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The Effect of Business Strategy on Stock Price Crash Risk

  • RYU, Haeyoung
    • The Journal of Industrial Distribution & Business
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    • v.12 no.3
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    • pp.43-49
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    • 2021
  • Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

A Study of Normal Nasalance and Velopharyngeal Port Activity in the Speech of Korean Adults (정상 성인의 비음도와 비인강 활성도에 관한 연구)

  • Leem Dae-Ho;Shin Hyo-Keun;Baek Jin-A.;Kim Hyun-Gi;Kwon Min-Su
    • Korean Journal of Cleft Lip And Palate
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    • v.7 no.2
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    • pp.123-132
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    • 2004
  • The purpose of this study was to obtain normative nasalance scores for adult subjects speaking the Korean language. Additional objectives of the study were to determine if speaker sex played a role in differences in nasalance score and there was significantly correlation of nasalance score with nasalance slope score. The subjects include 75 healthy young Korean adults with normal oral and velopharyngeal resource and function. They had no history of speech problem, were judged as having normal speech and resonance at the time of testing, and had no upper respiratory tract infections or allergies at the time of testing. The Nasometer II 6400 was used to obtain nasalance scores and nasalance slope scores for /a/, /i/, /e/, /o/, /u/, /ja/, /je/, /wi/, /p'ap'i/ and /sasi/. The data of nasalance and nasalance slope were analyzed statistically. The mean nasalance score of the female was significantly higher than that of male at /a/, /i/, /wi/, /p'ap'i/ and /sasi/(p <0.10). The mean nasalance score of /i/ was highest and that of /o/ was the lowest. In this study, we could not and the relationship of the nasalance score and the closing slope score. However, there was negative correlation between the mean nasalance score and the opening slope score at ie/ and /;ai, positive to /sasi/. These normative nasalance scores for normal young adults speaking the Korean language provide important reference information for Korean cleft palate teams. In the future study of velopharygneal activity with the Nasometer, the opening slope score will be able to be the important parameter.

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Study on Alterations of Acute Phase Proteins in Patients with Major Depression (주요우울증환자에서 Acute Phase Proteins 농도 변화에 관한 연구)

  • Kim, Yong-Ku;Kim, Sa-Jun;Lee, Min-Soo
    • Korean Journal of Biological Psychiatry
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    • v.2 no.1
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    • pp.70-76
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    • 1995
  • A few researchers have reported that major depression may be associated with higher levels of positive acute phase proteins(APPs), such as haptoglobin(Hp), ${\alpha}1$-antitrypsin(${\alpha}1AT$), ceruloplasmin(Cp) and lower levels of negative APPs(visceral proteins), such as albumin(Alb) and transferrin(Tf). Elevated levels of positive APPs and a drop in negative APPs constitute important indicators of immune activation. This study was designed to investigate whether altered serum concentrations of positive APPs and of negative APPs reflect the state of depression. Twenty patients who fulfilled DSM-III-R criteria for major depressive disorder and for dysthymic disorder and twelve normal healthy controls were included. The authors measured positive APPs(Hp, ${\alpha}1AT$, Cp) and negative APPs(Alb, Tf) using rate nephelometry and bromcresol green method. 1) There were significant increases of ${\alpha}1AT$, Cp in major depressed patients as compared with normal controls. Trends towards higher Hp and lower Alb, Tf in major depressed patients were observed. 2) No significant difference of APPs concentrations between dysthymic patients and normal controls was found. 3) Severity of depression(HDRS, BDI score) was related to Hp, Cp, ${\alpha}1AT$ value positively. Our findings are partially compatible with the hypothesis that major depression may be accompanied by acute phase response with higher levels of positive APPs and lower levels of negative APPs.

