• Journal of Convergence for Information Technology
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• v.7 no.3
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• pp.105-109
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• 2017

This paper examines the effect of the analysts' earnings forecast revisions on stock price after the dividend announcement of the firms has been released. We show that the analysts' upward revisions on earnings forecasts are followed by the positive cumulative abnormal return. We also investigate the signalling effect and the confirmation effect with respect to the effect of the dividend announcement and the earnings forecast revisions on stock price. The test results show that the confirmation effect is stronger than the signalling effect. That is, the investors react only when the analysts' forecasts coincide with the preceding dividend announcement.

• KDI Journal of Economic Policy
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• v.37 no.2
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• pp.64-97
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• 2015

This paper studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s - 1980s). The purpose of this paper is twofold. The first purpose is to understand the policy approaches Korea took, and the second is to extract lessons that can benefit policymakers in the developing world, where capital market promotion is an important policy goal. There are two key features of Korea's capital market promotion policies. First, the government was actively involved, sometimes indirectly by giving tax incentives to encourage IPOs. However, in other times, it was directly involved by giving IPO orders and threatening those that did not comply. No stock exchange in a developed country has ever experienced such government involvement. Combined with rapid economic growth, this interventionist approached allowed the Korean stock market to experience phenomenal growth over a short period of time. Second, the capital market promotion policies had multiple objectives. One was to mobilize domestic capital for economic development. Another was to lower firms' debt-to-equity ratios. Most interestingly, however, the Korean government wanted to popularize stock ownership, thereby allowing ordinary Koreans to share in the fruits of economic growth.

• Journal of the Institute of Electronics and Information Engineers
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• v.53 no.5
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• pp.168-173
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• 2016

The latest drone market is evolving rapidly. The commercial drone market developed rapid growth. Up to now, one controller had controlled the only one drone. So Remote control and information collection of the remote drone was impossible. Therefore we suggests drone intercommunication distributed network based on the MANET. Subsequently classified according to the characteristics of the drone intercommunication distributed network(speed, distance, applications) and chose a MANET routing protocol in accordance with the classification result.

• The Journal of the Korea institute of electronic communication sciences
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• v.3 no.4
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• pp.295-303
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• 2008

Under the obligations which is a protection of privacy and a respect for human rights of each person critical is caused by time about surveillance system and CCTV markets which stagnate during that about 911 terror after that securities about importance raising and direction of a ceremony crime prevention are caused by with world grafting of up-to-date IT technique of domestic and changes with the intelligent style surveillance system which leads and quite from the remote place the dead zone this the image which is photographed the Internet leads and with the intelligent style CCTV surveillance systems will be able to control which area at real-time watch and is embodied.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.41-50
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• 2020

The paper aims to investigate auditors, auditing firms and other external factors that affect quality of information technology audit in Vietnam. We conducted 2 types of data collections including direct and on survey. For direct survey, we sent directly to auditors at the training classes organized by State Securities Exchanges Commission. An online survey was established and Google doc link was provided to the Big4 and non-Big4 auditors. We received 138 survey responses in that 90 auditors came from Big4 and 48 auditors from non-Big4 firms. The data are analyzed using a factor analysis and compare means approaches to illustrate the potential IT audit quality factors and identify differences between two groups of auditors. The results show that independence and accounting knowledge and audit skills are the most important factors. And since external auditors perform many assurance services, the independence is critical. The result also shows that the auditors need to have enough competent and professional skills when conducting an audit, especially within an IT environment that requires high quality. The findings suggest a similar pattern of two groups in the context of Vietnam and some factors of auditors and auditing firms appear to have a statistically significant impact on quality of IT audit.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.229-239
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• 2020

This paper examines the impact of gender on access to debt finance among Vietnamese enterprises. The paper investigates data and variables retrieved from the World Bank Enterprise Survey dataset using five Probit models. The regression results suggest that there exist more unfavourable debt financing conditions for women-led firms (WLF), measured as a lower probability of having loan applications fully approved. Firm's age, working sector, and perception of access to finance as a difficulty are found to have explanatory power on the discrimination. More importantly, the perception of debt finance as a difficulty or firms' level of confidence significantly explains the variance of the dependent variable of probability of loan approval, or gender effect would be more pronounced if the firm already has a low level of confidence. The paper also contributes in testing for the gender effect on Vietnamese enterprises from different sectors and scale, unlike other prior research papers focusing on specific sectors and/or small and medium enterprises only. The findings are highly useful for Vietnamese credit institutions to set out a specific business policy to attract more WLFs and help promoting gender equality in the working environment, especially in debt financing, which is often neglected in existing regulation and policy frameworks.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.53
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• pp.155-180
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• 2012

