• Journal of Convergence for Information Technology
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• v.7 no.3
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• pp.105-109
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• 2017

This paper examines the effect of the analysts' earnings forecast revisions on stock price after the dividend announcement of the firms has been released. We show that the analysts' upward revisions on earnings forecasts are followed by the positive cumulative abnormal return. We also investigate the signalling effect and the confirmation effect with respect to the effect of the dividend announcement and the earnings forecast revisions on stock price. The test results show that the confirmation effect is stronger than the signalling effect. That is, the investors react only when the analysts' forecasts coincide with the preceding dividend announcement.

• Atmosphere
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• v.27 no.4
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• pp.377-384
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• 2017

The effective management of call centers under special circumstances is critical to improve customer satisfaction. In order to effectively respond to call center counseling demand, this paper aims to identify factors having the greatest impact on the number of Korea Meteorological Administration (KMA) call center counseling. To do so, we propose to combine call center data with severe weather announcement data and investigate how the severe weather announcement affects the number of KMA call center counseling. A time lag analysis is conducted and it is found that the severe weather announcement takes about an hour to be reflected in the number of KMA call center counseling. Based on the result of the time lag analysis, we conduct a comparative analysis according to time and season using the data collected from 1 January 2012, to 29 June 2016. The results show that the number of KMA call center counseling increases at lunchtime and decreases during nighttime, and the average rate of change in call center counseling demand tends to be larger under the severe weather announcement. For the comparative analysis according to the season, there are significant differences in the effect of severe weather announcement on the number of KMA call center counseling in spring, fall and winter.

• Fire Science and Engineering
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• v.25 no.2
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• pp.101-106
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• 2011

In case of an emergency such as a fire on a building and there is a need to evacuate the occupant in that building, it is important to have the guidance information effectively delivered to the evacuating occupants to guide them toward a safe direction using audio sensual media. And, it is also very important to prevent the evacuating occupants getting lost or falling astray, away from the direction toward safety. The purpose of this study, in this respect, is to examine the possible application of the precedent sound effect, with which the evacuating occupants may get a sense of the direction where the announcement comes from. With such an effect, an experiment was conducted to measure the extent to which people can hear the preceding and the following sound in terms of the acoustic pressure level changes and delay time changes, with a view to make the optimal evacuation-guidance announcement or sound. The optimal evacuation guidance sound (announcement) per each of the experimental indoors environments were as follows; 1) Regarding the optimal condition for the evacuation guidance announcement sound in the space of a lecture room, the direction of the advanced sound is positively recognized when the follow-up sound has the delaying time of 10 ms~50 ms in comparison with the advanced sound or when there is no difference between the acoustic pressures of the advanced and follow-up sounds or the acoustic pressure of the advanced sound is higher than that of the follow-up sound. 2) Regarding the optimal evacuation guidance announcement sound in the space of a hall, the advanced sound is positively recognized when the follow-up sound has the delaying time of 20 ms~60 ms in comparison with the advanced sound. 3) Regarding the optimal evacuation guidance announcement sound in the space of a gymnasium, the advanced sound is positively recognized when the follow-up sound has the delaying time of 10 ms~40 ms in comparison with the advanced sound or when the sound pressure of the advanced sound has a higher level than or the same level as that of the follow-up sound.

• Journal of Digital Convergence
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• v.11 no.2
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• pp.101-114
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• 2013

This paper investigates whether the announcement effect of seasoned equity offering is affected by management performance. We used Korean stock market data from 2000 to 2007 to analyze the possible relation between net income and seasoned equity offerings announcement effect. The sample of 308 firms are selected for the study from the original population of 750 seasoned equity offering announcements. and We analysis this article through event studty of Brown and J.Warner. We divide the data into two groups. - the previous offerings year's positive net income group and negative income group. Both positive and negative net income samples affect stock price positively. However, the CAR for the negative net income offerings becomes zero around 25days after the announcement date. To analyze the impact of accounting income on the seasoned equity offering announcement effects fully, we introduce a cross-sectional regression analysis by setting the cumulative abnormal returns as a dependant variable and net income as an explanatory variable. The beta coefficient of the net income shows a statistical significance. These results can be considered as an evidence to support our hypothesis.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.61-92
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• 2003

