• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.10
• /
• pp.629-639
• /
• 2020

The current study explains how corruption, terrorism, political stability and oil price has an effect on on the Iraq stock exchange utilizing corruption perception index as a proxy of corruption, global terrorism index as proxy for terrorism, political stability and oil price with ISX60 index as proxy of stock market for the period (2005-2019) using Ordinary Least Square method. The results show that the level of corruption, terrorism activities and political stability coefficient is significantly positive with Iraq stock exchange. In contrast, the oil price coefficient is significantly negative with Iraq stock exchange, which means that lower levels of corruption, less terrorism activities and more stability in political system have strong influence on stock market development in Iraq. The study concludes that the explanatory variables are important for Iraq stock exchange. Hence, the study suggests the policy makers to develop stock market by implementing policies and strategies to overcome high level of corruption, terrorism activities especially after ISIS/ISIL announcement has been made public. There is a need for transparency and creating stable political environment through good governance practices in order to attract more foreign investment and promote economic development. Factors like terrorism and corruption make economic and political systems unstable and has an adverse effect on on Iraq's stock exchange performance.

• Nuclear Engineering and Technology
• /
• v.50 no.5
• /
• pp.690-697
• /
• 2018

Criticality alarm systems (CASs) are mandatory in nuclear plants for prompt alarm in the event of any criticality incident. False criticality alarms are not desirable as they create a panic environment for radiation workers. The present article describes the design enhancement of the CAS at each stage and provides maximum availability, preventing false criticality alarms. The failure mode and effect analysis are carried out on each element of a CAS. Based on the analysis, additional hardware circuits are developed for early fault detection. Two different methods are developed, one method for channel loop functionality test and another method for dose alarm test using electronic transient pulse. The design enhancement made for the external systems that are integrated with a CAS includes the power supply, criticality evacuation hooter circuit, radiation data acquisition system along with selection of different soft alarm set points, and centralized electronic test facility. The CAS incorporating all improvements are assembled, installed, tested, and validated along with rigorous surveillance procedures in a nuclear plant for a period of 18,000 h.

• Journal of Korean Society for Quality Management
• /
• v.42 no.1
• /
• pp.43-61
• /
• 2014

Purpose: This study identifies preventive measures for VOC management by analyzing the causes and effects of factors that contribute to high risk service failure using FMEA on KORAIL VOC data. Methods: Two research methods were used. First, a Risk Priority Number (RPN) was assigned to each KORAIL VOC based on Failure Mode and Effect Analysis (FMEA). Second, multiple regression analysis was run with RPN factors that include severity, occurrence, and detection as the independent variables and customer dissatisfaction as the dependent variable. Results: Multiple regression analysis showed that RPN factors including severity, occurrence, and detection had significantly positive relationship with customer dissatisfaction. Based on these results, an FMEA was performed on VOC categories with high RPN for railroad stations including platform, ticketing, ticket verification, parking, and escalator, and VOC categories with high RPN for trains including entrance doors, cafes, air quality, announcement, and ticket verification. Conclusion: This study has practical implications to service failure management. A priority order using FMEA was established for the list of customer dissatisfactions that should be addressed to actively manage service failure, and strategies for tackling this priority list are offered.

• Journal of International Area Studies (JIAS)
• /
• v.22 no.1
• /
• pp.67-90
• /
• 2018

France has allowed a deprivation of nationality for terrorism since 1996 Law. After then, a series of law revision (1998, 2006 law and 2010, 2015-2015 reform tries) have not only linked an act of terror with nationality deprivation but also put the dual national and their deprivation at the centre of dispute. Both 2010 Immigration Law by Sarkozy and 2015-2016 constitutional amendment by Hollande had been not adopted but have combined immigrants and security issue together by firmly solidifying the relationship between dual national and terrorist. Especially in 2015-2016, the constitutional amendment that failed to be adopted has extended a state of emergency and left the nationality deprivation of dual national as controversial issue. After over 4 months of discussion, the amendment that contains a clause of a state of emergency and extension plan for nationality deprivation was abolished but the dual national issues which had been non-politicized has now become politicized, defined as security issues and finally securitized. It shows very two-stage process of securitization argued by Copenhagen school including Buzan. The importance of securitization notion by Copenhagen school lies on the fact that it scrutinizes the constructive elements of the process of securitization. The concept of securitization allows us to see the problem of the process that defines a non-politicized issue as security one by making it political matter. Applying this process of securitization into the controversy of nationality deprivation of dual nationals in France, we can find out the development of non-controversial and non-politicized dual national issues into social agenda by politicization through speech-act or announcement effect.

