• Korean Business Review
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• v.11
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• pp.217-239
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• 1998

The intial public offerings(IPO) issued by going public must be decided duly and seriously. In these sense, this paper reviewed and analysed synthetically the theories and the empirical studies on the IPO. The implications about the empirical studies on the IPO in korea stock exchanges(KSE) are as follows: First, evaluating the IPO's intrinsic value, the issued firm's characteristics(style, scale, age, reevaluation and goodwill etc.) and business environments(industry, economic states, regulations and the relation with government etc.) will be considered. Evaluating the IPO's relative value, the stock price of firms registered in KOSDAQ market will be appreciated. Second, the income smoothing of an IPO listed in KSE accrued in the first and second years. Accordingly if auditors audit the accounting reports of firms to list in KSE by going public, they should more concern to the income smoothing on the accounting reports. Third, the information accuracy of investment banks and the qualities of auditors negatively correlated with the underpricing of an IPO. It is need to promote the information accuracy of investment banks and the qualities of auditors. Regulatory organizations support to promote the information accuracy of investment banks and the qualities of auditors. Forth, the investors interested in the IPO are to recognize the follows. (1) Relations between the underpricing of an IPO and the ratio of public participation, the issue price, the offer size, the insider ownership, the net asset value per share, the price decision system of an IPO. (2) An entrepreneurs who decided to bring his firm public would like to issue the IPO when company's operating conditions are good.

• Journal of Arbitration Studies
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• v.11 no.1
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• pp.75-93
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• 2001

The advantages of arbitration such as promptness, economy and flexibility apply to the disputes arising from corporate governance between shareholders and a corporation. The confidentiality of arbitration can be particularly highlighted in the disputes among the members inside corporation. But it appears that the shareholders believe litigation the best way to pursue liabilities of managers of corporation and improve the system of corporate governance. And it is claimed that the current litigation system lacks the implementation of shareholders rights due to structural deficiency and therefore need bring class actions into the system of Korean jurisprudence. The OECD, which afforded the rescue finances to Korea, also recommended shareholder class actions as a way to improve corporate governance. Class actions have merits but even advanced countries consider the changes of existing system or only stay class actions in the stage of discussion. Rather, legal experts urge arbitration to be used more frequently and the Courts also approved the dispute resolutions of the disputes as to corporate governance through arbitration. There is no report in Korea that arbitration was used to resolve the disputes between shareholders and the managers, or between shareholders and corporation, which is listed in the Stock Market. There only are the debates for bring class actions into the judicial system between NGOs and the organizations of corporate managers. But arbitration has greater advantages in resolving the disputes among the members of corporation that any other methods for dispute resolution. Arbitration can interpret flexibly the mandatory provisions of the Statutes of Security and the Code of Commerce to meet the needs of parties involved, which is not possible to the Courts. Arbitration can issue the award to meet the equity of the parties. And arbitration can avoid a resolution of All or Nothing by fully considering the specific situations of Korean corporations(such as family-dominated management) and can issue the award beneficial to all parties of shareholders, managers and corporation. Thus it should be sought to resolve the disputes as to corporate governance through arbitration.

• The Korean Journal of Applied Statistics
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• v.24 no.4
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• pp.597-607
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• 2011

Value at Risk(VaR) is being widely used as a simple tool for measuring financial risk. Although VaR has a few weak points, it is used as a basic risk measure due to its simplicity and easiness of understanding. However, it becomes very difficult to estimate the volatility of the portfolio (essential to compute its VaR) when the number of assets in the portfolio is large. In this case, we can consider the application of a dimension reduction technique; however, the ordinary factor analysis cannot be applied directly to financial data due to autocorrelation. In this paper, we suggest a dimension reduction method that uses the time-series factor analysis and DCC(Dynamic Conditional Correlation) GARCH model. We also compare the method using time-series factor analysis with the existing method using ordinary factor analysis by backtesting the VaR of real data from the Korean stock market.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.39 no.2
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• pp.78-84
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• 2006

A high performance liquid chromatography assay method for spiramycin in fish muscle was developed. The developed method was evaluated and validated by monitoring spiramycin in olive flounder (Paralichthys olivaceus), black rock fish (Sebastes schlegeli) and in live conger eel (Anguilla japonica) in fish farms and distribution centers. Using the developed method, the recovery rate was up to 82.4-88.8%, which was higher than that of conventional methods (77.6-87.1%). In particular, the proposed sample treatment protocol was suitable for use with fish samples to remove low molecular weight materials and pigments that could interfere an accurate analysis. The prepared stock solution was very stable, and it remained chemically stable for 5 weeks at $4^{\circ}C$. The performance limit of the developed method for spiramycin acid in fish muscle was 0.05 ppm. One hundred thirty-four fish samples including olive flounder, black rock fish and live conger eel were analyzed to evaluate the overall efficiency of the modified method and to monitor the actual condition of spiramycin usage in fish farms. Olive flounder and black rock fish were collected from fish farms in coastal areas of Korea, and live conger eels were purchased from a fish market in the Busan area from September 2001 to March 2002. According to the overall performance of the developed method, it was considered suitable for the monitoring of spiramycin in fish muscle. The suggested method of analysis for spiramycin in fish muscle is registered in the Korean Official Methods of Food Analysis and is currently tieing utilized for fishery products inspection by the Korea Food and Drug Administration and the National Fisheries Products Quality Inspection Service.

