• Information Systems Review
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• v.24 no.4
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• pp.41-54
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• 2022

Despite the recent rapid advancement of science and technology, we have been experiencing the decline in productivity since the 2000s. This study aims to investigate the decline at both industry and firm levels, by looking at the emergence and growth of large firms such as Amazon, Alphabet, and Apple and M&A trends. Following the results of previous studies, our results show that productivity at industry level has decreased since the 2000s. Particularly, in the period after 2011, the deterioration of allocative efficiency due to the large firms and the decline in the growth rate of surviving firms in the industry with low ratio of large firms contributed to the productivity decline. On the other hand, our analysis at firm level demonstrates that the productivity of firms that acquired IT firms improved over the entire period. While M&As have a positive impact on productivity, M&As with a demand-side motive such as market penetration and expansion of channels have a relatively larger impact than the ones for production or operation efficiency. Our results also suggest that the higher the proportion of large firms in a specific industry, the lower the productivity of individual firms in the same industry. Overall, given that the industry's structural changes for digital transformation tends to strengthen the growth of large firms, our findings have significant implications by empirically identifying the relationships of the emergence of large firms, the acquisition of IT/Non-IT firms, and motivations for M&As to firm/industry productivity.

• Journal of the Korea Society of Computer and Information
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• v.10 no.4 s.36
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• pp.191-201
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• 2005

In this paper, we propose a method to calculate camera motion parameter, which is based on efficient invariant features irrelevant to the camera veiwpoint. As feature information in previous research is variant to camera viewpoint. information content is increased, therefore, extraction of accurate features is difficult. LM(Levenberg-Marquardt) method for camera extrinsic parameter converges on the goat value exactly, but it has also drawback to take long time because of minimization process by small step size. Therefore, in this paper, we propose the extracting method of invariant features to camera viewpoint and two-stage calculation method of camera motion parameter which enhances accuracy and convergent degree by using camera motion parameter by 2D homography to the initial value of LM method. The proposed method are composed of features extraction stage, matching stage and calculation stage of motion parameter. In the experiments, we compare and analyse the proposed method with existing methods by using various indoor images to demonstrate the superiority of the proposed algorithm.

• Journal of agricultural medicine and community health
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• v.39 no.4
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• pp.222-229
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• 2014

Objectives: Pig farmers are known as the high risk group for the zoonoses, but the study for pig farmers to zoonoses has been rare in Korea. So we surveyed the awareness on zoonoses among pig farmers to suggest directions for education. Methods: We visited four regional spots (Gyeongsangnam-do, Gyeongsangbuk-do, Jeollanam-do, and Chungcheongnam-do) where the self education programs of Korea pork producers were convened. We conducted a questionnaire survey of the general, work-related characteristics and the awareness on zoonoses among 278 pig farmers. Results: The awareness rate of zoonoses itself, brucellosis, tuberculosis and salmonellosis were 52.9%, 85.6%, 87.8%, 89.6%, respectively. The awareness rate of the content related to zoonoses, "Human can be infected by the disease of pig", was 46.9%. Awareness rate of zoonoses tended to increase as the school career, and awareness rate of salmonellosis tended to increase as working duration of pig raising. Conclusions: The pig is the principal reservoir of zoonoses. Therefore, effective working guidelines to prevent zoonoses for pig farmers must be developed and an educational program on zoonoses is needed for pig farmers. Furthermore, publicity activities about the prevention of zoonoses are needed for high-risk groups.

• KOREAN POULTRY JOURNAL
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• v.43 no.10
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• pp.102-103
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• 2011

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.191-213
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• 2008

This study tests and reconfirms the wealth transfer of mergers and acquisitions(M&As) by examining the changes in and the relationship between shareholder and bondholder wealth after the announcements of M&As for the publicly listed firms in Korea Stock Exchange and KOSDAQ market during $1999{\sim}2006$. The change in shareholder wealth is measured by the Cumulative Abnormal Return(CAR) at the M&A announcements, and the change in bondholder wealth is calculated using the Yield Spread Change(YSC) and the change in acquiring firms' credit ratings. The empirical tests show that the CAR of 344 sample acquiring firms at the announcement is 3.59%, which confirms results of the prior research on M&As in Korean market. The average YSC for 35 sample acquiring firms between $2001{\sim}2006$ proves to be negative when we use the yield spread of firms with comparable credit ratings as a benchmark, which means that the acquiring firms' bondholders gain with the announcements of M&As. We find the same result using another benchmark-the yield spread of government bonds. The improvement in the acquiring firms' credit ratings one year after the M&As also indicates that the M&As, on average, increase bondholder wealth. Our test results are consistent with those of the existing studies on the effect of bondholder wealth after the M&As in the United States, which shows that the bondholder wealth increases after the M&As. We do not find the evidence that there is a wealth transfer from the acquiring firms' bondholders to the shareholders after the M&A announcements. Rather, this study confirms that the wealth of the acquiring firms' bondholders increases in the M&As in Korea.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.3
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• pp.1151-1156
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• 2011

