• Korean Journal of Construction Engineering and Management
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• v.8 no.2
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• pp.101-108
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• 2007

Currently construction corporations also is whether executing or planning IR activities as other corporation do. We will analyze correlation between stock price and IR activities and execute actual analysis of how IR activities influence stock price in order to identify positive influence of IR activities on Construction Corporations which are executing IR activities for raising capital and investors. We make two hypothesizes through searching thesis and interviewing experts. Two hypothesizes are as follows. First of all, stock price will increase in terms of public of IR activities. Second of all, IR activities targeted on domestic investors will be very successful. We deduce conclusions through verifying two hypothesizes. Conclusions are as follows. First of all, IR activities of construction corporations influence stock price positively. Second of all, IR activities targeted on international are more effective than on domestic Third of all, even though IR activities targeted on domestic is less effective than on international, it is indicated that it have positive influences. Construction corporations give investors frostiness and then will expect to raise capital and renew $its^{\circ}{\phi}$ imageby well executing IR activities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.1-11
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• 2020

Increasing the number of unicorn startups has recently received much attention. In this study, we attempt to investigate that startups achieving an extremely high valuation could postpone their exit to raise more investment and receive more benefits. This study tested the hypotheses using data from Crunchbase, World Bank, Global Competitiveness Report, and Global Entrepreneurship Monitor. Using 140 unicorn startups that have already exited through an initial public offering (IPO) or mergers and acquisitions (M&A), we find out that unicorn startups tend to acquire higher valuation as their investment duration increases. Furthermore, we also examined the moderating effects of governmental policy and institutional distance from foreign investors in order to consider the institutional aspects of startups. The results of the moderating variables show significant supports. We expect to provide a better understanding with respect to making an exit decision of unicorn startups. Furthermore, managers and investors need to acknowledge the institutional factors of startups when they decide to fund.

• Journal of Digital Convergence
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• v.16 no.5
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• pp.185-197
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• 2018

The purpose of this study is to analyze the Korean ETF market, which is experiencing a rapid increase in the number of stocks, to identify the degree of investment efficiency and to present investment directions. The methodology and procedure are ETF yield, change trends, correlation and regression analysis of the ETFs traded between 2010 and 2018. As a result, the total return of domestic ETFs was 3.51%, which was lower than the KOSPI growth rate and the return on equity ETFs was 4.03%, which was low. Leverage ETF yields were below 3%, which was low. The return on bond and currency ETFs was less than 1%. The most profitable ETFs were index ETFs, followed by domestic and leveraged ETFs. This study has contributed to establishing considerations when purchasing ETFs from the viewpoint of investors. Future research will present the direction of ETF investment more precisely.

• Management & Information Systems Review
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• v.37 no.2
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• pp.259-281
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• 2018

Advocates of mandatory IFRS adoption claim that IFRS increase financial statement comparability, which in turn leads to greater cross-border investment(Securities and Exchange Commision, 2008). The notion is that improved financial statement comparability reduces the information acquisition costs of global investors and thereby increase their investment in foreign firms. The purpose of this study is to examine this assertion by examining whether the K-IFRS adoption rusults in improved comparability that leads to increased investment by foreign investment. We also examined whether the relation between comparability and foreign investment has strengthen after adoption of K-IFRS. To achieve the purpose of our study, we measure Korean firms comparability using stock price model, stock return model and cash flow from operation model by Barth et al.(2012). We use both foreign ownership in the end of year and average during the year for dependent variables were to reduce bias. We test our hypothesis using 1,817 firm-year observation of KOSPI firms during the period of our analysis, 2011-2015. Consistent with our hypothesis, we find K-IFRS adoption results in a greater increase in foreign investment in firms with high comparability firms. This result indicate that the adoption of K-IFRS intends to achieve the international accounting convergence as stated in the roadmap and to reduce the Korea Discount.

• Journal of Digital Convergence
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• v.19 no.8
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• pp.161-171
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• 2021

According to the equity home bias theory, foreign investors are considered to have less information than native investors. However, as the economy becomes liberalized and overseas economic innovation has a great influence on the local economy, it is possible for foreign investors to invest as informed traders. This study analyzes whether information on trade amount by nationality has specific characteristics. The findings are summarized as follows. First, the increase in trading by foreign investors has negative effects on stock returns. There is no significant difference in these negative effects by nationality. This means that foreign investors show strong herd behavior regardless of nationality. Second, foreigners' investment activities increase stock price volatility, but the impact is not significant. Third, the behavior of foreign investors is still positive feedback. However, there are signs that positive feedback behavior may be changing, especially for funds from the United States and the Cayman Islands. Finally, tax haven zone funds have different investment strategies than other foreign investors. However, Cayman Islands funds, which are estimated to be closely related to Korea, are different from Luxembourg and Ireland funds. These findings undermine the fundamentals of the equity home bias theory.

• Journal of Service Research and Studies
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• v.9 no.1
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• pp.51-71
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• 2019

The purpose of this research is to analyze the ETF market, which has a large increase in the number of listed shares and the market capitalization, and to identify the investment effects of ETFs. The study procedure and method used to calculate the return and change trend of ETFs for the sample of the transaction information, the transaction amount, and the market capitalization for the period from 2010 to 2018, and performed correlation and regression analysis. As a result, the ETF's total return was 2.11%, the domestic underwriting market ETF yield was 2.39%, and the stock ETF yield was 2.59%, which was lower than the KOSPI 200 index and the KOSPI 200 index. Index ETF was 2.63%, followed by stock ETF and oversea underwriting market ETF. The problem with ETF investment is that the annual return of ETFs and domestic ETFs is as low as 2%, which is not enough for investors to expect more than 5%. The study contributes to the realization of the ETF by analyzing the actual effect of the investment and to establishing considerations when buying ETFs from the viewpoint of investors. The direction of the research is to accumulate more ETF data and present the investment direction precisely.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.