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A Study on the Prevalence of Chronic Diseases, Health-related Habits and Nutrients Intakes according to the Quality of Life in Korean Adults (한국 성인의 삶의 질에 따른 만성질환 유병율, 건강관련 생활습관 및 영양섭취 실태 조사 - 2008년 국민건강영양조사를 근거하여-)

  • Chung, Jee-Young;Lee, Mi-Young;Kim, Mi-Joung
    • Korean Journal of Community Nutrition
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    • v.15 no.4
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    • pp.445-459
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    • 2010
  • This study was done to analyze the chronic diseases prevalence and dietary intake status according to the health related quality of life and to identify its significant properties. This study was conducted based on 2906 subjects ranging from 20~64 years old, out of 9704 total subjects from the 4th Korean National Health and Nutrition Survey in 2008. The average quality of life (QL) score was 0.915, where 983 subjects were below the average (low QL group) and 1923 subjects were above (high QL group). In the high QL group, there was more likely to be young, male, and with higher income and education. For high QL group, the self-related health score was high, and the subjective stress level was low. The prevalence of diabetes was significantly higher in the low QL group and anthropometric and biochemical measures were not shown differences between the two groups but waist circumference was significantly higher in the low QL group. The QL score was significantly negative correlated with the waist circumference and the body mass index. As for the recognition rate of Nutrition Guideline, there were no significant differences but high QL group had higher scores in "Eat a variety of foods", "Avoid too much Sodium", and "Enjoy meals and Eating a breakfast". Carbohydrate intake was significantly lower in the high QL group than in low QL group and the high QL group showed higher intake in legumes, meat and poultry, fruits, daily products and beverages. Overall results suggest that increased diabetes prevalence in people with low quality of life might be affected by the diets based on high carbohydrate, increased waist circumference, and lower rate of practice nutritional guideline.

A study on knowledge and attitude toward AIDS in undergraduates for the health-related department and the health-unrelated department (보건계열과 비보건계열 대학생들의 AIDS에 대한 지식, 태도에 관한 연구)

  • Lee, Mi-Ra
    • Journal of Korean society of Dental Hygiene
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    • v.11 no.2
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    • pp.213-222
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    • 2011
  • Objectives : The purpose of this study is to arrange basic data necessary for education of AIDS and to prevent AIDS on undergraduates' knowledge or attitude toward AIDS. Methods : A self-administered questionnaire survey was used among 350 undergraduates in some of Jeonbuk and Gyeongnam area from September 9, 2009 to December 10, 2009 and then obtained the following results. Results : 1. Information route on AIDS was indicated to be higher in order of school education with 37.1% and TV & newspaper with 31.5% as for the health-related department. The health-unrelated department was indicated to be the highest in TV & newspaper with 67 people(43.8%), and had statistically significant difference(p<0.01). 2. The whole knowledge score on AIDS was indicated to be $12.72{\pm}2.67$ for the health-related department, resulting having been higher than the health-unrelated department with $11.84{\pm}3.30$. There was significant difference(p<0.01). The attitude score on AIDS was indicated to be $4.85{\pm}1.67$ for the health-related department, resulting having been higher than the health-unrelated department with $4.38{\pm}1.58$. There was significant difference(p<0.01). 3. Knowledge and attitude toward general AIDS stood at r=.112(p<0.05), thereby having had positive correlation. Knowledge and attitude toward AIDS infection stood at r=-.220(p<0.01), thereby having had negative correlation. Relationship between the whole knowledge and attitude toward AIDS stood at r=-.105(p<0.05), thereby having had negative correlation. Conclusions : AIDS is exponentially increasing in the whole world and is getting more serious. Even in our country, it is the tendency that the infected are gradually increasing. Health care of AIDS, which is impossible to be fully recovered and has no vaccine, is preferential to prevent infection. A continuous and efficient preventive education program is thought to be necessary for straightening wrong knowledge and prejudice on this by grasping right knowledge and attitude toward AIDS.

