• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.97-109
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• 2014

The purpose of this study is, as to verify the effect of IR announcements, the IR activity to look at the usefulness. In previous study, they found that the IR announcement leads to reductions in information asymmetry, effect to positive stock price. This study examine the abnormal returns between group by corporate characteristics. The data used in this study are daily stock market returns taken from the KOSDAQ listed company with IR announcements during the 2005-2012 year(8 year). We find that follows. First, the capital market is accepted IR activity as the positive information. Second, abnormal returns of small company is higher than big size that. We show the difference of abnormal returns between the venture company and general company, the venture company's high. The abnormal returns of corporate with high ownership is above the group of low ownership. Additionally, consider interaction by firm characteristics, we show the interaction between firm size and business type. The result of two-way ANOVA is that venture corporate with big size are more abnormal returns than others. Also, we demonstrate that firm location is the factor of difference on information effect in venture firm.

• Management & Information Systems Review
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• v.33 no.1
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• pp.45-63
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• 2014

A trading system is a computer trading program that automatically submits trades to an exchange. Mechanical a trading system to execute trade is spreading in the stock market. However, a trading system to trade a single asset might occur instability of the profit because payoff of this system is determined a asset movement. Therefore, it is necessary to develop a trading system that is trade two assets such as a pair trading that is to sell overvalued assets and buy the undervalued ones. The aim of this study is to propose a relative value based trading system designed to yield stable and profitable profits regardless of market conditions. In fact, we propose a procedure for building a trading system that is based on the rough set analysis of indicators derived from a price ratio between two assets. KOSPI 200 index futures and S&P 500 index futures are used as a data for evaluation of the proposed trading system. We intend to examine the usefulness of this model through an empirical study.

• The Journal of Society for e-Business Studies
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• v.21 no.2
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• pp.81-96
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• 2016

This paper analyzes the impact of information breach on shareholder value by measuring the stock price reaction associated with the announcements of data breach. The breach firms in the sample lost, on average, 1.3% of their market value, amounting to 98.9 million won of loss within two-day of the event period after the announcement. We examine the abnormal returns in various categories (i.e., source, type, size, etc.) of information breach. Although the market does not react significantly to the announcements of outside breach, we find statistically significant market reactions to inside breach. We estimate abnormal returns over the following 60 days. The mean 60-day cumulative abnormal return and BHAR (buy-and-hold abnormal returns) are both significantly far from zero. We conclude that there is a coherent market reaction following the announcement. The difference between the market reactions to IT firms and Non-IT firms is statistically significant. But breach amount, firm size, and the year the breach occurred do not show to be significant variables.

• Journal of the Korean Society of Clothing and Textiles
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• v.24 no.6
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• pp.873-883
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• 2000

The purpose of this study were to investigate the relationships of situation variables, product variables. consumer variables and impulse buying behavior in apparel store. We collected data from 462 consumers of adult women living in Pusan and analysed by factor analysis, cluster analysis, analysis of variance, t-test and discriminant analysis. The results were as follows: First, The purchase situation influenced on the impulse buying behavior consisted of the Pre-purchase condition and the Point-of-purchase state. The in-store situation consisted of the Salesman/store atmosphere, the Low price and the Possibility of out of stock. And the consumption values of apparel are divided into four factors ; Emotional/aesthetical value, Epistemic value, Functional value and Social value. The clothing shopping orientation as consumer variable extracted six factors ; Recreational orientation, Economical orientation, Brand/store loyalty orientation, Careful orientation, Apathetic orientation and Positive orientation. Consumers were classified by the cloting shopping orientation into the Convenience shopper, the Recreational shopper, the Economical shopper and the Careful shopper. Second, In comparison with the unimpulse-buyin groups, the impulse-buying group is more effected by in-store situation than purchase situation, and were more effected by Emotional/aesthetical value, Social value and Epistemic value of the consumption value. In consumer types, the more was the Recreational shopper and the Convenience shopper, the more showed impulse buying behavior. And the important factor distinguished between the impulse buying group and the unimpulse buying group was the Salesman/store atmosphere of the in-store situation.

• The Journal of the Korea Contents Association
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• v.11 no.6
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• pp.1-7
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• 2011

The methodology of KOSPI forecast has been considered as one of the most difficult problem to develop accurately since short-term KOSPI is correlated with various factors including politics and economics. In this paper, we presents a methodology for forecasting short-term trends of stock price for five days using the feature selection method based on a neural network with weighted fuzzy membership functions (NEWFM). The distributed non-overlap area measurement method selects the minimized number of input features by removing the worst input features one by one. A technical indicator are selected for preprocessing KOSPI data in the first step. In the second step, thirty-nine numbers of input features are produced by wavelet transforms. Twelve numbers of input features are selected as the minimized numbers of input features from thirty-nine numbers of input features using the non-overlap area distribution measurement method. The proposed method shows that sensitivity, specificity, and accuracy rates are 72.79%, 74.76%, and 73.84%, respectively.

• 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 KIISE:Databases
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• v.31 no.1
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• pp.23-29
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• 2004

In this paper, we propose a search method for time sequences which supports the normalized distance as a similarity measure. In many applications where the shape of the time sequence is a major consideration, the normalized distance is a more suitable similarity measure than the simple Lp distance. To support normalized distance queries, most of the previous work has the preprocessing step for vertical shifting which normalizes each sequence by its mean. The proposed method is motivated by the property of sequence for feature extraction. That is, the variation between two adjacent elements of a time sequence is invariant under vertical shifting. The extracted feature is indexed by the spatial access method such as R-tree. The proposed method can match time series of similar shape without vertical shifting and guarantees no false dismissals. The experiments are performed on real data(stock price movement) to verify the performance of the proposed method.

• 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.

• The Journal of the Korea Contents Association
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• v.14 no.3
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• pp.374-384
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• 2014

In this paper, characteristics of transactions by investors were examined based on the relationship between South Korea's stock market trends and the amount of net purchasing by investors. The study period is from January of 2004 to December of 2011, a total 1,991 days on 96 months. Data used for correlation and regression analysis include the value of the KOSPI index at the end of each month, the monthly net purchase amount of each of the groups, as well the daily volume, the daily price. In this study, the long-term phase of the market divided by refining. and each of the investment position of invest group was investigated. As a result, foreign investors are a net selling position when market was rising phase of the tertiary. And private investors were a net short positions when the market was decline phase of the tertiary. Regardless of the flow changes, the private investors had opposite position to the flow of the mark, also they had opposite position to the position of the foreign investors.