• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.5
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• pp.2108-2114
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• 2011

I examine propping within chaebolgroups, using changes of bond rating events made by corporate credit evaluation institutions. Much studies related to the internal capital market and tunneling have enhanced our understanding of the important function of chaebolgroups in emerging market, but relatively little is known about propping within affiliated firms. In a common sense, propping implies capital reallocation within affiliated firms to save a financially troubled affiliate. In event study on announcement the changes of corporate bond rating, I found most positive numbers in chaebolgroup's CAR. Particularly when lower change than higher change, decrease ratio of CAR is higher positively in chaebolgroups, which relatively shows that there is more propping effects in chaebolgroups than non-chaebolgroups. In multi-regression analysis, after strengthen restriction of internal mutual investment, propping effects are decreased positively in chaebolgroups than non-chaebolgroups when credit rating adjust lower, which implies there was more propping in chaebolgroups.

• The Journal of the Korea Contents Association
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• v.15 no.8
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• pp.473-480
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• 2015

The purpose of this study is to analyze the influence of the cash flow of pharmaceutical companies on R&D investment. 143 pharmaceutical companies listed in the KOSDAQ market from 2009 to 2013. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price was extracted from KISVALUE-III of NICE Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis. The summary of the findings and the interpretation of the significance of this are as follows: First, the current ratio (internal finance) had a positive influence on R&D investment. Second, the debt ratio (external finance) had a negative influence on R&D investment. The pharmaceutical company prefers internal funds to external funds due to the asymmetry of information in the loan markets. In other words, this shows why internal finances have a significant influence on R&D investment at pharmaceutical companies.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.11
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• pp.637-643
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• 2017

This study analyzed the Quality of Accounting Earning of Investor Relations(IR). For this, we utilized Book-Tax Difference Variability as the proxy of the level of the Quality of Accounting Earning. This study used 2,106 sample data from 2011 to 2016 on the listed firm on KOSPI(Korea Composite Stock Price Index). In short, the study results are as follows. Investor Relation(IR) has a negative relevance with Book-Tax Difference Variability, which agreed with the result of additional analysis using extra sample. According to these results, we can expect that Investor Relations(IR) firms will report more faithful Accounting Earning. This study makes the following fresh contribution to the field. The study result confirms how Investor Relation(IR) affects the Quality of Accounting Earning. We hope that this study will help the development of capital market.

• Journal of Distribution Research
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• v.10 no.2
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• pp.1-26
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• 2005

The purpose of this study is to identify the consumer factors influencing the channel choice in the brokerage transaction. The 14 consumer factors were extracted from the two perspectives: first, the off-line channel is based on the relational benefits offered by the salespeople, second, the on-line stock exchange is a transaction mediated by the internet technology. The results shows that the channel choice is significantly influenced by the 8 out of 14 consumer factors hypothesized: interpersonal orientation, risk-taking tendency, amount of money invested, price consciousness, time length of internet usage, innovativeness, information privacy sensitivity, intrinsic desire for information. And the results of discriminant analysis shows that three consumer factors-risk-taking tendency, time length of internet usage, and information privacy sensitivity-are most valuable in discriminating off-line vs. on-line customers.

• Journal of Korea Technology Innovation Society
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• v.9 no.1
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• pp.175-198
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• 2006

Analyzing the effects of information technology(IT) in the life insurance Industry is important in establishing the direction for future information technology investment. In this research, the cost-elasticity of IT capital stock was measured by the SUR technique, using the second-order translog cost function, which was drawn out by a Taylor expansion of the multi-product joint cost function. Analysis was made based on data from 1991 to 2003 collected from 33 life insurance firms. The results show that although the effects of information technology investment vary according to individual life insurance firms, half of the life insurance firms surveyed reduced their costs by investing in information technology. The research also revealed that although large life insurance firms reduced their costs by investing in information technology medium & small life insurance firms and foreign ,life insurance firms increase their costs. Additionally, although both information capital and information labor increase as the information budget increases, the increase in information capital is larger than one in information labor. Because the price of information capital is decreased rapidly more than one of information-related labor.

