• Title/Summary/Keyword: Entity-based

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Improving Bidirectional LSTM-CRF model Of Sequence Tagging by using Ontology knowledge based feature (온톨로지 지식 기반 특성치를 활용한 Bidirectional LSTM-CRF 모델의 시퀀스 태깅 성능 향상에 관한 연구)

  • Jin, Seunghee;Jang, Heewon;Kim, Wooju
    • Journal of Intelligence and Information Systems
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    • v.24 no.1
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    • pp.253-266
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    • 2018
  • This paper proposes a methodology applying sequence tagging methodology to improve the performance of NER(Named Entity Recognition) used in QA system. In order to retrieve the correct answers stored in the database, it is necessary to switch the user's query into a language of the database such as SQL(Structured Query Language). Then, the computer can recognize the language of the user. This is the process of identifying the class or data name contained in the database. The method of retrieving the words contained in the query in the existing database and recognizing the object does not identify the homophone and the word phrases because it does not consider the context of the user's query. If there are multiple search results, all of them are returned as a result, so there can be many interpretations on the query and the time complexity for the calculation becomes large. To overcome these, this study aims to solve this problem by reflecting the contextual meaning of the query using Bidirectional LSTM-CRF. Also we tried to solve the disadvantages of the neural network model which can't identify the untrained words by using ontology knowledge based feature. Experiments were conducted on the ontology knowledge base of music domain and the performance was evaluated. In order to accurately evaluate the performance of the L-Bidirectional LSTM-CRF proposed in this study, we experimented with converting the words included in the learned query into untrained words in order to test whether the words were included in the database but correctly identified the untrained words. As a result, it was possible to recognize objects considering the context and can recognize the untrained words without re-training the L-Bidirectional LSTM-CRF mode, and it is confirmed that the performance of the object recognition as a whole is improved.

New horizon of geographical method (인문지리학 방법론의 새로운 지평)

