• 제목/요약/키워드: stock sale

검색결과 36건 처리시간 0.022초

시.군.구의 문화산업이 지역경제에 미치는 영향 (The Effects of Municipalities' Cultural Industries on the Regional Economy in Korea)

  • 염승일;이희연
    • 한국경제지리학회지
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    • 제14권3호
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    • pp.307-324
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    • 2011
  • 문화산업은 21세기의 새로운 성장동력으로 떠오르고 있다. 우리나라도 지난 5년(2004~2009) 동안 문화산업은 급성장하였으며, 특히 매출액의 신장세가 가장 두드러지게 나타났다. 본 연구는 시 군 구 차원에서 문화산업의 공간패턴의 특성을 분석하고 문화산업과 지역경제 간에 상호 영향력을 분석하는데 목적을 두었다. 본 연구에서는 문화산업과 지역경제는 상호 영향력을 주고 받는다는 가설 하에서 외관상 무상관회귀모형을 활용하였다. 본 연구의 결과는 다음과 같다. 첫째, 문화산업은 수도권과 지방 광역시에 집중 분포하는 것으로 나타났다. 둘째, 문화산업과 지역경제 간에는 서로 영향이 있는 것으로 나타났다. 문화산업이 1% 증가하면 지역내총생산은 0.46% 증가하고, 지역내총생산이 1% 증가하면 영향을 미치는 것은 약 0.75% 증가하는 것으로 추정되었다. 셋째, 문화산업이 지역경제에 미치는 탄력성은 노동이나 자본 스톡이 지역경제에 미치는 탄력성보다 더 높게 나타나서 문화산업이 새로운 성장동력임을 입증하였다. 넷째, 시부와 군부로 나누어서 외관상 무상관회귀모형을 각각 추정하여 문화산업의 증가가 지역경제에 미치는 탄력성을 비교한 결과 군부가 시부에 비해 상대적으로 높게 나타났다. 이는 군부의 경우 지역경제 활성화를 위해 보다 경쟁력있는 문화산업을 육성하는 전략을 펼쳐나가는 것이 바람직할 것임을 시사해준다.

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국제물품매매협약상 매도인의 물품인도의무 (The Seller's Obligation to Deliver Goods under CISG)

  • 허해관
    • 무역상무연구
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    • 제77권
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    • pp.1-22
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    • 2018
  • Under CISG the places of delivery by the seller of the goods are: If the seller is not bound to deliver the goods at any other particular place and the contract of sale involves carriage of the goods, the seller has to hand the goods over to the first carrier for transmission to the buyer. However, if the contract does not involve carriage of the goods, he has to place them at the buyer's disposal at the place where, at the time of the conclusion of the contract, both the seller and the buyer knew that the goods were at, or were to be manufactured or produced. This rule applies when the contract relates to specific goods, or unidentified goods to be drawn from a specific stock or to be manufactured or produced. Finally, in ant other cases the seller has to place the goods at the buyer's disposal at the place where the seller had his place of business at the time of the conclusion of the contract. As to time of delivery, if a date is fixed by or determinable from the contract, the seller has to deliver the goods on that date. If a period for delivery is fixed by or determinable from the contract, he has to deliver the goods on any date within that period. In this way the seller chooses the specific date of delivery within that period, while circumstances indicate otherwise that the choice is to be made by the buyer. There no such date or period, the seller has to deliver the goods within a reasonable time after the conclusion of the contract. If the seller delivers the goods before such the date or period, the buyer is entitled to take delivery or refuse to take delivery. Under these backgrounds of provisions of CISG, this study first suggests the concepts of the handing over of the goods by the seller to the carrier and the placing them at the buyer's disposal. Then it goes further to looks into exactly where and when the delivery has to occur. In these context, this study more examines what happens if there is a breach of contract by the seller in connection with the delivery. That is, if the seller delivers non-conforming goods or at wrong place; what if there is a partial delivery or a premature delivery.

