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

• Korean Journal of Oriental Medicine
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• v.9 no.1
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• pp.1-33
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• 2003

From the study on Doo-Jong Kims view of history about the early Korea$(Korea\;herewith\;stands\;for\;Korea\;dynasty\;A.D.918{\sim}1392)s$ Medicine, I came to a conclusion as follows. 1. Doo-Jong Kim is stressing on the fact that Early Koreas Medicine inherited from Shilla dynasty and seemingly expressing the pride of national medical science. But actually he distorted the Koreas independent growth with flunkeyism and insisted that Koreas medicine only took over Shilla dynastys which based on Chinese Tang dynastys medical science. As a result, Koreas medicine was blurred and evaluated as nothing but Tangs medicine. But, the reasons of Doo-Jong Kims viewpoints were not based on the fact, but on his speculation. 2. About the medical system, Doo-Jong Kim viewed that Korea copied Chinese Soo & Tangs medical system, But the fact is that Korea only borrowed a part of Chinese medical systems name, for examples, Tae-I-Gam, Sang-Yak-Kook, Sang-Sik-Kook, etc., and its actual functions were different and grew in Koreas own way, As a result, the titles or roles in the system were very different from those of Chinas. Especially, Korea saw much development in Science of Acupuncture and Moxibustion that there was a specialist on Acupuncture, called I-Chim-Sa, and even had much influences on Chinese Acupuncture and Moxibustions growth, exporting Hwang-Je-Ne-Kyong to Chinese Song dynasty. 3. About the education system of medicine, Doo-Jong Kim viewed that Koreas medicine was only a copy of Shilla dynastys which was based on Chinese Tang dynastys, taking the medical examination curriculum as an example. The fact is that Tangs medical curriculum was three, Bon-Cho, Kab-Ul, Maek-Kyong, Shilla had seven, Bon-Cho-Kyong, Kab-Ul-Kyong, So-Moon-Kyong, Chim-Kyong, Maek-Kyong, Myong-Dang-Kyong, Nan-Kyong, and Korea had ten, So-Moon-Kyong, Kab-Ul-Kyong, Bon-Cho-Kyong, Myong-Dang-Kyong, Maek-Kyong, Dae-Kyong-Chim-Kyong, Nan-Kyong, Ku-Kyong, Ryu-Yon-Ja-Bang, So-Kyong-Chang-Jeo-Ron. Simply considering this, it is so clear that Koreas medical curriculum was much more upgraded one than that of China. 4. About the examination system for civil service, Doo-Jong Kim expressed that Shilla dynasty did not have such system, and only expounded knowledge of Shilla medicine, In case of China, Tang danasty Hyang-Kong was only a qualification test for civil service, which the result was completely dependent on applicants social status, Song danasty examination system was composed of three steps of Hyang-Si, Sung-Si, Jeon-Si (See Note1), but it stuck to formality by having Jeon-Si of anti-fraudulence use. On the other hand, examination system for civil service in Korea dynasty started in 958 by an advice of Ssang-Ki, Chin-Si in 977 and K대-Ja-Si (See Note 1), a kind of Hyang-Si, in 1024., Three steps of examination system made employment for civil service strictly fair, Moreover, it was possible for offsprings of concubine to be an applicant. These easily explain that the examination system of Korea dynasty was more upgraded one than that of China, Tang ＆ Song dynasty. Hyang-Si : Exam in local area Sung-Si : Exam in province for those who passed Hyang-Si Jeon-Si : Exam held with Koea Kings supervision for those who passed Hyang-Si Keo-Ja-Si : Selective exam in local area like Hyang-Si. From the reasons above, it is clear that Doo-Jong Kim was much biased by flunkeyism through Japanese colonialisam and expressed his view on Korea Medical History based on such theory of heteronomy and stasis. Moreover, without rigid historical evidence on records, he distored the fact by translating incorrectly on his purpose. Therefore, Doo-Jong Kims Korean Medical History must be reevaluated through rigid historical research and his mistranslation should be corrected.

