• 재무관리논총
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• 제3권1호
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• 유통과학연구
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• 제11권12호
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• pp.25-37
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• 2013

Purpose - The structure of retailing has changed as retailers develop markets in response to business environment changes. This study aims to analyze the general situation of retailers in order to predict future global strategy using case studies of overseas expansion strategy and the Metro Group's global strategy. Research design, data, and methodology - The backgrounds to the new retail business model and retailer classification are analyzed as theoretical data. In addition, the key success point of the Metro Group's "cash and carry" strategy is analyzed as is the Metro Group's global CFAR (collaborative planning, forecasting, and replenishment) strategy. Finally, the plan for cooperation and precise forecasting under the Metro Group's supply chain management are analyzed from the promotion environment viewpoint. Related materials analyzed included the 2012 annual report, the Metro Group's web page, and a video interview with the executive in charge of global strategy and the new market development department. Some data were revised to avoid disrupting essential aspects of the case studies. Results - The important finding was that the Metro Group could be a world-class retail company with its successful global expansion strategy. The Metro Group's global strategy's primary goal is to have a leading business position in Eastern and Western Europe. The "cash and carry" strategy is highest priority in its overseas expansion strategy. Moreover, the Metro Group has standardized product planning capacity, which could be applied in various countries with different structural and cultural backgrounds. This is the main reason that the Metro Group could rapidly become successful in the Eastern Europe and Asian markets through its structural overseas expansion strategies. In addition, the Metro Group emphasizes the importance of supply chain management. Conclusions - First, retailers should create additional value through utilizing the domestic market, market power, and economies of scale to launch a global strategy to maximize benefits from diversification. Second, the political, economic, and cultural background of the target country needs to be understood to successfully implement the overseas expansion strategy. Third, the main factor of successful cooperation with a local partner is how quickly the company gains total understanding of the business resources and core competence of its partner. All organizations should focus on the achievement of goals in order to successfully operate the partnership. Fourth, retailers should improve their business, financial and organizational structure. Moreover, the work processes and company culture should also be improved to respond strongly in the competitive global market. Fifth, the essential point of a successful retail business is the control capacity of its branding and format. The retailer could avoid forecasting errors through supply chain management by perfectly distributing the actual amount of its inventory. In addition, the risks along the supply chain are effectively shared between the supply chain partners. Finally, the central tendency of the market is to gain in strength with this taking place across all parts of the business.

• 대한지역사회영양학회지
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• 제9권2호
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• pp.233-240
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• 2004

This study was design to grope the suggestions leading synergic effects by bridging the gap between headquarters and branch office, and so to identify the infra-system of contract foodservice management company (CFMC) necessary for operating any kind of branch office including school, hospital and business and industry (B＆I). Among 8 categories consisted of infra-system in CFMC, 'C8. Evaluation ＆ analysis for branch office's operation' was the most important category in the headquarter's viewpoint, while 'C3. Sanitation management system' was the most important category in branch office's viewpoint. In support and application, 'C3. Sanitation management system' was the highest category in both headquarters and branch offices including school, hospital and B＆I. As a result of analysis on gap between main and branch office in importance, support and application in 8 categories, the efforts of communication and community of perception for infrastructure were needed, because 'C4. Education ＆ training for human resource management (HRM) system' and 'C8. Evaluation ＆ analysis for branch office's operation' in importance, 'C2. Menu management system', 'C4. Education ＆ training for HRM system', 'C6. Facility ＆ utility support system' and 'C8. Evaluation ＆ analysis for branch office's operation' in support had a gap. Correlation analysis to grasp the relation between importance of infra-system and headquarters' support or branch office's application showed that headquarters's importance and support were correlated positively in 'C3. Sanitation management system', 'C6. Facility ＆ utility support system', 'C7. Customer satisfaction management system' and 'C8. Evaluation ＆ analysis for branch office's operation' and branch office's importance and application were correlated positively in 'C1. Procurement ＆ food processing system', 'C5. Management Information system', 'C7. Customer satisfaction management system' and 'C8. Evaluation ＆ analysis for branch office's operation'. Lastly, 'C6. Facility ＆ utility support system' in the branch office of school and hospital and 'C2. Menu management system' in the branch office of B＆I were high in importance, low in support and application, therefore Intensive support for these categories was needed. In conclusion, continuous check and improvement for categories, which were identified as an urgent problems to be solved in this study, among infra-structure qualifying for CFMC, would enable contract foodservice industry that has grown quantitatively till now to grow qualitatively.

