• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• Journal of KIISE:Databases
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• v.31 no.6
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• pp.596-608
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• 2004

A lot of work has been done to reduce disk access time in I/O intensive systems, which store and handle massive amount of data, by distributing data across multiple disks and accessing them in parallel. Most of the previous work has focused on an efficient mapping from a grid cell to a disk number on the assumption that data space is regular grid-like partitioned. Although we can achieve good performance for low-dimensional data by grid-like partitioning, its performance becomes degenerate as grows the dimension of data even with a good disk allocation scheme. This comes from the fact that they partition entire data space equally regardless of distribution ratio of data objects. Most of the data in high-dimensional space exist around the surface of space. For that reason, we propose a new declustering algorithm based on the partitioning scheme which partition data space from the surface. With an unbalanced partitioning scheme, several experimental results show that we can remarkably reduce the number of data blocks touched by a query as grows the dimension of data and a query size. In this paper, we propose disk allocation schemes based on the layout of the resultant data blocks after partitioning. To show the performance of the proposed algorithm, we have performed several experiments with different dimensional data and for a wide range of number of disks. Our proposed disk allocation method gives a performance within 10 additive disk accesses compared with strictly optimal allocation scheme. We compared our algorithm with Kronecker sequence based declustering algorithm, which is reported to be the best among the grid partition and mapping function based declustering algorithms. We can improve declustering performance up to 14 times as grows dimension of data.