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벤처캐피탈회사의 지분투자와 벤처기업 최초공모주 성과 분석 (An Empirical Study on the Equity Investment of Venture Capitalists on the IPOs Performance)

  • 김석용;박태진
    • 벤처창업연구
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    • 제1권1호
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    • pp.179-199
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    • 2006
  • 본 연구의 목적은 우리나라 벤처캐피탈회사의 지분투자가 벤처기업 최초공모주에 미치는 성과를 분석하는데 있다. 표본기업은 1997년 7월 1일부터 2006년 6월 30일까지 9년 동안 코스닥시장에서 IPO 당시 벤처캐피탈회사가 투자한 벤처기업 101개이다. 연구결과는 다음과 같다. 첫째, 벤처기업에 단독 투자하는 벤처캐피탈회사보다 공동 투자하는 벤처캐피탈회사가 공모회사와 투자자 사이 정보비대칭을 완화하는 바람직한 투자행태를 가지고 있음을 발견하였다. 본 연구는 Bygrave(1987), Lerner(1994), 진태홍(2001) 등의 연구를 지지하고 있다. 둘째, 벤처캐피탈회사가 후기 투자하는 벤처기업보다 초기 투자하는 벤처기업에서 IPO 초과수익률을 더 높게 나타내어 초기에 이미 투자한 투자자는 정보의 우위성을 이용하여 후기단계에서 벤처캐피탈회사 자신이 투자한 벤처기업의 가치를 과장한 유인이 있었음을 실증하고 있다. 이러한 결과는 Lerner(1994) 의 연구를 지지하고 있다. 셋째, 벤처캐피탈회사의 투자지분율이 IPO 성과에 미치는 영향을 분석한 결과 벤처캐피탈회사가 벤처기업에 투자하는 지분비율이 높을수록 IPO 초과수익률이 더 낮게 나타남을 보여주고 있다.

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중국의 일본계 자동차 메이커 딜러의 분포와 수리 및 보수용 부품의 관리체제 - 광치 도요타사(社)의 사례를 중심으로 - (Distribution of the Dealer and Repair Parts Management System of a Japanese Multinational Car Manufacturer in China: Focusing on the Case of GAC Toyota Motors)

  • 아베 야스히사;린 쉬쟈;타카세 마사토키
    • 한국경제지리학회지
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    • 제22권2호
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    • pp.160-177
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    • 2019
  • 본 논문은 광치 도요타사를 사례로 한 일본계 자동차 메이커의 중국 시장 딜러 분포와 수리 및 보수용 부품의 관리 체제에 대해 검토한다. 조사 방법으로, 광치 도요타사의 어느 딜러를 통하여, 딜러의 전국적인 분포 상황과 부품물류창고의 입지 상황, 수리 및 보수용 부품의 재고 상황과 배송 시스템 등에 대한 정보를 입수했다. 조사 결과로, 당사는 전국에 437개 점포에 딜러가 있으나, 인구비율 등을 고려하면 점포의 분포가 해안 지역에 치우치고 있으며, 근년 자동차의 수요가 높아지고 있는 내륙 지역 진출이 늦어지고 있다. 한편으로, 지역별 GDP 총액과 점포 수 사이에 높은 상관관계가 있으며, 당사에서는 비교적 경제규모가 작은 내륙 지역의 소비자를 대상으로 한 저가격의 차종을 판매하는 것보다, 경제규모가 큰 해안 지역의 대도시에서 고가의 자동차를 판매하는 것을 중요시하고 있다. 그리고 당사의 점포수가 확대되지 않는 요인으로써, 당사가 중요시하는 충분한 사후 서비스를 운영하는 딜러를 확보하는 것이 어렵다는 점이 꼽힌다. 당사에서는 딜러에게 수리 및 보수용 부품 중, 최저 1,500점 이상의 재고를 확보하도록 하는 방침을 살피고 있다. 또한 보수용 부품을 교환할 경우, 고객에게 충분한 설명을 하는 것과 동의를 얻는 것으로 하여금 고객 만족도를 높이는 것을 딜러에게 요청하고 있다. 그렇기 때문에, 당사의 딜러에게 장기적인 시점으로 사업을 계속할 수 있는 자금력이 필요로 하지만, 이러한 딜러가 한정적인 점과 메이커와 딜러 사이의 이익 배분이 어려운 점이 지적된다.