Leveraged buyouts (LBO) means the acquisition of a company using bonds and loans. There are the prolific volumes of LBO transactions in the international M&A markets, and its influence to the financial market is increasingly huge. However, there are very few LBO transaction in the domestic M&A market and there are also few researches in this field due to the private nature of LBO transactions. Once a company is privatized through a LBO transaction, it is not so long before it is relisted on the stock exchange or it is resold to a third-party investor. In order to repay the borrowed money, an LBO investor may decide to end a company's private status through an exit via an initial public offering (IPO) or a takeover. In this paper, we expand Kaplan's study on the organizational status of post leveraged buyout (LBO) transaction. We find that there is a significant change starting 1986. Most notably, fewer LBOs remain private, the median holding period of the LBO was cut in half to 3.2 years and of those that exit, IPO exits had significantly shorter holding periods. Regression analysis shows that good market conditions lengthen the holding period of a LBO investment whereas the size of the transaction shortens it.

• Journal of the Institute of Electronics Engineers of Korea SC
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• v.43 no.2 s.308
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• pp.11-19
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• 2006

In this paper, we propose a method to estimate camera extrinsic parameter based on projective and permutation invariance point features. Because feature informations in previous research is variant to c.:men viewpoint, extraction of correspondent point is difficult. Therefore, in this paper, we propose the extracting method of invariant point features, and new matching method using similarity evaluation function and Graham search method for reducing time complexity and finding correspondent points accurately. In the calculation of camera extrinsic parameter stage, we also propose two-stage motion parameter estimation method for enhancing convergent degree of LM algorithm. In the experiment, we compare and analyse the proposed method with existing method by using various indoor images to demonstrate the superiority of the proposed algorithms.

• Proceedings of the Optical Society of Korea Conference
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• 2002.07a
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• pp.158-159
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• 2002

오늘날에도 RSA암호문은 현대 암호에 대부분 적용될 정도로 안전하다고 생각되어왔다. 또한 PGP(Pretty Good Privacy)라는 가장 대중적인 암호화 소프트웨어도 RSA 원리를 기반으로 하고 있다. 그러나 RSA암호화체계는 주요한 결점이 있다. 인수분해하는 것이 ＂어렵다＂라고 하지만, 결코 증명되지 않았고, 또한 인수분해를 수행하는 아주 빠른 알고리즘의 존재가 전혀 불가능하지는 않기 때문이다. 따라서 현존하는 암호화 체계보다 더 확실한 안전을 보장해주는 새로운 암호화 체계와 암호화키의 분배시스템의 필요성이 대두되고 있다. (중략)

• Proceedings of the Korean Information Science Society Conference
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• 2000.10a
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• pp.539-541
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• 2000

윈도우 방법과 인수분해 방법을 혼합 적용하면 멱승 연산에 사용되는 곱셈 연산의 횟수를 줄임으로써 멱승 연산을 빠르게 수행할 수 있다. 지수가 512비트일 때 윈도우의 크가 5인 윈도우 방법은 607번 정도의 곱셈 연산을 필요로 하는데 반해 윈도우와 인수분해 방법을 혼합한 방법은 599번 정도의 곱셈 연산을 필요로 한다. 이는 현실적으로 가능한 멱승 연산 중에서 가장 적은 수의 곱셈 연산을 요구하는 방법이다.

• Journal of the Korean Professional Engineers Association
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• v.33 no.2
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• pp.39-43
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• 2000

This text describes the procedures on a leakage testing which is one form of acceptance testing of an assembled valve, performed by (1) the valve supplier prior to shipment, or (2) by the purchaser upon receipt of the completed valve.