• Title/Summary/Keyword: Value analysis

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An Empirical Study on the Long-Run Performance of Cross-Listings by Multinational Corporations (다국적기업 해외상장의 장기적인 성과에 관한 연구)

  • Kim, Dong-Soon;Park, Sang-An
    • The Korean Journal of Financial Management
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    • v.21 no.2
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    • pp.27-63
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    • 2004
  • Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

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p53 Gene Mutation in Gastric Cancer Tissue (위암조직에서 p53 유전자의 돌연변이)

  • Ku, Ki-Beom;Park, Seong-Hoon;Cheong, Ho-Young;Lee, Myung-Hoon;Yu, Wan-Sik
    • Journal of Gastric Cancer
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    • v.6 no.4
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    • pp.214-220
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    • 2006
  • Purpose: p53 is one of the most commonly mutated genes in human tumors. The aim of this study was to analyze p53 mutation in gastric cancer and its correlations with the clinicopathologic variables to clarify the usefulness of p53 mutation as a prognostic factor. Materials and Methods: Specimens from 331 patients with gastric cancer who underwent a gastrectomy between March 1999 and April 2001 at the Kyungpook National University Hospital were used. p53 gene mutations were assessed by using a polymerase chain-reaction single-strand conformation polymorphism (PCR-SSCP) analysis. The correlations between p53 gene mutation and clinocopathologic parameters were analyzed. Results: p53 mutations were found in 66 (19.9%) tumors. Among those 66 cases, mutations were seen in 23 tumors at axon 5, in 8 at exon 6, in 21 at exon 7, and in 17 at exon 8. Two mutations were shown in 3 tumors. Thiriy-six (23.1%) of 156 intestinal-type tumors and 19 (13.1%) of 145 diffuse-type tumors showed p53 gene mutation (P=0.007). The frequency of p53 gene mutation didn't show any significant differences according to age, sex, stage, location, or gross type. Exon 5 mutations showed more frequently in intestinal-type tumors than in diffuse-type tumors (9.7% vs. 2.8%, P=0.024), and p53 mutation were more frequent in lymph nodes metastasis group than lymph nodes non-metastasis group with statistical significance (25.0% vs 15.6%, P=0.034). The five-year survival rate showed no statistically significant difference with p53 mutation (P=0.704). Conclusion: p53 mutations assessed by PCR-SSCP had little value as a prognostic factor after gastrectomy in patients with gastric cancer.

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Technical Inefficiency in Korea's Manufacturing Industries (한국(韓國) 제조업(製造業)의 기술적(技術的) 효율성(效率性) : 산업별(産業別) 기술적(技術的) 효율성(效率性)의 추정(推定))

  • Yoo, Seong-min;Lee, In-chan
    • KDI Journal of Economic Policy
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    • v.12 no.2
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    • pp.51-79
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    • 1990
  • Research on technical efficiency, an important dimension of market performance, had received little attention until recently by most industrial organization empiricists, the reason being that traditional microeconomic theory simply assumed away any form of inefficiency in production. Recently, however, an increasing number of research efforts have been conducted to answer questions such as: To what extent do technical ineffciencies exist in the production activities of firms and plants? What are the factors accounting for the level of inefficiency found and those explaining the interindustry difference in technical inefficiency? Are there any significant international differences in the levels of technical efficiency and, if so, how can we reconcile these results with the observed pattern of international trade, etc? As the first in a series of studies on the technical efficiency of Korea's manufacturing industries, this paper attempts to answer some of these questions. Since the estimation of technical efficiency requires the use of plant-level data for each of the five-digit KSIC industries available from the Census of Manufactures, one may consture the findings of this paper as empirical evidence of technical efficiency in Korea's manufacturing industries at the most disaggregated level. We start by clarifying the relationship among the various concepts of efficiency-allocative effciency, factor-price efficiency, technical efficiency, Leibenstein's X-efficiency, and scale efficiency. It then becomes clear that unless certain ceteris paribus assumptions are satisfied, our estimates of technical inefficiency are in fact related to factor price inefficiency as well. The empirical model employed is, what is called, a stochastic frontier production function which divides the stochastic term into two different components-one with a symmetric distribution for pure white noise and the other for technical inefficiency with an asymmetric distribution. A translog production function is assumed for the functional relationship between inputs and output, and was estimated by the corrected ordinary least squares method. The second and third sample moments of the regression residuals are then used to yield estimates of four different types of measures for technical (in) efficiency. The entire range of manufacturing industries can be divided into two groups, depending on whether or not the distribution of estimated regression residuals allows a successful estimation of technical efficiency. The regression equation employing value added as the dependent variable gives a greater number of "successful" industries than the one using gross output. The correlation among estimates of the different measures of efficiency appears to be high, while the estimates of efficiency based on different regression equations seem almost uncorrelated. Thus, in the subsequent analysis of the determinants of interindustry variations in technical efficiency, the choice of the regression equation in the previous stage will affect the outcome significantly.