• Proceedings of the Safety Management and Science Conference
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• 2005.05a
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• pp.379-392
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• 2005

The size of state in Korea is like Israel, this country's venture capital is ruled by government. This venture capital's character is below: the concentration on research of venturer affect positively at quality of products. This paper lies with venture capital's risk character & performance. The results show that Korean venture capitals have lager unsystematic risk than systematic risk, which implies they specialize in specific business and/or regional areas instead of diversification. The Sharpe & Jensen measures reveal that the performances of Korean venture capitals are very low relative to even the market portfolio(Kospi) and Kosdaq Venture Index. Contrary to this, Venture firm's performance according to Entrepreneurship will cause to push up stock price.

• STI Policy Review
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• v.3 no.2
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• pp.111-129
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• 2012

The integration of products and services is being expanded in both manufacturing and service companies such as in Apple's iPod & iTunes, Amazon's Kindle, and Hyundai Motor Company's Mozen. This phenomenon has recently accelerated due to multiple factors including market change, lessening of differences in quality of products or services, the paradigm of participation and sharing, and deindustrialization and evolution toward becoming a service economy. The objective of this paper is to investigate and analyze the status and characteristics of integration of products and services in Korean firms and to suggest policy directions promoting this integration. Towards this purpose, income statements from the Korea Listed Companies Association (KLCA) database of companies listed on the Korea Stock Exchange are analyzed regarding the servitization of manufacturing firms as well as the productization of service firms. In addition, this research investigates the Korean Innovation Survey 2011 database for the service sector and 2010 database for the manufacturing sector in order to evaluate R&D activity in each. In the manufacturing sector, the average ratio of service sales (servitization) was low at 0.208, with bias in the level and distribution of ratios associated with the manufacturing sector. 18 out of a total of 23 sectors (78%) have low servitization, showing there's a long way to go for servitization in the Korean manufacturing sector. In the service sector, the average ratio of product sales (productization) was 9.53%, which is relatively high compared to that of the manufacturing sector. However, the distribution of ratios is also biased, as with the manufacturing sector. Based on this analysis, policy directions are proposed in terms of 1) R&D, 2) concept boost, 3) R&D result spread, 4) statistics, 5) infrastructure and 6) green growth.

• Land and Housing Review
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• v.11 no.3
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• pp.11-19
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• 2020

This study aims to examine the relationship between the improvement of the income distribution index from the late 1980s to the 1990s and large-scale housing supply projects such as the 2 million housing construction project. Looking at Korea's economic development in terms of income growth and distribution, GDP has continuously increased since the establishment of the government, especially in the late 1980s. The Gini Index, a representative income inequality index, rapidly deteriorated in the early 1970s, and gradually improved from the late 1980s. The 2 million housing construction project, announced in 1988, supplied a third of the existing nationwide housing stock of 6.5 million units in three years. The project cost was 65 trillion won, equivalent to 50% of Korea's GDP at the time. This study questioned whether the ratio of the number of employed workers in the construction industry was a variable directly affecting the Gini Index. To verify this, the causal relationship between the proportion of employed workers in the construction and manufacturing industries and the Gini Index from 1979 to 2008 was statistically analyzed. For this, the ARIMA model was established for each variable, and the correlation of their residuals was verified. The 2 million housing construction project had the effect of improving income inequality in terms of rising wages for production workers and creating jobs for the low-educated and low-income class. During the project period, the number of middle-income earners increased sharply, and the income gap between the high-income and low-income earners greatly decreased. The expansion of the construction volume can be used as a powerful and direct policy tool for improving income distribution. However, the effect may be limited. When the proportion of workers exceeds the threshold, the effect is weakened.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.9
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• pp.3827-3833
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• 2011

This paper performed empirical tests of the validity of the pecking order theory which explains financing behavior of firms under information asymmetry. The results of regression analyses using the data of listed manufacturing companies in the Korean Stock Market from 1981 to 2010 have shown strong evidences supporting the pecking order theory. Especially regression coefficients of change of debt on funds deficit and control variables were found to be almost (+1) with statistically significance, which is interpreted as being consistent with the pecking order theory. Same results were found when I performed regression analyses by dividing the sample period into pre-currency crisis period, currency crisis period and post-currency crisis period and using 2 regression models. Change of tangible asset were found to function as collateral rather than reducing information asymmetry and as the firm size decreased, use of debt increased and as profitability increased use of debt decreased, which are consistent with the pecking order theory.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.504-516
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• 2015

This study addresses one of the curent issues in modern finance, which investigates financial profile on the levels of the chaebol firms' cash hoardings in the domestic capital market. Iit may be imperative to search for robust and consistent financial determinants of cash holdings as well as identifying any changes or trend of the determinants affecting the corporate cash reserves in the post-era of the global financial turmoil, considering that interest parties at the government and corporate levels, still seem to have a controversy or debate on excess cash savings. Two hypotheses were postulated and empirically tested for the chaebol firms in the study, such as any transitional changes of the relevant factors on cash holdings and unique attributes of financial factors discriminating between the different type of domestic stock markets.

• Journal of the Korea Society for Simulation
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• v.28 no.3
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• pp.1-9
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• 2019

An agent-based simulation is a popular simulation tool to solve various problems, such as stock market, population prediction, disease prediction, and development of a traffic system. As the agents are developed and researched in different application fields, the agent has a rigid structure and may not acceptable in different domains. As a result, it is a challenging problem to define a structure for an agent structure to reflect the researcher's simulation objective. This research proposes an extendable form for an agent and its modeling environment. In order to propose a standard structure, this study adopts system entity structure and discrete event system specification formalism. Also, this research introduces the SESManager which supports the proposed specification method. The proposed environment can hierarchically define the agent structure and synthesize the agent so that it can perform the agent simulation according to the user's simulation purpose.