• Title/Summary/Keyword: Returns

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The Performance-based Executive Stock Options and Firm Value (성과연동형 스톡옵션 부여와 기업가치 : 한국 금융업을 대상으로)

  • Kim, Soo-Jung;Sul, Won-Sik
    • The Korean Journal of Financial Management
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    • v.27 no.2
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    • pp.85-114
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    • 2010
  • Using the financial institutions that have adopted performance-based stock option plan, this paper examines whether performance-based executive stock options improves effectively firm value. Over the period 2002~2005, we investigate short-term and long-term effects of the performance-based stock options on stock price. The empirical results are summarized as follows. First, the announcement of plain vanilla stock options generates no significant effects on firm value. Meanwhile, the announcement of performance-based stock options results in negative and significant abnormal returns, which is contrary to the expectation. In addition, we find that there are strong, significant and negative announcement effects when banks grant performance-based stock options. Secondly, there is no significant difference between the long-term performance of the sample granting stock options and that of the benchmarks, which is similar to the findings of the previous research. Also, we fail to get any evidence that performance-based stock option awards have improved the long-term firm value.

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Efficient and Privacy-Preserving Near-Duplicate Detection in Cloud Computing (클라우드 환경에서 검색 효율성 개선과 프라이버시를 보장하는 유사 중복 검출 기법)

  • Hahn, Changhee;Shin, Hyung June;Hur, Junbeom
    • Journal of KIISE
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    • v.44 no.10
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    • pp.1112-1123
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    • 2017
  • As content providers further offload content-centric services to the cloud, data retrieval over the cloud typically results in many redundant items because there is a prevalent near-duplication of content on the Internet. Simply fetching all data from the cloud severely degrades efficiency in terms of resource utilization and bandwidth, and data can be encrypted by multiple content providers under different keys to preserve privacy. Thus, locating near-duplicate data in a privacy-preserving way is highly dependent on the ability to deduplicate redundant search results and returns best matches without decrypting data. To this end, we propose an efficient near-duplicate detection scheme for encrypted data in the cloud. Our scheme has the following benefits. First, a single query is enough to locate near-duplicate data even if they are encrypted under different keys of multiple content providers. Second, storage, computation and communication costs are alleviated compared to existing schemes, while achieving the same level of search accuracy. Third, scalability is significantly improved as a result of a novel and efficient two-round detection to locate near-duplicate candidates over large quantities of data in the cloud. An experimental analysis with real-world data demonstrates the applicability of the proposed scheme to a practical cloud system. Last, the proposed scheme is an average of 70.6% faster than an existing scheme.

An Exploratory Study Regarding the Effects of Corporate Resources and Perceptions toward Environmental Regulations on Willingness to Accept Self-regulation Programs: From Strategic Views (전략적 관점에서 본 기업 자원과 역량이 자율규제 순응에 미치는 영향에 관한 연구)

  • Cho, Chun Han;Kim, Jae Geun;Rhee, Tae Sik
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.8 no.4
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    • pp.81-93
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    • 2013
  • The study attempted to explain the differences among the willingness of companies to accept the self-regulation. The study exemplified the $CO_2$ emissions record labelling program, as a self-regulation program which is considered as a concrete action for corporate social responsibility and substantiality management movement. The study investigated how companies respond to the request from a government to accept the program, which may be potentially contributed to both higher social and financial performance. It is hypothesized that first the company may decide whether the acceptance decision is strategic or non-strategic issues. when considered as non-strategic, the decision will be made on the basis of short term expected returns and costs comparison. It is hypothesized that when considered as strategic, the decision will be strongly influenced by the type of corporate perceptions toward environmental regulations, which has been accumulated by past experiences. Also, the study investigated the good management theory and the slack resources theory which differently predict the direction between social performances and financial performances. The results identified the significant relationships among most variables and supported the slack resources theory. Further, the ethical perception positively influenced the willingness to accept the self-regulation.