• Journal of Arbitration Studies
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• v.18 no.1
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• pp.167-184
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• 2008

The economic cooperation between the South and North Koreas is a very important issue for the unification and economic development of both Koreas. In order to reach a successful economic cooperation, there is a need to coordinate the differences of the two countries before unification. The economic cooperation and the cooperation in other sectors will be followed by the entire unification. It is necessary to prepare a mechanism that could peacefully solve the conflicts and disputes that could arise during the actual process of cooperation, which will secure stable investments and trades. The study on the possibility of introducing the arbitration system as a conflict solving mechanism between the two Koreas is a very important subject, and the basis of this study is on the examination of the arbitration laws of North Korea. Therefore, the study on the efficiency of the North Korean arbitration laws on foreign economy is studying the possibility of a systematical solution to economic conflicts between the South and North Koreas. The problems and possible solutions of the North Korean foreign economy arbitration laws are summarized as follows. First, juridical cooperation system for both South and North courts of justice needs to be set up to smoothly carry out the main procedures. Mutual correspondence and telecommunication needs to be guaranteed, also remittance and the movement of goods shall precede. Second, the free liquidation of businesses by unit and the individual and independent management of wealth of the North Korean economic bodies, organizations and businesses shall precede to independently liquidate wealth and thus make arbitration possible. Third, amendments in the North Korea's foreign economy arbitration law shall be made to some parts of regulations on arbitration agreements and specific contents of written arbitration agreements to avoid conflicts regarding arbitration agreement. Fourth, the members of the North Korean arbitration committee shall impartially manage the committee only without taking the role of arbitrator, and the clause that allows the North Korean committee to nominate the arbitrator shall be erased. In case an agreement regarding the number of arbitrators is not reached, the three arbitrators general rule shall be applied. In case of requests from any of the parties, a third country arbitrator nomination shall be guaranteed. Also, the requested arbitrator by the party shall be nominated with the cooperation of the court. Fifth, the trial in case of non-appearance or written trial shall be added to the North Korean law in to prevent intended negligence or evasion. Sixth, regulations regarding the court's investigation of evidence shall be added to the North Korean law to make fair arbitration possible in case that government power is needed in order to investigate evidence. Seventh, provisions regarding majority decision shall be added in the North Korean law in the impossibility of unanimous decisions, and the certified system in the arbitration committee official text shall be erased to prevent arrogation and assure the power of the decision made by the arbitration government. Eighth, as "the wrong decision approved" reason for cancellation of arbitration in the North Korean law includes the content of the decision made by the arbitrator could lead to uselessness of arbitration, amendment will be necessary to limit it to legitimacy of the arbitration agreement and wrong procedures. It is hoped that this thesis will be of important use in understanding the issues on the workability and the solutions to the South and North Koreas' arbitration that could be presented during the negotiations for the countries' economic cooperation.

• Management & Information Systems Review
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• v.35 no.1
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• pp.51-68
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• 2016

In this paper, we aim to analyze the effect of accounting policy change subsequent to the adoption of K-IFRS in Korea, whereby the firms are required to recognize impairment losses on goodwill on a periodic basis rather than to amortize over a specific period. As a principle-based accounting standard, the K-IFRS expands the scope of fair value measurement with a view to enhance the relevance and timeliness of accounting information. In the same vein, intangibles with indefinite useful life, of which goodwill is an example, are subject to regulatory impairment tests at least once a year. Related literature on the impact of mandatory change in goodwill policy document that impairment recognition is more likely to be practiced opportunistically, mainly because managers have a greater discretion to conduct the tests under K-IFRS. However, existing literature examined the frequency and/or magnitude of the goodwill impairment before versus after the K-IFRS adoption, failing to notice the impairment symptoms at individual firm level. Borrowing the definition of impairment symptoms suggested by Ramanna and Watts(2012), this study performs a series of tests to determine whether the goodwill impairment recognition achieves the goal of communicating timelier information under the K-IFRS regime. Using 947 firm-year observations from domestic companies listed in KRX and KOSDAQ markets from 2008 to 2011, we document overall delays in recognizing impairment losses on goodwill after the adoption of K-IFRS relative to prior period, based on logistic and OLS regression analyses. The results are qualitatively similar in robustness tests, which use alternative proxy for goodwill impairment symptom. Afore-mentioned results indicate that managers are likely to take advantage of the increased discretion to recognize the impairment losses on goodwill rather than to provide timelier information on impairment, inconsistent with the goal of regulatory authority, which is in line with the improvement of timeliness and relevance of accounting information in conjunction with the full implementation of K-IFRS. This study contributes to the extant literature on goodwill impairment from a methodological viewpoint. We believe that the method employed in this paper potentially diminishes the bias inherent in researches relying on ex post impairment recognition, by conducting tests based on ex ante impairment symptoms, which allows direct examination of the timeliness changes between before and after K-IFRS adoption.