Assessment of Nutrient Intake and ADHD Score in Atopic Dermatitis Preschoolers (아토피 피부염 미취학 아동의 식행동, 영양 섭취 상태 및 주의력 결핍 과잉 행동 점수 평가)

  • Kang, Myung-Hwa;Kim, Eun-Young;Choi, Mi-Kyeong
    • Journal of the East Asian Society of Dietary Life
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    • v.19 no.4
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    • pp.493-502
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    • 2009
  • This study aimed to examine the relationship between nutrient intake and attention deficit hyperactivity (ADH) of children suffering atopic dermatitis. We examined clinical symptoms as well as the status of ADH and the dietary intake of 47 children with atopic dermatitis aged between 4 and 6 against 84 children in the control group. Family history of the atopic dermatitis group was significantly higher than the control group. There was no significant difference between the diet habit of the two groups. The daily energy intake of the atopic dermatitis group and the control group were 1,189.7 kcal and 1245.0 kcal, respectively. There was no significant difference between the nutrient intake of the two groups. In regards to the clinical symptom items, the point for 'anxieties' was 0.5 in the atopic dermatitis group, which was significantly higher than 0.3 of the control group (p<0.05). In terms of the detailed items in ADH assessed by kindergarten teachers, the point for 'changeable feeling' was 0.8 in the atopic dermatitis group, which was significantly higher than 0.5 of the control group (p<0.05). As for the correlation among nutrient intake, the ADH score and clinical symptoms, total fat intake (p<0.05) and animal fat intake (p<0.05) showed a significantly negative correlation with the point of ADH assessed by the teachers, while the intake of fiber (p<0.05) displayed a significantly negative correlation with the point of ADH assessed by the parents. Since atopic dermatitis and ADH may be caused by the same dietary factors, it will be necessary to conduct more studies in this field in the future. In addition, appropriate nutrition management will be necessary for children in the growing period who suffer from atopic dermatitis.

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VGG-based BAPL Score Classification of 18F-Florbetaben Amyloid Brain PET

  • Kang, Hyeon;Kim, Woong-Gon;Yang, Gyung-Seung;Kim, Hyun-Woo;Jeong, Ji-Eun;Yoon, Hyun-Jin;Cho, Kook;Jeong, Young-Jin;Kang, Do-Young
    • Biomedical Science Letters
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    • v.24 no.4
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    • pp.418-425
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    • 2018
  • Amyloid brain positron emission tomography (PET) images are visually and subjectively analyzed by the physician with a lot of time and effort to determine the ${\beta}$-Amyloid ($A{\beta}$) deposition. We designed a convolutional neural network (CNN) model that predicts the $A{\beta}$-positive and $A{\beta}$-negative status. We performed 18F-florbetaben (FBB) brain PET on controls and patients (n=176) with mild cognitive impairment and Alzheimer's Disease (AD). We classified brain PET images visually as per the on the brain amyloid plaque load score. We designed the visual geometry group (VGG16) model for the visual assessment of slice-based samples. To evaluate only the gray matter and not the white matter, gray matter masking (GMM) was applied to the slice-based standard samples. All the performance metrics were higher with GMM than without GMM (accuracy 92.39 vs. 89.60, sensitivity 87.93 vs. 85.76, and specificity 98.94 vs. 95.32). For the patient-based standard, all the performance metrics were almost the same (accuracy 89.78 vs. 89.21), lower (sensitivity 93.97 vs. 99.14), and higher (specificity 81.67 vs. 70.00). The area under curve with the VGG16 model that observed the gray matter region only was slightly higher than the model that observed the whole brain for both slice-based and patient-based decision processes. Amyloid brain PET images can be appropriately analyzed using the CNN model for predicting the $A{\beta}$-positive and $A{\beta}$-negative status.

The Comparison of Stress Coping and Satisfaction with Clinical Practice according to the Grade of Nursing College Student (간호대학생의 학년별 임상실습 스트레스 대처 및 실습만족도의 차이 비교)