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The Development of National Competency Standard(NCS) Regarding Casino Operations Management (카지노운영관리 직무에 관한 국가직무능력표준(NCS) 개발)

  • Kim, Dong-Yeon;Oh, Seung-Gyun;Koo, Ja-Gil;Kim, Jinsoo
    • 대한공업교육학회지
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    • v.39 no.1
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    • pp.143-163
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    • 2014
  • This study developed a National Competency Standard(NCS) regarding the casino operations management based on the manual for developing National Competency Standard of 13 years and a revised classification system chart of the National Competency Standard. For the research method, this study developed a national competency standard of relevant jobs after going through review, consultation, modification, supplementation, and reporting procedures 10 times with development experts of the National Competency Standard, the industrial setting professionals, education and training experts, qualification(job analysis) experts, facilitators, and a working group of job verification committee based on the phased range and DACUM procedure of study. The major development results of this study are as follows. First, this study selected and defined duties based on the revised classification system chart of the National Competency Standard, then drew and developed total 8 ability units based on the applicable duties. Secondly, based on the developed ability units, total 27 ability unit factors were deduced and developed. Thirdly, a standard system by ability unit factor was developed based on the level of the national competency standard and revised classification system chart, then this study deduced and developed a supra-domain of the standard system by competency units using the standard tranquility value by these competency unit factors. Based on such development contents and guidelines for the national competency standard ability unit classification number, this study deduced and developed category numbers by relevant competency unit. Fourthly, total 27 relevant performance standard by competency units and knowledge, skill, and attitude were deduced and developed. Fifthly, this study deduced and developed a scope of application, work situation, evaluation guide, core competency, and development history in reference to the total 8 relevant competency units based on the duties.

Public Park Awareness along with Community Garden Cultivation Participation within an Urban Park (도시공원 내 텃밭 경작 참여 여부에 따른 공원 공공성 인식 연구)

  • Nam Koong, Hee;Kim, Seul-Yea;Kang, Eun-Jee;Kim, Yong-Geun
    • Journal of the Korean Institute of Landscape Architecture
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    • v.43 no.1
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    • pp.120-131
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    • 2015
  • This research aimed at understanding recognition of the park's community garden, public evaluation of it, and user awareness of the public enhancement plan. This was based on the problem that arose in the park community garden as public awareness research along with community garden cultivation participation within the urban park. In order to compare recognition differences along with community garden cultivation participation, the researcher conducted an analysis by dividing research participants into a cultivation participant group and non-participant group. As a result first, the cultivation participant group positively recognized the necessity of the community garden compared to the non-participant group. However, they recognized the community garden as a space for private profit, which threatened the public aspect of the park. Second, as a result of evaluating community garden publicness, the non-participant group which was alienated from community garden use, had a negative opinion about the community garden. Third, as a result of researching awareness of the community garden distribution method and consumption to promote publicness of the community garden, the cultivation participant group recognized the community garden as a space for private profit. Therefore, it is necessary for both groups to be aware of the public value of the community garden among the park users for sustainable management and operation. The significance of this research is the direction in the aspect of users to form, manage and operate the community garden in the urban park without damaging publicness of the park or conflicting between the function of the park and the function of the community garden. Henceforth, the researcher expects that this research can be utilized to maintain publicness of the park in respect of formation of the community garden in the park and management and operation.

Improvement Strategy & Current Bidding Situation on Apartment Management of Landscape Architecture (공동주택 조경관리 입찰 실태와 개선방안)

