• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.1
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• pp.109-119
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• 2016

Due to the fact that it is relatively easy to transfer technology between application developers or content providers, low entry barrier in the business causes fierce competition among the venture companies in mobile service industry. Our study examines a sustainable strategies to operate a business for venture companies that are in a highly competitive technology-intensive industry. In this paper, we examine how venture firms created a network and brought synergy effects, using network theory. Korean venture firm, YelloMobile, uses unique strategies of merger and acquisition through the method of swapping equity and thereby establishing network. We contribute to expand network theory by examining three elements of network: such as network structure, network governance mechanisms, and network contents.

• Journal of Korean Society of Forest Science
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• v.109 no.4
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• pp.454-460
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• 2020

The goal of this study was to classify the area of Larix kaempferi forest available for timber production, considering the legal, physical, environmental, and technical constraints, and to optimize the forest resources and the potential of timber production in South Korea for 50 years. The results showed that the area of Larix kaempferi forest available for timber production is limited to 124,000 ha, 48% of the total area. Without further efforts in resource management, sustainable timber production of Larix kaempferi cannot be guaranteed even at the current level of timber supply. To enhance the potential of timber production for this species, two alternatives were considered: a 705-km annual increment of forest roads (alternative 1) and a 1,000-kmannual increment of forest roads (alternative 2) to enlarge forest areas available for timber production. The results showed that alternative 1 is feasiblefor sustainable timber production both at the current level and with a 5% increment of timber supply. However, alternative 1 is not sufficient in the case of a 10% increment of timber supply with a low growing stock, whereas alternative 2 is sufficient. Therefore, an increase in forests roads as well as regeneration efforts are required to improve the timber production potential of Larix kaempferi in South Korea.

• Journal of Life Science
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• v.22 no.6
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• pp.794-798
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• 2012

Paratuberculosis (Johne's disease), a chronic wasting disease caused by Mycobacterium avium subspecies paratuberculosis (MAP), is a major cause of economic loss in the cattle industry. In Korea, national monitoring of breeding stock for MAP has been implemented. In this study, we report the results of serological testing to determine the prevalence of MAP in breeding stock of Korean native and dairy cattle during 2008 and 2009. A total of 3,927 serum samples were submitted (3,692 Korean native cattle and 235 dairy cattle) to Animal Disease Diagnostic Division, Animal, Plant and Fisheries Quarantine and Inspection Agency. The samples were classified into four different age groups for MAP; group 1 (${\leq}2$ year, n = 1,509), group 2 (>2 years to ${\leq}3$ years, n = 486), group 3 (>3 years to ${\leq}4$ years, n = 441), and group 4 (>4 years, n = 1,491). Overall seroprevalence of MAP in this study was 0.5% (21/3,927), which was much lower than that of conventional cattle (1.2-16.4%) in Korea. Also, the seroprevalence was determined by age groups: three of group 1 (0.2%), two of group 2 (0.4%), three of group 3 (0.7%), and 13 of group 4 (0.9%) were seropositive for MAP, respectively. Although seropositive samples were found in all age groups, the seroprevalence tended to increase with age. Our study showed that the seroprevalence of MAP in pure-bred breeding dairy cattle (0%) was lower than that in pure-bred breeding Korean native cattle (0.6%).

• Journal of fish pathology
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• v.23 no.1
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• pp.85-98
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• 2010

Ministry of Agriculture, Fisheries and Food (MAFF) and National Fisheries Research and Development Institute (NFRDI) have inspected the hatchery-reared seeds of 22 marine species and 11 freshwater species for aquatic animal diseases in stock enhancement program in 2009. Results showed that total 12 local selfgovernments have been restocking the sea with cultured juveniles. Gyeongsangnam-do, Jeollanam-do, Jejudo and Chungcheongnam-do have a preference for marine species seeds to freshwater species. On the contrary, freshwater species were released mostly in Gyeonggi-do, Jeollabuk-do and Chungcheongbuk-do. In the marine species group, abalone was the most abundant as 24.5%, and then sea cucumber (15.2%), olive flounder (11.5%), swimming crab (5.6%), black sea bream and rockfish (6.8%), rock bream (5.1%), black rockfish (4.6%) and scorpionfish (4.5%) were followed. Crucian carp was the most abundant as 19.4%, and then eel (17.0%), Korean bullhead (12.3%), melanian snail (12.0%), catfish (8.4%) were followed in the freshwater species group. The total number of inspection cases in this study were 1,080 and disqualification cases were 19 by detection of aquatic animals pathogens such as red sea bream iridovirus (RSIV), koi herpesvirus (KHV) or white spot syndrome virus (WSSV).