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Influential Factors of Foreign Market Entry of Korean Fashion Firms (한국 패션 기업의 해외 시장 진입에 영향을 주는 요인에 관한 연구)

  • Cho, Yun-Jin;Lee, Yu-Ri
    • Journal of the Korean Society of Clothing and Textiles
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    • v.30 no.12 s.159
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    • pp.1768-1777
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    • 2006
  • As the fashion industry comes under the influence of globalization throughout all fields of industry, the globalization and the market entry strategies are required for Korean fashion firms. This study attempted to analyze the factors influencing foreign entry mode of Korean fashion business based on Eclectic Theory. Data collection has been carried out from November 25 until December 25, 2005. The questionnaires were sent through e-mail or fax to 622 trading companies. 67 questionnaires were returned for a response rate of 10.7%. Of these returns, 61 usable questionnaires were employed for data analyses. Descriptive analysis, factor analysis, discriminant analysis, and t-test were used for data analysis. First, the most important venture motivation was price competitiveness and many firms were engaged in both production and sales in their target countries, which were mainly in Southeast Asia. Second, the firm's ability and experience were found out as ownership advantage factor, investment stability and market potential as location advantage factor, and contract stability as internalization advantage factor. Third, the result of discriminant analysis showed that location advantage factor was a significant factor in predicting the entry of fashion firms into foreign countries.

Effects of Object-Background Contextual Consistency on the Allocation of Attention and Memory of the Object (물체-배경 맥락 부합성이 물체에 대한 주의 할당과 기억에 미치는 영향)

  • Lee, YoonKyoung;Kim, Bia
    • Korean Journal of Cognitive Science
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    • v.24 no.2
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    • pp.133-171
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    • 2013
  • The gist of a scene can be identified in less than 100msec, and violation in the gist can influence the way to allocate attention to the parts of a scene. In other words, people tend to allocate more attention to the object(s) inconsistent with the gist of a scene and to have better memory of them. To investigate the effects of contextual consistency on the attention allocation and object memory, two experiments were conducted. In both experiments, a $3{\times}2$ factorial design was used with scene presentation time(2s, 5s, and 10s) as a between-subject factor and object-background contextual consistency(consistent, inconsistent) as a within-subject factor. In Experiment 1, eye movements were recorded while the participants viewed line-drawing scenes. The results showed that the eye movement patterns were different according to whether the scenes were consistent or not. Context-inconsistent objects showed faster initial fixation indices, longer fixation times, more frequent returns than context-consistent ones. These results are entirely consistent with those of previous studies. If an object is identified as inconsistent with the gist of a scene, it attracts attention. Furthermore, the inconsistent objects and their locations in the scenes were recalled better than the consistent ones and their locations. Experiment 2 was the same as Experiment 1 except that a dual-task paradigm was used to reduce the amount of attention to allocate to the objects. Participants had to detect the positions of the probe occurring every second while they viewed the scenes. Nonetheless, the result patterns were the same as in Experiment 1. Even when the amount of attention to allocate to the scene contents was reduced, the same effects of contextual inconsistency were observed. These results indicate that the object-background contextual consistency has a strong influence on the way of allocating attention and the memory of objects in a scene.

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Possible Ways to Make a Strategical Use of CRM for Facilitating Performing Arts (공연예술 활성화를 위한 CRM의 전략적 활용방안)

