• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• Journal of the Korean Institute of Landscape Architecture
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• v.44 no.1
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• pp.119-128
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• 2016

Urban park planning has become difficult due to the lack of municipal funds. Thereupon, a special scheme was imposed for city park planning. Since then, a legal amendment was made for economical improvement and more active participation. However, there are a lot of questions about whether it was a suitable direction for parks and where it should be emphasized for public interest. Base on these concerns, this study examined the basis and characteristics of location, creation, and maintenance of private development parks in Japan, which was the policy model of Korean private parks. Location and space planning of private development parks was made up considering an effective green network and disaster prevention function, and a minimum area was about 1.42ha. The minimum area, 1ha, was established on the basis of considering realistic possibilities, disaster protection, and universal validity. It was also amended to consider the standard of type two mid- to high-rise exclusive residential areas and consultation with regional governance. Finally, it was built on the lowest limit of ordinance of the relevant city; for example, 100% of the floor area ratio, 30% of the building coverage ratio, and the maximum height of 11 stories, etc. For maintenance, private and public sectors were working together. Maintenance fees for 35 years (based on $300yen/m^2$ per month) were paid en bloc by the licensee. However, the city was paid for facilities that accompanied excessive maintenance costs. Meanwhile, it seemed difficult to introduce attractive profit facilities because of the limitations in location, usage permission, and introduction equipment; furthermore, there were problems with management authority, and the burden of expenses was deducted. For creating private Korean parks, this study suggested that we should build priority of creating city parks and select appropriate locations first; also, we need to make criteria for location, creation, and standard management rules that are relevant to the whole nation of Korea.

• Korean Security Journal
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• no.29
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• pp.223-249
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• 2011

In modern society, citizens' quality of life aspects of safety and crime prevention activities are actively considering the incidence of crime prevention in advance. It also can be quite important elicit the interest of who community members through effective crime prevention strategies. For crime prevention policies and techniques over time as more scientific and advanced methods are made. Today, A typical crime prevention strategies is private security zones and Crime Prevention Through Environmental Design (CPTED) is a corresponding to the new strategy. CPTED is a diversification can be called a crime prevention approach that emphasizes the principle of natural surveillance, access control, territoriality, activity support, maintenance and management. The defensible space of the space area related to crime prevention setting the activities of private security and CPTED determine. Also, the reality of crime prevention and protection should be considered space. The emphasis on proactive prevention of crime in modern society for the prevention of crime how to approach differing perspectives and disparate aspects of private security and CPTED. Technical and professional areas that overlap to some extent in a homogeneous aspect. Ultimately, CPTED is a crime prevention through space and environmental approach for crime. In addition, Ultimate goal of convergence, crime prevention, with the same or higher is required to study for the area after looking for the characteristics and limitations of private security and CPTED.

• Journal of Climate Change Research
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• v.3 no.4
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• pp.281-291
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• 2012

Forests act as carbon sinks and also improve water resources and biodiversity to climate change. Secure funding, administrative support, and sustainable management systems are essential to conserve forests and to implement international forestry related projects to climate change. Public private partnership (PPP) could be an effective way for forestry sector in developing countries. Awareness analysis should be preceded in order to encourage participation of enterprises for the diversification of funding and the enhancing quality of projects. We conducted a survey targeting more than 129 private enterprises for awareness analysis. As a result, lack of information, complexity of processes and low profit resulted in low interest on forest projects from private enterprises. Improving awareness of recipient countries on forest resources, financial and institutional supports from the public sector, information sharing, performance management and equal partnership between sectors were suggested to encourage PPP in international forestry related projects to climate change.

• Journal of Fashion Business
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• v.19 no.1
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• pp.106-121
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• 2015

The purpose of this study is to classify the attitudes toward fast fashion into groups and analyze the differences of the self-consciousness, and make-up behavior by groups. Questionnaires are being administered from 179 high school girls living in Deagu metropolitan City. Frequency, factor analysis, reliability analysis, cluster analysis, ANOVA, Duncant-test, and ${\chi}^2$-test are all used for data analysis. Our findings are as follows. The attitude toward fast fashion shows a significant correlation with the sub-variable self-consciousness and make-up behavior. Attitude toward fast fashion is being categorized into convenience focus, fashion focus, design focus, and season focus. Self-consciousness is social self-consciousness, social anxiety, private self-consciousness, and private anxiety. Make-up behavior is positive effect, fashion leader, and conformity. Attitude toward fast fashion is classified into three groups: disposability, fashionability, and low interest of fashion. The groups show a significant difference in the self-consciousness, and make-up behavior. Groups display no distinctions between the sub-variables in the actual conditions of cosmetics such as a first time for make-up and frequence of visit.

