• 한국동물생명공학회지
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• 제36권4호
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• pp.230-238
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• 2021

This study attempted to determine the characteristic features of postpartum dairy cows during their return to estrus. Moreover, it investigated the effects of abnormal ovarian cycles (AOC) on subsequent reproductive performance and the relationship between normal ovarian cycles (NOC) and the blood urea nitrogen (BUN) level postpartum. Incidentally, 56.3% of the Holstein cows and 66.7% of the Jersey cows had NOC, whereas the 43.7% and 33.3% of the Holstein and Jersey, respectively, had AOC. Within 100 days of calving, the cows with AOC had significantly lower rates of artificial insemination (AI) submission as well as pregnancy and a significantly longer interval to first AI, as compared to that in the cows with NOC. Additionally, the cows with NOC had a significantly higher first AI conception rate than that in the cows with AOC. In this study, of the 32 Holstein cows, 8 resumed their ovarian cycle within 20 days of calving, 10 resumed the cycle with 21-40 days of calving, 8 within 41-60 days of calving, while the remaining 6 did not resume their ovarian cycles until 60 days postpartum. Furthermore, the likelihood ratios of incidence of NOC are 0.93, 1.94, and 0.38, respectively, in the groups with BUN levels < 15, 15-19.9, and ≥ 20 mg/dl. In conclusion, AOC postpartum adversely affects reproductive performance such as AI submission rate, pregnancy rate, interval to first AI and first AI conception rate; moreover, an increase or decrease in the BUN levels beyond 15-19.9 mg/dL leads to the AOC postpartum.

• 한국산학기술학회논문지
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• 제13권4호
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• pp.1625-1632
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• 2012

본 연구는 2000년부터 2007년 말까지 일본의 상장제조기업 중에서 자산을 매각한 기업과 그것을 구입한 기업을 대상으로 자산매각의 경제적 성과를 측정하고 이에 영향을 미치는 요인을 분석하였다. 사건연구 방법에 의한 분석결과, 자산매각 공시전후의 단기간에는 매각기업의 경우 양(+)의 초과 수익률을 얻었지만, 매수기업의 주주의 손익에는 변화가 없었다. 하지만, 같은 자산을 매각한 기업과 매수한 기업만을 분석한 결과 매각기업과 매수기업의 초과수익률은 유의한 양(+)이며 합동 초과수익률 또한 유의한 양(+)으로 나타났으므로 자산매각은 기업가치를 증가시키는 거래라고 결론지을 수 있다. 기업성과와 재무적 특성과의 횡단면회귀분석의 결과를 보면, 매각기업의 공시효과와 ROA, 부채는 유의적인 양(+)의 관계를 갖고 있고, 매수기업의 공시효과는 부채, 외국인 주주비율과 유의적인 양(+)을 보였지만 기업규모와는 유의적인 양(-)의 관계를 나타냈다. 그 외의 토빈의 q와 임원주주비율, 은행주주비율은 중요한 요인이 되지 못하고 있다.

• 유통과학연구
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• 제17권3호
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• pp.69-83
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• 2019

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return α_P for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

• 아태비즈니스연구
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• 제11권2호
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• pp.173-188
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• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• 유통과학연구
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• 제14권1호
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• pp.93-102
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• 2016