As an extension of previous researches with the conclusion that the announcement of adopting stock options generates positive abnormal returns, this paper examined whether the abnormal return changes over time or varies depending on the number of stock options granted. Empirical analysis was made to find whether the announcement of stock option awards has the same response in the stock market from the early days when stock option plans had been introduced in the Korean stock market till today when it was widespread. Results indicate that the announcement effect had been on a gradual decline since 2000. In addition, it is found that if a company announces stock option awards several times, the abnormal return gradually declines in proportion of the number of stock options granted. This implies that as the stock option awards become widespread, the positive effect that the announcement of adopting stock options generates as news has been on a relatively steady decrease. In short, it leads to a conclusion that the more companies grant stock options, and the more stock options a company announces, the less impact it has on the increase in the firm's value.

• Phonetics and Speech Sciences
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• v.1 no.4
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• pp.105-109
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• 2009

This thesis describes the method for well voice announcement using the TTS(Text-To-Speech) technology in the shop music broadcasting service. Offering a high quality TTS sound service for each shop requires a great expense. According to a report on the architectural acoustics the room acoustic indexes such as reverberation time and early decay time are closely connected with a subjective awareness about acoustics. By using the result the customers will be able to recognize better the voice announcement by applying sound effect to speech files made by TTS. The result of an aural comprehension examination has shown better about almost all of the parameters by applying reverb effect to TTS sound.

• Journal of Technology Innovation
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• v.16 no.1
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• pp.191-213
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• 2008

This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.

• Asia pacific journal of information systems
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• v.30 no.2
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• pp.328-352
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• 2020

If a firm announces an investment in IT security, how the market value of its competitors reacts to the announcement? We try to shed light on this question through an event study design. To test the relationship, we collected 143 announcements on cybersecurity investment and measured the subsequent impact on 533 competitors' abnormal returns, spanning from 2000 to 2019. Our estimation results present that, on average, the announcements have no observable impact on the market value of announcing firms and competitors as well, which is consistent with findings of a prior study. Interestingly, however, the impact becomes evident when we classify our samples by industries (Finance vs. non-Finance or ICT vs. non-ICT) and firm size (Big vs. Small). We interpret our empirical findings through the lenses of contagion effect and competition effect between announcing firms and their competitors. Key finding of our study is that, for financial service firms, the effect resulting from the announcement on cybersecurity investment transfers to competitors in the same direction (i.e., contagion effect).

• The Journal of the Korea Contents Association
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• v.18 no.7
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• pp.49-63
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• 2018

This study examines both the announcement effect of corporate real estate acquisitions and sales and long-term stock performance. Also, we analyze long-term stock returns on the basis of the amount and the purpose (business activities, financial activities, etc.) of real estate acquisitions and sales. The major findings are as follow. First, we find that there is no significant announcement effect on the real estate acquisitions. However, the announcement day of real estate sales shows significantly positive abnormal stock returns. Second, we find that both the real estate acquisitions and sales show negative long-term stock performance. We also find the same results from the case where we classify our sample on the basis of the amount and the purpose of real estate acquisitions and sales. Third, the amount of real estate acquisitions is significantly negatively related to long-term stock returns, whereas the relation between firm value and the amount of real estate sales is positive only under the business activities. Overall, long-term stock performance decreases after the announcement day of the real estate acquisitions and sales. This results can be explained by agency theory. Also, we conclude that a decline in stock performance after the real estate sales explain an information signal on financial distress.

• Journal of Digital Convergence
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• v.12 no.3
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• pp.149-160
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• 2014

This paper analyses whether change in corporate dividend policy affects the new issue announcement effects. By conducting an event study using 683 new equity announcements data from year 2000 to year 2009, we find firms paying more dividends experience relatively negative announcement effects of seasoned equity offerings comparing with firms paying less dividend. The cross sectional regression analysis results confirm our findings. These results indicate that corporate dividend policy change may interact with forthcoming new equity announcement decision, which may result in a negative signal to the capital markets.