• Current Research on Agriculture and Life Sciences
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• v.3
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• pp.203-218
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• 1985

In Korea, the developmental gap is deep between rural and urban areas in spacial aspect and, or between agricultural and industrial side. So there are much room for improvement in agri. development in national standpoint as well as in individual farmer's level. In this respect, agricultural financing is requisitive to speed up the pace of agricultural development and in result, to contribute to improvement of farm income. By the way, farmers' credit demands are always in excess-demand status and they rely on private money-lenders in the burden of high interest rate. In agricultural financing market, there are two kinds of credit ; institutional credit and non-institutional credit market, that is private money-lending. In institutional credit, there are mutual credit system operating by the primary coops and policy credit system by NACF financed by Government in part. Here, in this paper, I venture to study on the improvements of the policy credit system to increase and activate the supply function of agri. policy credit into farmers to enhance their socio-economic status.

• Journal of the Society of Disaster Information
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• v.5 no.2
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• pp.88-106
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• 2009

The potential risks of Korean public security has been increasing by economic stagnation. As a result of this, a feeling of unrest about our society causes expansion of private security industry as well as necessity of professional education. It has been 15years to produce security expert in colleges which is professional education institute, and academic efforts and contributions to society are shown remarkable results for the period. A private security industry had got public interest as a potential favorable job, because of increasing dependence of public to take care of unrest facts. Many colleges have introduced courses about public security because of facing necessity of professional education system. Then total 59 institutes including 22 universities and 37 colleges introduce courses of public security. Although name of courses are diverse depends on institution, purpose of course or members of course, the ultimate purpose of these courses is preventing public from crimes and managing public security. A fixed and out of date education system of universities in Korea can not produce talent person who people, companies and government want. The institutions have been recruiting many student so far, and it shows growth of the industry in quantity aspects. However quality aspect of the industry has been failed because it is hard to get a job for graduated students. Consequently, to improve quality of the industry people need cooperation of institution, professors and students.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.378-383
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• 2006

This study presents the results from an investigation into ABS to revitalize small and medium construction enterprises, and to analyze merits and demerits of ABS introduction using sensitivity analysis some realistic cases. According to some available procedures, this study suggests ABS introduction structure of new education facilities construction in BTL projects of two different types. In order to analyze the effectiveness of introduction, a model was built as new education facilities construction in this paper. In addition, this study tried to put a figure on finance interest changes by analyzing changes for earning rates and money that payed by the government. Moreover, this study also presents merits and demerits of ABS introduction.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.909-918
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• 2020

This study, not only investigates the important role of lifelong learning in shaping young people's knowledge and in maximizing their potential, but also aims to shed light on the influencing factors of lifelong learning of young people in Vietnam. The author applied STATA and SPSS to analyze quantitative data collected from questionnaires with 332 respondents aged between 19 years old and 24 years old. Based on a holistic review of literature, this study concludes that four driver factors affect young people's lifelong learning ability, comprising: organizational culture, motivation, human resource development, and domestic private type of enterprise. The results emphasize the positivity of organizational culture, human resource development, and the nature of work, especially organizational culture and human resource development, which are dominant reasons for young people to maintain lifelong learning. The relationship between demographics and lifelong learning was tested and it indicated that male has a stronger interest in learning than female. The result of the study also shows the impact of different types of business sectors on employees' learning intentions. It points out that the domestic private type of enterprise is the most effective factor that has a positive relationship with the lifelong learning of the individual.

• Proceedings of the KIEE Conference
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• 2003.11c
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• pp.769-772
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• 2003

Middleware enables different networking devices and protocols to inter-operate in ubiquitous home network environments. The UPnP(Universal Plug and Play) middleware, which runs on a PC and is based on the IPv4 protocol, has attracted much interest in the field of home network research since it has versatility. The UPnP, however, cannot be easily accessed via the public Internet since the UPnP devices that provide services and the Control Points that control the devices are configured with non-routable local private or Auto IP networks. The critical question is how to access UPnP network via the public Internet. The purpose of this study is to deal with the non-routability problem in local private and Auto IP networks by improving the conventional Control Point used in UPnP middleware-based home networks. For this purpose, this paper proposes an improved Control Point for accessing and controlling the home network from remote sites via the public Internet, by adding a web server to the conventional Control Point. The improved Control Point is implemented in an embedded GNU/Linux system running on an ARM9 platform.