• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• International journal of advanced smart convergence
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• v.7 no.3
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• pp.73-78
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• 2018

This study focuses on presenting the IT program module provided by BKLS measure in order to solve the problem of capital cost due to information asymmetry of external investors and corporate executives. Barron at al(1998) set up a BKLS measure to guide the market by intermediate analysts. The BKLS measure was measured by using the changes in the analyst forecast dispersion and analyst mean forecast error squared. This study suggests a model of the algorithm that the BKLS measure can be provided to all investors immediately by IT program in order to deliver the meaningful value in the domestic capital market as measured. This is a method of generating and analyzing real-time or non-real-time prediction models by transferring the predicted estimates delivered to the Big Data Log Analysis System through the statistical DB to the statistical forecasting engine. Because BKLS measure is not carried out in a concrete method, it is practically very difficult to estimate the BKLS measure. It is expected that the BKLS measure of Barron at al(1998) introduced in this study and the model of IT module provided in real time will be the starting point for the follow-up study for the introduction and realization of IT technology in the future.

• Journal of Korean Port Research
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• v.11 no.2
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• pp.305-320
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• 1997

The objective of this paper is to analysis & forecast on the change in spatial structures of southeast region by development of the Seoul-Pusan high-speed Rail. To measure the spatial structures, it was used the method of mean center and standard distance among of centrographic measures as analytical tools. The changes of spatial structures patten over time and space in the southeast region were surveyed using population and employment data of 57 zones. And also, to forecast the spatial structures of the southeast region after opening of the Seoul-Pusan high-speed rail, it was supposed three(3) scenarios which designed using influential area with centering around of the proposed high-speed rail stations. Therefore, the results of this research indicate as follows; 1) The spatial structures of population is showed a trend of continual concentration toward Ulsan city area, and also the spatial structures of employment is showed a trend of continual dispersion over time. 2) The forecast of three93) scenarios supposed after opening of the Seoul-Pusan high-speed rail in 2006 show a change of the spatial structures with both population concentration and employment dispersion. In the meantime, the rapid increase of population and wide dispersion of employment is reform with centering around HSR stations which builted in the southeast region after opening of high-speed rail. 3) It shall furnish valuable data to establish the development strategy of urban and local region, and also forecast the change of spatial structures about population and employment in influential area which passed on high-speed rail line & stations by method of mean center and standard distance among of centrographic measures as analytical tools.

• Environmental Sciences Bulletin of The Korean Environmental Sciences Society
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• v.10 no.S_1
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• pp.23-28
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• 2001

A new numerical weather prediction and dispersion model, the Operational Multi-scale Environment model with Grid Adaptivity(OMEGA) including an embedded Atmospheric Dispersion Model(ADM), is introduced as a next generation atmospheric simulation system for real-time hazard predictions, such as severe weather or the transport of hazardous release. OMEGA is based on an unstructured grid that can facilitate a continuously varying horizontal grid resolution ranging from 100 km down to 1 km and a vertical resolution from 20 -30 meters in the boundary layer to 1 km in the free atmosphere. OMEGA is also naturally scale spanning and time. In particular, the unstructured grid cells in the horizontal dimension can increase the local resolution to better capture the topography or important physical features of the atmospheric circulation and cloud dynamics. This means the OMEGA can readily adapt its grid to a stationary surface, terrain features, or dynamic features in an evolving weather pattern. While adaptive numerical techniques have yet to be extensively applied in atmospheric models, the OMEGA model is the first to exploit the adaptive nature of an unstructured gridding technique for atmospheric simulation and real-time hazard prediction. The purpose of this paper is to provide a detailed description of the OMEGA model, the OMEGA system, and a detailed comparison of OMEGA forecast results with observed data.

• Atmosphere
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• v.32 no.4
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• pp.307-322
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• 2022

A drone has recently got attention as an instrument for weather observation in lower atmosphere because it can produce the high spatiotemporal resolution weather data even though the weather phenomenon is inaccessible. Sea fog is a weather phenomenon occurred in lower atmosphere, and has observational limitations because it occurs on the sea. Therefore, goal of this study is to analyze the vertical structures about inflow, development and dispersion of sea fog using the high-resolution weather data with the meteorological sensor-equipped drone. This study observed sea fogs in the west coast of the Korean peninsula from March to October 2021 and investigated one sea fog inflowed into the coast on June 8th 2021. θ_e - q_v diagrams (θ_e: equivalent potential temperature, q_v: water vapor ratio) and vertical wind structures were analyzed. At inflow of sea fog, moist adiabatically stable layer was formed in 0-300 m and prevailing wind was switched from south-southwesterly to west-southwesterly under 120 m. Both changes are favorable for sea fog on the location. θ_e and q_v plummeted in a layer 0-183 m. The inflowed sea fog developed from 183 m to 327 m by mixing with ambient atmosphere on top of sea fog. Also, strong mechanical turbulence near ground drove a vertical mixing under stable layer. At dispersion of sea fog, as θ_e on ground gradually increased, air condition was changed to neutral. Evaporation occurred on both bottom and top in sea fog. These results induced dissipation of sea fog.

