• Journal of Global Scholars of Marketing Science
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• v.20 no.1
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• pp.80-88
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• 2010

There has been considerable research examining the relationship between stockholders equity and various marketing strategies. These include studies linking stock price performance to advertising, customer service metrics, new product introductions, research and development, celebrity endorsers, brand perception, brand extensions, brand evaluation, company name changes, and sports sponsorships. Another facet of marketing investments which has received heightened scrutiny for its purported influence on stockholder equity is television advertisement embedded within specific sporting events such as the Super Bowl. Research indicates that firms which advertise in Super Bowls experience stock price gains. Given this reported relationship between advertising investment and increased shareholder value, for both general and special events, it is surprising that relatively little research attention has been paid to investigating the relationship between advertising in the Olympic Games and its subsequent impact on stockholder equity. While attention has been directed at examining the effectiveness of sponsoring the Olympic Games, much less focus has been placed on the financial soundness of advertising during the telecasts of these Games. Notable exceptions to this include Peters (2008), Pfanner (2008), Saini (2008), and Keller Fay Group (2009). This paper presents a study of Olympic advertisers who ran TV ads on NBC in the American telecasts of the 2000, 2004, and 2008 Summer Olympic Games. Five hypothesis were tested: H1: The stock prices of firms which advertised on American telecasts of the 2008, 2004 and 2000 Olympics (referred to as O-Stocks), will outperform the S&P 500 during this same period of time (i.e., the Monday before the Games through to the Friday after the Games). H2: O-Stocks will outperform the S&P 500 during the medium term, that is, for the period of the Monday before the Games through to the end of each Olympic calendar year (December 31st of 2000, 2004, and 2008 respectively). H3: O-Stocks will outperform the S&P 500 in the longer term, that is, for the period of the Monday before the Games through to the midpoint of the following years (June 30th of 2001, 2005, and 2009 respectively). H4: There will be no difference in the performance of these O-Stocks vs. the S&P 500 in the Non-Olympic time control periods (i.e. three months earlier for each of the Olympic years). H5: The annual revenue of firms which advertised on American telecasts of the 2008, 2004 and 2000 Olympics will be higher for those years than the revenue for those same firms in the years preceding those three Olympics respectively. In this study, we recorded stock prices of those companies that advertised during the Olympics for the last three Summer Olympic Games (i.e. Beijing in 2008, Athens in 2004, and Sydney in 2000). We identified these advertisers using Google searches as well as with the help of the television network (i.e., NBC) that hosted the Games. NBC held the American broadcast rights to all three Olympic Games studied. We used Internet sources to verify the parent companies of the brands that were advertised each year. Stock prices of these parent companies were found using Yahoo! Finance. Only companies that were publicly held and traded were used in the study. We identified changes in Olympic advertisers' stock prices over the four-week period that included the Monday before through the Friday after the Games. In total, there were 117 advertisers of the Games on telecasts which were broadcast in the U.S. for 2008, 2004, and 2000 Olympics. Figure 1 provides a breakdown of those advertisers, by industry sector. Results indicate the stock of the firms that advertised (O-Stocks) out-performed the S&P 500 during the period of interest and under-performed the S&P 500 during the earlier control periods. These same O-Stocks also outperformed the S&P 500 from the start of these Games through to the end of each Olympic year, and for six months beyond that. Price pressure linkage, signaling theory, high involvement viewers, and corporate activation strategies are believed to contribute to these positive results. Implications for advertisers and researchers are discussed, as are study limitations and future research directions.

• Korean Journal of Ichthyology
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• v.19 no.1
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• pp.8-15
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• 2007

The morphology of gonad and reproductive cycle of ribbed gunnel (Dictyosoma burgeri) were investigated on the basis of histological observation. The specimens were monthly sampled in the coastal waters of Jeju from November 2001 to February 2003. The ovaries and testis of this species are categorized as cystovarian and lobule type, respectively. The gonadosomatic index (GSI) of female increased in November and maintained high values from December to February. The GSI of male was similar to that of female although it was decreased in February. The reproductive cycle can be grouped into the following successive stage in the ovary: growth (October to November), mature (November to February), spawning (January to February), and degenerating and recovery (March to September). And in the testis, the stage observed were: multiplication (August to November), growth (November to January), mature and spawning (November to February), and degenerating and recovery (January to September). The minimum maturation size of D. burgeri was over 15.0 cm and fecundity ranged from 2,194 to 6,581 eggs. The relationship between the fecundity and fish body was calculated in the fecundity (F) equation as: $F=0.4057TL^{3.1425}$ ($R^2=0.7621$) for total length (TL); $F=149.88BW^{0.9579}$ ($R^2=0.7982$) for body weight (BW), respectively. The fecundity was correlated positively with TL and BW. The histological observations of the gonads suggested that major spawning of this species probably occurs between January to February, when low water temperature ($13{\pm}0.3^{\circ}C$) period.

