• Proceedings of the Korean Operations and Management Science Society Conference
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• 2000.10a
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• pp.40-43
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• 2000

In this paper, we investigate how the average survival time of listed companies in the Korea Stock Exchange (KSE) are affected by changes in macro-economic environment and covariate vectors which show peculiar financial characteristics of each company. We also apply the survival analysis approach to the dichotomous firm failure prediction and the results show a similar pattern of forecasting performance using the existing dichotomous prediction techniques. These findings suggest that, when we consider a bankruptcy model under a certain economic event, the survival approach can be a useful alternative to the existing dichotomous prediction methods since the approach provides estimation of average survival time as well as simple binary prediction.

• Journal of Technology Innovation
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• v.12 no.1
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• pp.1-24
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• 2004

This paper analyses the effects of R＆D investment on patent in Korean manufacturing firms during the period 1984-99. The data contains 140 companies which listed in Korea Stock Exchange(KSE). We observed that the relative shares of R＆D investments and patent applications are much higher in scientific firms than in the other firms. The regression results show that R＆D investment has significantly positive effects on the growth of patent application and registration. And the effects of R＆D on patent turns out to be stronger in scientific firms than the other firms. The firm size and the capital intensity also have an important effect on the propensity to patent.

• Journal of the Korean Operations Research and Management Science Society
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• v.26 no.1
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• pp.109-116
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• 2001

The detection of corporate failures is a subject that has been particularly amenable to cross-sectional financial ratio analysis. In most of firms, however, the financial data are available over past years. Because of this, a model utilizing these longitudinal data could provide useful information on the prediction of bankruptcy. To correctly reflect the longitudinal and firm-specific data, the generalized linear model with assuming the first order AR(autoregressive) process is proposed. The method is motivated by the clinical research that several characteristics are measured repeatedly from individual over the time. The model is compared with several other predictive models to evaluate the performance. By using the financial data from manufacturing corporations in the Korea Stock Exchange (KSE) list, we will discuss some experiences learned from the procedure of sampling scheme, variable transformation, imputation, variable selection, and model evaluation. Finally, implications of the model with repeated measurement and future direction of research will be discussed.

• Proceedings of the Korean Society for Quality Management Conference
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• 2004.04a
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• pp.655-673
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• 2004

This paper is concerned with analysing the bankruptcy prediction power of three models: Multivariate Discriminant Analysis(MDA ), Logit Analysis, Neural Network. The after-crisis bankrupted companies were limited to the research data and the listed companies belonging to manufacturing industry was limited to the research data so as to improve prediction accuracy and validity of the model. In order to assure meaningful bankruptcy prediction, training data and testing data were not extracted within the corresponding period. The result is that prediction accuracy of neural network model is more excellent than that of logit analysis and MDA model when considering that execution of testing data was followed by execution of training data.

• Journal of Conservation Science
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• v.27 no.3
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• pp.313-322
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• 2011

The floral wall of Lee Sang-beom's House and Atelier, which is No. 171 of the Registrated Cultural Heritage was conserved. In addition, materials characteristics and manufacturing technique have revealed through the scientific analysis. As a result of the analysis, samples were divided into three sections; the support layer that is made from block bricks, the paint layer and the cement mortar layer on the paint layer for the reinforcement of the construction. The higher layer lies, the finer grains it has. Furthermore, a little it was generated a small quantity of pores and calcium carbonates ($CaCO_3$) generated due to aeration of cement mortar. The patterns of letters, animals and plants pattern were expressed in the paint layer by relief and openwork. The results of qualitative analysis of the pigments of the paint layer were detected components of carbon black (C), Fe oxide ($Fe_2O_3$) and oyster shell white ($CaCO_3$, or quicklime). On the other hands, as the conservation of the floral wall, stainless frames were set up for the structural stability, the cement mortar were removed from the surface and the partly damaged and cracked areas were filled with KSE Filler A, B.

• Journal of Conservation Science
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• v.29 no.3
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• pp.249-259
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• 2013

This study was experimented on accelerated weathering test using salt and freeze-thaw to prove effects of consolidants and consolidation for stone cultural heritage. The samples used four kinds of stones (Gyeongju Namsan Granite, Iksan Granite, Yeongyang Sandstone and Jeongseon Marble) which to distributed by three type of weathering grade (Fresh, Weathered Stone and Highly Weathered Stone) added for thermal treatment. The samples were treated with three consolidants (Wacker OH 100, Remmers KSE 300 and 1T1G), and tested by 500 cycles with freezing-thawing and 50 cycles of salt weathering test. As a results of freezing-thawing test, the crack and destruction occurred from some samples. And total immersed samples maintained effect of consolidation to 200 cycles. Also, The rock particle was fall off and gradually destructed by salts weathering test. The consolidated sample relatively had fewer changes by the weathering than not treated sample. The sprayed sample had not continuous effect on weathering.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.83-90
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• 2019