  • Hong, Jong-Hyun;Park, Hyun-Bin;Yoon, Jong-Myeone;Kim, Dong-Pil
    • Journal of the Korean Institute of Landscape Architecture
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    • v.48 no.4
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    • pp.41-54
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    • 2020
  • This study was conducted to provide basic data for a transparent and fair bidding system by identifying problems and suggesting improvement measures through an analysis of the bidding status for construction projects and service-related landscaping of multi-family housing. To this end, we used the data from the "Multi-Family Housing Management Information System (K-apt)" that provides the history of apartment maintenance, bidding information, and the electronic bidding system to examine the winning bid status and amount, along with the size and trends of the winning bids by year, and the results of the selection of operators by construction type. As a result, it was found that out of the total number of successful bids (36,831), 4.4% (16,631) were in the landscaping business, and the average winning bid value was found to be about 24 million won. According to the data, 73% of the landscaping cases were valued between 3 million won and 30 million won, and 58.6% of the cases were in the field of "pest prevention and maintenance". 36% of the total number of bids were awarded from February to April, with "general competitive bidding" accounting for 59.8% of the bidding methods. As for the method of selecting the winning bidder, 55% adopted the "lowest bid" and "electronic bidding method," and 45% adopted the "qualification screening system" and "direct bidding method." As an improvement to the problems derived from the bidding status data, the following are recommended: First, the exception clause to the current 'electronic bidding method' application regulations must be minimized to activate the electronic bidding method so that a fair bidding system can be operated. Second, landscaping management standards for green area environmental quality of multi-family housing must be prepared. Third, the provisions for preparing design books, such as detailed statements and drawings before the bidding announcement, and calculating the basic amount shall be prepared so that fair bidding can be made by specifying the details of the project concretely and objectively must be made. Fourth, for various bidding conditions in the 'business operator selection guidelines', detailed guidelines for each condition, not the selection, need to be prepared to maintain fairness and consistency. These measures are believed to beuseful in the fair selection of landscaping operators for multi-family housing projects and to prepare objective and reasonable standards for the maintenance of landscaping facilities and a green environment.

A Basic Study on the Euryale ferox Salisbury for Introduction in Garden Pond(II) - Focusing with Soil and Water Conditions - (정원 연못내 가시연꽃(Euryale ferox Salisbury) 도입을 위한 기초연구 II - 토양과 수환경을 중심으로 -)

  • Lee, Suk-Woo;Rho, Jae-Hyun;Park, Jae-Cheol;Kim, Hwa-Ok
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.34 no.3
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    • pp.28-37
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    • 2016
  • Through the research and analysis on the hydrological environment and soil environment of habitats through documentary and field studies over 14 habitats of Euryale ferox Salisb. within Jeollabukdo, with the objective of acquiring the basic data for forming an environment based on plantation of reservoirs that are composed with Euryale ferox, the following results were obtained. As a result of analyzing the construction period of the habitats of Euryale ferox from a total of 14 places, the average period of duration after construction of all subject reservoirs appeared to be 71.8 years. Moreover, when examining the relationship between the age of reservoirs and eutrophication, it could be judged that at least the eutrophication of subsoil and water environment is not an obstacle to the growth of Euryale ferox grows in habitats that have a reservoir age of approximately 70 years or more. As a result of analyzing the gardening of soil sediment of the Euryale ferox habitats, the component ingredients appeared to be composed of 80.2% of clay, 16.7% of silt and 3.1% of sand, and the soil class pursuant to such was classified as 'heavy clay'. The organic matter contents of soil sediment appeared to be an average of 36g/kg, and there appeared to be no noticeable difference between the habitats and non-habitats of Euryale ferox. The water quality environment of Euryale ferox habitat appeared to be pH 6.5~7.9, concentration of dissolved oxygen to be $1.8{\sim}8.8mg/{\ell}$, concentration of COD to be $6.8{\sim}74mg/{\ell}$, floating materials to be $2.0{\sim}213mg/{\ell}$, total nitrogen to be $0.422{\sim}10.723mg/{\ell}$, and phosphate to be $0.003{\sim}0.126mg/{\ell}$. The average DO concentration of Aedang Reservoir at Jeongeup, Daejeong Reservoir at Imsil, and Myeongdeokji at Gimje with high vitality and green coverage ratio of Euryale ferox appeared to be $3.5mg/{\ell}$, total nitrogen to be $1.33mg/{\ell}$, and concentration of phosphorus-phosphate to be $0.061mg/{\ell}$. When comparing such with the entire average value, the DO and total nitrogen concentration appeared to be rather low, and the phosphorus-phosphate concentration appeared to be higher by two times or more, thus, an in-depth study on the correlation of the vitality of Euryale ferox Salisb. and concentration of phosphorate-phosphorus will be needed in the future.

