• Korean small business review
• /
• v.41 no.2
• /
• pp.51-78
• /
• 2019

The purpose of this study is to classify unlisted companies' entering method into stock market and to find out a advantageous choice between IPO and SPAC. The research samples are two types(79 IPO companies and 46 SPAC companies) of 125 companies. Which were being listed in the KOSDAQ market from 2010 to 2017. The analysis results are as follows. At first, after analyzing the impact of well known variables such as asset size, company history and number of employees to select listing methods. I found that the variables of asset size and company history have a significant negative (-) effect on the SPAC variable. Secondly, the debt ratio variable has a significant positive (+) effect on the SPAC variable. Third, it was found that the ratio of profitability variables, such as operating income to sales have a systematically positive (+) effect on the SPAC variable. Fourth, I analyzed the impact of the largest stockholder in unlisted companies on the selection of listing methods. I found that the largest stockholder are systematically having a positive (+) effect on SPAC. The result means that unlisted companies that chose SPAC have the larger shareholder shares that are relatively higher than the unlisted companies that chose IPO.

• 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.

• Journal of Contemporary Eastern Asia
• /
• v.10 no.2
• /
• pp.35-40
• /
• 2011

The recent listing of Preah Vihear Temple as a World Heritage Site has awakened a longtime simmering border dispute between Thailand and Cambodia over a few square kilometers surrounding the ancient Khmer Temple. While the listing of the site by UNESCO was expected to revive the economy of the impoverished border towns near the temple due to the increased tourism and funding for the preservation of the archeological site, it has had the opposite effect due to the sharp increase in violent conflict carried out by the armed forces and nationalist activists from both sides. Military skirmishes and violent protests have brought the local economy to a halt in addition to causing considerable physical damage to the local infrastructure and to the local transnational network of ethnic Kui, local business owners, Khmer and Thai villagers. This paper shows how the dispute is viewed and undertaken by three distinct communities involved in the conflict, the militaries, the metropolitan political elites and activists, and the local villagers. The three communities represent three different cultures of conflict with different interests and most importantly with differential access to the media and official representations of the dispute.

• Management & Information Systems Review
• /
• v.35 no.3
• /
• pp.195-212
• /
• 2016

Utilizing intra-day volume weighted average price (VWAP) based on 1 minute return data of stocks traded on the Korean Stock Exchange, this paper examines and analyzes abnormal returns in reaction to patent listing disclosures as well as the cumulative abnormal returns, traded volumes, the interaction of VWAP spreads, the reaction of volumes, the reaction of VWAP spreads and the realized returns obtained from trading using an event driven arbitrage strategy. The results of the aforementioned research topics are follows. First, our analysis suggests that on average, 0.92% positive cumulative returns arise 1 minute after the patent listing disclosure announcement with high statistical significance, thereby reconfirming that the Korean stock market is a semi-strong form of the efficient market. Employing 3 separate panel tests differentiated by the size factor, we find that the abnormal returns of small sized stocks were less than the returns of medium sized stocks, which goes to support recent research findings suggesting that the size premium is no longer existent in the Korean stock market. Secondly, we show that among the event driven type strategies, the most outstanding realized returns are from the market making strategies. Furthermore, placing market order trades only at the bid or ask price resulted in negative returns. This implies that strategies utilizing a combination of market orders and limit orders, order cancelations ratios and order flows can enhance realized returns.

• Journal of Digital Convergence
• /
• v.19 no.1
• /
• pp.177-186
• /
• 2021

This study examined the effects of the firm characteristics of the manufacturing industry on the female employment ratio. Three hypotheses regarding female employment ratio, were tested for 5,729 firms that could use financial data among the firms listed on the KOSPI from 2011 to 2019, in terms firm size, listing period, and foreign ownership. Follwing the analyses, three hypotheses were mostly adopted. It was found that as the size firm and foreign ownership ratio increased, the female employment ratio increased in the number of regular and permanent contract employees, fixed-term employees, and total employees. As for the listing period, the higher the value, the lower the female employment ratio in the number of regular and permanent contract employees, fixed-term employees, and total employees. These research results may be used as basic data for gender equal employment policies such as Affirmative Atcion for Gender Equal Employment.

