• Knowledge Management Research
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• v.5 no.1
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• pp.39-56
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• 2004

Mergers and Acquisitions(M&A) have long played an important role in the growth of firm. M&A has been considered a effective strategy for Korean government to restructure industry. Previous studies provided mixed results on the synergy effect of M&A This study provides investigation on 39 mergers occurred over the sample period from 2000 to 2001. In this study, event study methodology arc used to calculate abnormal return(AR) and cumulative abnormal return(CAR) based on mean-adjusted model. The testing period of this study from date -30 through date +30, where date zero is the date of the first public announcement of the merger. The empirical results in this study can be summarized as follows. First, the return rates of KOSDAQ registered firms with M&A appears higher than that of KSE listed firms. This means that public announcement of M&A is more influential on stock price for KOSDAQ registered firms than KSE listed firms. Second, The difference between actual merging price and fair value is significant in KSE listed firms and KOSDAQ registered firms. This means that the investors take M&A of KOSDAQ registered firms as a good news. Third, the impact on the market prices of merging firms take place after the first public announcement of the merger in KSE registered firms. But the impact on the market prices take place not only merging firms but also merged firms in KOSDAQ registered firms. This result shows that the investors recognize a M&A is a strategy of technology transfer in small & venture business.

• 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 Chest Surgery
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• v.18 no.3
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• pp.440-445
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• 1985

Cor triatriatum is a variant of abnormal connection between the pulmonary vein and true left atrium, which is separated from accessory left atrium receiving pulmonary venous blood flow by fibromuscular diaphragm. Usually it is diagnosed after operation because difficulty in visualization of the diaphragm by conventional diagnostic tools. We experienced a rare entity of congenital heart disease diagnosed as car triatriatum with atrial septal defect and partial anomalous pulmonary venous return after completing operation, which was diagnosed as ASD with PAPVR preoperatively. Anomalous right pulmonary venous opening was located at right atrium, secundum type defect of atrial septum was present, and dual chambered left atrium without connection was also seen. Excision of the diaphragm and wide patch repair of ASD including right pulmonary vein were performed with good postoperative results. Herewith, we report this case with review of literatures.

• Journal of Chest Surgery
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• v.25 no.12
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• pp.1461-1464
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• 1992

Cor triatriatum is rare congenital heart disease which is another variant of anomalous pulmonary venous return. It has abnormal fibromuscular diaphragm between true left atrium and accessary chamber which has one or more orifice to the left atrium. In classic form, the patient dies within several months after birth due to pulmonary hypertension inevitably, so it is rarely found in adult. With priopertive echocardiogram and cineangiogram we had two impressions, left atrial cystor cortriatriatum. At operative finding, there was no visible combined anomaly except accessary chamber which received all pulmonary venous return that drained into the left atrium through small calcified orifice. The operation was performed by simple resection of the diaphragm under cardiopulmonary bypass. The postope rative course was uneventful.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.3
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• pp.79-91
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• 2016

This paper is the first of its kind using a non-linear approach based on cross-correlation function (CCF) to investigate the information arrival hypothesis in crude palm oil (CPO) futures market. Based on daily data from 1986 to 2010, our empirical results reveal that: First, the volume of volatility is not a proxy of information flow. Second, dependence causality running from current return to future volume in conditional variance exhibit an asymmetric pattern of time span with different signs of correlation between price and volume series. This finding indicates the presence of noise traders' hypothesis of price-volume interaction in CPO futures market. Both findings suggest that this futures market is weak-form inefficiency. In terms of investors' behavior, they tend to change their expectations on current return based on errors made in previous trade in generating abnormal volume in the subsequent period. As implied, it is advisable for the investors devise their future trading strategies according to time span and changes of return.

• Journal of Distribution Science
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• v.21 no.3
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• pp.93-100
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• 2023

Purpose: The purpose of this paper is to confirm whether stocks belonging to the distribution industry in Korea have reversals, following large daily stock price changes accompanied by large trading volumes. Research design, data, and methodology: We examined whether there were reversals after the event date when large-scale stock price changes appeared for the entire sample of distribution-related companies listed on the Korea Composite Stock Price Index from January 2004 to July 2022. In addition, we reviewed whether the reversals differed depending on abnormal trading volume on the event date. Using multiple regression analysis, we tested whether high trading volume had a significant effect on the cumulative rate of return after the event date. Results: Reversals were confirmed after the stock price shock in the Korean distribution industry and the return after the event date varied depending on the size of the trading volume on the event day. In addition, even after considering both company-specific and event-specific factors, the trading volume on the event day was found to have significant explanatory power on the cumulative rate of return after the event date. Conclusions: Reversals identified in this paper can be used as a useful tool for establishing a trading strategy.