  • ;Choi, Byung-Doo
    • Journal of the Korean Geographical Society
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    • v.38
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    • pp.15-36
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    • 1988
  • In this paper, I consider the development of methods in contemporary human geography in terms of a dialectical relation of action and structure, and try to draw a new horizon of method toward which geographical research and spatial theory would develop. The positivist geography which was dominent during 1960s has been faced both with serious internal reflections and strong external criticisms in the 1970s. The internal reflections that pointed out its ignorance of spatial behavior of decision-makers and its simplication of complex spatial relations have developed behavioural geography and systems-theoretical approach. Yet this kinds of alternatives have still standed on the positivist, geography, even though they have seemed to be more real and complicate than the previous one, The external criticisms that have argued against the positivist method as phenomenalism and instrumentalism suggest some alternatives: humanistic geography which emphasizes intention and action of human subject and meaning-understanding, and structuralist geography which stresses on social structure as a totality which would produce spatial phenomena, and a theoretical formulation. Human geography today can be characterized by a strain and conflict between these methods, and hence rezuires a synthetic integration between them. Philosophy and social theory in general are in the same in which theories of action and structural analysis have been complementary or conflict with each other. Human geography has fallen into a further problematic with the introduction of a method based on so-called political ecnomy. This method has been suggested not merely as analternative to the positivist geography, but also as a theoretical foundation for critical analysis of space. The political economy of space with has analyzed the capitalist space and tried to theorize its transformation may be seen either as following humanistic(or Hegelian) Marxism, such as represented in Lefebvre's work, or as following structuralist Marxism, such as developed in Castelles's or Harvey's work. The spatial theory following humanistic Marxism has argued for a dialectic relation between 'the spatial' and 'the social', and given more attention to practicing human agents than to explaining social structures. on the contray, that based on structuralist Marxism has argued for social structures producing spatial phenomena, and focused on theorising the totality of structures, Even though these two perspectives tend more recently to be convergent in a way that structuralist-Marxist. geographers relate the domain of economic and political structures with that of action in their studies of urban culture and experience under capitalism, the political ecnomy of space needs an integrated method with which one can overcome difficulties of orthhodox Marxism. Some novel works in philosophy and social theory have been developed since the end of 1970s which have oriented towards an integrated method relating a series of concepts of action and structure, and reconstructing historical materialism. They include Giddens's theory of structuration, foucault's geneological analysis of power-knowledge, and Habermas's theory of communicative action. Ther are, of course, some fundamental differences between these works. Giddens develops a theory which relates explicitly the domain of action and that of structure in terms of what he calls the 'duality of structure', and wants to bring time-space relations into the core of social theory. Foucault writes a history in which strategically intentional but nonsubjective power relations have emerged and operated by virtue of multiple forms of constrainst wihthin specific spaces, while refusing to elaborate any theory which would underlie a political rationalization. Habermas analyzes how the Western rationalization of ecnomic and political systems has colonized the lifeworld in which we communicate each other, and wants to formulate a new normative foundation for critical theory of society which highlights communicatie reason (without any consideration of spatial concepts). On the basis of the above consideration, this paper draws a new norizon of method in human geography and spatial theory, some essential ideas of which can be summarized as follows: (1) the concept of space especially in terms of its relation to sociery. Space is not an ontological entity whch is independent of society and has its own laws of constitution and transformation, but it can be produced and reproduced only by virtue of its relation to society. Yet space is not merlely a material product of society, but also a place and medium in and through which socety can be maintained or transformed.(2) the constitution of space in terms of the relation between action and structure. Spatial actors who are always knowledgeable under conditions of socio-spatial structure produce and reproduce their context of action, that is, structure; and spatial structures as results of human action enable as well as constrain it. Spatial actions can be distinguished between instrumental-strategicaction oriented to success and communicative action oriented to understanding, which (re)produce respectively two different spheres of spatial structure in different ways: the material structure of economic and political systems-space in an unknowledged and unitended way, and the symbolic structure of social and cultural life-space in an acknowledged and intended way. (3) the capitalist space in terms of its rationalization. The ideal development of space would balance the rationalizations of system space and life-space in a way that system space providers material conditions for the maintainance of the life-space, and the life-space for its further development. But the development of capitalist space in reality is paradoxical and hence crisis-ridden. The economic and poltical system-space, propelled with the steering media like money, and power, has outstriped the significance of communicative action, and colonized the life-space. That is, we no longer live in a space mediated communicative action, but one created for and by money and power. But no matter how seriously our everyday life-space has been monetalrized and bureaucratised, here lies nevertheless the practical potential which would rehabilitate the meaning of space, the meaning of our life on the Earth.

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Studies on the analysis of current situation and the directions of humanities programmes practising in the education center affiliated with the religious institution : focusing on the applicability of humanities program based on the traditionalcultural resources (종교기관 부설 교육원의 교양교육 프로그램 현황분석과 방향성 검토 - 전통문화 자원에 기반을 둔 교양교육 프로그램 실행 방안을 중심으로 -)

  • Lee, Chang-il
    • The Journal of Korean Philosophical History
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    • no.42
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    • pp.295-330
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    • 2014
  • This article is to investigate into the philosophical background and the applicability of the humanities programmes effectively to practice them, not to educate the religious doctrines, based on the traditional-cultural resources in the education center affiliated with the religious institution. These humanities programmes can be understood on the lifelong education associated with a person. In the light of common curriculum practising in the existing education center, contents of those programmes are reviewed with classifying the humanities programmes into 3 parts, that is, eastern classical language education, eastern classical education, and eastern traditional prognosticating arts branching off from the eastern philosophy. Eastern classical language education indicates the classical Chinese characters and literatures in the context of our historical tradition. Eastern classical education implies the education which can acquire classical literatures in a modern way, as a accumulation of knowledges having been in charge of a person's lifelong education, and as a entity responsible for making a person to bring to maturity of his character by comprehending the life of human being and the world in pre-modern, Finally, the eastern philosophy is chosen for the reason that have the very interesting contents which can report facts that recover the integral relationship between nature and human being lacking in contemporaries, and instead of rejecting to interpret human being excessively in terms of materialism, is a significant one endowed with the mission which should develop his potentials through the his lifelong. Especially, eastern traditional prognosticating arts are selected that people has considered with them so kindly, and are the knowledges forming the cores of national culture. It may be a very important that attempts to develop the humanities programmes practising in the education center affiliated with the religious institution are not only the demands of the times in our days, but also a new teaching way replacing with old fashioned teachings.