• The Korean Journal of Air & Space Law and Policy
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• v.31 no.2
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• pp.215-236
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• 2016

This paper is related to a study on safety management of cosmic radiation in the aviation area, and as a comprehensive study encompassing not only aviation crew but also aviation traffic users, presents issues on an exposure to the cosmic radiation which authors predict may be intensified in a time to come. Although the government of the Republic of Korea has recently activated regulations related to the cosmic radiation, the following improvement measures are further urged to be carried out not only as a regulatory improvement for pushing ahead with effectiveness but also as a supplementary tool. Firstly, a dose limit corresponding to the international standard needs to be applied. Since the dose limit imposed by the Korean government is improperly higher than the international dose limit of the cosmic radiation, the present dose limit needs to be re-established in a range of "not exceeding the international recommendation". Secondly, a new methodology is needed such that aviation companies observe a yearly effective dose limit of passengers. A fact that only aviation crew is specified but passengers are excluded in the related regulation is based on a recommendation presented by the International Commission on Radiological Protection (ICRP). According to the recommendation, Korean government excluded passengers in the "Cosmic Radiation Safety Requirements for Crew". Among the present aviation regulations, there exists a protection standard for protecting aviation traffic users. However, it presents a damage protection only for ticket-related issues. Since this regulatory weakness provides a cause of endangering national health, the authors believe that an improvement in the regulation is needed without sticking to the recommendation from the ICRP. To this end, new regulations are strongly demanded from aspects of not only legal but also regulatory areas. The dose limit in accordance with the international standard is established. However, at least a minute amount of cosmic radiation is continuously acting on all people of Korea. Since more and higher level of cosmic ration may exist in the aviation space, an improved method of representing the minute amount of cosmic radiation in figures. As a result, a desirable regulation may be established for protecting not only crew but also aviation traffic users from being exposed to the cosmic radiation via a legislation of the desirable regulation.

• KDI Journal of Economic Policy
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• v.12 no.4
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• pp.21-46
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• 1990

This paper, a sequel to Yoo and Lee (1990), attempts to investigate the interindustry determinants of technical efficiency in Korea's manufacturing industries, and also to conduct an exploratory analysis on the stability of technical efficiency over time. The hypotheses set forth in this paper are most found in the existing literature on technical efficiency. They are, however, revised and shed a new light upon, whenever possible, to accommodate any Korea-specific conditions. The set of regressors used in the cross-sectional analysis are chosen and the hypotheses are posed in such a way that our result can be made comparable to those of similar studies conducted for the U.S. and Japan by Caves and Barton (1990) and Uekusa and Torii (1987), respectively. It is interesting to observe a certain degree of similarity as well as differentiation between the cross-section evidence on Korea's manufacturing industries and that on the U.S. and Japanese industries. As for the similarities, we can find positive and significant effects on technical efficiency of relative size of production and the extent of specialization in production, and negative and significant effect of the variations in capital-labor ratio within industries. The curvature influence of concentration ratio on technical efficiency is also confirmed in the Korean case. There are differences, too. We cannot find any significant effects of capital vintage, R&D and foreign competition on technical efficiency, all of which were shown to be robust determinants of technical efficiency in the U.S. case. We note, however, that the variables measuring capital vintage effect, R&D and the degree of foreign competition in Korean markets are suspected to suffer from serious measurement errors incurred in data collection and/or conversion of industrial classification system into the KSIC (Korea Standard Industrial Classification) system. Thus, we are reluctant to accept the findings on the effects of these variables as definitive conclusions on Korea's industrial organization. Another finding that interests us is that the cross-industry evidence becomes consistently strong when we use the efficiency estimates based on gross output instead of value added, which provides us with an ex post empirical criterion to choose an output measure between the two in estimating the production frontier. We also conduct exploratory analyses on the stability of the estimates of technical efficiency in Korea's manufacturing industries. Though the method of testing stability employed in this paper is never a complete one, we cannot find strong evidence that our efficiency estimates are stable over time. The outcome is both surprising and disappointing. We can also show that the instability of technical efficiency over time is partly explained by the way we constructed our measures of technical efficiency. To the extent that our efficiency estimates depend on the shape of the empirical distribution of plants in the input-output space, any movements of the production frontier over time are not reflected in the estimates, and possibilities exist of associating a higher level of technical efficiency with a downward movement of the production frontier over time, and so on. Thus, we find that efficiency measures that take into account not only the distributional changes, but also the shifts of the production frontier over time, increase the extent of stability, and are more appropriate for use in a dynamic context. The remaining portion of the instability of technical efficiency over time is not explained satisfactorily in this paper, and future research should address this question.

