• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.131-137
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• 2020

The research investigates the impact of the lockdown period caused by the COVID-19 to the stock market of India. The study examines the extent of the influence of the lockdown on the Indian stock market and whether the market reaction would be the same in pre- and post-lockdown period caused by COVID-19. Market Model Event study methodology is used. A sample of 31 companies listed on Bombay Stock Exchange (BSE) are selected at random for the purpose of the study. The sample period taken for the study is 35 days (24 February-17 April, 2020). An event window of 35 days was taken with 20 days prior to the event and 15 days during the event. The event (t1) being the official announcement of the lockdown. The results indicate that the market reacted positively with significantly positive Average Abnormal Returns during the present lockdown period, and investors anticipated the lockdown and reacted positively, whereas in the pre-lockdown period investors panicked and it was reflected in negative AAR. The study finds evidence of a positive AR around the present lockdown period and confirms that lockdown had a positive impact on the stock market performance of stocks till the situation improves in the Indian context.

• 한국구조물진단유지관리공학회 논문집
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• 제20권3호
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• pp.103-110
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• 2016

최근 건설되는 특수교량에는 상시적인 유지관리 체계로서 계측시스템이 활발히 도입되고 있는 상황이다. 일반적으로 계측시스템을 이용한 교량 유지관리 시에는 관리기준치를 설정하여 교량의 상태를 평가하게 되지만, 관리기준치 설정 기준과 방법이 없어 설계허용값에 근거하여 단순하게 설정되고 있는 실정이다. 기존의 방법으로 설정된 관리기준치를 적용할 경우 관리기준치 범위 내에서 발생된 이벤트, 이상거동 및 점진적으로 발생하는 손상 등과 같은 교량의 상태변화를 파악하기에는 한계가 있다. 따라서, 본 연구에서는 기존의 절대치 관리에 있어 관리기준치 설정의 문제점을 고찰하여 실무에 효과적으로 적용가능한 개선된 관리기준치 설정 및 운영방법을 도출하였다. 개선된 관리기준치 설정을 위해 검벨분포를 사용한 확률론적 접근방법을 도입하여 재현빈도 50년, 100년의 기댓값에 대한 교량의 주의, 경고치를 산정하였다. 본 연구에서의 관리기준치는 설계허용치 범위 내에서 발생하는 이상거동을 감지할 수 있도록 계측데이터와 계측데이터의 구간변화량에 대한 관리기준치를 각각 설정되었으며, 제안된 방법으로 산정된 관리기준치는 실측 데이터에 대입하여 비정상적인 데이터의 발생여부를 적절하게 파악할 수 있다는 것을 확인하였다.

• 한국콘텐츠학회논문지
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• 제13권2호
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• pp.431-439
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• 2013

본 연구의 목적은 위험을 반영하여 지역별 아파트 투자성과를 분석하고 지역별 특성의 존재유무를 검증하는 것이다. 분석을 위해 지역별 아파트 투자성과를 장단기로 나누어 분석하였다. 자료수집기간은 2002년부터 2012년의 10년간이며 대상지역은 서울의 강남 북과 6개 광역시이다. 성과평가를 위해 만기 5년의 국민주택1종 채권수익률을 무위험수익률로 사용하고 임대수익계산을 위해서는 만기1~2년 정기예금금리를 사용하였다. 분석결과, 장기투자성과 시에는 서울과 인천은 지역특성이 존재하지 않아 트레이너지표를 사용하여 평가하였으며 지방광역시는 지역특성이 존재하여 젠센지표로 평가하였다. 또 단기성과평가시에는 모든 지역에서 지역특성이 존재하는 것으로 나타나 젠센지표를 사용하여 평가하였다. 모든 지역에서 지역특성이 작용하는 단기 성과평가 결과는 단순수익률로 평가한 결과와 전혀 다른 것으로 나타났다. 따라서 단순 수익률로 성과평가를 할 경우에는 성과에 대한 인식을 왜곡할 수 있음이 드러났다.

• 재무관리연구
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• 제24권2호
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• pp.41-79
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• 2007

본 논문은 주가지수 선물과 옵션의 만기일이 주식시장에 어떠한 영향을 미치는가에 대한 분석을 통해 한국주식시장에서 만기일 효과가 존재하는지를 검증한다. 주가지수를 이용한 기존의 논문과는 달리 만기일에 현물 주식시장의 움직임을 개별 종목별로 분석했다는 점에서 본 논문은 차별성을 지닌다. 주가지수는 시장 움직임의 평균으로 개별 종목의 고유한 특성을 반영하지 못하기 때문에 주가지수를 이용한 분석은 만기일 효과를 해석하고 그 원인을 분석하는데 한계를 지니고 있다. 분석 결과 한국주식시장에서 선물 만기일 효과는 분명히 존재하지만, 옵션 만기일 효과는 뚜렷하지 않은 것으로 드러났다. 선물 만기일에 KOSPI 200 지수와 개별 종목은 가격상승 압력이 존재하고, 변동성과 거래량이 증가하며, 만기일 다음날 수익률은 반전하는 경향이 있는 것으로 나타났다. 그러나 비교표본인 NON-KOSPI 200 지수와 개별 종목에서 만기일 효과가 존재한다고 할 만한 증거를 찾지 못했다. 만기일 효과가 시장 전체적으로 나타나는 것처럼 보이지만 KOSPI 200에 속하는 대규모 기업에 한정되며, 장 후반에 집중적으로 나타난다는 사실은 프로그램 매매와 만기일의 결제제도가 만기일 효과의 간접적 원인임을 시사한다. 또한 만기일 다음날 가격이 반전하는 현상이 KOSPI 200에 속하는 대규모 기업에 한정되어 나타나는 사실은 만기일 효과가 새로운 정보의 반영에 의한 정보 효과(information effects)가 아니라 일시적 거래불균형에 의한 유동성 효과(liquidity effects)임을 보여주는 증거가 된다.