비철금속(非鐵金屬)의 생산(生産), 소비(消費), 시세(時勢)의 추이(推移) (The Transition of Production, Consumption and Price of Non-ferrous Metals)

  • 문원주
    • 자원환경지질
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    • 제2권3호
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    • pp.1-25
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    • 1969
  • In considering the mining industry, it is necessary to study the production, consumption and price of ore and metals in every country of the world in order to determine the trend of the industry in the present and for the future. This study is necessary especially for exporting domestically produced are which is in excess of domestic consumption and for importing are, or metal where local production does not meet domestic demand. It will be treated of Au, Ag, Cu, Pb, Zn, W, Mo, which are the most important non-ferrous metals, and which greatly affect the mining industry of Korea. The presentation will concern itself only with the free world. About 1, 200 ton of gold are produced annually with little fluctiation in recent years. Most of the gold produced is consumed by advanced countries for industrial uses as well as for producing precious objects. The U.S.A. expends yearly about four times its domestic production and Japan about three times its domestic production for industry and arts. Because of the instability of the currency of the U.S.A., England and France, recently, the price of gold has been $ 41-42 per ounce, whereas the official price is $35.00 per ounce. It will be expected that the official price will be raised in the near future. As for silver, about 6,500 tons are produced annually with no special fluctuation change in recent years. However, the annual consumption is about 14,000 ton, so the supply and demand is extremely unbalanced. The shortage is made up by the sale of the U.S. treasury's reserve stock and the reclaiminig of silver from coins and other scrap. As the Treasury'S reserves will be exhausted in a year or two, the price of silver which is $1. 64 per ounce, will go up drastically in about a year. As for copper, 5,257,000 ton's were mined in 1966. It's production is being increased about 5% annually. However, consumption exceeds production by about 100,000 ton a year. The recent Foreign refinery copper price in the U.S.A is $ 60 per pound. The supply of copper being insufficient to meet international demands, the price will go up and with no prospect of being lowered in the near future even with the slight annual increase in production. About 2,100,000 to 2,200,000 tons of lead are produced annually. Consumption exceeds production by about 50,000-60,000 tons annually. The current price of lead in New York is $ 155 per pound. As the supply of lead is internationally stable, It will be believed that there will be no significant change in its price in the near future. In 1967, 3,926,000 tons of Zinc were produced. There is annual increase of 4-7% in production. The annual consumption exceeds production by 100,000 to 200,000 tons. The current zinc price in the St. Louis market inthe U.S.A. is $ 145 per pound. Even though its supply is stable and sufficient world wide, the consumption rate will increase at a faster pace than before; hence, the price will slowly go up. Tungsten mines yield about 11,000 tons a year. Its production has been relatively constant in the past few years. The amount of its consumption increases slowly world wide, but in the free world· there has been a slight annual decrease. However, since Red China has not been exporting their tungsten to other countries for several months, the price on the London market of S.T.U. of $Wo_3$ has increased to $ 44~46. Should Red China begin to export actively again the price will drop to $ 40~42. In 1967, 56,000 tons of Molybdenum were produced. Production exceeds consumption by 200,000 -30,000 tons annually. The current price in the U.S.A. is $ 1.72 per Mo pound. Since the rate of production in the U.S.A. is on the increase with large amounts of ore reserve, the price of molubdenum should not go up.

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WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • 재무관리논총
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    • 제3권1호
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    • pp.233-265
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    • 1996
  • We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

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