• Proceedings of KOSOMES biannual meeting
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• 2017.11a
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• pp.153-153
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• 2017

• Journal of Korean Society for Atmospheric Environment
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• v.24 no.1
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• pp.1-15
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• 2008

Chemical Accident Response Information System (CARIS) which has been designed for the efficient emergency response of chemical accidents produces the real-time atmospheric fields through the Regional Atmospheric Modeling System, RAMS. The previous studies were emphasized that improving an initial input data had more effective results in developing prediction ability of atmospheric model. In a continuous effort to improve an initial input data, we replaced the land-use dataset using in the RAMS, which is a high resolution USGS digital data constructed in April, 1993, with the latest land-use data of the Korea Ministry of Environment over the South Korea and simulated atmospheric fields for developing a real-time prediction in dispersion of chemicals. The results showed that the new land-use data was written in a standard RAMS format and shown the modified surface characteristics and the landscape heterogeneity resulting from land-use change. In the results of sensitivity experiment we got the improved atmospheric fields and assured that it will give more reliable real-time atmospheric fields to all users of CARIS for the dispersion forecast in associated with hazardous chemical releases as well as general air pollutants.

• International journal of advanced smart convergence
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• v.7 no.2
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• pp.86-94
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• 2018

This study focuses on presenting the IT program module provided by real - time forecasting and database of the voluntary disclosure quality measure in order to solve the problem of capital cost due to information asymmetry of external investors and corporate executives. This study suggests a model of the algorithm that the quality of real - time voluntary disclosure can be provided to all investors immediately by IT program in order to deliver the meaningful value in the domestic capital market. This is a method of generating and analyzing real-time or non-real-time prediction models by transferring the predicted estimates delivered to the Big Data Log Analysis System through the statistical DB to the statistical forecasting engine.

• Journal of Korean Society for Atmospheric Environment
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• v.19 no.5
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• pp.595-610
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• 2003

The statistical indexes such as RMSE (Root Mean Square Error), Mean Bias error, and IOA (Index of agreement) are used to evaluate 3 Dimensional wind and temperature fields predicted by operational meteorological model RAMS (Regional Atmospheric Meteorological System) implemented in CARIS (Chemical Accident Response Information System) for the dispersion forecast of hazardous chemicals in case of the chemical accidents in Korea. The operational atmospheric model, RAMS in CARIS are designed to use GDAPS, GTS, and AWS meteorological data obtained from KMA (Korean Meteorological Administration) for the generation of 3-dimensional initial meteorological fields. The predicted meteorological variables such as wind speed, wind direction, temperature, and precipitation amount, during 19 ∼ 23, August 2002, are extracted at the nearest grid point to the meteorological monitoring sites, and validated against the observations located over the Korean peninsula. The results show that Mean bias and Root Mean Square Error are 0.9 (m/s), 1.85 (m/s) for wind speed at 10 m above the ground, respectively, and 1.45 ($^{\circ}C$), 2.82 ($^{\circ}C$) for surface temperature. Of particular interest is the distribution of forecasting error predicted by RAMS with respect to the altitude; relatively smaller error is found in the near-surface atmosphere for wind and temperature fields, while it grows larger as the altitude increases. Overall, some of the overpredictions in comparisons with the observations are detected for wind and temperature fields, whereas relatively small errors are found in the near-surface atmosphere. This discrepancies are partly attributed to the oversimplified spacing of soil, soil contents and initial temperature fields, suggesting some improvement could probably be gained if the sub-grid scale nature of moisture and temperature fields was taken into account. However, IOA values for the wind field (0.62) as well as temperature field (0.78) is greater than the 'good' value criteria (> 0.5) implied by other studies. The good value of IOA along with relatively small wind field error in the near surface atmosphere implies that, on the basis of current meteorological data for initial fields, RAMS has good potentials to be used as a operational meteorological model in predicting the urban or local scale 3-dimensional wind fields for the dispersion forecast in association with hazardous chemical releases in Korea.

• Proceedings of the Korean Society of Coastal and Ocean Engineers Conference
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• 1998.09a
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• pp.40-44
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• 1998

Since oil spills discharged by offshore oil production platforms, ship accidents etc., cause many environmental problems, forecasts of drift and spreading of the spilled oil are requested as a basis for oil spill combat management. The numerical approach has been thought as the most effective methods of such forecast. In general, the oil spill model takes into account the trajectory and fate of oil, including drifting, spreading, evaporation, dispersion, emulsification, shoreline standing, and so on. (omitted)