• Journal of Environmental Impact Assessment
• /
• v.21 no.2
• /
• pp.297-314
• /
• 2012

This study investigates the stigma effect of unwelcomed facilities on apartment prices through multiple regressions based on hedonic price method. The areas studied are Sang-gye Jugong 7, 9, 10 apartment complexes. The facilities analyzed are the Chang-dong Electric Subway Depot and the Do-bong Driver's License Agency. The factors studied include the environmental variable (the elapsed time since the announcement of the re-location of these facilities), the view commanding, the distance from Chang-dong Depot, the distance from Do-bong Driver's License Test Course, the distance from neighboring facilities (subway stations, schools, parks and so on), the floor and each dwelling's exclusive space. The data used are 2,822 sales which have been collected since January 1, 2006. The facts found are as follows; first, the view commanding and the distance from the unwelcomed facilities are statistically significant. second, the environmental variable, 'days' turns out to have a positive (+) and a negative (-) significant relationship with the dependent variable, 'price', in period II and period IV respectively. This implies that the stigma effect is real. third, there are significant differences in the influence on the apartment prices among the independent variables according to time. fourth, the stigma effect is estimated as 33,686,920 Korean won in the case of the apartments which have the view commanding and 30,311,844 won in the other case before the global economic crisis. This effect seems to decrease to 22,085,078 won after the crisis. These facts suggest that stigma effects could be considered as one of the benefits in the cost-benefit analysis of Chang-dong Depot re-location project to produce somewhat higher NPV or B/C ratio.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.4 no.4
• /
• pp.45-70
• /
• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Asia-Pacific Journal of Business
• /
• v.11 no.4
• /
• pp.317-332
• /
• 2020

Purpose - This study examines the information effect and trading behavior of investors for the 430 stock split data from January 2004 to June 2018 in the Korean stock market. Design/methodology/approach - The stock split samples are classified into two groups by split ratio as well as three groups by price level prior to split. We also investigate the trading behavior of investors categorized by institutional versus individual investors. Findings - First, we find a significantly positive information effect on the announcement day. In particular, the information effect is more distinct in the group of larger split ratio and higher price level of stocks. Second, we find a huge increase in turnover following the stock splits, which mainly results from the trading by individual investors. Also, the increase in turnover by individual investors is evident in the group of larger split ratio and higher price level of stocks. Third, the stock splits have a negative impact on the long-term stock performance. The negative buy-and-hold abnormal return(BHAR) makes no difference in the groups by split ratio as well as price level of stocks. Lastly, we find individual investors tend to buy splitted stocks, which exhibit the long-term under-performance. Research implications or Originality - The results in this paper suggest that the liquidity hypothesis is not supported in the Korean stock splits. In addition, we observe that individual investors are exposed to losses due to their unfavorable trading behavior following the stock split.

• Journal of Korea Trade
• /
• v.23 no.6
• /
• pp.145-158
• /
• 2019

Purpose - Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value. Design/methodology - To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis. Findings - This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms' stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors' expectations were higher with new partners and new alliances than with old partners. Research Implications - A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times. Originality/value - This study analyzed partner volatility on relevant companies' stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.