Purpose - The purpose of paper is studying the static and dynamic side for long-term memory storage properties, and increase the explanatory power regarding the long-term memory process by looking at the long-term storage attributes, Korea Composite Stock Price Index. The reason for the use of GPH statistic is to derive the modified statistic Korea's stock market, and to research a process of long-term memory. Research design, data, and methodology - Level shifts were subjected to be an empirical analysis by applying the GPH method. It has been modified by taking into account the daily log return of the Korea Composite Stock Price Index a. The Data, used for the stock market to analyze whether deciding the action by the long-term memory process, yield daily stock price index of the Korea Composite Stock Price Index and the rate of return a log. The studies were proceeded with long-term memory and long-term semiparametric method in deriving the long-term memory estimators. Chapter 2 examines the leading research, and Chapter 3 describes the long-term memory processes and estimation methods. GPH statistics induced modifications of statistics and discussed Whittle statistic. Chapter 4 used Korea Composite Stock Price Index to estimate the long-term memory process parameters. Chapter 6 presents the conclusions and implications. Results - If the price of the time series is generated by the abnormal process, it may be located in long-term memory by a time series. However, test results by price fixed GPH method is not followed by long-term memory process or fractional differential process. In the case of the time-series level shift, the present test method for a long-term memory processes has a considerable amount of bias, and there exists a structural change in the stock distribution market. This structural change has implications in level shift. Stratum level shift assays are not considered as shifted strata. They exist distinctly in the stock secondary market as bias, and are presented in the test statistic of non-long-term memory process. It also generates an error as a long-term memory that could lead to false results. Conclusions - Changes in long-term memory characteristics associated with level shift present the following two suggestions. One, if any impact outside is flowed for a long period of time, we can know that the long-term memory processes have characteristic of the average return gradually. When the investor makes an investment, the same reasoning applies to him in the light of the characteristics of the long-term memory. It is suggested that when investors make decisions on investment, it is necessary to consider the characters of the long-term storage in reference with causing investors to increase the uncertainty and potential. The other one is the thing which must be considered variously according to time-series. The research for price-earnings ratio and investment risk should be composed of the long-term memory characters, and it would have more predictability.

• 한국건설관리학회논문집
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• 제6권5호
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• pp.128-138
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• 2005

기업 인수/합병의 성과에 대한 평가는 인수/합병 발표일 전후 단기간에 걸쳐 실현되는 경제적인 이익을 측정하는 방법과 인수/합병 종료 후의 장기 경영성과를 평가하는 방법으로 대별된다. 본 연구에서는 최근 국내외에서 급증하고 있는 건설분야 인수/합병 중 선정된 샘플을 대상으로 위에서 기술된 전자의 방법을 중심으로 전반적인 성공여부를 분석/평가하였다. 또한 인수/합병이 기업전략의 이행이라는 관점에서 사업다각화 방향에 따른 성과를 비교/분석하였다. 분석결과에 의하면 국내외 건설분야 인수/합병의 단기성과는 다소간의 경제적 이익을 실현한 것으로 평가되었으나 통계분석의 관점에서 성공적이라는 결론을 내리기 어려운 것으로 나타났다. 한편, 사업다각화 방향에 따른 성과의 비교에서는 유사부문 및 타 부문으로의 사업다각화 사이에 뚜렷한 차이가 없는 것으로 나타났다.

• 수산경영론집
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• 제28권1호
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• pp.85-117
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• 1997

This paper is focused on management control system. From a management control perspective, strategies should be viewed as useful, but not absolutely necessary, guides to the proper design of an MCS. When strategies are formulated more clearly, more control alternatives become feasible and it becomes easier to implement each form of management control effectively. The common and important category of controls are action controls, personnel and cultural controls, and results controls. Action controls involves ensuring that employees perform(or do not perform) certain actions that are known to be beneficial(or harmful) to the organization. Personnel and cultural controls take steps to ensure that employees will control each others' behaviors. Results controls involve rewarding individuals(and sometimes groups of individuals) for generating good outcomes or punishing them for poor outcomes. The results controls of ROI-type measure cause to make managers excessively short- term oriented, or myopic. When managers' orientations to the short - term become excessive -when the management are more concerned with short-term profit than entity value-the managers are said to be myopic. We car, solve myopic problem by introducing AR(abnormal return), near-perfect indicators of value creation. The results - control ideal would be to hold all employees accountable for the wealth they individually create(or destroy) for the owners of the entities in which they work. This ideal is approachable for top management of publicly traded corporations because for these organizations, the wealth created(returns to shareholders) can be measured directly for any period(such as a year, a quarter, or a month) as the measurement period pin(or minus) the change in the market value of the stock.

