• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• Tuberculosis and Respiratory Diseases
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• v.80 no.2
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• pp.105-112
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• 2017

Spirometry is a physiological test for assessing the functional aspect of the lungs using an objective indicator to measure the maximum amount of air that a patient can inhale and exhale. Acceptable spirometry testing needs to be conducted three times by an acceptable and reproducible method for determining forced vital capacity (FVC). Until the results of three tests meet the criteria of reproducibility, the test should be repeated up to eight times. Interpretation of spirometry should be clear, concise, and informative. Additionally, spirometry should guarantee optimal quality prior to the interpreting spirometry results. Our guideline adopts a fixed normal predictive value instead of the lower limit of normal as the reference value because fixed value is more convenient and also accepts FVC instead of vital capacity (VC) because measurement of VC using a spirometer is impossible. The bronchodilator test is a method for measuring the changes in lung capacity after inhaling a short-acting ${\beta}-agonist$ that dilates the airway. When an obstructive ventilatory defect is observed, this test helps to diagnose and evaluate asthma and chronic obstructive pulmonary disease by measuring reversibility with the use of an inhaled bronchodilator. A positive response to a bronchodilator is generally defined as an increase of ${\geq}12%$ and ${\geq}200mL$ as an absolute value compared with a baseline in either forced expiratory volume at 1 second or FVC.

• The Journal of the Korea Contents Association
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• v.20 no.10
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• pp.510-521
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• 2020

Recently, transparency in accounting for medical institutions has been emphasized. However, due to the current system problems and structural limitations, there is a lack of diagnosis on the financial status of domestic hospitals. This study is based on the financial statements per 100 beds of 374 including domestic hospital level to tertiary hospital, and analyzed the Free Cash Flow(FCF) by hospital size from the perspective of Free Cash Flow Hypothesis. After deriving Operating Cash Flow(OCF) through the profit or loss statement of medical institutions, FCFs were analyzed through the prior and current financial statements and OCFs, and the correlation between financial variables was confirmed. According to the analysis, first, hospitals with 160 to 299 beds and 300 beds or more have relatively high FCFs. Second, certified tertiary hospitals, hospitals with less than 160 beds, and general hospitals have negative(-) FCFs. Thus, there's a need to narrow the FCF gap based on the size of the hospital, maintaining an appropriate level of FCF. This study is meaningful in that it was the first FCF analysis based on hospital size. This study is also expected to offer an informative resources in setting differentiated strategies according to the size of medical institutions when establishing new accounting policies in the future.

• Journal of Intelligence and Information Systems
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• v.21 no.2
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• pp.173-190
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• 2015

The purpose of this study is to improve bankruptcy prediction models by using a novel hybrid under-sampling approach. Most prior studies have tried to enhance the accuracy of bankruptcy prediction models by improving the classification methods involved. In contrast, we focus on appropriate data preprocessing as a means of enhancing accuracy. In particular, we aim to develop an effective sampling approach for bankruptcy prediction, since most prediction models suffer from class imbalance problems. The approach proposed in this study is a hybrid under-sampling method that combines the k-Reverse Nearest Neighbor (k-RNN) and one-class support vector machine (OCSVM) approaches. k-RNN can effectively eliminate outliers, while OCSVM contributes to the selection of informative training samples from majority class data. To validate our proposed approach, we have applied it to data from H Bank's non-external auditing companies in Korea, and compared the performances of the classifiers with the proposed under-sampling and random sampling data. The empirical results show that the proposed under-sampling approach generally improves the accuracy of classifiers, such as logistic regression, discriminant analysis, decision tree, and support vector machines. They also show that the proposed under-sampling approach reduces the risk of false negative errors, which lead to higher misclassification costs.

• Journal of the korean academy of Pediatric Dentistry
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• v.43 no.3
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• pp.246-253
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• 2016

The optimal time for the removal of supernumerary teeth can be divided into two groups; early removal and late removal. While each group has its own advantages, the effects on maxillary central incisor can be significant. The purpose of this study was to determine the ideal time for the removal of the supernumerary teeth by evaluating 166 patients for three months after surgical removal of supernumerary teeth. Relatively young patients in early Hellman's dental stage with less developed or unerupted maxillary central incisor had less midline deviation. No statistical significance was found in diastema, rotation of the maxillary incisors and their changes during a follow-up period. Removal of supernumerary teeth should be considered as a preventative measure prior to eruption of the maxillary incisors when the midline deviation is observed in panoramic radiographic examination. This study will be useful in determining the optimal time for the removal of supernumerary teeth depending on the location of the maxillary incisors. This study will be informative on deciding the optimal time to remove the supernumerary teeth depending on the various positions of the maxillary central incisor. (this sentence is better to use)