• Journal of Korean Home Economics Education Association
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• v.16 no.3
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• pp.131-146
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• 2004

The Purpose of this study is to suggest strategies for environmental education through the Practical Arts(TechnologyㆍHome economics) Subject in a viewpoint of the clothing & textiles resources to resolve problems in the clothing life area. For this, this study was carried out through review of literature which is related with the consumption, the environmental problems, the environmental policies, and regulations of the government and new environmental technologies, of clothing & textiles industries and environmental education. The major findings of the study were as follows; 1) The environmental education system model in a viewpoint of the Clothing & Textiles resources was developed. This model system is consisted with interactions on school, government, industry, home and non-government organizations. Thus, the fact that Practical Arts(TechnologyㆍHome economics) Subject were the most effective subject to teaching the environmental education viewpoint of the Clothing & Textiles resources was confirmed. 2) The standards were analysed out to analyse the contents in the clothing area of the Practical Arts(TechnologyㆍHome economics) Subject. It were consist of 4 factors and 12 elements under the factors: Awareness of clothing & textile resources(clothing consumption, production of clothing & textile and environmental problems). Planning and buying of clothing(planning, buying), Management of clothing(understand of textile. human body & environment, laundering and Environmental pollution, arrangement & conservation) Recycling & exhaust of clothing(contribution, redesign, recycling, exhaust) 3) Analysing the current Practical Arts (TechnologyㆍHome economics) subject from the Environmental education in the clothing section, the environmental education related with clothing were taught the most in the middle school course, and environmental contents were concentrated in the recycling factors. but not so much on other factors. 4) After analysing the Practical Arts (TechnologyㆍHome economics) subject, the strategies were suggested for reinforcing the environmental education in the clothing of the Practical Arts(TechnologyㆍHome economics) subject.

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.69-96
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• 1991

Economic circumstances of enterprise began to change after a series of democratization measures in 1987. Accompanied with it, competitive advantage of enterprise began to change as well. By that time Korean enterprises had a competitive advantage based on low wages of labor. Abrupt and steady upsurge in wage, however, weakened competitive advantage based on low wages, upward revaluation of won currency caused by surplus in BOP strengthened upward trend in price increase of export products. An urgent problem in Korea economy is, therefore, to find 'new' competitive advantage. For the time being preserving competitiveness based on cost advantage must inevitably remain our basic strategy in industrial policy. While cost advantage in the past referred to low wage level, this cost advantage must have foundation on the improvment in producing technology, which will increase labor productivity and decrease unit cost of products. Besides, other measure to improve competitiveness can be considered such as increasing the extent of production automation, self-development of new products, and spread and strengthening subcontracting system among various enterprises. In this paper we tried to perceive how subcontracting system as a form of intercompany division of labor operates and to which direction this system proceeds responding to the recent changes in economic circumstances. Speaking more concretly, we tried to perceive how large the gap of bargaining power between mother-company and subcontracting company is and how effectively subcontracting company's technical power contributes to mother-company. Facing up to weakeening of competitiveness, how stably is the partnership between mother-company and subcontracting company established and what measures are being prepared to retore the weakened competitiveness. In conclusion the result of investigation through the questionaire on subcontracting system is positive, from which we can infer the optimistic view of restoring Korean economy's competitiveness.

• The Korean Journal of Financial Management
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• v.10 no.1
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• pp.249-280
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• 1993

Recent financial theory views insurance policies as financial instruments that are traded in markets and whose prices reflect the forces of supply and demand. This article analyzes individual's insurance purchasing behavior along with capital market investment activities, which will provide a more realistic look at the tradeoff between insurance and investment in the individual's budget constraint. It is shown that the financial economic concept of insurance cost should reflect the opportunity cost of insurance premium. The author demonstrates the importance of riskless and risky financial assets in reaching an equilibrium insurance premium. In addition, the paper also investigates how the investment income could affect the four established theorems on traditional insurance literature. At the present time in Korea, the price deregulation is being debated as the most important current issue in insurance industry. In view of the results of this paper, insurance companies should recognize investment income in pricing their coverage if insurance prices are deregulated. Otherwise. price competition may force insurance companies to restrict coverage or to leave the market.