A Machine Learning-based Total Production Time Prediction Method for Customized-Manufacturing Companies (주문생산 기업을 위한 기계학습 기반 총생산시간 예측 기법)

  • Park, Do-Myung;Choi, HyungRim;Park, Byung-Kwon
    • Journal of Intelligence and Information Systems
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    • v.27 no.1
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    • pp.177-190
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    • 2021
  • Due to the development of the fourth industrial revolution technology, efforts are being made to improve areas that humans cannot handle by utilizing artificial intelligence techniques such as machine learning. Although on-demand production companies also want to reduce corporate risks such as delays in delivery by predicting total production time for orders, they are having difficulty predicting this because the total production time is all different for each order. The Theory of Constraints (TOC) theory was developed to find the least efficient areas to increase order throughput and reduce order total cost, but failed to provide a forecast of total production time. Order production varies from order to order due to various customer needs, so the total production time of individual orders can be measured postmortem, but it is difficult to predict in advance. The total measured production time of existing orders is also different, which has limitations that cannot be used as standard time. As a result, experienced managers rely on persimmons rather than on the use of the system, while inexperienced managers use simple management indicators (e.g., 60 days total production time for raw materials, 90 days total production time for steel plates, etc.). Too fast work instructions based on imperfections or indicators cause congestion, which leads to productivity degradation, and too late leads to increased production costs or failure to meet delivery dates due to emergency processing. Failure to meet the deadline will result in compensation for delayed compensation or adversely affect business and collection sectors. In this study, to address these problems, an entity that operates an order production system seeks to find a machine learning model that estimates the total production time of new orders. It uses orders, production, and process performance for materials used for machine learning. We compared and analyzed OLS, GLM Gamma, Extra Trees, and Random Forest algorithms as the best algorithms for estimating total production time and present the results.

Study on 3D Printer Suitable for Character Merchandise Production Training (캐릭터 상품 제작 교육에 적합한 3D프린터 연구)