  • Kim, Chung-Eon
    • The Journal of the Korea Contents Association
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    • v.12 no.4
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    • pp.225-234
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    • 2012
  • The purpose of this study is to explore possible ways to make a strategical use of CRM(Customer Relationship Management) for facilitating performing arts. In order to satisfy the purpose, this study investigated actual cases of CRM, primarily focusing on LG Art Center, one of representative performance venues in South Korea, and CREDIA, a performing art planning agency in South Korea. Here, it was found that LG Art Center operated its independent TMS(Theater Management System) and thereby could afford to successfully plan performing art programs on the basis of customer-oriented convenient ticketing system as well as a pile of customer information. On the other hand, CREDIA introduced advanced performance management system and has successfully attracted larger membership than before. Moreover, it organized specialized personnel in membership management and thereby could manage membership in systematic manner. And it was found that based on web log analysis, CREDIA developed a variety of products to comply with customer needs and thereby could realize higher returns and better customer satisfaction through cross-selling activities as well as performance ticketing. However, it was found that CREDIA still operated its membership system and mileage point system in stereotypes manner. Thus, it is required to operate differentiated membership system based on membership grades and diversify practical ways to save and use mileage points, so that CRM can be strategically applied to develop new audience and maintain loyal customers.

Empirical study of the scale economies of office buildings in Seoul (서울시 오피스빌딩 규모의 경제에 관한 실증분석)

  • Keum, Sang Su
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.15 no.11
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    • pp.6630-6638
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    • 2014
  • The concerns for higher returns among investors in Korea are increasing as local interest rates lag behind the global market. The aim of this study was to provide a basis for estimating the precise return on investment to private investors and stakeholders of office buildings by identifying the optimal scale estimation of office building space, derived from managerial expenses. The literature on the economies theories of scales were reviewed, and the average administrative costs on an appropriate scale were assessed by cross-analysis and regression analysis using the U-shaped quadratic and cubic function. The findings suggest that the average office building managerial costs are approximately 6-11% according to the region, 10-13% according to the grade, and 8-9% according to size. Corporate-owned buildings represent the highest in terms of the average managerial costs, and there is an approximately 11.5% difference when it comes to outsourcing. In addition, the elapsed year showed that approximately 5.3 years to meet the lowest U-shaped curve of the average managerial cost. The 'Total floor area' variable shows a ${\bigcap}$-shape as it continue to increase to 72,000-Pyung then decrease gradually. This study presents the fundamental proposition of efficient and practical management of cost, lease and operation for real estate management firms by utilizing LCC.

Extended Buffer Management with Flash Memory SSDs (플래시메모리 SSD를 이용한 확장형 버퍼 관리)

  • Sim, Do-Yoon;Park, Jang-Woo;Kim, Sung-Tan;Lee, Sang-Won;Moon, Bong-Ki
    • Journal of KIISE:Databases
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    • v.37 no.6
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    • pp.308-314
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    • 2010
  • As the price of flash memory continues to drop and the technology of flash SSD controller innovates, high performance flash SSDs with affordable prices flourish in the storage market. Nevertheless, it is hard to expect that flash SSDs will replace harddisks completely as database storage. Instead, the approach to use flash SSD as a cache for harddisks would be more practical, and, in fact, several hybrid storage architectures for flash memory and harddisk have been suggested in the literature. In this paper, we propose a new approach to use flash SSD as an extended buffer for main buffer in database systems, which stores the pages replaced out from main buffer and returns the pages which are re-referenced in the upper buffer layer, improving the system performance drastically. In contrast to the existing approaches to use flash SSD as a cache in the lower storage layer, our approach, which uses flash SSD as an extended buffer in the upper host, can provide fast random read speed for the warm pages which are being replaced out from the limited main buffer. In fact, for all the pages which are missing from the main buffer in a real TPC-C trace, the hit ratio in the extended buffer could be more than 60%, and this supports our conjecture that our simple extended buffer approach could be very effective as a cache. In terms of performance/price, our extended buffer architecture outperforms two other alternative approaches with the same cost, 1) large main buffer and 2) more harddisks.