• Journal of Korean Neurosurgical Society
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• v.37 no.1
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• pp.8-15
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• 2005

Objective: We evaluate temporal correlations between postoperative symptomatic and electrophysiological improvements, and assessed the recovery time required for patients with carpal tunnel syndrome(CTS) before returning to routine activities. Methods: 30 CTS patients were treated via the endoscopic monoportal approach, from March 2001 to September 2003. We assessed the symptoms (hyperesthesia in the finger tips, or abnormal sensations and painful numbness or night pain) and electrophysiological changes in the preoperative state, 1 month and 6 months after surgery. We marked the times at which patients became able to return to activities of daily living and work, after undergoing endoscopic carpal tunnel release. Results: At the end of the follow-up period, high levels of achievement and good outcomes were observed, with respect to both the symptoms and electrophysiological studies. We discovered significant differences between the preoperative and postoperative periods, especially in terms of motor nerve onset latency from $4.50{\pm}1.43$ to $3.97{\pm}0.69$ and sensory nerve conduction velocity, the wrist-to-finger from $19.81{\pm}10.03$ to $28.18{\pm}11.01$ and wrist-to-palm from $23.34{\pm}13.40$ to $31.79{\pm}13.38$(P<0.05 for each comparison). The average time interval required before return to activities of daily living was 26.4 days, and time interval required before return to work was 48.08 days. Conclusion: Electrophysiological improvements are largely consistent with symptomatic relief, but there is some disparity between electrophysiological and symptomatic improvement.

• Journal of Aerospace System Engineering
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• v.16 no.2
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• pp.39-48
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• 2022

The purpose of this paper was to study how to improve the occurrence of abnormal altitude values of radio altimeter, due to RF interference signals during the flight of aircraft. In flight missions, since it performs a roll-out after several high maneuvers, accurate altitude must be displayed to effectively perform flight missions. Thus, a root cause analysis and trouble shooting were performed for the display of abnormal altitude values of radar altimeters, and a method of reducing RF interference signals by installing an attenuator was examined. Additionally, the verification results for the improvements are also described.

• Journal of the Korea Safety Management & Science
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• v.3 no.4
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• pp.113-122
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• 2001

This study is to examine the effect of layoff on shareholders' wealth. Firms make layoff decisions by reason of cost cutting, lower performance, demand decline, restructuring. Therefore, I think that stock market responds to layoff positively, since the firm's labor productivity and profitability is improved after execution of layoff, I find that layoff variables effect on abnormal return positively in regression analysis. This means that layoff sends positive signal to the stock market for the firm's future performance. Therefore, layoff has a good effect on shareholders' wealth.

• Management & Information Systems Review
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• v.32 no.1
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• pp.195-216
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• 2013

This Study investigates evaluation policies for goodwill under the current tax law and suggests improvements as follows. First, even though not appear on the financial statements of acquiree at the date of acquisition, the current corporate tax raw regulates that firms need to estimate purchased goodwill including acquisition amount and additionally recognizable intangible property right with no distinction. According to this rule, purchased goodwill from business combination under the current tax raw has a drawback in overestimating. So, there is need of further improvement on the current related purchased goodwill regime to distinguish additionally recognized intangible property right from purchased goodwill. Second, in the consideration of internally generated goodwill, suggested in the current inheritance and gift tax act as a supplementary evaluation technique, the estimated value of goodwill may contain some bias, since the current regulation uniformly applies to all the companies with no industry characteristics. This may particularly become problematic while computing abnormal earnings, uniformly applying the 10% normal return to all the companies since the normal return is not likely to reflect industry characteristics and thus the computed abnormal earnings may be biased. Therefore, there is need to revise the current regulation relating to the normal return, to convert from the existing 10% rule to the industry average rate of return method.