• Culinary science and hospitality research
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• v.21 no.4
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• pp.294-308
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• 2015

The purpose of this study was to look into the service quality of websites and the attributes of review information thereon as perceived by visitors thereto and to analyze the effect that the service quality of festival websites and informative usefulness of testimonials would have on the satisfaction with use, along with the effect that the satisfaction with use would have on behavioral intention. Based on the results of this study, we intended to present measures that could help strengthen the intention to spread positive word-of-mouth for festivals and to visit a festival through satisfaction with a festival's website. The festival selected to achieve the objectives of this study was the Yeongdeok Snow Crab Festival, which is one of the most renowned local food festivals in the Gyeongbuk region, having been held for 17 consecutive years, and has been selected as the top festival of Gyeongsangbuk-do for 4 consecutive years. We surveyed visitors to Yeongdeok Snow Crab Festival who had searched for information on the Yeongdeok Snow Crab Festival prior to its opening, as well as those who had participated in Yeongdeok Snow Crab Festival before. The results of this study showed that review information on a food festival website, service quality design, adequacy of substance, responsiveness to customers, and system capability were found to have a positive effect on behavioral intention through satisfaction with use. The findings suggest that it is crucial to manage the service quality of websites in order to stimulate interest in, and induce visits to, food festivals.

• Journal of Digital Convergence
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• v.13 no.5
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• pp.177-185
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• 2015

The gender difference in social roles affects digital devices' utilization differences in man and woman even in the 21st Century. Prior studies analyze the digital divide (genders, ages, etc.) from the assessment perspectives of digital equipment, such as PCs. In the area of high speed internet, most functions of PCs have been replaced with smartphones, and around 80% of the mobile phone users adopt smartphones. Subsequently the inequality of physical access to the digital devices is no longer a criterion for digital divide. The focus on digital divide should be shifted from the physical access to other factors, such as socio-technical or socio-cultural ones. This paper examines utilization of women's digital equipment, in particular, preparing for tourism activities, which is popular but sensitive to the technology. A survey was conducted with participants of [Suncheon Garden Expo] 2013. The results of this study capture the inactive use of digital devices particularly women over 50s. This phenomenon (high utilization of the digital devices for social or informative purposes, but low utilization of the digital payment) implies other aspects of Korean women (economic independence, low self-assertion, technical difficulties, etc.), which is considered from the socio-technological convergence perspective. This study also has a practical implication on the side of the digital device developers as well as marketing, where the qualitative communication is likely to be incorporated for the women over 50s.

• Journal of Intelligence and Information Systems
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• v.21 no.3
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• pp.117-129
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• 2015

As the Internet becomes ubiquitous, a large volume of information is posted on the Internet with exponential growth every day. Accordingly, it is not unusual that investors in stock markets gather and compile firm-specific or market-wide information through online searches. Importantly, it becomes easier for investors to acquire value-relevant information for their investment decision with the help of powerful search tools on the Internet. Our study examines whether or not the Internet helps investors assess a firm's value better by using firm-level data over long periods spanning from January 2004 to December 2013. To this end, we construct weekly-based search volume for information technology (IT) services firms on the Internet. We limit our focus to IT firms since they are often equipped with intangible assets and relatively less recognized to the public which makes them hard-to measure. To obtain the information on those firms, investors are more likely to consult the Internet and use the information to appreciate the firms more accurately and eventually improve their investment decisions. Prior studies have shown that changes in search volumes can reflect the various aspects of the complex human behaviors and forecast near-term values of economic indicators, including automobile sales, unemployment claims, and etc. Moreover, search volume of firm names or stock ticker symbols has been used as a direct proxy of individual investors' attention in financial markets since, different from indirect measures such as turnover and extreme returns, they can reveal and quantify the interest of investors in an objective way. Following this line of research, this study aims to gauge whether the information retrieved from the Internet is value relevant in assessing a firm. We also use search volume for analysis but, distinguished from prior studies, explore its impact on return comovements with market returns. Given that a firm's returns tend to comove with market returns excessively when investors are less informed about the firm, we empirically test the value of information by examining the association between Internet searches and the extent to which a firm's returns comove. Our results show that Internet searches are negatively associated with return comovements as expected. When sample is split by the size of firms, the impact of Internet searches on return comovements is shown to be greater for large firms than small ones. Interestingly, we find a greater impact of Internet searches on return comovements for years from 2009 to 2013 than earlier years possibly due to more aggressive and informative exploit of Internet searches in obtaining financial information. We also complement our analyses by examining the association between return volatility and Internet search volumes. If Internet searches capture investors' attention associated with a change in firm-specific fundamentals such as new product releases, stock splits and so on, a firm's return volatility is likely to increase while search results can provide value-relevant information to investors. Our results suggest that in general, an increase in the volume of Internet searches is not positively associated with return volatility. However, we find a positive association between Internet searches and return volatility when the sample is limited to larger firms. A stronger result from larger firms implies that investors still pay less attention to the information obtained from Internet searches for small firms while the information is value relevant in assessing stock values. However, we do find any systematic differences in the magnitude of Internet searches impact on return volatility by time periods. Taken together, our results shed new light on the value of information searched from the Internet in assessing stock values. Given the informational role of the Internet in stock markets, we believe the results would guide investors to exploit Internet search tools to be better informed, as a result improving their investment decisions.