The Recognition Characteristics of Science Gifted Students on the Earth System based on their Thinking Style (과학 영재 학생들의 사고양식에 따른 지구시스템에 대한 인지 특성)

  • Lee, Hyonyong;Kim, Seung-Hwan
    • Journal of Science Education
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    • v.33 no.1
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    • pp.12-30
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    • 2009
  • The purpose of this study was to analyze recognition characteristics of science gifted students on the earth system based on their thinking style. The subjects were 24 science gifted students at the Science Institute for Gifted Students of a university located in metropolitan city in Korea. The students' thinking styles were firstly examined on the basis of the Sternberg's theory of mental self-government. And then, the students were divided into two groups: Type I group(legislative, judicial, global, liberal) and Type II group(executive, local, conservative) based on Sternberg's theory. Data was collected from three different type of questionnaires(A, B, C types), interview, word association method, drawing analyses, concept map, hidden dimension inventory, and in-depth interviews. The findings of analysis indicated that their thinking styles were characterized by 'Legislative', 'Executive', 'Anarchic', 'Global', 'External', 'Liberal' styles. Their preference were conducting new projects and using creative problem solving processes. The results of students' recognition characteristics on earth system were as follows: First, though the two groups' quantitative value on 'System Understanding' was very similar, there were considerable distinctions in details. Second, 'Understanding the Relationship in the System' was closely connected to thinking styles. Type I group was more advantageous with multiple, dynamic, and recursive approach. Third, in the relation to 'System Generalization' both of the groups had similar simple interpretational ability of the system, but Type I group was better on generalization when 'hidden dimension inventory' factor was added. On the system prediction factor, however, students' ability was weak regardless of the type. Consequently, more specific development strategies on various objects are needed for the development and application of the system learning program. Furthermore, it is expected that this study could be practically and effectively used on various fields related to system recognition.

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A Spatial Statistical Approach to Migration Studies: Exploring the Spatial Heterogeneity in Place-Specific Distance Parameters (인구이동 연구에 대한 공간통계학적 접근: 장소특수적 거리 패러미터의 추출과 공간적 패턴 분석)

  • Lee, Sang-Il
    • Journal of the Korean association of regional geographers
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    • v.7 no.3
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    • pp.107-120
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    • 2001
  • This study is concerned with providing a reliable procedure of calibrating a set of places specific distance parameters and with applying it to U.S. inter-State migration flows between 1985 and 1900. It attempts to conform to recent advances in quantitative geography that are characterized by an integration of ESDA(exploratory spatial data analysis) and local statistics. ESDA aims to detect the spatial clustering and heterogeneity by visualizing and exploring spatial patterns. A local statistic is defined as a statistically processed value given to each location as opposed to a global statistic that only captures an average trend across a whole study region. Whereas a global distance parameter estimates an averaged level of the friction of distance, place-specific distance parameters calibrate spatially varying effects of distance. It is presented that a poisson regression with an adequately specified design matrix yields a set of either origin-or destination-specific distance parameters. A case study demonstrates that the proposed model is a reliable device of measuring a spatial dimension of migration, and that place-specific distance parameters are spatially heterogeneous as well as spatially clustered.

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Inheritance of Kunitz Trypsin Inhibitor and P34 Protein in Soybean Seed (콩 종자에서 쿠니츠트립신인히비터와 P34 단백질의 유전)

  • Han, Eun-Hui;Sung, Mi-Kyung;Baek, Woon-Jang;Shim, Sang-In;Kim, Min-Chul;Chung, Jong-Il
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.57 no.1
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    • pp.78-82
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    • 2012
  • Soybean [$Glycine$ $max$ (L.) Merr.] protein is a high quality source for food and feed. But, antinutritional factors in the raw mature soybean are exist. Kunitz trypsin inhibitor (KTI) protein is a main antinutritional factor in soybean seed. Also, P34 protein, referred as $Gly$ $m$ Bd 30K, has been identified as a predominant immunodominant allergen. Genetic relationship between KTI protein and P34 protein could be useful in soybean breeding program for the genetic elimination or reduction of these factors. The objective of this study was to determine the independent inheritance or linkage between KTI protein and P34 protein in soybean seed. A total of 479 $F_2$ seeds were obtained from the cross of 07B1 and PI567476 parents. KTI protein and relative amount of P34 protein were analysed from $F_2$ seeds harvested from the F1 plants by using SDS-PAGE and Western blot analysis. The segregation ratios of 3 : 1 for KTI protein (353 KTI protein present : 126 KTI protein absent) and relative amount of P34 protein (363 normal amount of P34 protein : 116 low amount of P34 protein). The segregation ratio of 3 : 1 suggested that KTI protein and relative amount of P34 protein in mature soybean seed were controlled by a single major gene. The segregation ratios of 9 : 3 : 3 : 1 (266 KTI protein present, normal amount of P34 protein: 88 KTI protein present, low amount of P34 protein: 102 KTI protein absent, normal amount of P34 protein: 23 KTI protein absent, low amount of P34 protein) and Chi-square value (${\chi}^2$=3.31, P=0.346) were observed in $F_2$ seeds. This data showed that KTI protein was inherited independently with relative amount of P34 protein in soybean. These results will be helpful in breeding program for selecting the line with lacking KTI protein and reduced amount of P34 protein in soybean.