• 한국인터넷방송통신학회논문지
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• 제21권4호
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• pp.149-156
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• 2021

인터넷망에서 동영상 콘텐츠를 스트리밍 서비스로 시청할 수 있게 해주는 OTT 서비스는 최근 많은 각광을 받고 있으며 이용자수 또한 가파르게 증가하고 있다. OTT 회사가 전통적인 미디어 회사들 및 타 OTT 회사들과 관계에서 경쟁 우위를 확보하기 위해 더 많은 콘텐츠를 확보하는 것은 당연한 전략일 것이다. 하지만 OTT 사업자로부터 유발된 인터넷 트래픽양 또한 더불어 같이 증가하게 되므로 이를 전송해 주어야 하는 인터넷 서비스 회사의 설비 투자도 증가해야 한다는 의견도 있다. 본 연구에서는 대표적인 OTT 회사인 넷플릭스의 콘텐츠 투자가 자사의 매출 증가와 인터넷 서비스 회사의 인터넷 망 투자 증가에 어떠한 영향을 미치는 지를 시차 분포 모형을 통해 실증적으로 분석하였다. 분석결과는 넷플릭스의 콘텐츠 투자는 자사의 매출 증대에 기여하고 있으며, 또한 인터넷 서비스 사업자 들의 인터넷 망투자 증가에도 영향을 미치는 것을 보여 준다. 이는 OTT 사업자의 콘텐츠 확대 전략이 유효한 경영 전략임을 확인해주며, OTT 사업자 들로부터 우발디는 막대한 인터넷 트래픽을 지연없이 전송하기 위한 인터넷 망 설비 투자 비용을 OTT 사업자 들이 분담할 필요가 있다는 연구 결과 들을 실증적으로 지지한다.

• Asia Marketing Journal
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• 제15권4호
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• pp.1-32
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• 2014

The purpose of this paper is to investigate upon a diversification strategy through market creation of CJ Group, which has contributed in positioning of the firm as one of the leading conglomerates in South Korea. With such objective, the background of CJ Group, followed by its business diversification strategies were explored, with reference to several case studies. The history of CJ Group began with establishment of CheilJedang Industrial Corporation in 1953, as the first domestic sugar producer and exporter of South Korea. The corporation gradually expanded its business ever since at both national and global level, to include the fields of food production, pharmaceutical, biotechnology, and life chemicals. Later, CheilJedang (CJ) Group was established as an affiliate of CheilJedang Industrial Corporation. With such independence, extension of business has been witnessed across the industries of media, entertainment, finance, information technology and distribution. Thus, the current CJ Group pursues to define itself as a progressive global living culture company with four major business categories from food and food service, biotechnology, entertainment and media, and logistics. Despite its success in today's market, CJ Group underwent hardships in its business diversification in 1990s due to indiscreet management, along with the Asian financial crisis. Here, many firms overcame the financial difficulties by taking advantage of the exchange rate for overseas expansion. Though, CJ Group tried to differentiate itself by focusing on the domestic market by creating something out of nothing. Hence, CJ Group takes a unique position among many cases of business diversification and their categorization. In an effort to identify and classify the types of growth experienced by the top 30 companies in South Korea, the firms were categorized into four groups according to their diversification strategies adapted after the Asian financial crisis. Based on the mode and time of entry, corporations were identified either as the 'Explorer', 'Invader', 'Venture Capitalist', or 'Assimilator'. Here, the majority of the firms showed the qualities of Invader, entering mature markets through large-scaled mergers and acquisitions. However, CJ Group was the only firm that was categorized as an Explorer, for its focus on the newly emerging service sector in culture-contents industry. This diversification strategy through market creation is worth examining, due to its contribution in generating simultaneous growth between the market and the company itself. Diverse brands of CJ Group have been referred to as case studies in this regard, from 'Hatban', 'Cine de Chef', 'VIPS' to 'CJ GLS'. These four businesses, each to represent processed food, film, restaurant service, and logistics industries respectively, show CJ Group's effectiveness in creating a whole new category of goods and services that are innovative. In fact, such businesses not only contributed in advancement of consumers' wellbeing, but toward generating additional value and employment. It is true that the diversification strategy of CJ Group requires long-term capital investment with high risk, compared to the other strategies mentioned in the paper. However, this model does create high employment and additional values that are positive to both the society and the firm itself. Therefore, the paper comes to a conclusion that the diversification strategy through market creation conveys the most positive impact relative to the others.

