• Title/Summary/Keyword: Window Dressing

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The Effect of PP&E Revaluation under K-IFRS on Information Asymmetry (K-IFRS에 따른 유형자산 재평가 정보가 정보비대칭 감소에 미치는 영향)

  • Shin, Chan-Hyu
    • Journal of Digital Convergence
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    • v.16 no.12
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    • pp.163-173
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    • 2018
  • This study examined the difference between the information asymmetry in pre- and post K-IFRS adoption used each samples. Efficient market assumption suggests that capital markets already have recognized real value of PP&E and applied those values for estimating the item, in which case PP&E revaluation is not additional information in the capital market but simply an activity to makes costs. This study examined whether the information asymmetry had reduced significantly after adopting K-IFRS or not, verified each period samples those are pre- and post-adopting the asset revaluation since it could have been adopted in advance from 2008. As study results, I confirmed PP&E revaluation affected to reduce the information asymmetry in pre- adopting K-IFRS, but not in post- adopting K-IFRS. These results could be one of proofs which are supported that capital market have been judging PP&E revaluation as the window dressing.

Is IPO More Efficient Than Back-door-listing? : Case of Korean Kosdaq Market (IPO가 우회상장보다 정보효율성이 더 높은가? : 코스닥시장을 중심으로)

  • Kang, Won
    • The Korean Journal of Financial Management
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    • v.27 no.1
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    • pp.121-156
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    • 2010
  • Back-door-listing can be viewed both as M&A and an alternative to IPO. If IPO is an access to the capital market through regulations, back-door-listing would be the way of entering the market through trading. Back-door-listing can be a better choice considering the common wisdom that regulations hinder the functioning of free market system. One would, however, prefer IPO, for the informational asymmetry isless severe in case of IPO. This paper examines if IPO is superior to back-door-listing as to the informational efficiency. The excess buy-and-hold returns of the Kosdaq back-door-listing firms are estimated over the three-year-period since the event. They are compared against the excess buy-and-hold returns of the Kosdaq IPO firms over the same period of time. The results confirm this paper's prediction that IPO should be more information-efficient. Both IPO and back-door-listing firms start with high short-term excess returns and end up with long-term under-performance. However, back-door-listing firms show more significantly damaging long-term results. Furthermore, back-door-listing firms record poorer accounting results over the research period. These results imply that there exists fad at the time of both events and, in case of back-door-listing, this fad is reinforced by the possibility of window dressing.

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Effect of Observation Window at Peripheral Intravenous Catheter Site on Early Recognition of Infiltration among Hospitalized Children (아동의 말초정맥관 삽입 부위 관찰창 확보가 침윤조기감지에 미치는 효과)

  • Jeong, Ihn Sook;Park, Soon Mi;Park, Kyung Ju
    • Journal of Korean Academy of Nursing
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    • v.46 no.4
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    • pp.534-541
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    • 2016
  • Purpose: The aim of this study was to identify the effect of an observation window (OW) at peripheral intravenous (IV) catheter sites on early detection of IV infiltration among hospitalized children. Methods: This was a retrospective observational study with history control group design. Participants were children who had IV infiltration after peripheral catheterization when hospitalized from January to May, 2014 and January to May, 2015 at a children's hospital located in Yangsan city, Korea. The 193 patients, who were hospitalized from January to May, 2014 formed the control group and did not have OW, and the 167 patients, who were hospitalized from January to May, 2015 formed the window group and had OW. Data were analyzed using ${\chi}^2$-test, independent samples t-test and multiple logistic regression. Results: First stage IV infiltration was 39.5% for the window group and 25.9% for the control group, which was significantly different (p=.007). The likelihood of $2^{nd}$ stage and above IV infiltration decreased by 44% in the window group, which was significantly different (p=.014). Conclusion: OW at the peripheral IV catheter site was found to be an effective measure in early recognition of IV infiltration. Considering the effect of OW, we recommend that nurses should make an OW with transparent dressing during stabilization of the IV catheter site in hospitalized children in clinical settings.

