• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.16 no.6
• /
• pp.3870-3881
• /
• 2015

This study examined one of the contemporary issues on debate to identify any significant financial determinants on the cash holdings of the cheabol firms in the Korean domestic capital markets. Several important findings on the financial characteristics affecting the cash holdings were evidenced by utilizing various methodologies for statistical estimations. Financial or managerial implications with discussion were provided for the pronounced factors such as CASHFLOW, MVBV, REINVEST, and AGENCY. Assuming that the chaebol firms were overall subject to the financial constrains, they may increase or stockpile cash reserves as internal capital for future investment opportunities or repayment of existing debt, rather than external financing burdened by a high cost of capital. Given the on-going controversy on the optimal level of corporate cash holdings coupled with any foreseeable capital transfer among the associated nations through the investment vehicles such the FTAs (Free Trade Agreements) or TPP (Trans-Pacific Pacts), any empirical findings of the study may shed new light on identifying financial determinants which may significantly affect the level of cash holdings for the business conglomerates, the 'chaebol' firms, in the Korean capital markets.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.12 no.4
• /
• pp.1654-1662
• /
• 2011

This paper investigates how does cash holdings have effect on investment-cash flow sensitivity in korea firms over the period 1981-2009. According to $\"{O}$.Arslan et al.(2006), I expect that financially constrained firms have more cash holdings. and financially constrained cash-rich firms are likely to have less investment-cash flow sensitivity especially in the financial crisis period. Using financial constraint classification variables(firm size, dividend, cash holdings), we divide whole sample firms into financially constrained firms and financially unconstrained firms, and then I compare investment-cash flow sensitivity in pre-financial crisis(1981-1996), financial crisis(1997-1998) and after-financial crisis(1999-2009) period. This paper's findings are as follows: First, under no financial constraint classification conditions, cash-poor firms exhibit greater investment-cash flow sensitivity than cash-rich firms do during 1981-2009 period except financial crisis period. These findings support the hypothesis that firms have more cash holdings less investment-cash flow sensitivity except in financial crisis period. In financial crisis period, cash holdings have no effect on investment-cash flow sensitivity. Second, this paper findings are somewhat different as $\"{O}$.Arslan et al.(2006)'s. Under the financial constraint classification conditions, financially unconstrained firms have more investment-cash flow sensitivity rather than constrained firms have. The reason is that both dividend and firm size are not a complete classification criteria variables. And there exists other possible determinants of investment-cash flow sensitivity. Finally, this paper find that there are common determinants of corporate cash holdings in all periods. This paper suggests that cash flow and market to book ratio are positive determinants of corporate cash holdings but short-term debt, investment and firm size are negative determinants of corporate cash holdings.

• Journal of Physiology & Pathology in Korean Medicine
• /
• v.21 no.3
• /
• pp.583-590
• /
• 2007

The significance of Han medicine (韓醫學), the Korean traditional medicine, that has lasted throughout the past couple millenniums relies upon Han Philosophy distinguished by its uniqueness. In brief, the specificity of Han medicine is characterized by unity of spirit and body, part and whole. According to this theory, when curing a frozen shoulder, it is usually cured by acupuncturing the area around the part that aches, but also doing so on the area that is totally different from the aching part such as the opposite part of the body. In fact, this can be pursued only through aspects that enable one to realize the unity of part and whole, and a ground for this possibility bases upon the crux of Eastern Philosophy, I-ching(역), such as theory of Five Elements (음양오행) and Three Pillars(삼재). In Western set theory, the issues of Class(부류) and elements(요원), whole and part were independently discussed in the area of mereology, and the question of part and whole was encountered with aporia and paradox since Greek ancient philosophy. At the turn of this century, many philosophers endeavored to pursue academic inquiry to resolve this paradox, especially by Russell and Whitehead through ${\ll}$Principia Mathematica${\gg}$ at the beginning of this century. in the process, there came out a phrase 'Russell's Paradox'. Russell himself proposed a typological resolution as an answer to the inquiry. However, 'Russell's Paradox' still remains as an aporia even till present days. During medieval period, this inquiry was even considered as 'insolubia'. Throughout this paper, 1 attempt to provide an analytic aspect on 'Russell's Paradox' from an unique thinking method and perspective of Han medicine that embodies the concept of 'unity of part and whole'. To do so, 1 suggest a physiological model in the first place depicted by diagrams of Circle 원, Quadrangle 방, Triangle 각(CQT) that portray the logic of Hado or Hotu 하도 which is 'the pattern from the river Ho'. That is to suggest that CQT원방각 of Hado can De a logical foundation that explains the notions of spirit (정신,뇌), internal organs(장부), and meridian system which functions as a solution to the question of 'Russell's Paradox'. There are precedent academic works examining the issue from philosophical aspect such as Sangil Kim's ${\ulcorner}$Han medicine과 러셀역설 해의${\lrcorner}$ Han Medicine and Resolution of Russell's Paradox(2005), and this analysis will further attempt to critically examine such works from a perspective of Han medicine.