  • Kwon, Dong-Hyun
    • Cartoon and Animation Studies
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    • s.41
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    • pp.455-486
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    • 2015
  • The 3D printing technology, which started from the patent registration in 1986, was a technology that did not attract attention other than from some companies, due to the lack of awareness at the time. However, today, as expiring patents are appearing after the passage of 20 years, the price of 3D printers have decreased to the level of allowing purchase by individuals and the technology is attracting attention from industries, in addition to the general public, such as by naturally accepting 3D and to share 3D data, based on the generalization of online information exchange and improvement of computer performance. The production capability of 3D printers, which is based on digital data enabling digital transmission and revision and supplementation or production manufacturing not requiring molding, may provide a groundbreaking change to the process of manufacturing, and may attain the same effect in the character merchandise sector. Using a 3D printer is becoming a necessity in various figure merchandise productions which are in the forefront of the kidult culture that is recently gaining attention, and when predicting the demand by the industrial sites related to such character merchandise and when considering the more inexpensive price due to the expiration of patents and sharing of technology, expanding opportunities and sectors of employment and cultivating manpower that are able to engage in further creative work seems as a must, by introducing education courses cultivating manpower that can utilize 3D printers at the education field. However, there are limits in the information that can be obtained when seeking to introduce 3D printers in school education. Because the press or information media only mentions general information, such as the growth of the industrial size or prosperous future value of 3D printers, the research level of the academic world also remains at the level of organizing contents in an introductory level, such as by analyzing data on industrial size, analyzing the applicable scope in the industry, or introducing the printing technology. Such lack of information gives rise to problems at the education site. There would be no choice but to incur temporal and opportunity expenses, since the technology would only be able to be used after going through trials and errors, by first introducing the technology without examining the actual information, such as through comparing the strengths and weaknesses. In particular, if an expensive equipment introduced does not suit the features of school education, the loss costs would be significant. This research targeted general users without a technology-related basis, instead of specialists. By comparing the strengths and weaknesses and analyzing the problems and matters requiring notice upon use, pursuant to the representative technologies, instead of merely introducing the 3D printer technology as had been done previously, this research sought to explain the types of features that a 3D printer should have, in particular, when required in education relating to the development of figure merchandise as an optional cultural contents at cartoon-related departments, and sought to provide information that can be of practical help when seeking to provide education using 3D printers in the future. In the main body, the technologies were explained by making a classification based on a new perspective, such as the buttress method, types of materials, two-dimensional printing method, and three-dimensional printing method. The reason for selecting such different classification method was to easily allow mutual comparison of the practical problems upon use. In conclusion, the most suitable 3D printer was selected as the printer in the FDM method, which is comparatively cheap and requires low repair and maintenance cost and low materials expenses, although rather insufficient in the quality of outputs, and a recommendation was made, in addition, to select an entity that is supportive in providing technical support.

Development of Information Extraction System from Multi Source Unstructured Documents for Knowledge Base Expansion (지식베이스 확장을 위한 멀티소스 비정형 문서에서의 정보 추출 시스템의 개발)

  • Choi, Hyunseung;Kim, Mintae;Kim, Wooju;Shin, Dongwook;Lee, Yong Hun
    • Journal of Intelligence and Information Systems
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    • v.24 no.4
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    • pp.111-136
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    • 2018
  • In this paper, we propose a methodology to extract answer information about queries from various types of unstructured documents collected from multi-sources existing on web in order to expand knowledge base. The proposed methodology is divided into the following steps. 1) Collect relevant documents from Wikipedia, Naver encyclopedia, and Naver news sources for "subject-predicate" separated queries and classify the proper documents. 2) Determine whether the sentence is suitable for extracting information and derive the confidence. 3) Based on the predicate feature, extract the information in the proper sentence and derive the overall confidence of the information extraction result. In order to evaluate the performance of the information extraction system, we selected 400 queries from the artificial intelligence speaker of SK-Telecom. Compared with the baseline model, it is confirmed that it shows higher performance index than the existing model. The contribution of this study is that we develop a sequence tagging model based on bi-directional LSTM-CRF using the predicate feature of the query, with this we developed a robust model that can maintain high recall performance even in various types of unstructured documents collected from multiple sources. The problem of information extraction for knowledge base extension should take into account heterogeneous characteristics of source-specific document types. The proposed methodology proved to extract information effectively from various types of unstructured documents compared to the baseline model. There is a limitation in previous research that the performance is poor when extracting information about the document type that is different from the training data. In addition, this study can prevent unnecessary information extraction attempts from the documents that do not include the answer information through the process for predicting the suitability of information extraction of documents and sentences before the information extraction step. It is meaningful that we provided a method that precision performance can be maintained even in actual web environment. The information extraction problem for the knowledge base expansion has the characteristic that it can not guarantee whether the document includes the correct answer because it is aimed at the unstructured document existing in the real web. When the question answering is performed on a real web, previous machine reading comprehension studies has a limitation that it shows a low level of precision because it frequently attempts to extract an answer even in a document in which there is no correct answer. The policy that predicts the suitability of document and sentence information extraction is meaningful in that it contributes to maintaining the performance of information extraction even in real web environment. The limitations of this study and future research directions are as follows. First, it is a problem related to data preprocessing. In this study, the unit of knowledge extraction is classified through the morphological analysis based on the open source Konlpy python package, and the information extraction result can be improperly performed because morphological analysis is not performed properly. To enhance the performance of information extraction results, it is necessary to develop an advanced morpheme analyzer. Second, it is a problem of entity ambiguity. The information extraction system of this study can not distinguish the same name that has different intention. If several people with the same name appear in the news, the system may not extract information about the intended query. In future research, it is necessary to take measures to identify the person with the same name. Third, it is a problem of evaluation query data. In this study, we selected 400 of user queries collected from SK Telecom 's interactive artificial intelligent speaker to evaluate the performance of the information extraction system. n this study, we developed evaluation data set using 800 documents (400 questions * 7 articles per question (1 Wikipedia, 3 Naver encyclopedia, 3 Naver news) by judging whether a correct answer is included or not. To ensure the external validity of the study, it is desirable to use more queries to determine the performance of the system. This is a costly activity that must be done manually. Future research needs to evaluate the system for more queries. It is also necessary to develop a Korean benchmark data set of information extraction system for queries from multi-source web documents to build an environment that can evaluate the results more objectively.

