• Knowledge Management Research
• /
• v.19 no.4
• /
• pp.187-201
• /
• 2018

This paper explores the potential of Blockchain technology in enabling a panacea for health equity. Since Satoshi Nakamoto first described Blockchain technology in 2008 pseudonymous paper, that distributed ledger system is empowered and ranging from finance to law to another sector and beyond. Also impacting healthcare sector and life science. In other words, there are many usage cases being researched in healthcare and Blockchain has shown its considerable special side in recent years. But this paper aims to the distributed ledger that is the special side of Blockchain technology is potentially can panacea for some global health equity issues such as patient data, counterfeit drug and hospital payment management.

• The Korean Journal of Financial Management
• /
• v.25 no.1
• /
• pp.51-84
• /
• 2008

We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence.

• International conference on construction engineering and project management
• /
• 2022.06a
• /
• pp.1032-1039
• /
• 2022

Evaluating infrastructure's impact on social equity is an emerging area of research in transportation construction engineering. Transportation agencies have been trying to include sustainable development. The three components of sustainable development are environmental protection, social equity, and economic development. Although social equity is one of the essential components of sustainable development, most transportation agencies do not consider this component. The research publications in this area are limited. The principal objective of this study is to synthesize existing studies related to the impact of transportation infrastructures on social equity. This study will also identify social equity indicators, the correlation between social equity and transportation infrastructures and their services, and the impact of transportation infrastructures' on social equity. In addition, this study will identify current issues of social equity and will provide some recommendations. This synthesis study revealed that transportation infrastructures impacted social equity in various ways. Some effects are positive, such as new job creation on the market. Other effects are adverse, such as diminishing socio-economic and environmental degradation. Studies also showed that the current practices evaluated infrastructures' impact on a case-by-case basis. The authors recommend adopting a multi-disciplinary holistic for assessing infrastructure's effects on social equity. The multi-disciplinary fields of study include civil engineers, construction engineers/managers, public policy researchers, environmentalists, and social scientists.

• Knowledge Management Research
• /
• v.10 no.3
• /
• pp.81-98
• /
• 2009

The purpose of this study is to investigate the effect of Hallyu(Korean Wave) and marketing mix elements on brand equity based on the Korean cosmetic brand in China Market. It will provide the constructive suggestions to build Korea brand equity in overseas market through empirical research. At the beginning of this study, in order to analyze the effect of Hallyu and marketing mix elements on brand equity, we studied literature reviews on relationships between brand equity and marketing mix elements, culture, Hallyu and its influences on marketing. And then, we set up the research model, hypotheses and variables. The chosen variables to investigate are price premium, price deals, store image, distribution intensity, advertising, Hallyu, perceived quality, brand loyalty, brand awareness/associations, and brand equity. The results of the study reveal that Hallyu and advertising had a positive influence on perceived quality, brand loyalty and brand awareness/associations, but the other marketing elements had partial influence. All of perceived quality, brand loyalty and brand awareness/associations showed positive effects on brand equity. Additionally, theoretical and managerial implications of brand equity and Hallyu based on the results of this study are discussed. And limitations and future research issues are also presented.

• Journal of the Korean Society of Clothing and Textiles
• /
• v.28 no.2
• /
• pp.252-261
• /
• 2004

In this complex marketing world, marketers find themselves having to grapple with difficult issues about branding and their brand management. In many cases, a deeper understanding of how consumers feel, think, and act could provide valuable guidance to address these brand-management challenges. The objective of this study is to conceptualize and test the framework of building fashion brand equity, utilizing Keller＇s CBBE Model as a theoretical framework and Kim and Lim＇s (2002) scale as a measurement model of fashion brand equity. We conducted a survey toward 696 university students using Kim and Lim＇s fashion brand equity scale. To test the hypothesized building paths of fashion brand equity, statistical analyses were performed with AMOS 4.1 program using confirmatory factor analysis and structural equation model. The results of this study were as follows. First, fashion brand equity was defined in terms of six components; customer-brand resonance, customer feeling, customer judgment, brand imagery. brand performance and brand awareness. Fashion brand equity was multi-dimensional brand attitude, which could be measured by 16 items. Consequently, Kim and Lim＇s scale acquired a statistical validity. Second, the proposed conceptual framework of this study was partially significant. We can provide an effectiveness of Keller＇s CBBE model to conceptualize the building process of fashion brand equity. Third, it was different between two brands to build fashion brand equity.

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

• Communications of Mathematical Education
• /
• v.37 no.3
• /
• pp.369-392
• /
• 2023

Equity in mathematics education focuses on the relationship between social inequality caused by factors including culture and race. Equity in mathematics education has recently been recognized as one of the important issues of mathematics education and may provide grounds for setting the new direction of mathematics education for the future society. However, research on mathematics education equity in South Korea is still insufficient. The purpose of the paper is to provide implications for mathematics education research by reviewing the the literature regarding mathematics education equity. Focusing on 195 previous studies, I analyzed the significance of discussions on mathematics education equity in mathematics education, the concept of mathematics education equity, and research questions. In addition, I divided the previous studies into five categories based on their research questions: mathematics teachers, mathematics curriculum, mathematics classrooms, mathematics assessment, and socio-cultural environments surrounding mathematics classrooms. The analysis of the study are expected to provide implications in terms of new research questions and methods to domestic mathematics education researchers.

• The Korean Journal of Financial Management
• /
• v.13 no.1
• /
• pp.285-309
• /
• 1996

Using initial public offerings of 512 UK companies newly admitted to London Stock Exchange between 1985 and 1990, we explored the reason of underpricing of new issues. We particularly examined the underpricing of new issues in terms of signalling hypothesis. We found that there is a positive relationship between the value of the issuing firms and the fraction of equity retained by entrepreneurs. This finding is consistent with Leland and Pyle's model(1977) and the evidence of Downes and Heinkel(1982). We also found a positive association between the firm value and the degree of underpricing. In addition, our empirical evidence revealed that the underpricing of the UK IPOs is positively related to the fraction of equity retained by the original shareholders. Thus, our results support Grinblatt and Hwang's model(1989) which predicts a positive relationship between the value of firm and the degree of underpricing.

• The Korean Journal of Financial Management
• /
• v.1 no.1
• /
• pp.133-149
• /
• 1985

The theory of option pricing has undergone rapid advances in recent years. Simultaneously, organized option markets have developed in the United States and Europe. The closed form solution for pricing options has only recently been developed, but its potential for application to problems in finance is tremendous. Almost all financial assets are really contingent claims. Especially, Black and Scholes(1973) suggest that the equity in a levered firm can be thought of as a call option. When shareholders issue bonds, it is equivalent to selling the assets of the firm to the bond holders in return for cash (the proceeds of the bond issues) and a call option. This paper takes the insight provided by Black and Scholes and shows how it may be applied to many of the traditional issues in corporate finance such as dividend policy, acquisitions and divestitures and capital structure. In this paper a combined capital asset pricing model (CAPM) and option pricing model (OPM) is considered and then applied to the derivation of equity value and its systematic risk. Essentially, this paper is an attempt to gain a clearer focus theoretically on the question of corporate stock risk and how the OPM adds to its understanding.

• Women's Health Nursing
• /
• v.27 no.3
• /
• pp.171-175
• /
• 2021