• Journal of Distribution Science
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• v.16 no.2
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• pp.83-88
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• 2018

Purpose - For distribution corporate, the method of recognizing sales revenue may be different depending on the type of distribution transaction. Until the change in accounting standards for revenue recognition was made in 2002, the distribution corporate recognized the full amount of sales of goods regardless of the type of transaction. However, in accordance with accounting standards for revenue recognition, which began to be applied in 2003, distribution corporate differ in sales revenue recognition by transaction type. The Purpose of this study is to analyze the impact of sales revenue on the corporate value after the change of the revenue recognition accounting standards. Research design, data, and methodology - We selected a comprehensive wholesale and retail corporate listed on Korea Exchange. The research model extends the Ohlson(1995) model and regresses whether sales revenue affecting the corporate value is discriminatory value relevance between the corporate affected by changes in accounting standards for revenue recognition and those not. Results - The results of the analysis are as follows. First, The average value of stock price, net asset per share, and earnings per share are all higher than those before the change of accounting standards for revenue recognition. However, the average value of sales per share is lower than that before the change of accounting standards for revenue recognition. Second, the relationship between corporate value and net asset per share, earnings per share and sales per share, the coefficient of net asset per share, earnings per share and sales per share are all statistically significant positive value. Therefore, in explaining corporate value, besides net asset per share and earnings per share, sales per share provides additional information. And the coefficient of interaction variable between accounting standard change and sales per share is a statistically significant positive value. This result indicating that after the change of the revenue recognition accounting standards the usefulness of sales revenue has increased. Conclusions - The change in accounting standards for revenue recognition led to a decrease in distribution corporate sales revenue but the higher the relevance of the corporate value of the sales revenue information. These results shows that the change of accounting standards that reflects the transaction type of retailers was a revision to increase the value relevance of sales revenue in valuation of corporate value.

• The Journal of the Korea Contents Association
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• v.15 no.6
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• pp.445-454
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• 2015

The purpose of this study is to analyze the influence of the financial structure of pharmaceutical companies on R&D investment. 358 pharmaceutical firms listed in the KOSDAQ market from 2000 to 2012. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price was extracted from KISVALUE-III of NICE Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis. The summary of the findings and the interpretation of the significance of this are as follows: First, the shareholding ratio of major shareholders and foreigners had a positive influence on R&D investment. Second, the ratio of outside directors had a negative influence on R&D investment. Third, the shareholding ratio of institutional investors did not have a significant influence on R&D investment.

• International journal of advanced smart convergence
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• v.11 no.1
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• pp.11-18
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• 2022

Securities and investment services have and use large data. Investors started to invest through their own analysis methods. There are 22 major securities and investment companies in Korea and only 6 companies support open API. Python is effective for requesting and receiving, analyzing text data from open API. Daishin Securities Co. is the only open API that officially supports Python, and eBest Investment & Securities Co. unofficially supports Python. There are two important differences between CYBOS plus of Daishin Securities Co. and xingAPI of eBest Investment & Securities Co. First, we must log in to CYBOS plus to access the server of Daishin Securities Co. And the python program does not require a logon. However, to receive data using xingAPI, users log on in an individual Python program. Second, CYBOS plus receives data in a Request/Reply method, and zingAPI receives data through events. It can be thought that these points will show a difference in response time. Response time is important to users who use open APIs. Data were measured from August 5, 2021, to February 3, 2022. For each measurement, 15 repeated measurements were taken to obtain 420 measurements. To increase the accuracy of the study, both APIs were measured alternately under same conditions. A paired t-test was performed to test the hypothesis that the null hypothesis is there was no difference in means. The p-value is 0.2961, we do not reject null hypothesis. Therefore, we can see that there is no significant difference between means. From the boxplot, we can see that the distribution of the response time of eBest is more spread out than that of Cybos, and the position of the center is slightly lower. CYBOS plus has no restrictions on Python programming, but xingAPI has some limits because it indirectly supports Python programming. For example, there is a limit to receiving more than one current price.

• 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.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.35-73
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• 2010

This paper examines consumption dynamics in relation to asset prices in Korea. Empirical analysis based on the error correction model shows that personal consumption is affected by changes in asset prices but the consumption converges to the long-run level of consumption corresponding to the total income flow in two years. This adjustment in consumption implies that the consumption error, reflected in the error correction term, should have predictability for the future consumption growth during the adjustment period. It is found that the error correction term has a long-run predictability for consumption over up to about 3 years; thus, confirming the error correction model. It is also found that housing prices have larger effects on consumption compared with stock prices in Korea. In addition, the effects of income and asset prices on consumption show bigger effects during contractionary period than expansionary period in business cycles. This paper also analyzes effects of asset wealth that reflects changes in both price and quantity. It is found that asset wealth has a long-run effect on consumption in addition to total income as determinants of consumption. Since wealth effects usually indicate the long-run effect of changes in asset wealth on consumption that is not explained by labor income, which is the proxy for human source of wealth, it is estimated with labor income used as a control variable. According to the estimation, the marginal propencity to consume out of asset wealth is approximately 2%. It means that 1,000won increase in asset wealth may lead to 20 won increase in consumption.