• 경영과학
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• 제17권3호
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• pp.61-71
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• 2000

Due to the potential growing capability that reflects future value, the market value of internet business companies (IB) are still evaluated high although major players like Amazon continuously suffer losses. Then, how do investors valuate the potential growing capabilities given that traditional financial/accounting based valuation approaches seem to be inappropriate for IB. This study attempts to provide an answer to this issue. We, therefore, analyzed the predictability of various accounting and non-accounting variables for IB value. These include book value, net income, unique visitors, page view, reach rate, public float and institutional holdings. Because of being in infant stage and difficulties in obtaining necessary web traffic data, sample of 20 pure IB were selected from Korea Stock Exchange Market, KOSDAQ, and informal market. The results of this study showed that web traffic date had the strongest relationship with IB value. In particular, unique visitors and reach rate were found to be best predictors for IB value while page view was reasonable indicator. Interestingly, net income was not found to related to IB value. This calls for an attention to the typical characteristics of IB that my hinder the usage of traditional valuation approaches for IB. Another results revealed that none of both public float and institutional holdings was significantly associated with IB value, indicating market’s supply-demand factors were less important than traffic information.

• 한국경영과학회지
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• 제39권3호
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• pp.63-82
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• 2014

The main objective of this research is to investigate whether the RFM (recency-frequency-monetary value) information of a customer's redemption behavior of loyalty points can improve the prediction of future value of the customer. The conventional measurement of customer value has been primarily based on purchase transactions behavior although a customer's future behavior can be also influenced by other interactions between the customer and the firm such as redemption of rewards in a loyalty program. We theorize why a customer's redemption behavior can influence her future purchases and thereby the customer's total value based on operant learning theory, goal gradient hypothesis, and lock-in effect. Using a dataset from a major book store in Korea spanning three years between 2008 and 2010, we analyze both purchase transactions and redemption records of over 10,000 customers. The results show that the redemption-based RFM information does improve the prediction accuracy of the customer's future purchases. Based on this result, we also propose an improved estimate of customer lifetime value (CLV) by combining purchase transactions and loyalty points redemption data. Managerial implications will be also discussed for firms managing loyalty programs to maximize the total value customers.

• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.163-174
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• 2023

This study aims to investigate the effect of the composition of the board and ownership structure on a firm's value in Jordanian firms. Specifically, it aims to determine the effect of board size, (CEO) duality, and family, foreign, institutional, and government ownership on a firm's value. An ordinary least square regression (OLS) was employed to examine the study hypotheses in a sample of 35 Jordanian industrial firms (175 firm-year observation) for a period of five years from 2016-2020. As measured by Tobin's Q (Q ratio) and market-to-book (MB ratio) for Jordanian industrial firms listed on Amman Stock Exchange (ASE). The result found that foreign ownership, institutional ownership, and family ownership have a significant and positive effect on firm value. By contrast, government ownership does not have a significant effect on firm value. With respect to board composition (CEO duality and board size), the study results found no evidence to support the effect of board composition on firm value. The study recommended the concerned authorities with several recommendations, most notably: taking the necessary measures to ensure the continuity and growth of family businesses because of their positive impact on the value of the company and economic growth, spreading awareness about how governance protects the interests of investors.

• Applied Biological Chemistry
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• 제26권1호
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• pp.28-34
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• 1983

발아초기(發芽初期)에 콩(대두(大豆))의 부위별(部位別)로 Lactate dehydrogenase(LDH)의 Isozyme 존재가능성(存在可能性)을 조사(調査)하기 위한 기초적(基礎的)인 연구(硏究)가 수행(遂行)되었다. 발아가 진행(進行)됨에 따라 자엽부위의 효소활성변화(酵素活性變化)에는 큰 유의성이 나타나지 않았으나, 배축이나 뿌리 부위(部位)에서는 감소하는 경향을 보였으며 $4{\sim}7^{\circ}C$에서 배축이나 뿌리로부터 얻은 LDH는 자엽에서 얻은 LDH에 비(比)해 불안정(不安定)했다. 전기영동상의 Rm value가 자엽으로부터 얻은 효소(酵素)에서는 0.25인데 비하여, 배축으로 부터 분리된 LDH는 0.29였다. 배축이나 뿌리로 부터 분리된 LDH는 Biphasic으로 0.45mM과 0.014mM의 두 km값을 보이고 자엽부위에서는 0.45mM 값만 관찰할 수 있었다. 이상의 결과는 자엽부위의 LDH와는 다른 성질(性質)을 가진 LDH가 배축이나 뿌리부위(部位)에 존재(存在)할 가능성(可能性)을 보여주고 있다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.615-626
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• 2020

The purpose of this study is to analyze the determinants of risk factor model for the Jordanian banking stocks from 2006 to 2018. This study employs the Five-factor Fama and French's (2015) methodology and uses the annual returns of all Jordanian banks including 2 Islamic and 13 commercial banks listed on the Amman Stock Exchange (ASE) over a period of 13 years. The results show that the factors of value and profitability have an important role in evaluating the expected return in Jordanian banking stocks. Moreover, the value HML and profitability RMW factors provide the highest cumulative returns among these five factors, while the investment CMA and size SMB factors are still around zero cumulative returns. For the market factor, it provides the least negative cumulative returns. The results showed that the largest correlation is between value and investment factors which means that banks with a high book to market value become banks with a conservative investment strategy. The result of the sub-periods confirmed the value and profitability results. The findings of this study suggest that the five-factor Fama and French model is the choice of building an investment portfolio, especially the factors of value and profitability.

