• Journal of Convergence for Information Technology
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• v.7 no.3
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• pp.105-109
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• 2017

This paper examines the effect of the analysts' earnings forecast revisions on stock price after the dividend announcement of the firms has been released. We show that the analysts' upward revisions on earnings forecasts are followed by the positive cumulative abnormal return. We also investigate the signalling effect and the confirmation effect with respect to the effect of the dividend announcement and the earnings forecast revisions on stock price. The test results show that the confirmation effect is stronger than the signalling effect. That is, the investors react only when the analysts' forecasts coincide with the preceding dividend announcement.

• Journal of the Korean Society for Geothermal and Hydrothermal Energy
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• v.14 no.4
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• pp.35-42
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• 2018

Among the various ground source heat pump systems, vertical-type heat pump systems have been distributed greatly. Most of the vertical-type ground source heat pump systems have been designed based on the Korean Ministry of Knowledge Economy Announcement in Korea. In this study, the design process of the vertical-type ground source heat pump system in the announcement was analyzed, and the effects of the design parameters on the ground loop heat exchanger were investigated. Borehole thermal conductivity was the highest dominant design parameter for ground loop heat exchangers. The borehole thermal conductivity was changed according to the pipe and grout thermal conductivity. For optimal design of the ground heat pump system, it is highly recommended that the design process in the announcement will be revised to adopt the various tubes and grout which have higher thermal conductivity. In addition, the certification standard for heat pump unit should be revised to develop the heat pump with a small flow rate.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.135-143
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• 2021

Information has an essential role in decision-making for investors who will invest in financial markets, especially regarding the policies on the condition of COVID-19. The purpose of this study is to determine the market reaction to the information published by the government regarding the policy changes to the provisions of Trading Halt on the IDX in an emergency using the event study method. The population in this study was companies listed on the Indonesia Stock Exchange in March 2020; the sample selection technique was purposive sampling. Data analysis used a normality test and one sample T-test. The results of the study found that there were significant abnormal returns on the announcement date, negative abnormal returns around the announcement date, and significant trading volume activity occurring three days after the announcement. The existence of a significant positive abnormal return on the announcement date indicates that the market responds quickly to information published by the government. The practical implication of this research can be taken into consideration for investors in making investment decisions to analyze and determine the right investment options so that investors can minimize the risk of their investment and maximize the profits they want to achieve.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.737-745
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• 2021

This study aims to determine whether there are differences in the average abnormal return, trading volume activity, and trading frequency activity in pharmaceutical stocks before and after the announcement of the first case of the coronavirus (COVID-19) in Indonesia. The sample was selected using a purposive sampling method and collected as many as nine pharmaceutical companies listed on the Indonesia Stock Exchange during 2019-2020. The data used in this study were secondary data in the form of daily data on stock closing prices, Composite Stock Price Index (IHSG), stock volume trading, number of shares outstanding, and stock trading frequency. This study was an event study with an observation period of 14 days, namely seven days before and seven days after the announcement of the coronavirus's first positive case in Indonesia. Hypothesis testing employed the paired sample t-test method. Based on the results, it was found that there was no difference in the average abnormal return of pharmaceutical stocks before and after the announcement of the first case of COVID-19. However, there was a difference in the average trading volume activity and the average trading frequency activity in pharmaceutical stocks before and after the announcement of the first case of COVID-19.

• Journal of Digital Convergence
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• v.11 no.2
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• pp.101-114
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• 2013

This paper investigates whether the announcement effect of seasoned equity offering is affected by management performance. We used Korean stock market data from 2000 to 2007 to analyze the possible relation between net income and seasoned equity offerings announcement effect. The sample of 308 firms are selected for the study from the original population of 750 seasoned equity offering announcements. and We analysis this article through event studty of Brown and J.Warner. We divide the data into two groups. - the previous offerings year's positive net income group and negative income group. Both positive and negative net income samples affect stock price positively. However, the CAR for the negative net income offerings becomes zero around 25days after the announcement date. To analyze the impact of accounting income on the seasoned equity offering announcement effects fully, we introduce a cross-sectional regression analysis by setting the cumulative abnormal returns as a dependant variable and net income as an explanatory variable. The beta coefficient of the net income shows a statistical significance. These results can be considered as an evidence to support our hypothesis.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.61-92
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• 2003