IPO 주식(株式)의 장단기(長短期) 성과(成果)와 영업성과(營業成果)

  • Im, Byeong-Gyun
    • The Korean Journal of Financial Management
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    • v.14 no.2
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    • pp.253-271
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    • 1997
  • 본 연구는 1988년부터 1994년까지 우리나라 주식시장에 상장된 IPO 주식의 장단기 성과를 분석하고, IPO 기업들의 상장 후 영업성과를 상장 이전의 영업성과와 비교하는 데 그 목적이 있다. 본 연구의 특징은 가격제한폭 제도가 상장 후 IPO 주가에 미치는 영향을 고려한 점에 있다고 할 수 있으며, 실증분석 결과 다음과 같은 사실들을 발견하였다. 단기적으로 볼 때, IPO 주식의 비정상 최초수익률은 가격제한폭을 고려하여 측정하는 경우에 훨씬 더 높게 나타나며 또한 상승시장의 경우에 더 높게 나타난다. IPO 주식은 상장 이후에도 추가적인 초과수익을 올리며, 상장 직후에 과잉반응 현상을 동반한다. 장기적으로 볼 때, IPO 주식의 수익률은 시장 평균수익률에 미치지 못한다. IPO 기업들의 영업성과가 상장 이후에 현저히 악화되는 것으로 나타난다. 이는 IPO 기업들이 공개모집을 하는 과정에서 기업내용을 과대포장(window-dressing)하는 증거라고 볼 수 있다.

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Target Object Image Extraction from 3D Space using Stereo Cameras

  • Yoo, Chae-Gon;Jung, Chang-Sung;Hwang, Chi-Jung
    • Proceedings of the IEEK Conference
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    • 2002.07c
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    • pp.1678-1680
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    • 2002
  • Stereo matching technique is used in many practical fields like satellite image analysis and computer vision. In this paper, we suggest a method to extract a target object image from a complicated background. For example, human face image can be extracted from random background. This method can be applied to computer vision such as security system, dressing simulation by use of extracted human face, 3D modeling, and security system. Many researches about stereo matching have been performed. Conventional approaches can be categorized into area-based and feature-based method. In this paper, we start from area-based method and apply area tracking using scanning window. Coarse depth information is used for area merging process using area searching data. Finally, we produce a target object image.

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A Study on the Effectiveness of the Audit Review System (감리제도의 실효성에 대한 연구 - 회계정보의 질을 중심으로 -)

  • Kwak, Young-Min;Jung, Jae-Jin
    • Management & Information Systems Review
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    • v.33 no.5
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    • pp.71-84
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    • 2014
  • We examine evidence on the relationship between firms that targeted by the Financial Supervisory Service for allegedly manipulating annual earnings and accounting quality measured by the discretionary accruals, an issue with important public policy implications. The main purpose of this paper is to empirically investigate the extent to which Korean WDS(Window Dressing Settlement) firms identified by the financial supervisory service in their audit review exhibit higher level of accounting quality in order to avoid any potential negative effects and to regain public confidence after audit review. In this study, we analyzed 51 WDS firms and 102 control firms which traded in the Korean Stock Exchange market during the period from 2000 to the 2010. The number of observations subject to various tests are 251 and 502 firm-years for WDS and control samples respectively across the 5 year sample period. The results of the study show that the accounting quality after auditor review be significantly improved. This result suggests that the FSS's audit review system would control the accounting quality and then improve the transparency of the accounting information. Thus it may be suggested that the current audit review system is efficient ways to lead listed firms to provide transparent financial statements.

