• Management & Information Systems Review
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• v.35 no.3
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• pp.195-212
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• 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 the Korean Data and Information Science Society
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• v.27 no.3
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• pp.639-651
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• 2016

"Law on price announcement for real estate" which was revised as of Jan. 19, 2016 (will be enforced as of Sep. 1, 2016) decided the introduction of 'Price announcement system for non-residential property' for the first time. However, its introduction seems to be delayed based on two reasons. Firstly the methodology for introduction of non-property system is not definitized, despite many problems were brought up for current tax base of non-residential property. In addition, changes in tax base will place a burden on the government. In this regard, this study analyzed actual transaction price data throughout one year to analyze equity of taxation for non-residential property and to find major factor which affects on the tax base, in relation with the change of current public announcement system to actual transaction based system. And this is the first study that applied actual transaction price to non-residential property.

• The Korean Journal of Financial Management
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• v.9 no.2
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• pp.271-293
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• 1992

연구에서는 해외기업 인수의 생존전략가설(生存戰略假說)(Shapiro,1989)을 $1986{\sim}1991$년까지 해외기업을 인수한 30개 국내 인수기업의 주식수익률 자료를 이용하여 검증하였다. 해외기업 인수에 관한 정보의 공시가, 전체표본(全體標本)의 경우, 국내 인수기업의 주식가격에 중립적이거나 혹은 부정적인 효과를 가져다 주었다. 또한, 국내 인수기업중에서 외국기업을 인수해야 할 긴박성의 정도에 따라 전체표본을 성장기업(成長企業)과 한계기업(限界企業)으로 분리하여 각 표본을 대상으로 인수에 관한 정보의 공시가 주가(株價)에 미치는 효과를 분석하였다. 소표본의 분석 결과에 따르면, 성장기업의 경우는 초과수익률이 통계적으로 0에 가까운 중립적인 반응을 보였으며, 한계기업의 경우는 통계적으로 유의한 마이너스 초과수익률을 나타내어 생존전략 가설을 확인시켜 주었다. 따라서, 국내기업에 의한 해외기업 인수는 국제화를 통해 초과수익을 추구하기 위한 전략이라기 보다는, 국내 및 국제시장에서 살아남기 위한 생존전략의 한 방안으로 추진된다고 결론지을 수 있다.

• Journal of the Korean Institute of Oriental Medical Informatics
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• v.13 no.1
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• pp.14-25
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• 2007

기공시유구역사전통적문화(氣功是悠久歷史傳統的文化), 해탈생로병사고통적수련법(解脫生老病死苦痛的修練法), 거병건신(祛病健身), 심신단련(心身鍛鍊), 수명장수적양생법(壽命長壽的養生法). "기공"("氣功") 취시행기공부(就是行氣功夫), 이수련수행(以修練修行), 예방정신화육체질병(豫防精神和肉體疾病), 건강신체(健康身體), 연년익수(延年益壽), 기공적수련방법(氣功的修練方法), 유수형태(有數形態), 육체화정신적건강(肉體和精神的健康), 시의료기공(是醫療氣功), 의료기공시검토점(醫療氣功是檢討點), 통과고대의서적정리(通過古代醫書的定理). 의료기공시다개형태변화(醫療氣功是多個形態變化), 불교전파화일기(佛敎傳播和一起), 불가기공취재일개문파불가수련활동중형성(佛家氣功就在一個門派佛家修練活動中形成). 불가기공시(佛家氣功是), 수행자소추구적(修行者所追究的), 유지건강육체적기공법(維持健康肉體的氣功法). 의료기공적모습화구도적모습(醫療氣功的模襲和求道的模襲), 시혼합형태(是混合形態). 현재(現在) 불가기공지원류(佛家氣功之原流) 가이설시소림역근경(可以說是少林易筋經). 저본논고취시이의료기공적관점래접근소림역근경(這本論考就是以醫療氣功的觀點來接近少林易筋經).

• Management & Information Systems Review
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• v.33 no.3
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• pp.167-187
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• 2014

While Korean GAAP had detailed regulations for the measurement and disclosure of operating income in the past, K-IFRS did not provide specific rules for operating income until 2011. Some firms that adopted K-IFRS before 2011 did not disclose or calculated operating income in an inconsistent manner although operating income is usually considered as one of the core information items to assess firm valuation. Inconsistency in firms' treatment of operating income invoked much criticism from diverse users of financial statement. The Korean Accounting Institute (KAI hereafter) revised the K-IFRS rules relevant to operating income in September 2010 in response to the voices raised by the business community, whereby the operating income number is allowed to be calculated in conformity with the previous K-GAAP. This study was motivated by the revision of K-IFRS and aims to provide a clue on the validity of such policy decision. To achieve the research objective, we test the relative value relevance of the alternative operating income numbers under K-IFRS versus K-GAAP. Our main findings are as follows. The value relevance of operating income reported before K-IFRS is proved to be higher than after K-IFRS. K-IFRS operating income adjusted to the previous K-GAAP has greater explanatory power for market values relative to one calculated under the K-IFRS regime. In an additional analysis, the sample was decomposed according to whether the operating income under K-IFRS is greater than under K-GAAP. The difference in the value relevance of K-IFRS versus K-GAAP operating income is significant only in the subsample consisting of firms which reports higher operating income under K-IFRS compared to K-GAAP. Also, the firms which would have reported negative operating income on a consecutive basis are more likely to have chosen K-IFRS, resulting in higher numbers than otherwise. It is likely that firms facing the threat of delisting due to consecutive operating loss reporting are more likely to have adopted K-IFRS disclosure rules by which they could report higher operating income numbers. To sum up, these results corroborate the limitation inherent in the K-IFRS regarding operating income disclosures. This paper suggests that the recent revision of K-IFRS implemented by KAI is likely to mitigate some of afore-mentioned limitations effectively.

