• Asia pacific journal of information systems
• /
• 제14권3호
• /
• pp.57-75
• /
• 2004

The knowledge management is increasingly an important strategic weapon for sustaining competitive advantage of firms. Firms are undertaking knowledge management initiatives and making significant investments. However, there is relatively little empirical support for the impact of knowledge management on performance of firms. Understanding of the impact of knowledge management, this paper explores how knowledge management strategy influences firms' market value. We examine this issue using event study methodology and evaluate the cumulative abnormal returns for knowledge management strategy announced by firms from 1998 to 2002. The results show that firms' announcements of knowledge management strategy are positively related with firms' market value. Specially, dynamic style-which emphasizes both (i) knowledge reusability through information technologies and (ii) knowledge sharing through informal discussions among employees-has higher performance. This outcome presents empirical support to argument that the emphasis on both tacit and explicit knowledge results in better market value.

• 품질경영학회지
• /
• 제19권2호
• /
• pp.96-107
• /
• 1991

At the design stage of a plant, the plausible causes and pathways of release of hazardous materials are not clearly known. Thus there exist large amount of uncertainties on the consequences resulting from the operation of a fusion plant. In order to better handle such uncertain circumstances, we utilize the Probabilistic Risk Assessment(PRA) for the safety analyses on fusion power plant. In this paper, we concentrate on the tritium release accident. We develop a simple model that describes the process and flow of tritium, by which we figure out the locations of tritium inventory and their vulnerability. We construct event tree models that lead to various levels of tritium release from abnormal initiating events. Branch parameters on the event tree are assessed from the fault tree analysis. Based on the event tree models we construct influence diagram models which are more useful for the parameter updating and analysis. We briefly discuss the parameter updating scheme, and finally develop the methodology to obtain the predictive distribution of consequences resulting from the operating a fusion power plant. We also discuss the way to utilize the results of testing on sub-systems to reduce the uncertain ties on over all system.

• 한국IT서비스학회지
• /
• 제17권1호
• /
• pp.33-45
• /
• 2018

Recently, many South Korean firms have suffered financial losses and damaged corporate images from the data breaches. Accordingly, a firm should manage their IT assets securely through an information security investment. However, the difficulty of measuring the return on an information security investment is one of the critical obstacles for firms in making such investment decisions. There have been a number of studies on the effect of IT investment so far, but there are few researches on information security investment. In this paper, based on a sample of 76 investment announcements of firms whose stocks are publicly traded in the South Korea's stock market between 2001 and 2017, we examines the market reaction to information security investment by using event study methodology. The results of the main effects indicate that self-developed is significantly related to cumulative average abnormal returns (CAARs), while no significant effect was observed for discloser, investment characteristics and firm characteristics. In addition, we find that the market reacts more favorably to the news announced by the subject of investment than the vendor, in case of investments with commercial exploitation. One of main contributions in our study is that it has revealed the factors affecting the market reaction to announcement of information security investment. It is also expected that, in practice, corporate executives will be able to help make an information security investment decision.

• 디지털콘텐츠학회 논문지
• /
• 제16권6호
• /
• pp.901-908
• /
• 2015

스토킹과 같은 장시간 동안의 이상행위를 추적하기 위해선 네트워크로 연결된 다중 CCTV환경하에서 객체간의 관계를 지속적으로 추적하는 시스템이 매우 필요하다. 그러나 추적과정에서 자주 발생하는 객체의 겹침문제가 해결되지 않는다면 객체 추적이 중단되거나 다른 객체로 대체되는 등의 치명적인 오류가 발생할 가능성이 농후하다. 본 연구는 기 설치된 CCTV를 최대한 활용하기 위해 투시적 투영깊이 및 객체특성을 활용하여 겹침문제를 해결함으로써 중첩된 객체 관계를 지속적으로 추적가능하게 한다. 객체간 겹침문제 뿐만 아니라 배경에 포함된 객체 즉 벽이나 기둥 등의 객체와의 겹침문제도 함께 다룬다.

• 유통과학연구
• /
• 제16권10호
• /
• pp.65-76
• /
• 2018

Purpose - This paper investigates how the market value of the firms are impacted by distribution information technology investment in Korea over time and across markets, industries and project characteristics. This is the first empirical study on the market payoffs from the RFID investment in Korea. The purpose of this study is to provide a appropriate guideline for investors and practitioners with respect to the announcement representing RFID adoption in Korea. This reaction guideline will stimulate the practitioners to monitor and evaluate the benefits and costs of the innovative RFID technology. Research design, data, and methodology - This paper employs event study methodology to analyze the payoffs from distribution information technology investment announcements over a fifteen-year period from 2003 to 2017. Event study method is based on the assumptions such as market efficiency, unanticipated RFID invest announcements and no confounding effects in the data. This study collected the information on RFID investment announcements by using a full text search engine Bigkinds provided by Korea Press Foundation over a fifteen-year period from January 2003 through December 2017. This paper selected 88 announcements representing RFID adoption by 46 firms. This paper estimated the payoffs from RFID investment announcement through events windows by using the market model of Mcwilliams and Siegel (1997) and calculated the Z-values. Using this test statistics we could infer if RFID adoption make large differences in abnormal returns across various classifications of the firms. Results - There is significant positive market returns from the announcement representing distribution information technology investment in the pre-2009 time period, the significances of payoffs disappear in the post-2009 time period. For this reason investors or practitioners can understand the importance of market entry time and the fact that the greater rewards may belong to early innovators while late imitators cannot reap such a rewards. This paper also find that there is a large differences in the payoffs from the announcement across markets, industries and project characteristics. Conclusions - Analysing the selected sample of 88 announcements representing RFID Adoption over fifteen-year period from 2003 to 2017, this study find that there is not only significant abnormal excess returns from RFID investment announcements but also there is great differences in the abnormal returns over time and across firm sizes or affiliated markets, industries, and project characteristics. This means that there are considerable values for the investors across various firm classifications. The findings of this paper provide useful implications for the practitioners to make judicious decisions whether to adopt the innovative technologies in general or not considering the various concrete circumstances in Korea.