• Asia Marketing Journal
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• 제10권3호
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• pp.59-79
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• 2008

1998년 출시된 참이슬은 시장과 고객의 다양한 변화와 요구에 대해서 능동적으로 대처하고, 경쟁 브랜드의 공격에 대해서 선제적으로 대응하는 과정을 통해 국내에서 독보적인 마켓 리더십을 확보하였고, 장수 브랜드로 등극하였다. 본 연구는 국내의 대표적 장수 브랜드인 참이슬의 브랜드 관리 전략을 분석함으로써, 국내 기업들이 자사의 브랜드를 장수 브랜드로 육성할 때 고려해야 할 점을 도출하는데 그 목적이 있다. 이를 위해 참이슬 브랜드의 브랜드 관리 전략을 브랜드 도입, 성장, 성숙(리뉴얼)과 같은 브랜드 라이프사이클 측면에서 분석하였다. 참이슬 브랜드의 장수 비결은 다음과 같이 요약할 수 있다. 첫째, 일관되게 핵심 브랜드 컨셉트와 아이덴티티를 유지했다는 점이다. 둘째, 기능적 편익을 통해 얻어진 신뢰를 바탕으로 소비자들과의 정서적 유대 강화를 통해 브랜드 자산을 구축했다는 점이다. 셋째, 보이스 마케팅을 비롯한 고객들에게 다가할 수 있는 다양한 브랜드 차별화 프로그램을 지속적으로 수행했다는 점이다. 마지막으로 브랜드의 생명력을 유지하기 위해서 지켜야 할 것과 바꿔야 할 것이 무엇인지에 대한 명확한 관리 기준을 설정하고, 이에 따라 브랜드를 관리했다는 점이다. 이러한 참이슬의 성공 사례는 기업들이 장수 브랜드를 육성하기 위해서는 어떠한 마케팅 활동과 브랜드 관리 전략이 필요한지를 시사해주고 있다. 또한 참이슬 브랜드의 효과적인 브랜드 관리를 통한 마켓 리더십의 확보 사례는 여러 기업들의 브랜드 관리를 위한 지침서가 될 것이다.

• 한국결정성장학회:학술대회논문집
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• 한국결정성장학회 1997년도 Proceedings of the 12th KACG Technical Meeting and the 4th Korea-Japan EMGS (Electronic Materials Growth Symposium)
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• pp.145-145
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• 1997

