• Korean Journal of Veterinary Service
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• v.46 no.4
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• pp.357-362
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• 2023

A 7-year-old male Yorkshire Terrier dog was present to an animal clinic and a large soft mass was found in the spleen by radiological examination, and total splenorectomy was performed. Grossly, a large protruded splenic mass was soft to moderately firm and multilobulated. On the cut surface, the mass was off-white to tan, dark red, and rust colored with many cavitation and had gelatinous areas. Histologically, the tumor cells were characterized by coexistence of the primitive mesenchymal tissues and mature or immature cartilage tissues. Primitive mesenchymal areas were composed of round/oval or spindle shaped immature cells with high mitosis. The tumor cells of the cartilage areas were located in basophilic cartilaginous matrix. Intercellular matrix in the cartilaginous areas was stained blue with Masson's trichrome and deep blue with alcian blue, respectively. Immunohistochemically, the cartilaginous tumor cells demonstrated positive reactions for vimentin and S-100, and surrounding mesenchymal tumor cells are immunopositive for vimentin. This case was diagnosed as splenic extraskeletal mesenchymal chondrosarcoma of a Yorkshire Terrier dog, a toy breed.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.129-136
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• 2014

This paper examines the effects of dominating large shareholders and foreign blockholders on credit ratings. An effective governance mechanism is expected to lead to higher credit ratings through its impact on default risk of the firm. Our results show that dominating large shareholders have an adverse impact on credit ratings of domestic firms on the level of its statistical significance. Foreign shareholders are positively associated with credit ratings, contributing to the higher credit worthness of domestic firms.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.173-188
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• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• The Journal of the Korea institute of electronic communication sciences
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• v.19 no.1
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• pp.119-126
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• 2024

In building information model (BIM), it is difficult to train an artificial intelligence (AI) model due to the lack of sufficient data about individual projects in an architecture firm. In this paper, we present a methodology to correctly train an AI neural network model based on a large language model (LLM) to predict the steel structure product weight ratios in BIM. The proposed method, with the aid of the LLM, can overcome the inherent problem of limited data availability in BIM and handle a combination of natural language and numerical data. The experimental results showed that the proposed method demonstrated significantly higher accuracy than methods based on a smaller language model. The potential for effectively applying large language models in BIM is confirmed, leading to expectations of preventing building accidents and efficiently managing construction costs.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.4
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• pp.2112-2122
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• 2014

Most of the researches on coopetition are focused on the effect of coopetion on firm performance in the firm level. However, few studies attempted to find out the effect of coopetition in team and individual level. In this paper, we examined the effect of individual perception of team climate for coopetition on the knowledge sharing and the moderating effects of procedural justice and personal initiative between the two variables. Empirical results using R&D researchers in research institutes of large-firms showed that individual perception of team climate for coopetition is positively related to knowledge sharing. In addition, we also found that procedural justice has positively strengthened the effect of coopetition on knowledge sharing. Finally, we addressed implications, limitations and future research directions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.1
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• pp.73-86
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• 2012

This paper explains the contribution of international learning to the business performance through strengthening the international learning capability of the organization. This is consistent with the previous literature that the organization's international experience is an important determinant of the international performance and the learning capability, strengthened through organizational learning, contributes to the business performance. In addition, this paper analyzes the characteristics of international learning of a venture business, which has actively pursued internationalization, by categorizing exploitation and exploration. An important result is that the small-sized venture firm, which is weak in internal resources compared with large firms, utilizes partner network more actively to accumulate international experience by exploration. We can then confirm that this international experience strengthens learning capability and gives positive effects on the business performance.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.1
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• pp.200-208
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• 2009

Trend of R&D expenditure in Korea during the last 10 years, the R&D expenditure has been constantly increasing at an average rate of 10%. The government R&D ekpenditures or subsidies are increasing rapidly But the studies of evaluating impact of government R&D subsidies are few. This study attempts to empirically investigate the effects of government R&D subsidies on private firm's R&D investment in Korean industry by using Propensity score matching method which sign as to whether the relationship between government subsidies and private R&D investments is on stimulating or displacing private R&D expenditures. Empirically, a firm with government R&D subsidy are 733 million dollar more expenditure then don't receive any government R&D funding. Also Government R&D subsidies greatly increase (statistically significant) company financed R&D expenditures only for large firms but had no effect on the R&D expenditures of small & medium sized firms and venture firms.

• International Commerce and Information Review
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• v.8 no.3
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• pp.299-321
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• 2006

The purpose of this study was to analyze export competitiveness of Korean auto parts and Chinese auto parts in U.S. market by using Index of Export Bias and Market Comparative Advantage Index. For attaining the purpose of study, we classified the auto parts which exported to U.S. market and the imported products by using the six units classification of the Harmonized System(HS). Analyzing period was 1998-2005. The analysis of Korean results of MCA indicated that the Korean auto parts which gained export competitiveness in the U.S. market were HS Code No. 8708.94, 8708.99, 8708.92. The products which will have export competitiveness in the U.S. market would be HS Code No. 8708.93, 8708.39, 8708.60 respectively. On the other hand, the results indicated that the Chinese auto parts which gained export competitiveness in the U.S. market were HS Code No. 8708.70, 8708.31, 8708.91, 8708.60, 8708.39. From this study, we find the following strategies for successful advancing into the U.S. and world market. i) Linking strategy through working cooperation with local auto firms, government and academic world. ii) Advance strategy of auto firm accompany by module working and system auto parts firm. iii) Retention strategy of large technical institution established by auto parts firms and taking cooperation of auto firms iv) Settlement strategy for having weaken competitive article and production field. v) Cost-cutting strategy through strengthening logistics cooperation system between auto parts firms and auto firms. vi) Active invitation strategy of foreign investment under quickly cooperating of government.

• Archives of Craniofacial Surgery
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• v.9 no.1
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• pp.31-34
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• 2008

Introduction: Lymphoepithelioma-like carcinoma of the skin (LELCS) is a rare cutaneous tumor of low grade malignancy and microscopically resembles lymphoepitheliomatous malignancies in the nasopharynx, palatine tonsils, salivary glands and uterine cervix. LELCS presents as scarlet-colored firm nodules or plaques on the face, scalp, or shoulder of middle-aged to elderly individuals. Material and Methods: A 72 year-old female had complained a papule like lesion with intermittent pruritis on the left temple for 2 years. But the lesion was changed to scarlet-colored firm nodule with ulceration. The mass was diagnosed as LELCS on the biopsy. And to confirm that the mass is not metastatic lymphoepithelioma-like carcinoma from other sites or direct tumor extension from the nasopharynx, selective radiographic and laboratory tests were done carefully. Results: Wide excision was performed with general endotracheal anesthesia. The tumor is composed of island of large epithelial cells surrounded by as dense infiltrate of lymphocytes. Immunohistochemical staining with cytokeratin and epithelial membrane antigen(EMA), the tumor cells were positive reaction for stain. And Epstein-Barr virus genome was not detected by in situ hybridization. So, the tumor was confirmed as LELCS. Conclusion: LELCS was described by Swanson at 1988, but has not been reported in the field of plastic surgery of Korea. We report a case of primary LELCS that occurred in the left temple with clinical characteristics, histologic features and references.