• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.45-52
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• 2019

The current study aims to investigate the relationship between tax avoidance and firm risk in an emerging market called Iran. The study population consists of 400 observations and 80 companies listed on the Tehran Stock Exchange (TSE) over a five-year period during 2012 and 2016. The statistical model used in this study is a multivariate regression model; besides, the statistical technique used to test the hypotheses proposed in this research is panel data. The results showed that low effective tax rate (tax avoidance) is more consistent than the higher effective tax rate. Moreover, there is no significant relationship between tax avoidance and future tax rate volatility. The findings also proved that lower effective tax rates are positively associated with future stock price volatility. This implies that since Iranian firms have many financial problems because of economic sanctions, they have a tendency to delay the disclosure of bad news about their firms. Needless to say, when a huge number of negative news reaches its peak, they immediately will enter the market and lead to a remarkable fluctuation in stock prices.

• 한국경영과학회지
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• 제41권2호
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• pp.81-100
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• 2016

Much effort has been exerted to analyze online texts and understand how empirical results can help improve sales performance. In this research, we aim to extend this stream of research by decomposing online texts based on text sources, namely, companies and consumers. To be specific, we investigate how online texts driven by companies differ from those generated by consumers, and the extent to which both types of online texts have different effects on online sales. We obtained sales data from one of the biggest game publishers and merged them with online texts provided by companies using news articles and those created by consumers in user communities. The empirical analyses yield the following findings. Word visualization and topic analyses show that firms and consumers generate different contexts. Specifically, companies spread word to promote their own events whereas consumers produce online words to share winning strategies. Moreover, online sales are influenced by consumer-generated community topics whereas firm-driven topics in news articles have little to no effect. These findings suggest that companies should focus more on online texts generated by consumers rather than spreading their own words. Moreover, online sales strategies should take advantage of specific topics that have been proven to increase online sales. In particular, these findings give startup companies and small business owners in variety of industries the advantage when they use the online channel for distribution and as a marketing platform.

• 한국항만경제학회지
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• 제30권3호
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• pp.1-14
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• 2014

BDI건화물운임지수의 변동성은 환율과 주가의 변동성을 크게 초과할 정도로 대단히 클 뿐만 아니라 변동성이 점차 커지고 있어서 운임을 예측하는데 많은 어려움을 겪고 있다. 이에 본고는 이러한 운임지수의 변동성을 정확히 포착할 수 있는 모형을 찾는데 목적을 둔다. 이를 위해 변동성 분석에 흔히 사용되는 대칭형 변동성 모형인 GARCH 모형과 비대칭 변동성 모형인 AGARCH모형, GJR모형, EGARCH모형을 도입한다. 그것은 나쁜 뉴스가 좋은 뉴스보다 더 큰 변동성을 야기할 가능성이 높기 때문이다. 먼저 운임의 예측불가능요소를 운임의 요일별 특성을 제거한 후 자기회귀를 하여 구한 후 GARCH 분석을 적용하는데 적합한 성격을 갖는가를 조사한다. 비대칭모형의 AGARCH모형에서는 비대칭을 나타내는 계수가 유의하나 부호가 모형의 예상과 달라 나쁜 뉴스가 좋은 뉴스보다 더 큰 변동성을 야기하지 않으며, EGARCH모형의 비대칭계수도 양의 부호로 모형의 예상과 반대일 뿐만 아니라 유의하지 않아 나쁜 뉴스가 좋은 뉴스보다 더 큰 변동성을 야기하지 않는다는 것, 그리고 GJR모형에서도 해당 계수가 음으로 모형과 반대로 유의하지 않아 음의 충격이 양의 충격보다 더 큰 변동성을 유발하지 않음을 보인다. 이에 따라 BDI건화물운임지수의 변동성은 GARCH모형을 이용하는 것이 합리적이라는 점을 보인다.

• 한국정보처리학회논문지
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• 제6권5호
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• pp.1189-1202
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• 1999

As compared with VOD data, NOD article data has the following characteristics: it is created at any time, has a short life cycle, is selected as not one article but several articles by a user, and has high access locality in time. Because of these intrinsic features, user access patterns of NOD article data are different from those of VOD. Thus, building NOD system using the existing techniques of VOD system leads to poor performance. In this paper, we analysis the log file of a currently running electronic newspaper, show that the popularity distribution of NOD articles is different from Zipf distribution of VOD data, and suggest a new popularity model of NOD article data MS-Zipf(Multi-Selection Zipf) distribution and its approximate solution. Also we present a life cycle model of NOD article data, which shows changes of popularity over time. Using this life cycle model, we develop LLBF (Largest Life-cycle Based Frequency) prefetching algorithm and analysis he performance by simulation. The developed LLBF algorithm supports the similar level in hit-ratio to the other prefetching algorithms such as LRU(Least Recently Used) etc, while decreasing the number of data replacement in article prefetching and reducing the overhead of the prefetching in system performance. Using the accurate user access patterns of NOD article data, we could analysis correctly the performance of NOD server system and develop the efficient policies in the implementation of NOD server system.