• Proceedings of the Korean Environmental Health Society Conference
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• 2005.06a
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• pp.45-72
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• 2005

C. neoformans-associated cryptococcosis is primarily a disease of immunocompromised persons, has a world-wide distribution, and is often spread by pigeons in the urban environment. In contrast, C. gattii causes infection in normal hosts, has only been described in tropical and semi-tropical areas of the world, and has a unique niche in river gum Eucalyptus trees. Cryptococcosis is acquired through inhalation of the yeast propagules from the environment. C. gattii has been identified as the cause of an emerging infectious disease centered on Vancouver Island, British Columbia, Canada. No cases of C. gattii-disease were diagnosed prior to 1999; the current incidence rate is 36 cases per million population. A search was initiated in 2001 to find the ecological niche of this basidiomycetous yeast. C. gaftii was found in the environment in treed areas of Vancouver Island. The highest percentage of colonized-tree clusters were found around central Vancouver Island, with decreasing rates of colonization to the north and south. Climate, soil and vegetation cover of this area, called the Coastal Douglas fir biogeoclimatic zone, is unique to British Columbia and Canada. The concentration of airborne C. gattii was highest in the dry summer months, and lowest during late fall, winter, and early spring, months which have heavy rainfall. The study of the emerging colonization of this organism and subsequent cases of environmentally acquired disease will be informative in planning public health management of new routes of exposure to exotic agents in areas impacted by changing climate and land use patterns. Cryptococcosis is an infection associated with an encapsulated, basidiomycetous yeast Cryptococcus neoformans. The route of entry for this organism is through the lungs, with possible systemic spread via the circulatory system to the brain and meninges. There are four cryptococcal serogroups associated with disease in humans and animals, distinguished by capsular polysaccharide antigens. Cryptococcus neoformans: variety grubii (serotype A), variety neoformans (serotype D), and variety gattii (serotypes B and C) (Franzot et at. 1999). C. neoformans variety gattii has recently been elevated to species status, C. gattii. C. neoformans val. grubii and var. neoformans have a world-wide distribution, and are particularly associated with soil and weathered bird droppings. In contrast, C. gattii (CG) is not associated with bird excrement, is primarily found in tropical and subtropical climates, and has a restricted environmental niche associated with specific tree species. (Ellis & Pfiffer 1990) Ellis and Pfeiffer theorize that, as a basidiomycete, CG requires an association with a tree in order to become pathogenic to mammals. In Australia, CG has been found to be associated with five species of Eucalypts, Eucalyptus camaldulensis, E. tereticornis, E. blakelyi, E. gomphocephala, and E. rudis. Eucalypts, although originally native to Australia, now have a world-wide distribution. CG has been found associated with imported eucalypts in India, California, Brazil, and Egypt. In addition, in Brazil and Columbia, where eucalypts have been naturalized, native trees have been shown to harbour CG (Callejas et al. 1998; Montenegro et al. 2000). In British Columbia, Canada, since the beginning of 1999, there have been 120 confirmed cases of cryptococcal mycoses associated with CG in humans, including 4 fatalities (data from British Columbia Centre for Disease Control), and over 200 cases in animal pets in BC (data from Central Laboratory for Veterinarians). What is remarkable about the BC outbreak of C. gattii-cryptococcosis is that all of the cases have been residents of, or visitors to, a narrow area along the eastern coast of Vancouver Island, BC, from the tip of the island in the south (Victoria) to Courtenay on the north-central island as illustrated in Figure 1. Of the first 38 human cases, 58% were male with a mean age of 59.7 years (range 20 - 82): 36 cases (95%) were Caucasian. Ten cases (26%) presented with meningitis, the remainder presented with respiratory symptoms. Cultures recovered from cases of cryptococcosis associated with the outbreak were typed as serogroup B, which is specific to CG (Bartlett et al. 2003). This was the first reported outbreak of CVG in Canada, or indeed, the world. Where infection with CG is endemic, for example, Australia, the incidence of cryptococcosis ranges from 1.8 - 4.7 per million between the southern and northern states (Sorrell 2001). However, the overall incidence of cryptococcosis in immunocompenent individuals has been estimated at 0.2 per million population per year (Kwon-Chung et al. 1984). The population of Vancouver Island is approximately 720,000,consequently, even if the organism were endemic, one would expect a maximum of 0.15 cases of cryptococcal disease annually.

