practically required to find out the differences between Korean and Japanese GTCs. This study overviews the previous researches and the business cases to understand the features of GTCs and to get recent and meaningful factors which are related with the rebirth of Sogo-Shosha. Thereafter, in-depth interviews with industry experts and scholars and subsequent investigations were also conducted to suggest meaningful implications for both academicians and practitioners with the found factors. This study suggests four fundamental differences between the Korean and Japanese GTCs: ① the origin and growth path, ② business ownership, governance strategies and contracts management, ③ availabilities of investment portfolio and risk management, ④ business operation system and organizational culture. This study suggests meaningful implications for Korean GTCs to apply the experiences and lessons learned from Japanese Sogo-Shosha into their own business.

• Management & Information Systems Review
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• v.29 no.2
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• pp.1-25
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• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.151-180
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• 2003

We examine the interdependence of the major Asia-Pacific stock markets including S&P 500, FTSE 100, Kualar Lumpur Composite, Straits Times, Hang Seng, NIKKEI 225 and KOSPI 200 from October 4, 1995 to March 31,2000. The analysis employs the vector-auto-regression, Granger causality, impulse response function and variance decomposition using daily returns on the national stock market indices. The findings in this paper indicate that the volatilities of all countries has grown after IMF crisis, while there is no significance in cointegration test of both total period and sub-periods. This result implies that investors are able to get abnormal returns by investment diversification according to the portfolio theory. We find that while the effect from NIKKEI 225 to others is relatively weak, the interdependence from S&P 500 to other countries is strong. Also we find that the strong effect from Straits Times to Hang Seng exists. This study suggests that there is slight feedback relation between KOSPI 200 and Kualar Lumpur Composite, Straits Times, Hang Seng stock market.

• Korean Journal of Construction Engineering and Management
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• v.18 no.3
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• pp.95-104
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• 2017

Recently, patent information related to building information modeling (BIM) has been increasing owing to BIM adoption within the construction sector. However, only a few research studies have focused on identifying trends in the domestic and foreign BIM technology based on comprehensive and objective data. Therefore, this study aims to analyze technical competitiveness in the global BIM market using patent information. The patent information is compiled from WIPSON and consists of 73 South Korea, 59 USA, 206 China, and 31 Japan applications. Based on patent information, this study objectively observes domestic and foreign technological BIM trends. As a result of the technology entry analysis by the year, starting from physics (G section) to electricity (H section), the performing operations (B section), and the fixed structure (E section) has been expanded gradually. According to the portfolio analysis, the BIM patent is currently in its early stage of development. Through this research, utilizing patents as a basis for future development will be expected to consult with the differentiation of strategy and setting of direction.

• Korean Journal of Construction Engineering and Management
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• v.19 no.1
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• pp.80-89
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• 2018

World Bank projects enable Korean engineering firms to enter new markets and diversify their portfolio. These firms need to understand the critical factors for bidding success in such projects. The World Bank publishes as open records all their bidding history data in their open database. This provides an opportunity to identify empirically the factors that determine which firms on chosen. This research collected relevant bid data, focusing on Indonesia, to perform a logistic regression with the goal of statistically identifying significant factors that result in bidding success. Results showed that work experience, being included in a consortium, and having a local partner positively affected winning a bid. On the other hand, having a local competitor of the recipient country negatively impacts the chances of attaining a bid. Commensurately, Korean engineering firms need to increase their work experience in internationally recognized projects, and include a local partner as a joint venture partner to increase their chances, while refrain from conventional projects that can be performed by local engineering firms.

• Management & Information Systems Review
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• v.30 no.4
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• pp.359-383
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• 2011

One of the representative prudential regulations is the capital regulation. The current regulation and international criteria are just simply adding up the market risk and credit risk. According to the portfolio theory due to diversification effect the total risk is less than the summation of market and credit risk. This paper investigates to verify the existence of diversification effect in measuring the integrated risk of financial firm by the copula function, which is combine the different distribution maintain their propriety. The result of the test shows that in measuring the integrated risk not only the correlation and but also the proprieties of market and credit risk distribution are very important. And the tail of risk distribution is important when measuring the economic capital, especially the external impact to the financial market. This paper's contribution is that the empirical evidence in considering the relationship between market and credit risk the integrated risk is less than sum of them.

• Management & Information Systems Review
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• v.32 no.1
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• pp.63-85
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• 2013

This study tries to investigate the fundamental implications inherent in inventory asset information(specifically, unexpected inventory investment) by analyzing how the relationship between unexpected inventory investment and future operating performance. And we study how is the response of the stock market participants to the fundamental implications inherent in inventory asset information. Prior papers often assume the efficient market and they view the significant relation between stock prices and financial indicators as evidence of the contribution of such indicators to future earnings. Leading indicators are attracting the market's attention for equity valuation. We study whether one leading indicator (unexpected Inventories) forecasts future earnings, and whether market participants fully reflect the predictive ability when they sets share prices(Mishkin test, 1983). Our empirical results of the study are summarized as follows. Current unexpected inventory investment is negatively associated with future operating performance. Also, our evidence is that the stock market participants overprice the contribution of unexpected inventory investment when predicting future earnings. Furthermore, a hedge strategy that uses the overpricing gives significant future abnormal returns. The overall results help the users of financial reports, researchers of accounting, and the accounting principle setting body.

• The Korean Journal of Financial Management
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• v.7 no.1
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• pp.1-20
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• 1990

In most of studies on market efficiency, the stability of risk measures and the normality of residuals unexplained by the pricing model are presumed. This paper re-examines stock splits, taking the possible violation of two assumptions into accounts. The results does not change the previous studies. But, the size of excess returns during the 2-week period before announcements decreases by 43%. The results also support that betas change around announcements and the serial autocorrelation of residuals is caused by events. Based on the results, the existing excess returns are most likely explained as a compensation to old shareholders for unwanted risk increases in their portfolio, or by uses of incorrect betas in testing models. In addition, the model suggested in the paper provides a measure for the speed of adjustment of the market to the new information arrival and the intensity of information contents.