• Knowledge Management Research
• /
• v.21 no.4
• /
• pp.157-173
• /
• 2020

In accommodation sharing economy, customers take a risk of uncertainty about product quality, which is an important factor affecting users' satisfaction. This risk can be lowered by the information disclosed by the facility provider. Self-presentation of the hosts can make a positive effect on listing performance by eliminating psychological distance through emotional interaction with users. This paper analyzed the self-presentation text provided by Airbnb hosts and found key aspects in the text. In order to extract the aspects from the text, host descriptions were separated into sentences and applied the Attention-Based Aspect Extraction method, an unsupervised neural attention model. Then, we investigated the relationship between aspects in the host description and the listing performance via linear regression models. In order to compare their impact between the three facility types(Entire home/apt, Private rooms, and Shared rooms), the interaction effects between the facility types and the aspect summaries were included in the model. We found that specific aspects had positive effects on the performance for each facility type, and provided implication on the marketing strategy to maximize the performance of the shared economy.

• Korean Journal of Clinical Pharmacy
• /
• v.28 no.2
• /
• pp.124-130
• /
• 2018

Objective: This study examined the Risk Sharing Agreement (RSA) on pharmaceutical pricing system in Korean national health insurance. Through RSA, the insurer was able to maintain the principles in the price listing process while managing the budget effectively and improving patient access to new drugs. Despite these positive effects, there are still issues raised by some stakeholders, such as lack of transparency in the listing process and doubts about its effectiveness. Therefore, we investigated the impacts of RSA on national health insurance financing and patient access to analyze the effects of RSA. Methods: The impact of RSA was investigated by analyzing the health insurance claims data for 2014~2016. The degree of improvement in patient access was determined by the decreased amount of patients' payment. Results: Results showed that the financial impact of RSA was not significant and patients' access to the new drug greatly improved. Conclusion: These results show that RSA is a good system for improving patient access to new drugs without additional expense on insurance.

• Journal of Nutrition and Health
• /
• v.33 no.1
• /
• pp.42-48
• /
• 2000

The study was designed to observe the effect of complete listing for 10 days on body fatness, serum leptin level and lipid profile in thirty women who were admitted to fasting Clinical Program in Kyung-Hee Oriental Medical Center. Most of the subjects had food habits of over-eating and preferred oily foods which was correlated to the increase of body weight and BMI during realimentation. Average loss of body weight was 7.98kg and waist-hip ratio was significantly decreased during fasting. Body weight showed significant positive correlation with body fat(r=0.8182), lean body mass(r=0.7797) and total body water(r=0.7563). Body fat was gradually reduced after 9 days fasting, but lean body mass was not diminished any more after 7 days luring. Serum leptin level was significantly decreased after luring and re-feeding. The leptin showed significant positive correlation with body weight(r=0.9324), body mass index(r=0.8279) and body fat(r=0.8376). The levels of serum total cholesterol and LDL-C were significantly increased but HDL-C level was significantly decreased after fasting which increased could be harmful for persons with hypercholesterolemia. VLDL-C and triglyceride levels were not significantly decreased after fasting. Serum total free fatty acid level was significantly increased after fasting. These data suggest that the best way of maintaining the reduced body weight was to carry out the modification of food habits and behavior in daily lift. It could not be recommended to repeat often complete luting for reduction of body weight. (Korean J Nutrition 33(1) : 42-48, 2000)

• Journal of the Korean Society of Costume
• /
• v.64 no.2
• /
• pp.113-125
• /
• 2014

Creative thinking requires an ability to draw ideas on the given topic in a given time period with concentration. For this, the development process of design concept on the topic was collected through experiments and interviews targeting 10 fashion education experts and 10 clothing majors. After the analysis, the results are as follows: First of all, divergent thinking was done to find as many ideas and possibilities as possible at the step of expanding the topic by analogy. This showed characteristics of spreading thoughts through the spread of lexicon to professional field knowledge of learned, individual's cultural background, other art fields. Second, abstracted and designed words that are expanded and listed by the topic analogy were specified the topic gradually through the free combination method between lexicons. The sentences made by the combination of lexicons were interpreted through the serial listing method, in which the connection between sentences had the meaning of orderly cause and effect form, and the parallel listing method that treated information at once. Third, the few characteristics of the procedure that visualizing into the specific design are as follows. Firstly, the method to transform image that lexicon has into the one appropriate to the topic, the case that reflects external characteristics of selected designed word, and the case which reflects as the extrinsic expression of personal immanent and tactic desires. This study has its means to propose methods and directions to help create more creative and systematic ideas by analyzing the characteristics that appeared during the process of thinking language-oriented design.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.6
• /
• pp.1-9
• /
• 2016

In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.