• Journal of Intelligence and Information Systems
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• v.21 no.1
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• pp.161-177
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• 2015

With the rapid evolution of technology, the size, number, and the type of databases has increased concomitantly, so data mining approaches face many challenging applications from databases. One such application is discovery of fraud patterns from agricultural product wholesale transaction instances. The agricultural product wholesale market in Korea is huge, and vast numbers of transactions have been made every day. The demand for agricultural products continues to grow, and the use of electronic auction systems raises the efficiency of operations of wholesale market. Certainly, the number of unusual transactions is also assumed to be increased in proportion to the trading amount, where an unusual transaction is often the first sign of fraud. However, it is very difficult to identify and detect these transactions and the corresponding fraud occurred in agricultural product wholesale market because the types of fraud are more intelligent than ever before. The fraud can be detected by verifying the overall transaction records manually, but it requires significant amount of human resources, and ultimately is not a practical approach. Frauds also can be revealed by victim's report or complaint. But there are usually no victims in the agricultural product wholesale frauds because they are committed by collusion of an auction company and an intermediary wholesaler. Nevertheless, it is required to monitor transaction records continuously and to make an effort to prevent any fraud, because the fraud not only disturbs the fair trade order of the market but also reduces the credibility of the market rapidly. Applying data mining to such an environment is very useful since it can discover unknown fraud patterns or features from a large volume of transaction data properly. The objective of this research is to empirically investigate the factors necessary to detect fraud transactions in an agricultural product wholesale market by developing a data mining based fraud detection model. One of major frauds is the phantom transaction, which is a colluding transaction by the seller(auction company or forwarder) and buyer(intermediary wholesaler) to commit the fraud transaction. They pretend to fulfill the transaction by recording false data in the online transaction processing system without actually selling products, and the seller receives money from the buyer. This leads to the overstatement of sales performance and illegal money transfers, which reduces the credibility of market. This paper reviews the environment of wholesale market such as types of transactions, roles of participants of the market, and various types and characteristics of frauds, and introduces the whole process of developing the phantom transaction detection model. The process consists of the following 4 modules: (1) Data cleaning and standardization (2) Statistical data analysis such as distribution and correlation analysis, (3) Construction of classification model using decision-tree induction approach, (4) Verification of the model in terms of hit ratio. We collected real data from 6 associations of agricultural producers in metropolitan markets. Final model with a decision-tree induction approach revealed that monthly average trading price of item offered by forwarders is a key variable in detecting the phantom transaction. The verification procedure also confirmed the suitability of the results. However, even though the performance of the results of this research is satisfactory, sensitive issues are still remained for improving classification accuracy and conciseness of rules. One such issue is the robustness of data mining model. Data mining is very much data-oriented, so data mining models tend to be very sensitive to changes of data or situations. Thus, it is evident that this non-robustness of data mining model requires continuous remodeling as data or situation changes. We hope that this paper suggest valuable guideline to organizations and companies that consider introducing or constructing a fraud detection model in the future.