As an extension of previous researches with the conclusion that the announcement of adopting stock options generates positive abnormal returns, this paper examined whether the abnormal return changes over time or varies depending on the number of stock options granted. Empirical analysis was made to find whether the announcement of stock option awards has the same response in the stock market from the early days when stock option plans had been introduced in the Korean stock market till today when it was widespread. Results indicate that the announcement effect had been on a gradual decline since 2000. In addition, it is found that if a company announces stock option awards several times, the abnormal return gradually declines in proportion of the number of stock options granted. This implies that as the stock option awards become widespread, the positive effect that the announcement of adopting stock options generates as news has been on a relatively steady decrease. In short, it leads to a conclusion that the more companies grant stock options, and the more stock options a company announces, the less impact it has on the increase in the firm's value.

• Journal of Digital Convergence
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• v.12 no.3
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• pp.149-160
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• 2014

This paper analyses whether change in corporate dividend policy affects the new issue announcement effects. By conducting an event study using 683 new equity announcements data from year 2000 to year 2009, we find firms paying more dividends experience relatively negative announcement effects of seasoned equity offerings comparing with firms paying less dividend. The cross sectional regression analysis results confirm our findings. These results indicate that corporate dividend policy change may interact with forthcoming new equity announcement decision, which may result in a negative signal to the capital markets.

• Knowledge Management Research
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• v.20 no.4
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• pp.39-55
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• 2019

Although Firms have been increasing their information security significantly to handle increased security risks, the effects of information security were not well understood. This study aims to investigate the market value of information security by employing the event study methodology. Our research also explores how market responses vary depending on the type of information security announcements. We collected 177 firm-level information security announcements between 2001 and 2017 in South Korea. For all samples, our results indicate that the stock market positively reacts to information security announcements. We also conducted subsample analysis and found that while information security certification announcement has a positive impact on the stock market, information security activities (e.g. award, information security system) announcement had no impact on the stock market. Our study adopted a novel approach (i.e. event study) for investigating the effects of information security and found that information security investment positively affects firm value. Our results allow managers to measure the effects of information security investment and help them make right decisions on information security investment.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.34 no.4
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• pp.1327-1334
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• 2014

Linear form of public works such as roads, railways and rivers, generally used as long work crossing administrative districts, can be several hundreds km length and narrow. These linear forms use SCM sheets, which do not include the quadrangle shape, to make a public announcement of topographical drawing in order to get the work approval. the Integrated measurement channel investigation and cadastral act that are established in 2009 apply the ITRF for the composition of design and construction books and coordinates of topographical map in order to get the work approval. However according to the article 5 of additional clause, while the cadastre is maintaining local coordinates, if there is a technical error in the content of the Public Announcement of Topographical Drawing that used the SCM, the question of responsibility of land borders and the efficacy or not of the announcement is raised as an administrative measure. After analysing the causes and enforcing coordinate conversion and correction taking into account linear form work's features, the result was reflected in the existing SCM. As a conclusion, the present study proposes the improvement of the procedures of the Public Announcement of Topographical Drawing.

• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.79-109
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• 2008

According to asymmetric information hypothesis (for example, Ross (1977), Myers and Majluf (1984)), the impact of seasoned equity offering (SEO) announcement on the stock price depends mainly on the informational market efficiency. Despite of the importance of this fact, most of the previous SEO-related studies have done under the assumption of equal informational market efficiency among sample firms. This study intends to solve this problematic assumption and explores the real impact of SEO announcement on the stock prices. For this purpose, we divide 122 SEO firms into two subgroups; one with firms from KOSPI200 and the other including firms from the rest of KOSPI, assuming the former is more informationally efficient than the latter. Different from the US market-based study demonstrating short-and long-term negative price impacts of SEO announcement, most of the Korean market-based ones show price increases up until the announcement and decreases just after the announcement and in the long run. These previous studies attribute this difference to the different market system and regulation between them. Our results indicate that this discrepancy can be attributed to the different degree of market efficiency as well as the different market system and regulation.