• Journal of Intelligence and Information Systems
• /
• v.25 no.2
• /
• pp.99-122
• /
• 2019

According to the recent IDC (International Data Corporation) report, as from 2025, the total volume of data is estimated to reach ten times higher than that of 2016, corresponding to 163 zettabytes. then the main body of generating information is moving more toward corporations than consumers. So-called "the wave of Big-data" is arriving, and the following aftermath affects entire industries and firms, respectively and collectively. Therefore, effective management of vast amounts of data is more important than ever in terms of the firm. However, there have been no previous studies that measure the effects of big data investment, even though there are number of previous studies that quantitatively the effects of IT investment. Therefore, we quantitatively analyze the Big-data investment effects, which assists firm's investment decision making. This study applied the Event Study Methodology, which is based on the efficient market hypothesis as the theoretical basis, to measure the effect of the big data investment of firms on the response of market investors. In addition, five sub-variables were set to analyze this effect in more depth: the contents are firm size classification, industry classification (finance and ICT), investment completion classification, and vendor existence classification. To measure the impact of Big data investment announcements, Data from 91 announcements from 2010 to 2017 were used as data, and the effect of investment was more empirically observed by observing changes in corporate value immediately after the disclosure. This study collected data on Big Data Investment related to Naver 's' News' category, the largest portal site in Korea. In addition, when selecting the target companies, we extracted the disclosures of listed companies in the KOSPI and KOSDAQ market. During the collection process, the search keywords were searched through the keywords 'Big data construction', 'Big data introduction', 'Big data investment', 'Big data order', and 'Big data development'. The results of the empirically proved analysis are as follows. First, we found that the market value of 91 publicly listed firms, who announced Big-data investment, increased by 0.92%. In particular, we can see that the market value of finance firms, non-ICT firms, small-cap firms are significantly increased. This result can be interpreted as the market investors perceive positively the big data investment of the enterprise, allowing market investors to better understand the company's big data investment. Second, statistical demonstration that the market value of financial firms and non - ICT firms increases after Big data investment announcement is proved statistically. Third, this study measured the effect of big data investment by dividing by company size and classified it into the top 30% and the bottom 30% of company size standard (market capitalization) without measuring the median value. To maximize the difference. The analysis showed that the investment effect of small sample companies was greater, and the difference between the two groups was also clear. Fourth, one of the most significant features of this study is that the Big Data Investment announcements are classified and structured according to vendor status. We have shown that the investment effect of a group with vendor involvement (with or without a vendor) is very large, indicating that market investors are very positive about the involvement of big data specialist vendors. Lastly but not least, it is also interesting that market investors are evaluating investment more positively at the time of the Big data Investment announcement, which is scheduled to be built rather than completed. Applying this to the industry, it would be effective for a company to make a disclosure when it decided to invest in big data in terms of increasing the market value. Our study has an academic implication, as prior research looked for the impact of Big-data investment has been nonexistent. This study also has a practical implication in that it can be a practical reference material for business decision makers considering big data investment.

• Journal of the Korea Fashion and Costume Design Association
• /
• v.4 no.3
• /
• pp.65-73
• /
• 2002

The purpose of this study was to prepare lesson plans, study aids and multimedia learning materials for the clothing units in TechnologyㆍHome economics of the 7th national curricula. It's also meant to utilize these materials in instruction in order to provide students with more direct and practical learning experience and make them capable of leading a successful life in the 21st century. 1. The teaching plans were mapped out for the clothing units in TechnologyㆍHome economics class for middle school grade 2, which were all covered by eight textbooks: clothing and life(the function of clothes, my attire, wearing a suit, and wearing Korean traditional dress), the preparation of garments(the type of fiber, understanding of stuff, and preparing garments), and cloth care and storage (washing, storage, alteration and recycling). 2. The lesson plans included information on the name of units, period, learning objectives, teaching environment, materials, learning content, introduction, development, remarks, topping off, announcement for next session, and related Web sites. 3. To raise the effect of education, study aids were developed to be appropriate for the units. The lesson plans and study aids for the clothing part of TechnologyㆍHome economics class for middle school grade 2 would serve to help students build the right clothing habits, and are expected to serve as good teaching materials.