• International Journal of Quality Innovation
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• 제9권3호
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• pp.15-27
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• 2008

As a sign of international quality system, ISO9000 certification has been adopted by more and more enterprises. In recent five years, there have been 560,000 certified companies in Europe and America, and there have been more than 390,000 ones in China. It has being attracted many quality scholars' attentions whether ISO9000 certification can bring more benefits to certified companies or not. This paper investigates the ISO9000 certification effect on market performance by the samples from Chinese list companies in shanghai stock exchange. Considering ISO9000 certification as an event, a certification effect model will be set up by means of the event study method, which takes abnormal return rate as a basic indicator to measure the ISO9000 certification effect on Chinese market performance in different event times. Investigation results show that the Chinese certified companies have some positive effects on market performance in the short term. From a long standpoint, the relation between certification and performance has a positive trend.

• Journal of the Korean Association of Oral and Maxillofacial Surgeons
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• 제38권5호
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• pp.305-309
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• 2012

Temporomandibular joint (TMJ) subluxation and dislocation are uncommon but very unpleasant and distressing conditions to patients. Subluxation of the TMJ is an excessively abnormal condylar excursion secondary to flaccidity and laxity of the capsule. When the condyle head excurses anterior to the eminence upon wide opening, it can return to the fossa by self-manipulation or non-surgical conservative reduction. Surgery is recommended if a complete dislocation, so-called open lock, occurs as a chronic or recurrent protracted condition that cannot be reduced voluntarily. A range of surgical procedures can be performed to limit condylar hypermobility inclusing soft tissue tethering, creation of articular obstacles, removal of mechanical blockade and augmentation of articular eminence using different kinds of grafts. In the present case, a 74-year-old woman was diagnosed with a chronic TMJ dislocation that had lasted for 6 months. Bilateral condylectomy was performed and the post-operative results were good without functional limitations or recurrence.

• 한국경영과학회지
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• 제15권2호
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• pp.45-61
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• 1990

This study examines shareholder wealth effects in tender offers and attempts to explain abnormal return variations of bidding and target firms at announcement of takeovers using the free cash flow hypothesis of Jensen. On average, bidders with large free cash flows pay higher premia (apparently more than fair market value) to targets than do other bidders with no free cash flows. Thereby, these bidders experience negative wealth effects on announcement of tender offers. Cross-sectional regression analysis suggests that for the subsample of takeover bids where bidders have large free cash flows, the increase in the debt ratio resulting from takeover has a significant positive wealth effect for bidding firm shareholders, while it has no effect in other subsamples. The evidence is consistent with the free cash flow hypothesis.

• Journal of Chest Surgery
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• 제12권3호
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• pp.197-206
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• 1979

The most common abnormal relationship between the great arteries and ventricle is transposition of great arteries, among which complete D-transposition is a common and lethal malformation. Without appropriate treatment, the infant born with transposition of the great arteries rarely survives the first year of life. In contrast to the grim hopelessness of only a few years ago, modern aggressive palliative and corrective surgical interventions can provide such infants with considerable hope for adolescent and adult life. Up until this time, intraatrial baffle technique for re-direction of venous return, which was proposed by Mustard originally, has been successfully applied to infants and children in many foreign clinics with decreasing trend of the operative risk. In this report, we present one case of a 4 year-old girl having complete D-transposition of the great arteries with atrial septal defect, and reviewed the relevant literatures.

• 경영과정보연구
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• 제4권
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• pp.327-348
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• 2000

There are three major motives for M&A, financial synergy effect, operating & managerial synergy effect, and tax effect. The purpose of this study is to prove the operating & managerial synergy effect of M&A. To do this, we analyze the market-ripple effect of M&A, focusing on the increase in market power. Specifically we use cross-sectional data from 1985 to 1998 to show whether a market power of mergers is higher than that of a matched non-merging control group. we use time series data to show whether a market power of merger is higher than that of pre-merger. Also we use the event study using market model to show the stock price movement after mergers. The result is that although revenue increase after mergers, profit of the firms does not improve after mergers. Also there is sufficient evidence to say that there is a cumulative abnormal return for the firms after mergers.

• 한국컴퓨터정보학회논문지
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• 제21권1호
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• pp.139-146
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• 2016

In this paper, we analyze the information asymmetry among investors in online trading environment using rumors which are collected in the Korean stock market for the eleven-year period between January 2004 and December 2014. We find that cumulative abnormal return of sample firms is negative and statistically significant, indicating that a significant fall of the stock price starts before the online disclosure, suggesting that the rumors were reflected in the stock price to a significant extent. Furthermore, individual investors show net purchases on firms prior to disclosure while institutional investors show net sales, showing that individual investors trade unfavorably vis-$\grave{a}$-vis institutional investors. This phenomenon is more evident for the KOSDAQ. This result confirms that the information asymmetry exists between individual and institutional investors in online trading environment.