• 한국의상디자인학회지
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• 제13권1호
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• pp.147-158
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• 2011

This study analyzed the effective and suitable promotion method to increase visitors on the internet fashion soho shopping mall by surveying of female university students. The methods were in-depth interviews for 20 students and questionnaires for 363 students. The results indicated that the main routes of visiting the internet fashion shopping mall were keyword search window, banner advertisement window, and open market. Others were price comparison sites, the rank shop, fashion magazines or internet news, information in e-mail, broadcasting sponsor advertisements, name cards, and leaflets. So the effective methods to increase the number of visitors is to implement keyword advertisements, banner advertisements, and enter the open market to expose the brand names and item information. Being on price comparison sites or rank shops, advertisements in the fashion magazines, internet news or e-mail, broadcast sponsorships, and distribution of leaflets or name cards were also effective methods.

• 유통과학연구
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• 제17권1호
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• pp.47-56
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• 2019

Purpose - This case study illustrates the story of eBay Korea, which owns two most leading Korean open market companies, AUCTION and Gmarket. The main concerns are to take over the Korean top domestic companies one by one, then, emerge these two giants through its well-developed post-merger Integration by eBay, an American multinational corporation. Research design, data, and methodology - This case explores various secondary resources such as periodicals, annual reviews, magazine, news articles, commentaries, even some interview materials related to 'eBay Korea' and industry source on condition of anonymity based on the critical reviewing of existing studies on these topics as well. Results - The findings of this study show the merger and acquisition of two market leaders in Korea is the only successful case in Asian Markets. The eBay's choice of entry mode is appropriate considering the timing, synergy and efficiency by sharing their resources. Conclusions - This study examines the successful entry and settlement process of foreign, multinational company through mergers and acquisitions in the Korean market. This would be a valuable in the studies of International Business and Global entry or distribution strategy in the e-commerce and open market dealing with M&A and its post-merger integration.

• 한국수자원학회논문집
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• 제55권spc1호
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• pp.1235-1249
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• 2022

본 연구에서는 웹 크롤링 방법을 이용한 자료수집, 텍스트 마이닝을 활용한 데이터 분석과 같은 빅데이터 분석기법을 이용하여 국내 상수도 수질사고에 대한 전개양상 분석을 수행하였다. 상수도 시스템의 수질사고 빅데이터 뉴스의 추출을 위한 웹크롤링 기법을 적용하고 정확한 수질사고 뉴스를 획득하고자 알고리즘을 절차화하여 제시하였다. 또한 대규모 수질사고의 경우 사고발생에 따른 사고인지, 사고확산, 사고대응, 사고해결 등과 같은 전개양상이 나타나므로, 각 단계에 따른 적절한 뉴스기사를 추출하고, 이에 따른 정보분석을 실시하였다. 즉, 각 단계 별 주요 키워드, 감성분석을 통한 수질사고 전개양상분석을 사례기반으로 상세히 실시하고 그 의미를 분석, 도출하였다. 제안된 방법론을 2020년 발생한 인천광역시 유충사고기간에 적용하여 분석하였다. 그 결과, 수질사고와 같은 소비자에게 직접적인 영향을 미치는 정보의 공개가 제한된 상황에서 사고발생시 장기간의 피해 지속성이 있는 수질사고에 대한 뉴스 기사 언론보도의 논조 및 소비자의 긍부정도가 시간에 따라 명확히 변화됨을 확인할 수 있었다. 이것은 공급자 입장에서의 수질사고의 전개양상은 시설물의 빠른 복구도 매우 중요하지만 소비자의 긍정도를 높이기 위한 소비자 중심의 정책마련의 필요성을 제시하고 있다.

• 산경연구논집
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• 제9권7호
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• pp.53-59
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• 2018

