• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.1-27
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• 2007

In this study, we investigated the market long-term performance of stock splits by using the Korean Stock Market data from 1998 through 2002. We measured the performance by the event-time portfolio approach with the buy-and-hold abnormal return(BHAR) and the cumulative average abnormal return(CAAR). Also, the calendar-time portfolio approach with one-factor and three factor model were used for avoiding the misspecification model problem. The first of main results in this study was that the stock splits had significantly positive abnormal returns around the month of the stock splits announcements. However, the period BHAR and CAAR after the announcement month were significantly negative. This negative long-term abnormal returns were confirmed by the calendar-time portfolio approach. The results suggested that the abnormal return followed by the stock splits seemed to be positive in the short-term period. Second, there was no the difference of the long term performance between the high and the low split ratios. The operating income performance in the periods followed by the stock splits announcements grew worse. Therefore, the signalling effects, the managers of the firm under considering the stock splits would make use of splits as a form of signals for the upward changes in the cash flow or profits, could not be found. Finally, in contrast to Fama, Fisher, Jensen and Roll(1969), the significant negative abnormal returns following the stock splits were still found irrespective of the change of dividend payout ratio.

• Korean Management Science Review
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• v.32 no.3
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• pp.91-103
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• 2015

This study recognizes that there is a correlation between the movement of the financial market and the sentimental changes of the public participating directly or indirectly in the market, and applies the relationship to investment strategies for stock market. The concerns that market participants have about the economy can be transformed to the search terms that internet users query on search engines, and search volume of a specific term over time can be understood as the economic trend of big data. Under the hypothesis that the time when the economic concerns start increasing precedes the decline in the stock market price and vice versa, this study proposes three investment strategies using casuality between price of domestic stock market and search volume from Naver trends, and verifies the hypothesis. The computational results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior in domestic stock market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.1113-1122
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• 2020

The purpose of this study is to examine how the Indian banks have adjusted their risk-based capital ratios during 2009-2018 to meet the regulatory requirements. Banks can, in principle, increase their risk-based regulatory capital ratio, either by increasing their levels of regulatory capital or by shrinking their risk-weighted assets by adjusting asset growth or risk in the portfolio. We investigate banks' capital behavior by decomposing the change in the capital ratio into the contribution of its components and analyzing their variance across regulatory regimes and banks' ownerships. We further investigate how each component of the capital ratio is adjusted by the banks by breaking down them into balance sheet items. We find that the banks' capital behavior significantly differed between public and private sector banks and between the two regulatory regimes. During Basel II, banks, in general, followed a strategy of aggressive asset growth with increased risk-taking. The decline in the CRAR because of such an expansionary strategy was adjusted by augmenting additional capital. However, during Basel III, due to higher capital requirements, both in terms of quantity and quality, banks followed a strategy of cutting back their asset growth and reducing the risk in their portfolio to maintain their CRAR.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.243-254
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• 2020

Purpose - This paper explores whether overnight returns measured from the last closing price to today's opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

• Journal of Distribution Research
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• v.3 no.1
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• pp.31-54
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• 1998

The purpose of this research is three-fold; 1, establish the causal model of market-orientation, customer satisfaction, employee satisfaction and firm's perfor-mance. 2. testify the hypothesis derived by the model on a service industry of fastfood franchise. 3. develop the diagnostic tool for managing the service firm from the perspective of CS. The results show us; 1. customer satisfaction increases the performance of franchise store. 2. employee satisfaction does not necessarily increases customer satisfaction in a short-run, however the long-run impact of employee satisfaction on customer satisfaction is conjectured to be increased. 3. Satisfaction Portfolio Analysis can be utilized as management tool to improve the customer satisfaction and employee satisfaction for service industry.

• Proceedings of the Korea Information Processing Society Conference
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• 2013.05a
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• pp.1116-1119
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• 2013

공교육을 시작으로 스마트교육이 본격적으로 이루어지면서 학습자의 데이터가 만들어 지고 있다. 이에 본 논문에서는 현재 학습자들의 데이터와 교내외활동의 산출물을 통합 서버에서 관리하고 이를 활용하여 포트폴리오를 작성하고 바르게 관리하여 보다 효과적인 교육과 평가가 이루어질 수 있는 방안을 제안하였다.

