• The Korean Journal of Financial Studies
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• v.2 no.2
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• pp.315-344
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• 1995

The relationship of information flow and market price formation are central to the basic tenets of financial economics. Whereas information is usually treated as being either public or private(monopolistic), most empirical studies focus on the price effects of public announcements. More recent research has centered more on the role of private information, such as insider trading, in efficient pricing and whether such trading increases investor welfare. Typically, 'insider trading' refers to an officer that trades in his/her company's shares. Insider trading, however, also refers to anyone who generates private, albeit costly, information concerning a stock's fundamental value. Normally, such insider activity is more difficult to ascertain. One way in which negative information is revealed is through short-selling activity, especially the monthly short-interest positions reported by the national stock exchanges. Diamond and Verrecchia(1987) provide a theoretical paradigm that predicts a negative price adjustment upon announcement of n company's monthly short interest, if the short interest displays an unusual increase and is correlated with negative information that is not yet public. Empirical studies of the short-run, negative price effect predicted by Diamond and Verrecchia find mixed results. One explanation is that the time period studied is too short for the market to absorb the informational content of these announcements. One reason is that these announcements are an ambiguous signal that requires more individuals and time to collect and act on the same information before full revelation occurs or before the implicit information becomes publicly known. This 'long delayed reaction' also serves as a motivation for related research on the wealth effect of mergers, share repurchases, and initial equity offerings in which long-run performance differs from the initial, short-run reaction to such announcements or offerings.

• Journal of the Daesoon Academy of Sciences
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• v.18
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• pp.1-24
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• 2004

This paper is to inquiry into the conceptual model of religious education in school curriculum focused on 7th revised curriculum, subject matter and teacher training system. We have to consider the related variables for the operation of school curriculum: student, school, teacher. In school curricula of Korea, religious education can be practiced as a elective course of subject, discretion activity and special activity, latent curriculum etc. And also it should be considered student's right of option and autonomy of private school, because at least those are the important variables effect upon the religious education in school curriculum. Now I'd like to abstract results of this paper as followed. First, it should be considered student's right of option for religious education in private school curriculum. But at this case, also under the name of education it should be justified precondition of purpose, content, approach method. If not, it easy to access to pejorative meaning as a religious indoctrination. Second, in case of conflict between student and school, I think that a proper method is to adjust the related variables. Third, if the purpose of religious education in school based on religiosity, it can be cover the understanding of religious culture, affectionate domain of religiosity, behavioral religiosity. Finally, in order to accomplish such an conceptual model of religious education in school, it should be set a condition for teacher training system, subject matter etc.

• International Commerce and Information Review
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• v.19 no.3
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• pp.63-82
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• 2017

This study explores the barrier factors of Chinese private-owned enterprises in overseas expansion in terms of corruption, political risk, market fluctuation, cultural difference, and firms resource endowments. To explore the existing practical backgrounds, it was investigated to private-owned enterprises dealing with foreign export companies where run business in Hohhot, Baotou and Ordos, Inner Mongolia, China. The result shows that the corruption and political risks of host countries do not have significant influence on business performance in 'Go global' strategy, while the market fluctuation of host countries has a negative effect on business performance. Cultural difference has a negative effect on business performance, and enterprises' resource endowments have a positive effect on business performance in 'Go global' strategy. Additionally, interviewees provide several substantial suggestions regarding the government policy and industry ecosystem to surmount the barriers of POEs' going global. Lastly, the authors discuss managerial implications and provide several suggestions for the future studies.

• The Journal of Sustainable Design and Educational Environment Research
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• v.16 no.1
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• pp.20-29
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• 2017

In order to prove the hypothesis that the element of school location planning - the density of development, availability of various private institutes, the location of school, the type of school district, the distance to nearby schools, the existence of communal areas, the pedestrian street, the number of road lanes - affects the increase and decrease of the number of students in the long term, we examined the tendency of the number of long-term (24 years). The results of the analysis are as follows: First, the development factors such as development density, location of school, type of school district, distance from neighboring schools, separation of pedestrians and cars are clearly related. Second, the planning factors such as location of private school and installation of pedestrian-only street seem to be related to each other. Third, the number of road lanes and element of "communal area" is irrelevant. This study is limited to generalization of five new metropolitan cities in the metropolitan area, and it is necessary to further elaborate the analysis factors and evaluation criteria.