• Proceedings of the Korean Information Science Society Conference
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• 2000.04a
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• pp.241-243
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• 2000

환경부나 지방자치단체에서는 환경문제를 사전에 예방할 수 있는 체계를 마련하기 위하여 오염물질 배출업체가 환경감시 시스템을 통하여 환경오염물질의 배출상태를 실시간으로 측정하여 공시하도록 의무화 하고 있다. 그러나 환경단체나 지역주민들은, 환경부나 지방자치단체에 제공된 환경정보에 대한 신뢰감이 부족한 현실이다. 본 논문에서는 환경정보의 신뢰성 제공을 위하여 암호학적 인증 메커니즘을 이용한 환경정보 인증 서브 시스템을 설계, 구현하였다. 제시한 환경정보 인증시스템에서는 클라이언트/서버간 인증, 환경정보에 대한 무결성 보장 및 접근통제, 감사기록의 기능을 제공한다.

• Journal of Fashion Business
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• v.21 no.1
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• pp.45-57
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• 2017

This study explored the current implementation status of corporate social responsibility (CSR) among textiles and apparel manufacturers and retailers in Korea, based on the Triple Bottom Line (TBL). We also investigated the provision of information related to CSR practices on the websites of companies. A quantitative content analysis was conducted to analyze the website disclosures of 61 listed companies categorized in the textiles, apparel, shoes, and luxury industry. Analysis was focused on the presence, accessibility, and the level of CSR website disclosure. Seven themes emerged by applying the constant comparison analysis. Using Scott's formula for pi, a high level of inter-coder reliability was achieved, ranging from 0.91 to 0.97. Regarding the three dimensions of CSR suggested in TBL, economic dimension was relatively more emphasized in the website disclosures of most companies, compared to social and environment dimensions. Website disclosures were further investigated, based on the product categories of each company. Limitations of this study and suggestions for future studies are discussed.

• Proceedings of the Korean Association of Geographic Inforamtion Studies Conference
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• 2003.04a
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• pp.493-499
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• 2003

현재 공시지가를 산정하는 과정에서 비교 표준지를 선정하는 작업은 지적 담당공무원의 수작업에 의하여 이루어지고 있다. 한정된 시간에 많은 개별필지의 비교표준지선정 작업으로 인하여, 객관적이고 합리적인 비교표준지를 선정하는 것에 어려움이 있다. 또한 현재 NGIS(국가지리정보체계)나 UIS(도시정보체계)등에 의한 국가적인 지형정보체계 구축사업이 급속도로 진전되고 있다. 이에 따라 토지의 가치평가의 한 분야인 개별토지의 지가산정작업도 최신의 자동화된 기법을 적용할 필요성이 증대되고 있다. 따라서, 본 연구에서는 비교표준지를 선정하는 작업을 자동화함으로써 수작업에 의한 주관적인 요소를 배제하고, 객관적이고 정확하게 비교표준지를 선정하는 방법을 알아보았다. 아울러 이러한 자동화 기법을 사용함에 있어서 공간의사결정모델을 이용하여 비교 표준지와 개별 필지간의 토지특성을 충분히 고려하여 비교표준지를 선정함으로써 정확도를 높이는 방안을 모색하였다. 본 연구에서는 다양한 의사결정기법 중에서 계층분석과정(AHP)기법, Concordance 기법 그리고 Ideal Point 기법을 사용하여 비교표준지를 선정하였다. 3가지 방법을 통하여 나온 결과를 현재의 비교표준지와 비교하여본 결과, 계층분석과정기법이 가장 현실성이 있는 대안으로 선정 되었다. 본 연구의 결과와 현재 사용중인 비교표준지를 절충하여 좀더 현실적인 비교표준지 선정이 이루어질 것으로 기대한다.

• The Journal of the Korea Contents Association
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• v.8 no.3
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• pp.215-224
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• 2008

For global companies that are going to raise funds from international capital markets or to which lots of foreign investment are being given, it is necessary to prepare consolidated financial statements. This study provides the results of some analyses in accordance with the system of consolidated financial statements disclosure. First, disclosing those statements with audit opinion reflected would provide useful reliable and financial information. Second, such disclosure as foresaid would meet international standards that consolidated financial statements are used as main financial statements and separate financial statements as auxiliary ones. The disclosure system would make it possible for domestic corporations to introduce international accounting standards earlier, especially from 2009, in accordance with the road map of those standards. Third, the system of consolidated financial statements disclosure would play an important role in promoting the implementation of consolidated taxation systems under which corporate tax is levied in accordance with consolidated balance sheet.

• Journal of the Korean Society for information Management
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• v.26 no.3
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• pp.145-168
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• 2009

The basic rights of the public for sustaining public accountability relations between public sector organizations and the citizens is the accessibility to information of public sector organizations. Public organizations in Korea get checked under multiple public accountability relations, which increases steadily the information provision requests from stakeholders. To respond these requirements effectively and efficiently, public sector organizations are required to transform their information management regime to comply with accountability-oriented settings. This study (1) suggests procedures and methods to select 'information for accountability' from the organization's whole information as an important object to be managed, (2) suggests procedures and methods to establish control criteria for the organization to manage its information for accountability in appropriate ways, and (3) gives an example of applying the procedures and methods to the specific context of universities' information disclosure. The procedures and methods suggested are described from a viewpoint of the consulting for the accountability information management regime.