• Journal of Convergence for Information Technology
• /
• v.11 no.9
• /
• pp.173-181
• /
• 2021

The purpose of this study is to prove the existence of the meridians by analyzing the effect of bloodletting cupping on Back-Shu Points and venesection on sabonghyeul, which are treatments for gastrointestinal and circulatory diseases with Ryodoraku. We selected the charts of 30 patients who received the treatment such as bloodletting cupping on Back-Shu Points and venesection on sabonghyeul for gastrointestinal and circulatory diseases. First, the Ryodoraku test was conducted in a stable state. After taking a rest on the bed, he performed a venesection on sabonghyeul. And bloodletting cupping on Back-Shu Points was performed with prone position. After all the procedures were completed, Ryodoraku test was performed again. And the result was compared with previous test status. By bloodletting cupping on Back-Shu Points and venesection on sabonghyeul, the deviation between the current value of the right F5 (gallbladder)· H4 (small intestine)· H6 (large intestine) (p<.05, p<.05, p<.001), left H5 (triple energizer) (p<.05) and the average current of 24 source points was significantly decreased. The difference between the left and right currents at the site of F3 (kidney) showed a significant increase (p<.005). It can be proved the existence of meridians that Bloodletting cupping on Back-Shu Points and venesection on sabonghyeul showed significant changes in the F5 (gallbladder), H4 (small intestine), H6 (large intestine), F3 (kidney), H5 (triple energizer) in digestive and circulatory symptoms by Ryodoraku test.

• The Journal of the Korea Contents Association
• /
• v.21 no.11
• /
• pp.320-332
• /
• 2021

This paper investigates the influence of stock-level left-tail risk, which is defined using Value-at-Risk(VaR) estimates of past one-year daily stock returns, in the expected stock returns in the Korean stock market. Our results are summarized as follows: First, monthly-constructed zero-cost portfolios that buy (shortsell) the highest (lowest) left-tail risk decile in the previous month exhibit an average monthly return (called left-tail risk premium) of -2.29%. Second, Fama-MacBeth cross-sectional regressions suggest that left-tail risk in the previous month shows significant and negative explanatory power over return in this month, after controlling for various firm characteristics such as firm size, B/M, market beta, liquidity, maximum daily return, idiosyncratic volatility, and skewness. Third, the stocks with larger recent month loss have lower returns in the next month. Fourth, the magnitude of left-tail risk premium is negatively related with lagged market-level volatility. These results support the hypothesis from a perspective of behavioral finance that the overpricing of stocks with left-tail risk is attributed to the investors' underreaction to it.

• Journal of the Korea Convergence Society
• /
• v.9 no.11
• /
• pp.353-361
• /
• 2018

The purpose of this study is to analyze how Corporate Real Estate Ratio affects Firm's Value for KOSPI Companies and KOSDAQ Companies. The period of analysis is the period of the Financial Crisis (2007-2008), the period immediately after the Financial Crisis (2009-2011), and the period following the introduction of IFRS (2012-2016). The samples of 2761 KOSPI Companies years and 3719 KOSDAQ Companies years are used in this study. The result of Regression Analysis shows that the higher Corporate Real Estate Ratio is, the more negative Firm's Value is. In the comparison of markets, both KOSPI Companies and KOSDAQ Companies had no statistically significant effects during the Financial Crisis. Although KOSDAQ Companies had a greater negative effect on the Firm's Value than KOSPI Companies right after the Financial Crisis, KOSPI Companies have had a greater negative influence on the Firm's Value than KOSDAQ Companies since the introduction of IFRS. Therefore, each corporation should pay more attention to identifying the appropriate amount of their Corporate Real Estate Ratio and should continue to analyze and make decisions on the most efficient use of real estate which is owned by each company. This study shows speciality in dividing into three period, such as the period of the Financial Crisis, the period immediately after the Financial Crisis, and the period following the introduction of IFRS and comparing the degree of influence on the KOSPI Companies and KOSDAQ Companies for the each period. I hope to study the factors that affect the company's real estate policy.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.20 no.5
• /
• pp.352-362
• /
• 2019