• Korean Journal of Construction Engineering and Management
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• v.18 no.4
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• pp.17-26
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• 2017

The sustainable growth of Construction Management(CM) market depends on clients'acceptance from positive project outcomes of CM services. Achieving the positive outcomes requires CM firms'competency and efforts. Equally, it is critical to understand and overcome barriers of CM performance, which cause inefficiencies and under-performance of CM services. The objective of the study is to identify and discuss the barriers of CM performance during pre-construction stages in private CM projects based on the FMEA technique. Major findings basically suggest that clients and CM firms have roles to play, individually and collaboratively, in order to improve CM performance by eliminating performance barriers.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.345-353
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• 2021

The impact of investment on economic growth has been studied by many authors around the world with different times and research methods. Therefore, there are conflicting opinions about the impact of investment on economic growth. To contribute empirical evidence, the objective of this study is to assess the impact of investment sources such as public investment, private investment, and foreign direct investment on economic growth in Vietnam in the short-run and long-run. The data used for the study is panel data from 63 Vietnamese provinces between 2000 and 2020. The inquiry method is PMG (Pool Mean Group) regression for economic growth (GDP) after testing the stationarity of the variables that meet the PMG regression condition as suggested by Pesaran et al. (1996) and Hamuda et al. (2013). The results show that: factors such as labor and trade openness have a negative impact on economic growth in the short term. In the long run, public investment has a negative effect on economic growth, while domestic private investment, foreign direct investment, trade openness, and labor have positive effects on economic growth. Labour contributes the most, followed by trade openness, foreign direct investment, and domestic private investment. Finally, the study provides policy implications for the Government of Vietnam.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.1-11
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• 2022

The study incorporates model uncertainty into the private equity (PE) valuation model (SWY model) (Sorensen et al., 2014) to evaluate how model uncertainty distorts the leverage and valuations of PE funds. This study applies a continuous-time model to PE project valuation, modeling the LPs' goal as multiplier preferences provided by Anderson et al. (2003), and assuming that LPs' aversion to model uncertainty causes endogenous belief distortions with entropy as a measure of model discrepancies. Concerns regarding model uncertainty, according to the theoretical model, have an unclear effect on LPs' risk attitude and GPs' decision, which is based on the value of the PE asset. It also demonstrates that model uncertainty lowers the certainty-equivalent valuation of the LPs. Finally, we compare the outcomes of the Full-spanning risk model with the Non-spanned risk model, and they match the intuitive economic reasoning. The most important implication is that model uncertainty will have negative effects on the LPs' certainty-equivalent valuation but has ambiguous effects on the portfolio allocation choice of liquid wealth. Our works contribute to two literature streams. The first is the literature that models the PE funds. The second is the literature introduces model uncertainty into standard finance models.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.1-17
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• 2022

This study studied the effect of the TIPS support project of the Ministry of SMEs and Startups on the entrepreneurship of TIPS start-ups. The Tips start-up company, which is the subject of the study, was selected for the TIPS support project, participated in all commercialization funds, incubation facilities, and capacity building programs, and was selected as a company that received private investment. One-on-one in-depth interviews were conducted for about eight weeks from January 14, 2022 to March 11, 2022. For this study, the TIPS support project was subdivided into four categories: commercialization funds, incubation facilities, capacity building programs, and private investment attraction, and entrepreneurship factors were classified into four categories: innovation, challenge spirit, leadership, and risk-taking. As a result of the in-depth interview, the influence of the TIPS support project on entrepreneurship factors was in the order of challenge spirit, innovation, risk-taking, and leadership. Specifically, it was found that commercialization funds influenced innovation and risk-taking, incubation facilities had a challenge spirit and risk-taking, competency-building programs had a challenge spirit and leadership, and attracting private investment had an influence on innovation and challenge spirit. The implications of this study are that the TIPS support project, a private investment-led technology start-up support program, was introduced in 2013 and as of the end of March 2022, and a report was prepared focusing on visible performance such as private investment performance and employment rate. However, through this study, by analyzing whether the TIPS support project contributed to the cultivation of entrepreneurship for TIPS start-ups, it was found that it had a positive influence not only on quantitative growth but also on qualitative growth.

• 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.

• Journal of Distribution Science
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• v.18 no.11
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• pp.31-39
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• 2020

Purpose: This study attempts to explain why online luxury shopping malls have implemented a difficult registration process and membership fees. These features weaken online shopping convenience, one of the major reasons why people shop online instead of offline. Therefore, this study scrutinizes the effects of membership features on trust, focusing on the moderating effects of registration difficulty and membership fees. Research design, data and methodology: A survey method with a total of 296 survey data was used. A 2 × 2 × 2 factorial design was employed. The three independent variables are price discount rate (20% vs. 70%), registration difficulty (low vs. high), and membership fees (yes vs. no). Results: The results reveal that a price discount rate has a negative effect on trust, whereas membership fees and registration difficulty moderate its negative effect on trust. Conclusions: A high price discount rate lowers trust for online luxury shopping malls. Meanwhile, registration difficulty and membership fees can be used to prevent consumers from losing trust caused by the high price discount rate. Therefore, registration difficulty and membership fees are signals implying that not everyone can use these private online shopping malls, which provide low prices for luxury items.