• 융합정보논문지
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• 제7권3호
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• pp.105-109
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• 2017

본 연구는 기업의 배당공시 이후 애널리스트들의 이익 추정 수정치가 주가에 어떤 영향을 미치는지 살펴보았다. 우선, 배당공시 이후 발표된 애널리스트들의 이익 추정치에 대한 주가 반응을 추정한 결과, 이익 추정이 상향조정된 기업들은 그렇지 못한 기업들에 비해 통계적으로 유의한 양(+)의 누적초과수익률을 기록한 것으로 나타났다. 그리고 배당공시와 이익 추정치 발표의 상호관계에 있어서 '신호효과'와 '확증효과'를 검증하였다. 검증 결과, 확증효과가 우세한 것으로 나타났다. 이는 배당과 이익 수정이 동일한 방향일 때는 시장이 반응을 하지만, 서로 다른 방향일 때는 시장에 중요한 정보가 되지 못함을 의미한다.

• The Korean Journal of Pain
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• 제9권1호
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• pp.235-238
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• 1996

Hyperhidrosis is the distressing condition of abnormal sweating which affects the palm, sole and axillary region. Transthoracic endoscopic sympathectomy is recommended as the treatment of choice for hyperhidrosis, especially when the upper limbs are affected. We experienced a case of accidental cauterization of right azygos vein in a healthy 23 year old male during endoscopic transthoracic sympathectomy. We changed the single lumen endotracheal tube to a double lumen tube which made it easier to perform the explo-thoracotomy and bleeder ligation under one lung ventilation. Crystalloid and colloid solutions, and packed RBC were loaded during explo-thoracotomy. Monitoring showed the signs indicating pulmonary edema. Pulmonary arterial catheterization revealed global heart failure. The patient was transfered to ICU for intensive management for heart failure. On the 4th postoperative day, pulmonary edema and heart failure were cured; and the patient was extubated. But in the evening of the same day ST-segment elevation and Q-wave were noted on ECG monitoring. On the 13th postoperative day coronary angiography was performed. This revealed left apex focal hypokinesia, patent coronary artery and accidental right coronary spasm, treated by vasodilator. On the 14 day, after surgery, he was discharged to return to work.

• 재무관리연구
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• 제27권2호
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• pp.35-62
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• 2010

본 연구는 2002년 1월부터 2008년 6월까지의 국내 뮤추얼펀드 월별 자료를 이용하여 펀드의 성과지속성과 스마트머니 현상이 존재하는지를 검증하고, 이들 현상이 펀드의 자금유출입에 따른 주식거래에 의해 초래되는 가격압박효과에 기인하는지를 실증분석하였다. 먼저, 과거 성과가 가장 높았던 펀드그룹이 과거 성과가 가장 낮았던 펀드그룹에 비해 향후 3년까지 월평균 0.11%~1.05%의 유의한 초과수익률을 보임으로써 성과지속성은 존재하는 것으로 분석되었으나, 과거 순자금유입액이 가장 많았던 펀드그룹은 가장 적었던 펀드그룹에 비해 향후 투자성과가 오히려 낮게 나타남에 따라 스마트머니 효과는 약한 것으로 분석되었다. 또한 펀드의 과거 자금유출입에 따른 주식거래량으로 측정한 가격압박측정치가 가장 높았던 주식그룹은 가장 낮았던 주식그룹에 비해 당월에 1.01%의 높은 초과수익률을 얻음으로써 가격압박효과가 존재하는 것으로 분석되었다. 그러나 가격압박측정치가 동일한 펀드그룹 내에서도 과거 성과가 높았던 펀드들은 성과가 낮았던 펀드들에 비해 여전히 향후 2년까지 월평균 0.08%~0.77%의 높은 초과수익률을 보임으로써, 펀드 성과지속성의 주요 발생원인이 가격압박효과보다는 펀드매니저의 능력차이에 기인하는 것임을 시사하고 있다. 이러한 결과는 회귀분석을 통해서도 미래 펀드수익률에 대하여 가격압박측 정치는 비유의적인 계수값을 갖는 반면, 과거 펀드수익률은 유의한 양의 설명력을 갖는 것으로 나타남으로써 지지되고 있다.