• The Korean Society of Law and Medicine
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• v.16 no.2
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• pp.159-193
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• 2015

Owing to causes such as population aging, increased use of various medical devices, long-term hospitalization of various patients with reduced immune function such as cancer, diabetes, and organ transplant patients, and the growing size of hospitals, hospital infections are continuing to increase. As seen in the MERS crisis of 2015, hospital infections have become a social and national problem. In order to prevent damage due to such hospital infections, it is necessary to first strictly implement measures to prevent hospital infections, while, on the other hand, providing proper relief of damage suffered due to hospital infections. However, the mainstream attitude of judicial precedents relating to hospital infection cases has been judged to in fact shift responsibility over damages due to hospital infections on the patient. In light of the philosophy of the damage compensation system, whose guiding principle if the fair and proper apportionment of damages, there is a need to seek means of drastically relaxing the burden of proof on the patient's side relative to conventional legal principles for relaxing the burden of proof, or the theory of de facto estimation. In relation to such need, the German civil code (Burgerliches Gesetzbuch), which defines contracts of medical treatment as typical contracts under the civil code, and has presumption of negligence provisions stipulating that, in cases such as hospital infections which were completely under the control of the medical care providers, if risks in general medical treatment have been realized which cause violations of the life, body, or health of patients, error on the part of the person providing medical care is presumed, was examined. Contracts of medical treatment are entered into very frequently and broadly in the everyday lives of the general public, with various disputes owing thereto arising. Therefore, it is necessary to, by defining contracts of medical treatment as typical contracts under the civil code, regulate the content of said contracts, as well as the proof of burden when disputes arise. If stipulations in the civil code are premature as of yet, an option may be to regulate through a special act, as is the case with France. In the case of hospital infection cases, it is thought that 'legal presumption of negligence' relating to 'negligence in the occurrence of hospital infections,' which will create a state close to equality of arms, will aid the resolution of the realistic issue of the de facto impossibility of remedying damages occurring due to negligence in the process of occurrence of hospital infections. Also, even if negligence is presumed by law, as the patient side is burdened with proving the causal relationships, such drastic confusion as would occur if the medical care provider side is found fully liable if a hospital infection occurs may be avoided. It is thought that, alongside such efforts, social insurance policy must be improved so as to cover the expenses of medical institutions having strictly implemented efforts to prevent hospital infections in the event that they have suffered damages due to a hospital infection accident, and that close future research and examination into this matter will be required.

• Journal of the Korean Society of Food Culture
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• v.11 no.4
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• pp.455-463
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• 1996

A survey was conducted to investigate the perceptions of health and foods, and the food habits among the elderly men who came to the Tap-Gol park on a daily basis. A total of 253 subjects were selected for this study. The data was analyzed through the $X^2-test$, Duncan's multiple range test and Pearson Correlation by the use of SAS program. The results were as follows. The majority of the subjects were in their 70's. 56.1% of them lived with their sons' families, 9.1% lived alone, and 27.3% lived with a spouse. 32% of the subjects were living with the expense less than 50,000 won per month. Although some were suffering from such diseases as arthritis, indigestion, and hypertension etc., the subjects were generally in good health. Their dependance on dietary supplements were insignificant. Most of the subject had a common-sensible notion as to health. They put emphasis on the three factors for the maintenance of good health: a balanced diet, a peace of mind and exercising. With regard to the food habits, the majority were fair in general. The subject living with family had more regular meals than the single people did. 41.5% of the subjects responded that they had irregular meals, mainly for lunch due to a poor appetite or a financial problem. The respondents cited protein food, milk, fruit, sea weeds and food cooked with oil as conducive to good health. But what they consumed did not match what they thought was good, particularly milk. The results of this study lead to the suggestion that Korea need to develop such a lunch program for the elderly as is practiced in the U.S., through which dietary motivation can be stimulated and a low-priced and balanced diet offered at least for one meal a day.

• Journal of Legislation Research
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• no.53
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• pp.525-551
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• 2017