• Journal of Intelligence and Information Systems
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• v.26 no.1
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• pp.75-95
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• 2020

With the growth of social networks, various forms of SNS have emerged. Based on various motivations for use such as interactivity, information exchange, and entertainment, SNS users are also on the fast-growing trend. Facebook is the main SNS channel, and companies have started using Facebook pages as a public relations channel. To this end, in the early stages of operation, companies began to secure a number of fans, and as a result, the number of corporate Facebook fans has recently increased to as many as millions. from a corporate perspective, Facebook is attracting attention because it makes it easier for you to meet the customers you want. Facebook provides an efficient advertising platform based on the numerous data it has. Advertising targeting can be conducted using their demographic characteristics, behavior, or contact information. It is optimized for advertisements that can expose information to a desired target, so that results can be obtained more effectively. it rethink and communicate corporate brand image to customers through contents. The study was conducted through Facebook advertising data, and could be of great help to business people working in the online advertising industry. For this reason, the independent variables used in the research were selected based on the characteristics of the content that the actual business is concerned with. Recently, the company's Facebook page operation goal is to go beyond securing the number of fan pages, branding to promote its brand, and further aiming to communicate with major customers. the main figures for this assessment are Facebook's 'OK', 'Attachment', 'Share', and 'Number of Click' which are the dependent variables of this study. in order to measure the outcome of the target, the consumer's response is set as a key measurable key performance indicator (KPI), and a strategy is set and executed to achieve this. Here, KPI uses Facebook's ad numbers 'reach', 'exposure', 'like', 'share', 'comment', 'clicks', and 'CPC' depending on the situation. in order to achieve the corresponding figures, the consideration of content production must be prior, and in this study, the independent variables were organized by dividing into three considerations for content production into three. The effects of content material, content structure, and message styles on Facebook's user behavior were analyzed using regression analysis. Content materials are related to the content's difficulty, company relevance, and daily involvement. According to existing research, it was very important how the content would attract users' interest. Content could be divided into informative content and interesting content. Informational content is content related to the brand, and information exchange with users is important. Interesting content is defined as posts that are not related to brands related to interesting movies or anecdotes. Based on this, this study started with the assumption that the difficulty, company relevance, and daily involvement have an effect on the dependent variable. In addition, previous studies have found that content types affect Facebook user activity. I think it depends on the combination of photos and text used in the content. Based on this study, the actual photos were used and the hashtag and independent variables were also examined. Finally, we focused on the advertising message. In the previous studies, the effect of advertising messages on users was different depending on whether they were narrative or non-narrative, and furthermore, the influence on message intimacy was different. In this study, we conducted research on the behavior that Facebook users' behavior would be different depending on the language and formality. For dependent variables, 'OK' and 'Full Click Count' are set by every user's action on the content. In this study, we defined each independent variable in the existing study literature and analyzed the effect on the dependent variable, and found that 'good' factors such as 'self association', 'actual use', and 'hidden' are important. Could. Material difficulties', 'actual participation' and 'large scale * difficulties'. In addition, variables such as 'Self Connect', 'Actual Engagement' and 'Sexual Sexual Attention' have been shown to have a significant impact on 'Full Click'. It is expected that through research results, it is possible to contribute to the operation and production strategy of company Facebook operators and content creators by presenting a content strategy optimized for the purpose of the content. In this study, we defined each independent variable in the existing research literature and analyzed its effect on the dependent variable, and we could see that factors on 'good' were significant such as 'self-association', 'reality use', 'concernal material difficulty', 'real-life involvement' and 'massive*difficulty'. In addition, variables such as 'self-connection', 'real-life involvement' and 'formative*attention' were shown to have significant effects for 'full-click'. Through the research results, it is expected that by presenting an optimized content strategy for content purposes, it can contribute to the operation and production strategy of corporate Facebook operators and content producers.