• 한국가스학회지
• /
• 제27권1호
• /
• pp.57-62
• /
• 2023

정압기 EVENT는 각 지역정압기(이하 "정압기")에 설치된 원격감시장치가 보내는 신호로 당사 Client서버에서 직관적으로 확인할 수 있는 이상경보이다. 이는 정압기 이상발생 시 상황실에서 즉각적으로 출동명령 및 초동조치를 가능토록 하며 정압기 이상원인을 분석할 수 있는 중요한 Data이다. 최근 3년간 정압기 EVENT Data의 추이를 살펴보면 비점검 EVENT Data 증가 추세가 뚜렷하다. 비점검 EVENT(실제이상 또는 Noise EVENT)가 증가한다는 것은 첫째로 실제 정압기에 기계적 이상이나 압력이상 발생이 증가한다는 의미일 수도 있으며, 둘째로 실제 정압기엔 이상이 없지만 원격감시장치에서 발생한 통신오류, Reset오류, 센서오류, 전원오류(순간정전) 등에 의하여 정압기에 이상이 생긴 것처럼 EVENT Data가 형성될 수도 있다. 이중 본 연구에서는 최근 발생한 비점검 EVENT Data를 분석하여 Noise EVENT인 원격감시장치 오류 중 Critical Noise Event를 확인하고 이를 감소시켜 정압기 EVENT의 신뢰성을 높일 수 있는 방안에 대해 검토하였다.

• 재무관리연구
• /
• 제24권1호
• /
• pp.1-27
• /
• 2007

본 연구에서는 1998년부터 2002년 동안 주식분할을 실시한 과거 거래소 상장기업을 대상으로 장기성과를 분석하였다. 장기성과는 Event-time 포트폴리오 접근방식으로 측정되어지는 BHAR과 CAAR을 이용하였고 또한 Calendar-time 포트폴리오 접근방식으로 1요인 CAPM 모형과 3요인 모형을 이용하였다. 분석결과 주식분할의 공시월 부근에서 유의적인 양(+)의 초과수익률을 발견할 수 있었다. 이러한 결과는 기존 국내 연구들에서 밝혀진 바와 같이 주식분할의 공시효과가 존재한다는 것을 재확인 한 것이다. 하지만 이후 기간별 BHAR과 CAAR 모두 유의적인 음(-)의 초과수익률이 나타났으며, 이러한 결과는 Calendar-time 포트폴리오 접근방식인 1요인 CAPM 모형과 3요인 모형에서도 재확인 할 수 있었다. 분할비율에 따른 BHAR과 CAAR을 분석한 결과 분할비율이 높은 기업군도 주식분할 이후 여전히 음(-)의 초과수익률이 나타났으며 주식분할 이전 보다 이후에 영업성과가 더 악화되는 것으로 나타났다. 따라서 주식분할이 기업의 수익성이 개선된다는 신호로 보기에는 무리가 있었다. 배당성향의 증감에 따라 표본을 분류하여 장기성과를 분석한 결과에서 두 표본 간에 뚜렷한 차이를 발견할 수 없었다. 본 연구의 결과를 통하여 볼 때 주식분할은 한국 주식시장에서 단기적으로는 주가에 양(+)의 영향을 미치고 있지만 장기적으로는 주식분할이 주가에 미치는 영향은 없는 것으로 판단된다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권12호
• /
• pp.153-158
• /
• 2021

Convergence is the process of gradual adoption of a certain accounting standard issued by different regulatory bodies. The aim is to achieve uniformity and standardization across borders to open opportunities for international investment and collaboration. The implementation of IFRS, in theory, encourages more transactions by presenting financial statements in a simple and understandable manner for all investors and other businesses interested in the company. Using event study methodology, this study investigates whether Malaysian companies' adoption of IFRS is recognized by the investment community. A total of 89 public listed companies in Bursa Malaysia are involved in this study. The results show that about 62.8 percent of the companies that adopted IFRS-based financial statements experienced an increase in their average abnormal return after the announcement. However, the paired sample test results show that only 5.6 percent out of 89 companies studied experience a significant difference in abnormal return before and after the announcement. The inexistence of the average abnormal return difference between before and after the announcement may indicate that IFRS-based financial statements do not have any new market informational content. This study found little evidence to show that convergence with IFRS affects the company's stock price in Malaysia.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권4호
• /
• pp.135-143
• /
• 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
• /
• 제8권2호
• /
• pp.737-745
• /
• 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.