• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.1079-1090
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• 2021

This study examines the influence of individual investors' sentiment on Japanese IPO aftermarket performance (measured by return and trading volume on the first trading day and return on the first trading year). This study proposes that IPOs will be, on average overpriced on the listing day when individual investors' sentiment is highly optimistic. Higher initial return and trading volume are expected in IPOs with higher investors' optimism. Further, the positive initial return will occur in the short term as individual investors usually are uninformed investors who demand shares based on their personal preferences, which will last only in a short period. Following the overvaluation hypothesis, price reversals should be predicted once the effect of individual investors' optimism has disappeared, causing the IPOs to underperform in the long term. Using 520 Japanese IPOs issued from January 2010 to December 2019, this study reveals that individual investors' sentiment is positively and significantly related to returns and trading volume on the first trading day. Return reversals are found on the first trading year despite the insignificant influence of individual investors' sentiment on IPO return on the first trading year.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.233-260
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• 2003

This paper compares the underpricing of IPOs listed on KOSADQ with that of IPOs listed on KSE. When we consider the last day of upper price limit of IPOs, IPOs on KSE show higher initial excess return than IPOs on KOSDAQ. And AR2 which is the abnormal return based on the stock price of the last day recording upper limit after listing, IPOs on KOSDAQ exhibit larger abnormal return than IPOs on KSE. Our study also reports that the long-term performance of IPOs in two markets does not show any difference. That is, IPOs of both markets under performed in the long-run. The wealth relatives of IPOs are a little higher than market portfolio. We explored the reasons of the underpricing of IPOs in both markets through the multiple regression analysis. The business history is examined asstatistically significant variable to explain the underpricing.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.1
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• pp.179-199
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• 2006

The objective of the study which it analyzes the result which goes made to the equity investor venture company IPOs stock of Korean venture capitalists. The sample company is the venture business 101 which IPO time venture capitalists invest in period KOSDAQ market from 1997 July 1st to 2006 June 30th for 9 years. The result of the study was as follows. First, it is found that syndication investing venture capitalists than the sale investing venture capitalists has desirable investment act which relax non-symmetry information between the publicly held company and the investor. The study support to Bygrave(1987), Lerner(1994) and so on. Second, The venture capitalists under postscript investing the venture business compared to under investing shows IPO excess benefit rate initially more highly from the venture business and the investor whom already invests early stage prove to use the manned it exaggerates the value of the venture business which venture capitalists oneself invests from postscript phase through the high position characteristic At last, it is discovered that the investment equity ratio of venture capitalists effect of sound (-) postscript investor IPO result which analyzed. It is showed that venture capitalists will remain more lowly excess benefit rate as the equity ratio which the venture capitalists invests at the venture business will be high.

• Journal of the Korea Society of Computer and Information
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• v.17 no.1
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• pp.53-60
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• 2012

In this paper, we propose a framework which supports the simple development cycle based on Distributed System using IPO(Input-Process-Output) model. In our proposed framework, once a single class with Input, Process and Output functions is developed, it can be executed like a single application in both presentation layer and middle layer of a distributed system. Our proposed Framework removes dependency on distributed system and makes development cycle decreased from Develop-Build-Deploy-Test cycle to Develop-Test cycle when application programs is developed. The verification of productivity and performance is performed by comparing our Framework with distributed system or lightweight Framework. The results show high productivity due to the considerable amount of reduction in lines of source code and reduction in dependency on distributed system, and show stabler performance than lightweight framework.

• KIPS Transactions on Software and Data Engineering
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• v.7 no.8
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• pp.297-306
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• 2018

In this paper, we address how to apply Apache Storm, a distributed stream processing framework, to InfiniBand, a high performance communication device. An easy way to run Storm on InfiniBand is to simply use IPoIP (IP over InfiniBand). However, this method causes a serious CPU load on the node, which is caused by frequent context switches and buffer copies. To solve this problem, we propose a new communication method using InfiniBand's Remote Direct Memory Access (RDMA) function in Storm. First, we design and implement RJ-Netty (RDMA/JXIO Netty), a new framework that replaces Netty, the legacy framework, to exploit RDMA functionality. Second, we reimplement the related classes so that Storm can use both existing Netty and new RJ-Netty. Third, we extend the JXIO server functionality so as to support multi-threading to maximize the performance of RJ-Netty. Experimental results show that the proposed RJ-Netty significantly reduces CPU load while improving message throughput compared to IPoIB as well as Ethernet. This paper is the first attempt to run Apache Storm on InfiniBand, and we believe that it is an excellent research result that improves the performance of Storm by using InfiniBand RDMA.

• Management & Information Systems Review
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• v.28 no.1
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• pp.25-44
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• 2009

This study examines long term performance of initial public offerings(IPO) after book building was introduced in KOSDAQ market. We use event time portfolio approach and calendar time portfolio approach to test if the performance of IPO is fair or not in long term. We estimate the performance by using the BHAR(buy and hold abnormal return), CAR(cumulative abnormal return), WR(wealth relatives) model in event time portfolio approach. And we calculate the performance by using Fama-French three factor model, CTAR(calendar time abnormal return), RATS(Return Across Time and Securities approach) model in calendar time portfolio approach. This study shows that the long term performance of IPO is positive with statistical significance as the results of the analysis through the various research method and all windows in all kinds of firms and total firms.