Art and Collectivity (미술과 집단성)

  • Kwok, Kian-Chow
    • The Journal of Art Theory & Practice
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    • no.4
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    • pp.181-202
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    • 2006
  • "When it comes to art, nationalism is a goodticket to ride with", says the title of a report in the Indian Express (Mumbai, 29 Oct 2000). The newspaper report goes on to say that since Indian art was kept "ethnic" by colonialism, national liberation meant opening up to the world on India's own terms. Advocacy, at the tail end of the 20th century, would contrast dramatically with the call by Rabindranath Tagore, the founder of the academy at Santiniketan in 1901, to guard against the fetish of nationalism. "The colourless vagueness of cosmopolitanism," Tagore pronounced, "nor thefierce self-idolatry of nation-worship, is the goal of human history" (Nationalism, 1917). This contrast is significant on two counts. First is the positive aspect of "nation" as a frame in art production or circulation, at the current point of globalization when massive expansion of cultural consumers may be realized through prevailing communication networks and technology. The organization of the information market, most vividly demonstrated through the recent FIFA World Cup when one out of every five living human beings on earth watched the finals, is predicated on nations as categories. An extension of the Indian Express argument would be that tagging of artworks along the category of nation would help ensure greatest reception, and would in turn open up the reified category of "art," so as to consider new impetus from aesthetic traditions from all parts of the world many of which hereto fore regarded as "ethnic," so as to liberate art from any hegemony of "international standards." Secondly, the critique of nationalism points to a transnational civic sphere, be it Tagore's notion of people-not-nation, or the much mo re recent "transnational constellation" of Jurgen Habermas (2001), a vision for the European Union w here civil sphere beyond confines of nation opens up new possibilities, and may serve as a model for a liberated sphere on global scale. There are other levels of collectivity which art may address, for instance the Indonesian example of local communities headed by Ketua Rukun Tetangga, the neighbourhood headmen, in which community matters of culture and the arts are organically woven into the communal fabric. Art and collectivity at the national-transnational level yield a contrasting situation of, on the idealized end, the dual inputs of local culture and tradition through "nation" as necessary frame, and the concurrent development of a transnational, culturally and aesthetically vibrant civic sphere that will ensure a cosmopolitanism that is not a "colourless vagueness." In art historical studies, this is seen, for instance, in the recent discussion on "cosmopolitan modernisms." Conversely, we may see a dual tyranny of a nationalism that is a closure (sometimes stated as "ethno-nationalism" which is disputable), and an internationalism that is evolved through restrictive understanding of historical development within privileged expressions. In art historical terms, where there is a lack of investigation into the reality of multiple modernisms, the possibility of a democratic cosmopolitanism in art is severely curtailed. The advocacy of a liberal cosmopolitanism without a democratic foundation returns art to dominance of historical privileged category. A local community with lack of transnational inputs may sometimes place emphasis on neo-traditionalism which is also a double edged sword, as re kindling with traditions is both liberating and restrictive, which in turn interplays with the push and pull of the collective matrix.

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A Meta-regression Analysis of Wetland Valuation Studies in Korea (우리나라 습지의 환경적 가치 : 메타회귀분석)

  • Ahn, SoEun
    • Environmental and Resource Economics Review
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    • v.16 no.1
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    • pp.65-98
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    • 2007
  • Wetland provides various environmental services as well as marketable goods to human society. This paper presents a meta-analysis of the wetland valuation studies conducted in Korea during the past decade. Meta-analysis is a technique of summarizing research results from the separate but related studies using statistical methods. The objectives of the paper is to identify the main factors affecting the wetland values and to examine the applicability of meta-regression analysis for summarizing the information from valuation studies of natural ecosystem. The total of 64 observations from 24 studies are assembled, and we observe significant differences in wetland values depending on the characteristics of the studies. With the statistical significance, our results indicate that the method employed affects the wetland values while the wetland function evaluated affects little. In addition, we found that the size of wetland is negatively associated with the values, implying that wetland values exhibit the decreasing returns to scale. The evidences from our empirical analysis suggest that the meta-analysis has a potential as a tool to synthesize the research results from valuation studies and to provide useful information to policy makers. However, this study acknowledges that more effort should be dedicated toward the construction of DB on valuation studies as well as the research on the model improvement to enhance the validity and reliability of meta-analysis.

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