• The Korean Journal of Air & Space Law and Policy
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• v.31 no.1
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• pp.99-144
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• 2016

The summary of the case is as follows: a Korean passenger booked and purchased a business class ticket from Air France that was scheduled to depart from Paris and arrive in Seoul. When the passenger arrived at the check-in counter, he was told that all business class seats were occupied. It was because the flight was overbooked by Air France. The passenger cancelled the Air France flight and took another air carrier. After arriving in Korea, he brought suit against Air France for damages. The purpose of this article is to discuss the governing law when interpreting the contract of international air carriage in accordance with the Korean Private International Act (2001) and to analyze air carrier's civil liability for the bumped passenger in the overbooking case. If the parties have not chosen the applicable law the contract shall be governed by the law of the habitual residence of the consumer in the following situations: prior to the conclusion of the contract, the opposite party of the consumer conducted solicitation of transactions and other occupational or business activities by an advertisement in that country or conducted solicitation of transactions and other occupational or business activities by an advertisement into that country from the areas outside that country and the consumer took all the steps necessary for the conclusion of the contract in that country or in case the opposite party of the consumer received an order of the consumer in that country [Article 27 (1), (2) of the Private International Act]. Since the contract of international carriage falls into the consumer contract, the Supreme Court viewed that the governing law of the contract in this case would be the law of the habitual residence of the consumer (Supreme Court Decision 2013Da8410 decided on Aug. 28, 2014). This interpretation differs from the article 5 (4) of Rome Convention(80/934/EEC) which declares that the consumer contract article shall not apply to neither a contract of carriage nor a contract for the supply of services where the services are to be supplied to the consumer exclusively in a country other than that in which he has his habitual residence. Even though overbooking can be considered as a common industry practice, an air carrier must burden civil liability in case of breach of contract for the involuntary bumped passenger(Seoul Central District Court Decision 2014Na48391 decided on Jan. 29, 2015). In case of involuntary bumping, an air carrier must offer re-routing to passenger's final destination by an alternative flight. If an air carrier fails to effect performance in accordance with the tenor and purport of the obligation, the involuntary bumped passenger may claim damages(Article 390 of the Civil Code).

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.2
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• pp.1-8
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• 2012

Recently the youth starting up a business has become a buzzword. Business plan is a fundamentals in starting up a business. Therefore, in this study, I investigated the business planning behavior of university students in Korea. Especially, I investigated whether university students in Korea dealt with business plan inside and outside or not, and examined university students' thought whether corporate performance is related to business plan or not, and if any, how closely they are. Meanwhile, existing studies and books are arguing that there is a high correlation between business plan and corporate performance, however, there are not many domestic and/or foreign studies that analyzed it empirically. In order to find an answer to this problem, this study was approached empirically. First, the components of business plan were selected through an extensive literature review including existing researches and through factor analysis, I classified them into the five factors of product management, product development, management support system building, organizational management and macro planning. Also, I classified corporate performance into quantitative and qualitative performance, and investigated the influences of business plan factors on those performances. As a result, I found belows. First, university students in Korea thought that the business plan components affected the quantitative and qualitative performances of corporate positively. Second, Korean students had high interests in starting up a business and wanted to run a service business but had almost no experience of business planning. Whilst, Foreign students had relatively high interests in starting up a business and experiences of business planning. They wanted starting up in various industry also. Meanwhile, I did't find the gender differences in those aspects. In this study, I empirically investigated the relation between business plan components and corporate performances in the university students' view, not that of company. So I believe that this study can shed lights on the direction of effective starting up education for increasing the success rate of youth starting up a business.

• The Journal of the Korea Contents Association
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• v.12 no.12
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• pp.321-328
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• 2012

The purpose of this study was to examine the toothbrushing behavior of the citizens, their use of dentifrice, awareness of the importance of dentifrice purchase and consciousness of dentifrice containing the extract of Chamaecyparis obtusa in the city of Gwangju. It's basically meant to provide some informations on the development of oral health supplies involving dentifrice containing the extract of Chamaecyparis obtusa in that city in an effort to help the city serve as a hub of the dental industry. The subjects in this study were the selected citizens in the city of Gwangju. As a result of analyzing their awareness of the importance of the considerations for the purchase and use of dentifrice, they gave 68.2% overall. They gave the highest marks of 83.3% to the importance of effect. As for the importance of each item, they gave the highest marks of 85.1% to the importance of the prevention of dental caries. Concerning differences in awareness of the importance of the external purchase factors according to age, every age group placed the most importance on inspection by the certification authorities except for those who were in their 40s and 60s, and the respondents who were in their 40s and 60s attached more importance to price than the other items. Regarding differences in awareness of the importance of effectiveness according to age, those who were under the age of 20 gave the highest marks of 79.8% to the importance of dental-caries prevention and whitening effects. As a result of asking them whether they had an intention to use dentifrice containing the extract of Chamaecyparis obtusa if this dentifrice would be developed, 54.6% replied they had the intention. When they were asked another question whether they thought this dentifrice would have an effect on oral health, 55.1% answered they thought so. 33.8% expected this dentifrice to have a primary effect on the prevention of dental caries. Given the findings of the study, full-scale R&D efforts should be directed into the development of dentifrice containing the extract of chamaecyparis obtusa in the future.