Korea has the plans to improve nation and corporate global competitiveness through reducing the logistics costs. Ministry of Knowledge Economy, as the government department of in charge of the plan, establish industrial logistics policies in 2002 and 2007 and it's about time to set up the third industrial logistics policy in 2012. There are new trends for the logistics environment in terms of environment-friendly logistics, logistics securities, win-win collaboration etc. This study propose some harmonious plans between logistic productivity and the new trends in the field of logistics. For the purpose of that, we have evaluated the second industrial logistics policy. We propose the vision and objectives of the new industrial logistics policy. The vision is entering the line of industrial logistics developed nations through the sustainable logistics innovation, and the objects are smart & green logistics, win-win collaboration, lead the new logistics trends etc. We also propose the set the system and rules to push promote the new plan. In addition, industrial logistics is the new terminology setting out use by Ministry of Knowledge Economy.

• Journal of Distribution Science
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• v.17 no.12
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• pp.5-12
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• 2019

Purpose - In this paper, we examine the effect of accrual earnings management and real earnings management on the corporate value of retail corporations. Research design, data, and Methodology - The sample cover firms whose settlement is December among retail companies listed on the Korea Stock Exchange's securities market and KOSDAQ market from 2001 to 2016. Of these, the targets were companies with operating profit and equity capital of zero or higher and with sales data. The secondary data was collected through KIS-VALUE data base. The Jones model and the modified Jones model were used for the calculating the accrual-based earnings management and the real earnings management. Result - According to the empirical results, the relationship between accrual earnings management, real earnings management and firm value is positively significant in the retail industry as in manufacturing industry. These results are also significant when controlling the size, profitability, investment, debt ratio, dividend, and growth potential of a company. Conclusions - The characteristics of the distribution business can be identified and the influence of the various kinds of earnings management, which is being researched around the manufacturing industry, can be studied in the distribution industry to give practical implications to investors.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.45-56
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• 2018

The paper aims to examine relationships between search-based sentiment and stock market reactions in Vietnam. This study constructs an internet search-based measure of sentiment and examines its relationship with Vietnamese stock market returns. The sentiment index is derived from Google Trends' Search Volume Index of financial and economic terms that Vietnamese searched from January 2011 to June 2018. Consistent with prediction from sentiment theories, the study documents significant short-term reversals across three major stock indices. The difference from previous literature is that Vietnam stock market absorbs the contemporaneous decline slower while the subsequent rebound happens within a day. The results of the study suggest that the sentiment-induced effect is mainly driven by pessimism. On the other hand, optimistic investors seem to delay in taking their investment action until the market corrects. The study proposes a unified explanation for our findings based on the overreaction hypothesis of the bearish group and the strategic delay of the optimistic group. The findings of the study contribute to the behavioral finance strand that studies the role of sentiment in emerging financial markets, where noise traders and limits to arbitrage are more obvious. They also encourage the continuous application of search data to explore other investor behaviors in securities markets.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.123-129
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• 2020

The objective of this study is to examine the differentiated influence of sell-side advisors and buy-side advisors on mergers and acquisitions (M&A). Unlike prior studies on M&A advisors, the study addresses different roles of target and acquirer advisors, and explores their influences on the cumulative abnormal returns (CAR) and acquisition premiums with an empirical analysis of longitudinal data of M&As conducted by Japanese listed firms except financial companies from 1995 to 2012. M&A data were obtained from the Securities Data Corporation's (SDC) database, and the individual firm data were collected from the Nikkei Economic Electronic Databank System (NEEDS), which provides a wide range of corporate information including financial status, operational performance, and strategy. Using a sample of 452 cases for the CAR and 498 cases for the analysis of acquisition premiums, the empirical results support the hypotheses of the target advisor's positive association with CAR and acquirer advisor's positive association with acquisition premiums. The findings of this study indicate the target advisor's positive contribution to the success of acquisition process and performance, and acquirer advisor's negative influence on the deal progress. The study provides theoretical implications on M&A research and practical insights into the investment banking industry.