Recent progress of electric technology requires new piezoelectric crystals having superior properties such as zero temperature coefficients and large electromechanical coupling factors. We have developed a series of new leading chandidates, La$_3$Ga5SiO14(langasite, LGS), La3Nb0.5Ga5.5O14(LNG), La3Ta0.5O14(LTG), to satisfy those requirements. High quality LGS, LNG and LTG single crystals, with dimensions of 2 inches in diameter, were successfully grown by the Czochralski method at a pulling rate of 1mm/h. Since no variation of chemical composition was observed when whole melt in a crucible was crystallized, congruency of these compositions was confirmed. Physical constants such as elastic constants, dielectric constants and piezoelectric constants were measured. Filters and oscillators made of grown LGS, LNG and LTG single crystals showed superior properties such as three times wider passband than that of quartz, low insertion loss and easy processing, Langasite family crystals were shown to be superior materials to other known materials such as quartz, LiTaO$_3$, $\alpha$-AlPO$_4$ and Li$_2$B$_4$O7.

• 한국CDE학회논문집
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• 제16권6호
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• pp.414-423
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• 2011

The collaboration hub has been developed since 2004 as an online collaboration space, which supports the various collaborative works amongst small and medium enterprises using information sharing, collaboration project management, and project history management. Because of the change of manufacturing environment and rapid development of information technologies, it should be evolved from the existing version called Collaboration Hub 1.0. Recently, a lot of manufacturing enterprises know the importance of business process management(BPM) and start to introduce BPM systems. Our research group has developed the new version of Collaboration Hub 1.0 called Collaboration Hub 2.0 which contains the BPM concept, the consistent product data management, and the specialized functions overcoming the various variation of manufacturing. This study scrutinizes the meaning and role of the Collaboration Hub 2.0 and introduces an application study of it to the value chain of automobile module development consisted of a leading company and subcontractors. The case study covers the definition, execution and monitoring of collaboration process, the specialized functions overcoming the manufacturing variation and the key performance index of collaboration business.

• International journal of advanced smart convergence
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• 제6권2호
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• pp.9-15
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• 2017

According to a recent survey, most elementary and secondary school students nationwide are stressed out by their academic records. Furthermore most of high school students in Korea have to study under the great duress. Some of them who can't overcome the academic stress finalize their life by suiciding. A study has found that it is one of the leading causes of stimulating the thought of committing suicide in Korean high school students. So it is necessary to reduce the high school student's suicide rate. Main content of this research is to implement a personalized music recommendation system. Music therapy can help the student deal with the stress, anxiety and depression problems. Proposed system works as a therapist. The music choice and duration of the music is adjusted based on the student's current emotion recognized automatically from EEG. If the happy emotion is not induced by the current music, the system would automatically switch to another one until he or she feel happy. Proposed system is personalized brain music treatment that is making a brain training application running on smart phone or pad. That overcomes the critical problems of time and space constraints of existing brain training program. By using this brain training program, student can manage the stress easily without the help of expert.

• Journal of Information Technology Applications and Management
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• 제19권2호
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• pp.117-134
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• 2012

Cluster industries are geographically concentrated and inter-connected by the flow of goods and services, which is stronger than the flow linking them to the rest of the economy. Photonics industries are one of the fastest growing high-tech industries in the world today. Especially, the city of Gwangju(South Korea) industrial cluster, a specialized complex in photonics industry, produced remarkable results in developing high-quality technologies since it launched the cluster program in 2005. Gwangju photonics industrial cluster will be ranked top level of the world photonics industry. In this sense, this study is aimed at proposing a new research model in which corporate performance influence factors of photonics industrial cluster (i.e., business environment, cooperative relationship, and industry-university-research institute partnership) affect absorptive capacity positively, leading to corporate performance eventually. This study developed a research model to explain the Korean photonics industrial cluster effects, and collected 91 survey responses from photonics based company managers in industrial cluster complex. To prove the validity of the proposed research model, PLS analysis is applied with valid 91 questionnaires. By employing PLS technique, the measurement reliability and validity of research variables are tested and the path analysis is conducted to do the hypothesis testing. In brief, the finding of this study suggests that corporate performance influence factors of photonics industrial cluster affect absorptive capacity positively, and corporate performance as well.