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.4
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• pp.446-453
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• 2018

The study examines corporate research & development (R&D) expenditure in modern finance. Firms may face one of the essential issues to maintain their optimal levels of R&D expenditures in order to increase corporate profit. Accordingly, financial determinants that may influence R&D spending are statistically tested for firms listed on the KOSPI stock market during the period from 2010 to 2015. Financial determinants which may discriminate between firms in high-growth and low-growth industries are examined on a relative basis. Explanatory variables including one-period lagged R&D expenses (Lag_RD), cross-product term between the Lag_RD and type of industry (as a dummy variable), and advertising expenses (ADVERTISE) significantly influenced corporate R&D intensity. Moreover, high-growth firms in domestic capital markets showed higher Lag_RD, profitability (PROF) and foreign equity ownership (FOS) than their counterparts in low-growth sectors, whereas low-growth firms had higher market-value based leverage (MLEVER) and ADVERTISE. Overall, these results are expected to influence decision-making of firms concerning the optimal level of R&D expenditure, which may in turn enhance shareholder wealth.

• 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.

• Korean Journal of Agricultural Science
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• v.37 no.2
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• pp.199-207
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• 2010

This research was conducted to determine the influence of physiological and chemical properties of root substrates on the growth of the daughter plants of 'Maehyang' strawberry produced by bag culture. The daughter plants produced by stock plants during bag culture were individually separated and grown in 10-cm diameter plastic pots containing six different formulations of root substrates: a) 50% peatmoss plus 50% vermiculite (5:5 by volume, A), b) 70% peatmoss plus 30% perlite (7:3, B), c) 70% coir dust plus 30% perlite (7:3, C), d) mixture of 35% coir dust, 35% peatmoss, and 30% perlite (3.5:3.5:3.0, D), e) mixture of 20% rice hull, 70% coir dust, and 10% perlite (2:7:1, E), and f) 30% rice hull plus 70% coir dust (30:70, F). The container capacity and air filled porosity of the growing medium varied greatly among the six substrate formulations evaluated. The substrates E and F had less container capacity and higher air-holding spaces than the rest of the formulations. Therefore, these two formulations (E and F) may cause a problem in water management during the production of healthy daughter plants. The substrate formulations A, B, and D retained higher nitrogen (N) concentrations than other formulations containing coir dust or rice hull. The substrate formulations E and F which contained rice hull had lower N, phosphorus (P), and potassium(K) concentrations than other substrate formulations containing coir. The quality of the daughter plants grown in all six different substrate formulations was good with the crown diameters at around 10 mm. Fresh weights of the daughter plants grown in substrate formulations A, C, and D were higher than those obtained from B, E, and F. Dry weights of the daughter plants showed a similar trend. The daughter plants having high fresh and dry weights and increased crown diameter are in demand by the industry. For this reason, the substrate formulations A, C and D can readily be used as potting mixes during the production of 'Maehyang' strawberry transplants utilizing the bag culture system.

• Journal of the Microelectronics and Packaging Society
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• v.19 no.2
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• pp.67-72
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• 2012

In recent days, the wire width of IC is narrowed and the degree of integration of IC is increased to obtain the higher capacity of the devices in electronic industry. And then the surface quality of FCCL(Flexible Copper Clad Laminate) became increasingly important. Surface defects on FCCL are bump, scratch, dent and so on. In particular, bumps cause low reliability of the products. Even though there are bumps on the surface, if leveling characteristic of plating solution is good, it does not develop significant bump. In this study, the leveling characteristics of additives are investigated. The objective of study is to improve the leveling characteristic and reduce the surface step through additives and plating conditions. The additives in the electrodeposition bath are critical to obtain flat surface and free of defects. In order to form flat copper surface, accelerator, suppressor and leveler are added to the stock solution. The reason for the addition of leveler is planarization surface and inhibition of the formation of micro-bump. Levelers (SO(Safranin O), MV(Methylene Violet), AB(Alcian Blue), JGB(Janus Green B), DB(Diazine Black) and PVP(Polyvinyl Pyrrolidone) are used in copper plating solution to enhance the morphology of electroplated copper. In this study, the nucleation and growth behavior of copper with variation of additives are studied. The leveling characteristics are analyzed on artificially fabricated Ni bumps.

• Journal of Plant Biotechnology
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• v.29 no.1
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• pp.37-40
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• 2002

Sweet potato is a crop vegetatively propagated by vine cuttings, an ineffective method for maintaining pathogene-free stock plants. As an alternative method, single-node cultures of virus-free plantlets derived from apical meristem in sweet potato (cv. Yulmi) was examined. Effective pH range, sugar concentration and nodal order were investigated to establish an in vitro mass propagation system with high quality virus-free stock plantlets to farmhouse. Although the plantlets grew at wide range of pH, the most effective pH of the medium was 4.8 in single-node cultures. High sugar concentration of 60∼80 g/L resulted in increased growth response in shoot length, root length, number of node, leaf area and fresh and dry weight of shoot and root, whereas reducing sugar contents below 6% was showed reduced growth response. The first node including meristem tip was the best for the rapid growth of plantlets and the other nodes also showed a very similar growth response. Uniform plantlet can be obtained massively at the same time by culture of single node except for the first node including meristem tip. In conclusion, the most effective pH range and sugar concentration of medium for the growth of plantlets via single-node cultures was 4.8, 60∼80 g/L respectively. The first node was the best for the rapid propagation of plantlets in nodal order.