  • Lee, Hea-Sook;Kim, Eun-Joo
    • Journal of East-West Nursing Research
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    • v.14 no.1
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    • pp.5-13
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    • 2008
  • Purpose: The study was to identify the relationship among perceived stress, coping strategies and satisfaction f clinical experience in nursing students and to examine difference of grade. Methods: A total 238 nursing students (second grade: 141 students, third grade: 97 students) from K. Womens' College were provided with self reported questionnaires from July 26, 2006 to July. 30, 2006. Perceived stress was measured using Perceived Stress Scale. Coping was measured using Coping Responses Inventory-Adult form. Satisfaction of clinical experience was measured using Satisfaction Inventory. The data were analyzed by descriptive statistics, t-test, ANOVA and Pearson's Correlation Coefficient with SPSS 12.0 program. Result: Participants showed that a high level of perceived stress score $2.71{\pm}.47$ of total 4 (2nd grad) and $2.67{\pm}.35$ of total 4 (3rd grade). Approach Coping Scales score of coping strategies was $68.19{\pm}6.06$ (2nd grade), $63.38{\pm}6.69$ (3rd grade) of total 96, then coping mechanism's mean among 2nd grade nursing students was higher than 3rd grade nursing students. Satisfaction score of clinical experience in 2nd grade nursing students was $3.01{\pm}.32$ and higher than 3rd grade ($2.99{\pm}.38$). There was a negative correlation r=-.264 (p=.000) between perceived stress during clinical practice and satisfaction. It was statistically significant. There was a positive correlation r=.154 (p<.05) between satisfaction score of clinical experience in nursing students and approach coping scales score. Conclusion: With these findings, we found that the more approach coping level, the more satisfaction of clinical practice. It is needed to developing effective teaching method and coping strategies for nursing students to improve their coping ability and prepare qualified nursing profession.

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Compare the Knowledge, Attitude and Behavior about Smoking in the Elementary Students according to Anti-smoking Education (흡연교육에 따른 초등학생의 흡연에 대한 지식, 태도 및 행위 비교)

  • Moon Jung-Soon
    • Child Health Nursing Research
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    • v.10 no.1
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    • pp.59-65
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    • 2004
  • Purpose: To investigate and compare the knowledge and attitude about smoking of the elementary students according to anti-smoking education. Method: A descriptive comparative study design was used. A total 2,000 of the 4th, 5th and 6th grade of elementary students classified into education and non-education groups according to their anti-smoking education. Knowledge and attitude about smoking were measured by the constructed questionnaire. Results: 1) Students' knowledge about smoking were 11.50point on average with highest score being 20. The knowledge of the education group was significantly higher than those of non-education group. No significant differences were observed according to grade or sex. 2) Students' attitude toward smoking were negative with the mean score 31.70. No significant differences were observed according to anti-smoking education, while students in higher grades and male showed significant favorable attitude toward smoking. 3) Among the students of respondents, 5.3% answered they had the experience of smoking. The smoking experience of the education group was significantly higher than those of non-education group. 96.0% of the students would not smoking in the future. No significant differences were observed according to anti-smoking education. Conclusion: The results suggested that a systematic strategy required to lead desirable attitude and behavior about smoking of students.

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Child Injury and Attitude, Knowledge, and Practice on Safety of Mothers With Infants and Toddlers (영유아 사고실태와 영유아 어머니의 안전관련 태도, 지식 및 실천)

  • Bang Kyung Sook
    • Journal of Korean Public Health Nursing
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    • v.19 no.1
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    • pp.30-40
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    • 2005
  • Objectives: To describe the rate of injuries among infants and toddlers. and to investigate the attitude. knowledge. and practice on safety of their mothers. Methods: The total sample consisted of 308 mothers with infants or toddlers from two public health centers in two cities in Kyunggi Province. A questionnaire was used to collect data. which was analyzed with SPSS 11.5 Win program. Results: Thirty-eight percent of the subjects had experienced home accidents. Fall. burn. and laceration were the most frequently occurred home injuries. Most of the mothers were anxious for child accidents, and $59.4\%$ of mothers thought of safety as a primary concern. The mean score of knowledge on safety was 7.63. and the mean score of practice on safety was 34.76. Safety knowledge was significantly higher in mothers with higher education. higher income. and experience of having information on safety. but safety practice was not different depending on these factors. There was a negative correlation between safety practice and child rearing burden. Conclusions: The rate of injuries among infants and toddlers was still high compared to other developed countries. This study provided basic data about the accidents of infants and toddlers. and the level of safety knowledge and safety practice of their mothers. The related factors found in this study should be considered when providing anticipatory guidance or developing injury prevention programs for mothers.

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