The purpose of this study is to test the effect of business strategy on valuation error. Business strategy includes managerial decision making and managerial tendency. In previous research, there is a negative relationship between business strategy and accounting quality. In this study, we try to confirm whether strategy tendencies affected valuation errors. In order to confirm empirically between business strategy and overvaluation, we use 8,117 firms that between 2006 and 2017 and listed in KSE and KOSDAQ. We calculated business strategy which is introduced by Bentley, Omer, and Sharp (2013). We also used the overvaluation method introduced in Rhodes-Kropf, Robinson, and Viswanathan (2005). The results show that the more the leading business strategy is, the greater the value error becomes. In the case of dividing into leading and defensive companies, the lead firms showed a significant positive correlation with the valuation errors, while the defensive firms showed the negative relationship with overvaluation. This study examined the business strategy and the overvaluation. we confirmed whether the management strategy deepens the evaluation error caused by the firm characteristics. The results are meaningful that we extended the study on the quality of financial reporting of leading strategic firms.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.31-37
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• 2020

The purpose of this research study is to examine the stock market's response to terrorist attacks. The study uses data of terrorist attacks in different parts of the country (Pakistan) from June 1, 2014 to May 31, 2017. The event window procedure applies to a 16-day window in which 5 days before and 10 days after the attack. In addition, several event windows have been built to test the response of the Pakistan Stock Exchange. KSE-100 index is taken as proxy of response. The total terrorist attacks are classified into four categories: attacks on law enforcement agencies, attacks on civilians, attacks on special places and attacks on politicians, government employees and bureaucrats. The standard market model is used to estimate the abnormal return of the Pakistan Stock Exchange, which takes 252 business days each year. Furthermore, BMP test is used to check statistical significance of cumulative abnormal rate of return (CAAR). The results of this study reveal that total number of terrorist attacks and attacks on law enforcement agencies show long-term effects on Pakistan stock exchange. However, attacks on civilians, attacks on special places and attacks on politicians, government employees and bureaucrats have little effect on the Pakistan Stock Exchange.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.67-72
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• 2018

The purpose of this study is to investigate the effect of quality of management discussion and analysis (MD&A) disclosure on stock price crash risk. The MD&A can be seen to reflect the management's intention on public announcement and reveals directly what the management says to communicate with outside investors. A firm's high-quality MD&A implies the management's commitment to communicating with the market, not allowing the managers to have incentives to hoard unfavorable news, which if revealed to the public, may lead to downward stock price corrections, damaging corporate values. The high-quality MD&A is, thus, likely to reduce the stock price crash risk. We use a logistic regression to test whether MD&A influences crash risk using listed companies in the Korean Stock Exchange (KSE) stock market between 2010 and 2013. Findings of the empirical test show that the higher the quality of MD&A, the less likely crash risk appears, implying that the MD&A disclosed adequately can be one of the factors mitigating firm's stock price crash risk. This study has implications as it presents the MD&A disclosure as a factor influencing stock price crash risk and suggests voluntary disclosure as well as mandatory disclosure acts as a variable that explains the risk of stock price crash.

• The Korean Journal of Financial Studies
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• v.7 no.1
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• pp.153-170
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• 2001

선물의 만기효과는 선물의 만기일에 가까워질수록 선물가격의 변동성이 증가하는 현상으로 사무엘슨 효과라고도 하는데, 이는 선물가격의 행태를 이해하고 투자전략과 헤지전략을 수립하는 데 매우 중요하다. 그 동안 미국을 비롯한 선진국에서 이에 대한 많은 실증연구가 있었다. 본 연구에서는 KSE의 KOSPI 200 지수선물과 KOFEX의 CD 금리선물, 국채선물, 미국달러선물, 금선물을 대상으로 선물가격의 만기효과를 검정하였으며, 그 결과는 다음과 같다. 먼저, Conover 제곱순위검정과 F-검정의 결과, KOSPI 200 지수선물에서는 만기일에 가까워질수록 변동성이 증가하는 만기효과가 나타난 반면에 CD 금리선물과 국채선물에서는 만기일에 가까워질수록 변동성이 오히려 감소하는 역 만기효과가 나타났다. 그러나 미국달러선물과 금선물에서는 만기효과를 판단하기가 어려웠다. 나아가, 연도효과를 통제한 회귀분석 결과, KOSPI 200 지수선물에서는 5% 수준에서 유의한 만기효과가 나타났다. 이는 금융선물에서 만기효과를 처음으로 발견한 Milonas(1986)의 연구와 일치하지만, Chen-Duan-Hung(1999)의 연구와는 상반된다. 그리고 CD 금리선물에서는 1% 수준에서, 그리고 국채선물에서는 5% 수준에서 각각 유의한 역 만기효과가 나타났으며, 미국달러와 금 선물에서는 만기효과가 나타나지 않았다. 또한 CD 금리선물을 제외한 KOSPI 200 지수, 국채, 미국달러 및 금 선물에서 모두 1% 수준에서 유의한 연도효과가 나타났다. 이는 Milonas-Vora(1985), Khoury-Yourougou(1993), Galloway-Kolb(1996) 등의 연구와 일치한다.