• The Journal of Small Business Innovation
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• v.20 no.3
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• pp.1-17
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• 2017

There is a serious information asymmetry between internal managers and outside investors in the process during IPOs. One mechanism that mitigates this information asymmetry is a high quality auditor. Since prior research document auditors' effect on newly listed firms at the IPO year, what has not yet been revealed in previous studies is the behavior of firms and auditors after listing. In this study, we investigate (i) the firms tendency of contracting with Big N auditors, and (ii) the effect of Big N auditors on accounting quality after the years of IPOs. Using a sample of 7,678 (1,892 firm-years of after IPOs, and 5,786 control firm-years) KOSDAQ observations between 2002 and 2012, we find that the likelihood of contracting with Big N auditor lasts only for two years after IPO compare to that of non-IPO control years. Secondly, we find that the effect of Big N auditors on clients' earnings management lasts for a very short period after IPO. These findings suggest that although prior literature argue that Big N auditors reduce earnings management of their clients, at least the period right after IPO, it is not consistent. Our study contributes to the existing literature in several ways. First, we provide new evidences of firms' auditor selection decisions by investigating years after the listing. In second, as an evidence of accruals reversal, we document decrease in discretionary accruals after IPOs. Third, we find that there is not always a positive relation between Big N auditor and accounting quality by showing the insignificant Big N auditor effect after IPOs. Our results also suggest several implications to IPO related stakeholders. First, to IPO firms, we provide evidences that decisions of hiring auditors affect firms earnings. Also, lead IPO underwriters may consider how these decisions influence future performance. Second, investors may want to use information not only in the preofferings but also after public offerings. Our study insists that auditor hiring decisions affects their own welfare. Finally, accounting standard setters may find these results useful for evaluating how much discretion they should allow corporate managers to hire auditors. In addition, our result casts doubt on auditor designation.

• Management & Information Systems Review
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• v.29 no.1
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• pp.1-23
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• 2010

This study examines the impacts of outside directors' characteristics and compensation on stock performances of KOSDAQ and NASDAQ IPO firms. The results of this study indicated the following interesting results. First, there is no significant relation between outside directors' age and CARs on KOSDAQ firms. while significant positive relation between outside directors' age and CARs on NASDAQ firms. And the elder age group shows a more positive impact on performances compared with the younger age group. Second, there is no relation between outside directors' academic background and CARs for KOSDAQ firms. But We find a significantly positive one for NASDAQ firms. Third, In Relation to outside directors' careers, their professional or CEO careers group have more positive impact on stock performances than gray directors' careers group. Lastly, there is an insignificant negative relation between the outside directors' compensation and CARs for KOSDAQ firms. while there is a positive relative for NASDAQ firms. In particular, there is a significant positive relative between value of stock options and CARs for NASDAQ firms. from the result, I could find out the stock option for outside' directors have a positive influence on firm value.

• The Transactions of the Korea Information Processing Society
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• v.7 no.8S
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• pp.2679-2687
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• 2000

위성 ATM 망에서 TCP/IP 기반의 응용 서비스를 제공하기 위해서는 위성의 긴 전송지연과 이성 채널의 버스트 오류 특성에 따른 정확한 전송 성능의 영향과 분석이 요구되며, 아울러 성능 목표치가 제시되어야 한다. 본 논문은 2Mbps급 KOREASAT위성을 이용한 위성망과 지상망이 상호 연동된 실제 위성/지상 ATM LANE(LAN Emulation)을 구현하고, 위성 채널의 Eb/No와 TCP 소켓 버퍼 크기, 그리고 전송 메시지 크기를 바꾸어 가면서 그때의 TCP/IP 트래픽과 FTP의 전송성능을 비교 분석하였다. 아울러 IPoA(IP over ATM)기반의 영상회의 서비스에 대한 전송 품질 및 메시지 전달 특성 등을 분석하였다. 연구결과 TCP 소켓 버퍼 크기가 증가할 때 TCP의 전체 성능이 증가함을 알 수 있으나 제한된 최대 윈도우 크기 64kbytes와 위성채널의 오류 특성으로 인해 실제 최대 전송속도는 이론상의 목표치를 달성하지 못함을 보여 주었다. 또한 2Mbps 위성링크에서 Eb/No가 6dB 이하에서는 실제적으로 제공할 수 있는 최대 전송성능의 50%이하로 떨어져 TCP/IP over ATM 서비스가 거의 불가능함을 보여주었다. FTP의 경우, 파일 크기가 작으면 최대 전송속도에 도달하기 전에 파일 전송이 완료되어 대역폭 이용의 효율성 측면에서 TCP/IP의 slow start 메케니즘이 적절하지 않음을 보여주었다. 이울러 IPoA영상회의 서비스에서도 Eb/No가 약 6.5dB 이하에서는 영상이 거의 정지되고, 메시지 전달시간도 ITU에서 권고하는 목표치를 훨씬 상회하여 서비스가 거의 불가능함을 보였다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.21-33
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• 2013

This study analyzes the effects of diversification on business results and enterprise values of KOSDAQ-listed venture companies to inquire into the effective diversification strategies of venture companies after an initial public offering (IPO). In particular, this study used the Berry-Herfindahl index as a proxy variable regarding the level of diversification of venture companies, and categorized the diversification methods into M&As, strategic partnerships and establishment of subsidiaries to analyze the effects of the mutual interaction among such methods. The following is a summary of the results of the analysis. First, diversification did not have any statistically significant effects on business growth. However, it was found that there was an inverted U-shaped relationship between diversification and the profitability of the company. Second, although no statistical significance was found between enterprise values measured based on diversification and market value, a U-shaped relationship or positive relationship was found. Third, M&As were found to moderate the relationship between diversification and business results and enterprise values. Fourth, strategic relationship and establishment of subsidiaries was found to moderate the relationship between diversification and the profit results of the company. Based on the above findings, this study discovered the practical implications regarding the diversification of venture companies after listing on the KOSDAQ.