This Article discusses the current trend of European competition damage actions focused on the recent Damage Directive and its transposition by the United Kingdom and Germany. The relevant Directive was signed into law in November 2014, and it requires the EU Member States to adopt certain measures to support competition damage actions. The required measures and principles by the Directive include right to full compensation, rebuttable presumption of harm, extensive disclosure of evidence, use of pass-on for defense and indirect purchaser suits. Although many Member States did not meet the deadline to transpose the Directive, the end of 2016, it is reported that 23 Member States have now, as of September 2017, made enactments according to the Directive. When we look at the transposition done by the United Kingdom and Germany, the revisions on their competition laws closely follow the contents of the Directive. However, it will take quite a long time before the amended provisions apply to actual cases since most of the new provisions apply to the infringement that take place after the date of the amendment. A similar situation regarding application time may happen in some other Member States. Furthermore, even if the terms of the competition laws of the Member States become similar following the Directive, the interpretations of the laws may differ by the courts of different countries. EU also does not have a tool to coordinate the litigations that are brought in different Member States under the same facts. It is true that the EU made a big step to enhance competition damage actions by enacting Damage Directive. However, it needs to take more time and resources to have settled system of competition private litigation throughout the Member States. Korea has also experienced increase in competition damage actions during the last fifteen years, and there have been some revisions of the relevant fair trade law as well as development of relevant legal principles by court decisions. Although there are some suggestions that Korea should have more enactments similar to the EU Directive, its seems wiser for Korea to take time to observe how EU countries actually operate competition damage actions after they transposed the Directive. Then, it will be able to gain some wisdom to adopt competition action measures that are suitable for Korean legal system and culture.

• Journal of Conservation Science
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• v.34 no.6
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• pp.595-604
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• 2018

In this study, in a bid to develop natural bioadhesives for paper craft, the hanji industry, and preserving cultural assets, complex polysaccharides were extracted from brown and red algae and used as an ingredient in adhesives. Brown algae include sea trumpet, kelp, sea oak, and sea mustard, whereas red algae include Pachymeniopsis elliptica agar-agar weed, Gloiopeltis tenax, and hunori. The polysaccharides were extracted after transforming them from non-aqueous Ca complexes contained in each of the brown and red algae into water-soluble polysaccharides containing alkali metals with a solubility level of 1. and extracted Subsequently, only the polysaccharides were extracted using alcohol precipitation. The adhesion tensile strengths of kelp, a brown algae, and Pachymeniopsis elliptica, a red algae, were 21.58 and 32.99 kgf, respectively. They thus demonstrated better adhesion than that of solid glue products such as water plants (18.45 kgf) and glue sticks (20.45 kgf). The extraction yield of these polysaccharides is supposed to be determined according to their extracted environments; however, no difference in adhesion strength was seen. Further, it was found that the shapes of polysaccharides were determined by their growing environment instead of extraction environment. Use of multi-step alcohol precipitation method during extraction enabled the removal of the constituents except protein and other polysaccharides, thereby demonstrating a stable outcome without cultivation of mold. Furthermore, there was no occurrence of mold even after production of the adhesives by the simple solution method, which demonstrates the adhesive's potential as an environment-friendly adhesive material.

• Journal of Intelligence and Information Systems
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• v.28 no.3
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• pp.259-278
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• 2022

With the spread of Artificial Intelligence (AI), various AI-based services are expanding in the financial sector such as service recommendation, automated customer response, fraud detection system(FDS), credit scoring services, etc. At the same time, problems related to reliability and unexpected social controversy are also occurring due to the nature of data-based machine learning. The need Based on this background, this study aimed to contribute to improving trust in AI-based financial services by proposing a checklist to secure fairness in AI-based credit scoring services which directly affects consumers' financial life. Among the key elements of trustworthy AI like transparency, safety, accountability, and fairness, fairness was selected as the subject of the study so that everyone could enjoy the benefits of automated algorithms from the perspective of inclusive finance without social discrimination. We divided the entire fairness related operation process into three areas like data, algorithms, and user areas through literature research. For each area, we constructed four detailed considerations for evaluation resulting in 12 checklists. The relative importance and priority of the categories were evaluated through the analytic hierarchy process (AHP). We use three different groups: financial field workers, artificial intelligence field workers, and general users which represent entire financial stakeholders. According to the importance of each stakeholder, three groups were classified and analyzed, and from a practical perspective, specific checks such as feasibility verification for using learning data and non-financial information and monitoring new inflow data were identified. Moreover, financial consumers in general were found to be highly considerate of the accuracy of result analysis and bias checks. We expect this result could contribute to the design and operation of fair AI-based financial services.