The study investigates one of the long-standing, but still controversial issues in modern finance from the international and domestic perspectives. That is, financial components and differences on corporate profitability are identified and compared under the primary hypotheses. Empirical research settings include the sample data as KOSPI-listed chaebol firms, time reference covering the post-era of the global financial turmoil and two differently defined profitability indices measured by the market- and the book-value bases. A majority of total 7 explanatory variables except firm size and leverage ratio reveal their statistically significant power to explain profitability indices for the chaebol firms in the first hypothesis. The results are generally compatible with those obtained from their counterparts of non-chaebol firms. In the second hypothesis applying multinomial logistic model, the chaebol firms are classified into three groups according to the level of profitability. It is then confirmed that variables to represent the market-valued debt ratio, business risk and growth potential are financially discriminating factors among the three groups. The study may provide a new vision to identify financial factors of corporate profitability for Korean chaebol firms after the global financial crisis, which can enhance the benefits of interested parties at the government or corporate level in a virtuous cycle.

• The Journal of the Korea Contents Association
• /
• v.21 no.10
• /
• pp.774-787
• /
• 2021

This thesis is a follow-up study on HwangJeNaeGyeogSoMun(SoMun). Its purpose is the usage of '心' letter used in HwangjenaegyeogYoungChu(YoungChu). The original manuscript of this study was the Hu's Gulin Sanctum of YoungChu. It was conducted by a literature review. Typically, the word '心' means a tangible heart and an intangible mind in the same form. Therefore, in order to understand the contents of the YoungChu, which provides the basis for the basic ideology related to health care, meditation, GiGong training, yoga, practice and oriental medicine, it is necessary to understand the meaning of the word '心' letter. The results of this study are as follows. First, it means human heart. Second, it means the human chest. Third, it means mind such as angry, joy sad, fear and so on. Fourth, it means the transcendent concept like spiritual enlightenment. Fifth, it means the pericardium. Sixth, it means logical thinking. Seventh, it means center or core, Eighth, it means the name of the constellation in the eastern sky of ancient Asia. Ninth, it can be classified into the inside. It can be used as a basic data to understand the contents of YoungChu related to various categories. The limitation of it is that the classification of the '心' letter may be different from the researchers' perspective.

• Journal of Cadastre & Land InformatiX
• /
• v.50 no.2
• /
• pp.189-202
• /
• 2020

The land under Japanese-type names remains in the Korean cadastral record as an official register due to land exploitation, land and field survey programs, and the forceful name-changing system of Japan during its colonial era. This research aims to find a measure to survey and organize such land. Research details are as follows. First, this research put together the purpose and status of land exploitation in the Japanese colonial era. Japan wanted to reduce its population through agricultural emigration of the Japanese and increase food supply by producing more crops in Joseon. Therefore, land of three southern provinces, the breadbasket of Korea, was intensively plundered. Secondly, this research organized how Joseon people changed their surnames into Japanese-style ones. The initially voluntary name-changing system became mandatory and about 3.22 million households (79.3%) reported the change of their names. Thirdly, this research established a process to survey land under Japanese-style names. Fourthly, this research yielded visible outcomes as a result of the pilot program. Especially, it revealed 718 lots as land under Japanese-style names and 8 lots as land under the names of Japanese. Fifthly, this research presented internal & external collaboration and cooperation measures for surveys.

• Knowledge Management Research
• /
• v.22 no.2
• /
• pp.247-268
• /
• 2021

Investors mainly use PER and PBR among financial ratios for valuation and investment decision-making. I conduct an analysis of two basic financial ratios from a statistical perspective. Financial ratios contain key accounting numbers which reflect firm fundamentals and are useful for valuation or risk analysis such as enterprise credit evaluation and default prediction. The distribution of financial data tends to be extremely heavy-tailed, and PER and PBR show exceedingly high level of kurtosis and their extreme cases often contain significant information on financial risk. In this respect, Extreme Value Theory is required to fit its right tail more precisely. I introduce not only GPD but exGPD. GPD is conventionally preferred model in Extreme Value Theory and exGPD is log-transformed distribution of GPD. exGPD has recently proposed as an alternative of GPD(Lee and Kim, 2019). First, I conduct a simulation for comparing performances of the two distributions using the goodness of fit measures and the estimation of 90-99% percentiles. I also conduct an empirical analysis of Information Technology firms in Korea. Finally, exGPD shows better performance especially for PBR, suggesting that exGPD could be an alternative for GPD for the analysis of financial ratios.