• Management & Information Systems Review
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• v.17
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• pp.135-160
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• 2005

In the 1990s, university environment is changing rapidly(especially, difficulty of student registration which are originated student's decrease and various deregulation) and university get ready for the new ways of management culture. This new ways are management innovation strategies. The purpose of this study is to suggest the direction of effective innovation(to search application possibility of management innovation strategy), solving the problems occurred by the enlargement and change in the environments of universities. From early in the 1990s, korean corporations perform actively many management innovation strategy including benchmarking, restructuring, downsizing, zero-based budgeting, BPR, learn organization and total quality management. But korean most universities performed hardware management innovation strategies such as corporate portfolio restructuring(including outsourcing, M&A, MBO etc.) and organization restructuring. Therefore korean universities have got to concerns about more software management innovation strategy such as total quality management and learn organization. Also we have seen another problems such as that universities try to merely duplicate certain management innovation strategies which are used by another university. rather than to make various effort to adequate their own organizations. In conclusion, korean universities are to play an important roles in the development of knowledge society. The management innovation and individual competence development in the university are required to overcome crisis of university.

• International Commerce and Information Review
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• v.8 no.3
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• pp.385-396
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• 2006

The successful knowledge and information based companies facilitate to restructure the industry and strengthen the national competitiveness in the future. The advent of information age provides us new challenge because the information breakthrough can play a pivotal role in terms of knowledge transfer in the human resource management. Executive officer must present long term vision in order to expand enterprise continuously and establish long term management goal and strategy which are appropriate for key organizational skills of future management environment (Pfeffer, 1998). Also, long term talent management based on vision, goal and strategy and talent development strategy and employment management must be established (小池, 1994)). American HRM system's reformation cannot be defined without scientific management policy. However, currently widely discussed Japanese HRM system's reformation cannot be defined without organizational commitment focused Japanese employment system. (津田, 1992 ; 太田, 1994). Japan's development of the following policies are behind comparing to Europe : (1)Skill based talent management regardless of age, sex, nationality, race and academic background (2)Consideration of retirement age of 64 (3)Creativity and freedom promoting talent management policy. Also, there are problems to be solved. Solutions will be searched for by establishing new wage policy based on tasks and individuals in the basis of lifetime employment system.

• Journal of Information Technology Applications and Management
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• v.27 no.1
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• pp.97-109
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• 2020

It is expected that the Fourth Industrial Revolution will have a great impact on the manufacturing industry, especially as it will cause big changes in industry, economy as well as socio-cultural. To cope with this situation, each country is promoting the policy of cultivating its manufacturing. This study derives the effect of the fourth industrial revolution on product lifecycle management for smart manufacturing through expert's cognitive analysis. The knowledge area of product lifecycle management is divided into Project Portfolio Management, Collaborative Product Design, Customer Needs Management, Direct Material Sourcing, Product Data Management, Digital Manufacturing & Engineering, R&D Foundation, New Product Development through academic research. The expert survey was conducted in five different perspectives: Importance, Insufficiency. Then, using the results of the survey and the academic research the implication about Product Lifecycle Management were derived. The significance of this study is that it derives the change areas and factors of the product life cycle management knowledge domain in preparation for the fourth industrial revolution according to the perspective of importance and insufficiency.

• Journal of Intelligence and Information Systems
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• v.28 no.3
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• pp.209-235
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• 2022

Starting from 2010, blockchain technology, along with the development of artificial intelligence, has been in the spotlight as the latest technology to lead the 4th industrial revolution. Furthermore, previous research regarding blockchain's technological applications has been ongoing ever since. However, few studies have been examined the standards for classifying the blockchain economic ecosystem from a capital market perspective. Our study is classified into a collection of interviews of software developers, entrepreneurs, market participants and experts who use blockchain technology to utilize the blockchain economic ecosystem from a capital market perspective for investing in stocks, and case study methodologies of blockchain economic ecosystem according to application fields of blockchain technology. Additionally, as a way that can be used in connection with equity investment in the capital market, the blockchain economic ecosystem classification methodology was established to form an investment universe consisting of global blue-chip stocks. It also helped construct an intelligent portfolio through quantitative and qualitative analysis that are based on quant and artificial intelligence strategies and evaluate its performances. Lastly, it presented a successful investment strategy according to the growth of blockchain economic ecosystem. This study not only classifies and analyzes blockchain standardization as a blockchain economic ecosystem from a capital market, rather than a technical, point of view, but also constructs a portfolio that targets global blue-chip stocks while also developing strategies to achieve superior performances. This study provides insights that are fused with global equity investment from the perspectives of investment theory and the economy. Therefore, it has practical implications that can contribute to the development of capital markets.