• Asia pacific journal of information systems
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• 제20권3호
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• pp.33-49
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• 2010

We empirically examine the impact of online auction knowledge and category-specific knowledge on the final price of online auctions. Specifically, we question how the relationship between buying and selling experiences affects the final prices of online auctions. Related to the trust between buyers and sellers, we examine the multiple interactions between a buyer-seller pairand aim to identify how these repeated transactions influence the final price. To contrast these effects with other product related factors, we focus on so called 'common value' auctions of vintage stamps on eBay, in which the ex-post value of the product is the same among participating agents’ perceived value. Online auction of stamps provides a representative setting to examine the relationship between market experience and the auction participation behavior in the common value auction, as it provides the book value of stamp as well as price variation across individual buyers with different expertise levels. Our analysis of over 3000 stamps auctions on eBay indicates a significantly high frequency of buyer-seller (pair) interactions, thus suggesting a 'relationship view' of auctions. The work validates five hypotheses derived from the existing theory in economics, marketing, and information systems. Through the common-value auction data, we find that seller's online auction experience and category-specific experience favor sellers by increasing the final price. However, buyer's online auction experience does not affect the final price, but buyer's category-specific experience favors buyers by decreasing the final price. We find that the trust between two trading parties increases the final price.

• 아태비즈니스연구
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• 제14권1호
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• pp.327-340
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• 2023

Purpose - The purpose of this study is to examine the information effect of securities firm's net operating capital, securities firm's regulatory purposes capital, by analyzing the value relevance of net operating capital. Design/methodology/approach - This study was empirically analyzed using samples of domestic listed securities firms in the past 12 years, and multiple regression analysis and Vuong (1989) test were used together as specific research methods. Findings - First, it was found that the net operating capital of securities firms has an incremental value relevance that is added to basic accounting information (equity book value, profit or loss information). Second, after classifying equity capital on the books into net operating capital and the rest of equity capital, the value relevance of net operating capital was significantly higher than that of other equity capital. Research implications or Originality - The results of this study indicate that the level of regulatory capital in the securities industry can be used in the process of evaluating firm value in the capital market, and it is significant in that capital market evaluation can be stratified according to regulatory purposes.

• 한국어교육
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• 제28권4호
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• pp.245-271
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• 2017

This study aimed at investigating the lexical diversity in the "Frog Story" narratives of Korean-Chinese bilingual children. Six bilingual speakers of Korean children- four boys and two girls- were audio recorded as they produced narratives based on pictures from the Mercer Mayer book "Frog, where are you?" The order of narration was counterbalanced. The vocabularies from narratives were analyzed by type, token, TTR (type-token Ratio) and D value using the CLAN (Computerized Language Analysis) program. The findings showed that the pattern of lexical diversity in Korean is similar with the Chinese, but the TTR and D value of Chinese still remain low in comparison with those of Korean. In addition, Korean language seems to have significant influence on Chinese in the language usage pattern and vice versa.

• 복식
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• 제24권
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• pp.193-203
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• 1995

The objective of this research was to study the optical illusion effect and the difference of image of textile pattern design. This research also tried to show the more useful method to make stimulus by computer simulation and to present quantitative data. For the experiment, 3 design variable were selected from design principal book as follows : size, arrangement and value harmony of motive. Size of motive variable was divided into 3 level so by use of check & dot pattern, arrangement of motive variable was manipulated to vias direction for check pattern and value harmony between motive & base color was classified into similar value harmony and contrasting value harmony. Visual stimuli which same model was wearing each design were created by ENVISION program. This photographs were given to evaluating panels, Then panels compared experiment design by slim effect and evaluated for 5-sementic differential scale expressing clothing image. The results were as follows : 1) There were significant difference is slim effect, clothing image as simplicity and boldness according to size of Motive. 2) Arrangement of motive for check pattern had significant effects on slim , clothing images as activity and attractiveness. 3) Case of low value base color and high value dot color has significant high score on slim effect, activity, attractiveness, boldness and youthful image.

• 대한한의학방제학회지
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• 제28권3호
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• pp.289-300
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• 2020

Objectives : In this paper, We pointed out medico-historical meaning of Hyang'yak Kugŭppang (鄕藥救急方, Medical Recipes of Local Botanicals for Emergency Use), a medical book of Koryŏ Dynasty, breaking from the existing analysis view based on Hyang'yak (鄕藥), local herbs produced in Korean Peninsula. Methods : For that purpose, we analyzed the clinical characteristics of the diseases and symptoms, strategies of treatment, therapeutic tools, drug formulations, composition of herbal formulas in Hyang'yak Kugŭppang. Results : The following characteristics were confirmed in Hyang'yak Kugŭppang. First, it contained a way to cope with the diseases and symptoms that do not have to check the exterior, interior, cold, and heat. Also, it introduced basic strategies such as reducing, facilitating flow, draining downward, warming, or tonifying, etc. It mainly included herbal medicine as the therapeutic tools, and introduced formulas composed by single herb than complex recipes. It suggested external applications more than internal use, and proposed formulations in the form of decoctions or powders, etc. The herbs of formulas were used by experience without explanations of nature & taste, efficacy of each herbs. Conclusions : Hyang'yak Kugŭppang is a book of medical recipes for emergency use that has been distributed to help gentries, even if they do not have professional medical knowledge, to instantly cope with diseases and symptoms with medicines that are easy to obtain. Previous researches has analyzed the value of Hyang'yak Kugŭppang as a collection of information of hyang'yak, and used it as a historical basis of the uniqueness of Korean medicine. Since Hyang'yak Kugŭppang is not a book specialized for herbs, but rather a clinical medical book that introduces recipes for specific symptoms of diseases, if we pay attention to the clinical characteristics of Hyang'yak Kugŭppang, it will provide an opportunity to describe Koryŏ or Korean medicine in a new way.