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A Study on the Administration for the Han River Water Quality Control (漢江 水質保全 行政에 관한 硏究)

  • Kim, Kwang Hyop
    • Journal of Environmental Health Sciences
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    • v.10 no.2
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    • pp.9-40
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    • 1984
  • This thesis purports to overview the diverse administrative and organizational factors and plannings developed by the government organizations, municipal or otherwise, to tackle the Han River water pollution issues in the past years. This thesis also looks into the ever-worsening Han River water pollution problems, in particular, in terms of the various government plans ostensibly designed to reduce the pollution level but with little success. Also dealt with are the efficiencies with which the laws and decrees on water pollution the administrative organizations put to use in the prosecution of the diverse antiwater pollution projects involving the Han River basin. From the early 1960's up to the 1970's the government had concentrated on the growth-oriented economic policy with the result that little attention had been paid to the water pollution and other environmental issues that are bound to arise from the massive economic growth. Belatedly, the five-year Hah River Development Project was initiated in 1982 with emphasis on reducing the water pollution level at Hah River to the minimum. The following are the gists of the thesis and recommendations for the future antiwater pollution plans by the administrative organizations: 1. Documents to date indicate that the irrigation projects along the Han River area had been the main focus of attention during the Yi Dynasty and under the Japanese rule of the country. 2. Despite that the water pollution issue became the subject of many debates among the academic and research institutions in the 1960's and in the 1970's, the administrative organizations in charge of the Han River water quality control failed to come up with a concrete plan for the river's water quality control. 3. Nevertheless, the water pollution of the Han River area in fact began in the 1950's, with the unprecedented concentration into Seoul of population and the industrial facilities on a larger scale, in particular, enforced by the government's strong growthoriented policy in its Economic Development plans in the 1960's. 4. Starting in the 1960's, the Han River water pollution level dramatically increased, but the government was reluctant to promulgate or put into effect strong measures to curb the many factors contributing to the river water pollution, thus worsening the environmental issues along the Han River basin. 5. The environmental protection law and other laws and decrees relating to the antiwater and air pollution issues that were subsequently put into effect underwent so many changes that efficient anti-water pollution policies could not be effected for the Han River basin. The frequent organizational reshuffle within the administrative units concerned with environmental problems has resulted in the undue waste in personnel management and finance. 6. The administration on the environmental protection could not be efficiently carried out due to the organizational overlapping. Under the existing law, frequent organizational frictions and inefficiency are bound to occur among the central government offices themselves, as well as between the central government and the Seoul city administration, and among the city's administrative offices over the conservation of the Han River basin and over the river's anti-water pollution issue. 7. In the planning and prosecution of the Han River project, political influences from the president down to the lower-level politicious appear to have been involved. These political influences in the past had certainly had negative influence on the project, nevertheless, it appears that in the recent years, these political influences are not all that negative in view of the fact that they serve as a positive contributing factor in developing a better water quality control project along the Han River basin. The following are a few recommendations based on the data from the thesis: First, officials in charge of the Han River water quality control should pay attention to a careful screening of the opinions and recommendations from the academic circles and from the public should be made so that the government could better grasp the core issues in the environmental problems that require preventive and other necessary measures. Second, vigorous redistribution policies of population and industrial facilities away from the Seoul area should be pursued. Third, the government should refrain from revising or revamping too frequently the laws and decrees on the anti-water pollution, which is feared to cause undue inconveniences in the environmental administration. Fourth, a large-scale streamlining should be made to the existing administrative organization in an effort to do away with the inter- and intra-organizational friction. It is recommended that a secretariat for the Hah River basis conservation be established. Fifth, High-level administrative officials, with a thorough knowledge and vision on the Han River water quality control, should be prepared to better deal with the budgeting and personnel management for the Han River water pollution control not only at the control government, but also at the Seoul city municipal government levels. Environmental issues should be kept distinct from political issues. Environmental issues should not serve as a window-dressing for sheer political purposes. Sixth, the Hah River proiect should also include, along with the main Han River basin, those areas covering North Han River, South Han River, and the tributaries to the main river basin. The 'Han River Basin Water Quality Control Board' should be established immediately as a means of strengthening the current Han River basin water quality control policy. Seventh, in drawing up the Han River proiect, the administrative officials should be aware that Han River basin is a life line for those people in the region, providing them with not only a sheer physical space, but with a psychological living space for their everyday life.

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