A Comparison of the Teachers' Awareness about the Importance of Job Performing Abilities from National Competency Standards (국가직무능력표준(NCS)의 보육교사 직무수행능력에 대한 운영주체에 따른 보육교사의 중요도 인식 비교)

  • Jun, Yun Sook
    • Korean Journal of Child Education & Care
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    • v.17 no.4
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    • pp.1-30
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    • 2017
  • The purpose of this study is to investigate the awareness of daycare teachers by the nursery school operation performance of the National Competency Standards(NCS). For this purpose, 35 public and private daycare center, home daycare centers and corporation daycare center teachers were randomly sampled in Busan Metropolitan City. We conducted a questionnaire consisting of 230 sub-elements based on 45 sub-competency unit elements extracted from 12 areas of job ability of the national competence standards. Final questionnaires were collected from 117 questionnaires of 28 national daycare teachers, 30 private daycare teachers, 30 home daycare teachers, and 29 corporation daycare teachers. As a result, there was a difference in the awareness of importance among the four groups in all 12 performance capability units. For the 12 job performance units, the importance was recognized in the order of corporate daycare center, national daycare center, home daycare center, and private daycare center. Among them, "Establishment of Child Care Center Management Policy", "Construction of Child Care Service", "Child Care Activity Management", "Infant and Child Playing Guide", "Body and Art Activity Guidance", "Language, Nutritional guidance" there were no differences in the awareness of the importance of corporate daycare teachers and national daycare teachers, and there was no difference between national daycare teachers and home daycare teachers. However, there was a difference between corporate daycare teachers and home daycare teachers.. There is also a difference in the awareness of importance between home daycare teachers and private daycare teachers. In the remaining five job competence units, "Child Care Assessment", "Support for Infant and Toddler Development", "Cooperation with the Home and Community", "Child Care Management", and "Child Care Research", corporation daycare centers, national daycare centers. There was no statistically significant difference in the awareness of importance, but there was a significant difference from the private daycare teachers. Also this tendency was consistently observed in 45 sub-capacity unit elements.

The Effect of College Students' Perceived Choice Attribute of Traditional Market and Relationship Quality: Moderating Effects of Consumption Emotion and Mediating Effects of Consumer's Value (대학생들이 지각하는 전통시장 선택속성이 관계품질에 미치는 영향: 소비감정의 조절효과와 소비자 가치의 매개효과)