Purpose - This study examines the effect of control-ownership wedge on stock crash risk. In Korea, controlling shareholders have exclusive control rights compared to their cash flow rights. With increasing disparity, controlling shareholders abuse their power and extract private benefits at the expense of the minority shareholders. Managers who are controlling shareholders of the companies tend not to disclose critical information that would prevent them from pursuing private interests. They accumulate negative information in the firm. When the accumulated bad news crosses a tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock prices. We predict that stock price crash likelihood due to information opaqueness increases as the wedge increases. Research design, data, and methodology - 831 KOSPI-listed firm-year observations are from KisValue database from 2005 to 2011. Control-ownership wedge is measured as the ratio (UCO -UCF)/UCO where UCF(UCO) is the ultimate cash-flow(control) rights of the largest controlling shareholder. Dependent variable CRASH is a dummy variable that equals one if the firm has at least 1 crash week during a year, and zero otherwise. Logistic regression is used to examine the relationship between control-ownership wedge and stock price crash risk. Results - Using a sample of KOSPI-listed firms in KisValue database for the period 2005-2011, we find that stock price crash risk increases as the disparity increases. Specifically, we find that the coefficient of WEDGE is significantly positive, supporting our prediction. The result implies that as controlling shareholders' ownership increases, controlling shareholders tend to withhold bad news. Conclusions - Our results show that agency problems arising from the divergence between control rights and cash flow rights increase the opaqueness of accounting information. Eventually, the accumulated bad news is released all at once, leading to stock price crashes. It could be seen that companies with high control-ownership wedge are likely to experience future stock price crashes. Our study is related to a broader literature that examined the effect of the control-ownership wedge on stock markets. Our findings suggest that the disparity is a meaningful predictor for future stock price crash risk. The results are expected to provide useful implications for firms, regulators, and investors.

• 산경연구논집
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• 제11권5호
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• pp.27-34
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• 2020

Purpose: North Korea is a very close country geographically and culturally, but the nation has been one of the most secretive countries in the world. However, in recent years, North Korean society has been known to rapidly change its economic environment as well as its diplomatic and political environment. Since the gaining power of Jong-un, Kim in 2012, the North Korean government has implemented a new set of economic policies. North Korea has embraced limited market systems and mechanisms that have become a part of the formal planned economy. This study is concerned with the recent changes in the market and marketing activities of the communist country. It also seeks to gain an understanding of the changing market behavior of North Korean consumers. The purpose of this study is to enhance understanding of the market environments of North Korea and to provide appropriate implications for practitioners and researchers. Research design, data and methodology: Academic access to information that can understand North Korea's reality is minimal. Therefore, this study was conducted based on a qualitative analysis of secondary data. The existing literature on North Korea, related news and reports were the basis of the analysis. Analysis of secondary data related to North Korea was the main methodology of the study. Results: The official ideology of North Korea rejected most aspects of marketing, and yet there were marketing activities in North Korea. This article focuses on the development of market and marketing activities in North Korea during the recent years. This study indirectly confirmed that the market function is being activated in North Korea, and the basic functions of marketing such as advertisement, price, and distribution are being formed. In this process, the activation of the 'Jangmadang(market)' played a significant role. Conclusions: Research shows that North Korea is rapidly developing its own market function. In addition, marketing activities such as advertising and pricing strategies seem to be unprecedentedly active. However, due to changes in the political environment, the future development of North Korea's marketing is still in flux. Efforts to improve mutual understanding through continuous research are required.

• Asia pacific journal of information systems
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• 제17권4호
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• pp.97-112
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• 2007

Most traditional newspaper publishers provide online editions to counter the competition of online news providers. However, the relationship between the online and print editions of the same newspaper has not been clearly defined. Some see the online newspaper as a substitute, while others consider it a complement. A 2002 NAA online newspaper consumer survey indicated that one-third of its respondents said they were now using the print newspaper less. Others have argued that the online edition will not wipe out print consumption, and may even complement it. While the print edition offers particular advantages such as portability, less eye strain, and the tactile experience of a printed page, the online edition also offers specific advantages such as access to breaking news, continually updated information, access to old archives, etc. All these factors would tend to lower the degree of interchangeability between the products. However, recent empirical studies show that the online edition is a substitute for rather than a complement of the print edition. Still, to some print readers, the online edition provides additional value. In this paper, by capturing the two different aspects of online editions the substitute aspect and the additional value added aspect as well as other available online alternatives, we develop an analytical model to derive the optimal production and distribution strategies of both online and print editions. Confronting the "free versus fee" issue, we show that it is optimal to provide an online version of the print newspaper for free to non-print subscribers. However, the amount of free news content that the publishers need to put on the Web depends on the available alternatives on the online market. The "fee" and "free" options both have merits and demerits as well. If the publisher charges for the online version of the print newspaper, she can generate revenue from the fee charged to online readers. However, doing so will limit the size of the online audience and further reduce online advertising revenue. At the same time, by providing a high-quality online version and charging for it, the price of the print newspaper must stay low in order to lure high valued readers. On the contrary, if the publisher provides an online version of the print newspaper for free, she can obtain a larger audience for the online version. At the same time, by providing a low-quality online newspaper, the publisher can increase the print newspaper price to get more revenue from high valued offline readers, although no revenue is incoming from online version readers. Through systematic measuring of all the pros and cons, our analysis shows that the optimal option is not "fee" but "free."