  • Lee, Young-Chul;Yang, Hoe-Chang
    • Journal of Distribution Science
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    • v.10 no.1
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    • pp.33-42
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    • 2012
  • This study is focused on traditional market's competitiveness in Korea. Ever since the Korean retail industry had been opened to the big conglomerates, the traditional markets have faced very serious competition from various types of distribution channels. In particular, this study has been conducted to find another way to help the Korean traditional market from the perspective of college students who are consumers of the future. This study examines the relationships among store choice attributions, consumption emotion, consumer's value, and relationship quality from the perspective of college students. In order to verify the relationship, and moderating and mediating effects, data were collected from 126 college students in Whasung, Gyeonggi Province to test the theoretical model and its hypotheses. The results of this study are as follows: First, service (= .263, p < .01) and advertising (= .188, p < .05) are significantly positively related to relationship quality. However, store atmosphere (= .176, p = .052) is not statistically significantly related to relationship quality. The result that students have stereotypes about the atmosphere of traditional markets and are therefore excluded from their store choice attributions can be expected. Second, college students selected service division (= .230, p < .05) as the most important factor among the traditional market's store choice attributions. This result reflected that enhancing service strategy would strengthen the traditional market against discount stores. The process of product selection by customers in discount stores is based on the concept of self-service. However, traditional market traders can make various contacts with their customers. If traditional market traders can enhance various service factors just like in the process of product selection, it will effect strong competitive advantages. Third, it is also revealed that consumer's value exhibit complete mediation effect in the relationships between service and advertising. These results showed that traditional markets must be considered for consumer value. Because previous studies showed that values refer to "enduring belief that … specific mode of conduct or end-stat of existence … personally or socially preferable to an opposite of converse mode of conduct or end-state of existence" (Rokeach, 1973; George and Jones, 1996). Furthermore, Schwartz (1994) defined values as desirable trans-situational goals, varying in importance, that serve as guiding principles in the life of a person or other social entity. As conceptions of desirable end-states of existence or modes of conduct, values help people choose, evaluate, and give meaning to their experiences (Rokeach, 1973). Efforts (e.g. promote the consumers value) of the traditional market traders will improve the preferences for the traditional market of consumers and college students. Implications and future research directions are also discussed.

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Prophylactic and therapeutic studies on intestinal giant-cystic disease of the Israel carp caused by yhelohunellus kitauei I. Course of formation and vanishment of the cyst (향어의 장포자충(Thelohanellus kitauei)증의 예방 및 치료에 관한 기초적 연구 I . 종유의 소장 과정)

  • 이재구;김종오
    • Parasites, Hosts and Diseases
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    • v.28 no.3
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    • pp.183-194
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    • 1990
  • In an attempt to develop prophylactic and therapeutic measures of the intestinal giant-cystic disease caused by Thelohanellus kitauei in the Israel carp, Cyprinus carpio nodus, pathological observations were conducted upon the carps which were hatched in May 1988 and raised in a net cage fish farm at the Soyang lake, managed by Horim Fisheries for the period of 21 months with 1~2 months interval. After a gross inspection of the carps, necropsy was carried out periodically in order to clarify the pathological changes in various internal organs and muscular tissues. Also. the prevalence of the disease was checked during the period from 1988 to 1990. Gross inspections revealed that the infected carps showed some degree of fading in body and gill color, back-emaciation symptoms, reddish anus accompanying erosion and relaxation and pot-belly, as well as discharge of yellowish white mucoid material from the anus. However, most carps died eventually of intestinal obstruction. Other significant necropsy fadings included cyst formation of various size in the intestinal mucosa, ascites, anemic condition through internal organs and muscular tissues, hyperemia and dilation of intestines with decreased tension, thinness and fragility, and full contents of semi-fluid or yellowish white mucoid material in the intestinal canals. Based on the morphological characteristics of the spores found in the cysts, parasitic location in the intestines, macro- and microscopic findings of the lesions, the parasites were identised as Thelohanellus kitauei Egusa os Nakajima, 1981. Although monthly changes of water temperature were distinct, the extrusion rates of the polar filaments of the spores stayed constant throughout the year with an exception of a lower rate in July, The lesions initiated from mucosa and submucosa in early July became large swellings and then complete mature (orms following the peracute course. From late August the upper cysts were gradually opened and most of the spores were dispersed from anus into the surrounding water through December but only a few lasted until next April. The cysts were completely recovered until next September. Comparing the incidence and prevalence of the disease by year tremendous infection and death rates were checked in the first prevalent year, 1988, but the rates were significantly decreased in the second year, and showed an almost normal status in the third year, 1990. As the above summarized results showed, the disease entity might come to an end in three years after the first prevalent year, however, the spores must be strictly prevented because they could be infective in the water for one year.

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The Gains To Bidding Firms' Stock Returns From Merger (기업합병의 성과에 영향을 주는 요인에 대한 실증적 연구)

  • Kim, Yong-Kap
    • Management & Information Systems Review
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    • v.23
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    • pp.41-74
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    • 2007
  • In Korea, corporate merger activities were activated since 1980, and nowadays(particuarly since 1986) the changes in domestic and international economic circumstances have made corporate managers have strong interests in merger. Korea and America have different business environments and it is easily conceivable that there exists many differences in motives, methods, and effects of mergers between the two countries. According to recent studies on takeover bids in America, takeover bids have information effects, tax implications, and co-insurance effects, and the form of payment(cash versus securities), the relative size of target and bidder, the leverage effect, Tobin's q, number of bidders(single versus multiple bidder), the time period (before 1968, 1968-1980, 1981 and later), and the target firm reaction (hostile versus friendly) are important determinants of the magnitude of takeover gains and their distribution between targets and bidders at the announcement of takeover bids. This study examines the theory of takeover bids, the status quo and problems of merger in Korea, and then investigates how the announcement of merger are reflected in common stock returns of bidding firms, finally explores empirically the factors influencing abnormal returns of bidding firms' stock price. The hypotheses of this study are as follows ; Shareholders of bidding firms benefit from mergers. And common stock returns of bidding firms at the announcement of takeover bids, shows significant differences according to the condition of the ratio of target size relative to bidding firm, whether the target being a member of the conglomerate to which bidding firm belongs, whether the target being a listed company, the time period(before 1986, 1986, and later), the number of bidding firm's stock in exchange for a stock of the target, whether the merger being a horizontal and vertical merger or a conglomerate merger, and the ratios of debt to equity capital of target and bidding firm. The data analyzed in this study were drawn from public announcements of proposals to acquire a target firm by means of merger. The sample contains all bidding firms which were listed in the stock market and also engaged in successful mergers in the period 1980 through 1992 for which there are daily stock returns. A merger bid was considered successful if it resulted in a completed merger and the target firm disappeared as a separate entity. The final sample contains 113 acquiring firms. The research hypotheses examined in this study are tested by applying an event-type methodology similar to that described in Dodd and Warner. The ordinary-least-squares coefficients of the market-model regression were estimated over the period t=-135 to t=-16 relative to the date of the proposal's initial announcement, t=0. Daily abnormal common stock returns were calculated for each firm i over the interval t=-15 to t=+15. A daily average abnormal return(AR) for each day t was computed. Average cumulative abnormal returns($CART_{T_1,T_2}$) were also derived by summing the $AR_t's$ over various intervals. The expected values of $AR_t$ and $CART_{T_1,T_2}$ are zero in the absence of abnormal performance. The test statistics of $AR_t$ and $CAR_{T_1,T_2}$ are based on the average standardized abnormal return($ASAR_t$) and the average standardized cumulative abnormal return ($ASCAR_{T_1,T_2}$), respectively. Assuming that the individual abnormal returns are normal and independent across t and across securities, the statistics $Z_t$ and $Z_{T_1,T_2}$ which follow a unit-normal distribution(Dodd and Warner), are used to test the hypotheses that the average standardized abnormal returns and the average cumulative standardized abnormal returns equal zero.

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