• Asia-Pacific Journal of Business
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• v.8 no.2
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• pp.1-14
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• 2017

Initial public offering (IPO) has been well known to be underpriced initially and under-performed in the long run. However, whether an IPO is underpriced or not strongly depends on how to measure the fair value. This paper hand collects data of IPOs newly listed in Korea market when whether IPO is overpriced or not is clearly distinguishable. The overpriced IPO refers to as the one the underwriters buy back after the listing. With the data, the paper examines that IPOs are overpriced and that the characteristics are related to the underpricing at the aftermarket dates and the performance in the long run. The data of clearly overpriced IPOs are little available from other IPO markets like US IPO market. From the data of IPOs listed under the underwriting rule of market stabilization, the results obtainable are the followings. First of all, the average initial return 70% of the underpriced IPO at the aftermarket dates is greater than the one 40% of the overpriced one. The overpriced IPOs are priced highly over the mid prices of the price bands at the pricing dates and then supported by relatively higher subscription rates of individual investors. The probit analyses moreover report that individual investors do not distinguish the overpricing of IPOs from the underpricing. These imply that the overpricing is strongly affected by the underwriting rule on the initial pricing.

• Journal of Korean Society of Rural Planning
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• v.15 no.1
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• pp.61-71
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• 2009

The objective of this research was to analyze the determinants of demand for residential settlements in rural societies. A significant aspect of the demand analysis was to consider depopulation classification as a moderating variable with a view to its role as an essential dividing factor of socioeconomic characteristics and physical environments of the areas of concern. The data collection for analysis was divided according to types of depopulation into the three categories of less developed, stagnated, and developed areas. For the cause and effect analysis between the residential demand and factors of settlement, the ordered probit model was applied. Significant determinants of settlement demand unfolded according to depopulation types. In the case of less developed areas, residential demand was affected significantly by the factors of daily life convenience and public facilities. Key settlement demand determinants of stagnated regions included the aspects of basic natural environment, daily life convenience and education. Meanwhile, key settlement demand determinants for developed areas included education and agriculture economic aspects. The importance-performance analysis was also applied to a set of settlement characteristics of rural communities to figure out the settlement factors requiring urgent endeavor to improve.

• The Korean Journal of Applied Statistics
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• v.30 no.1
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• pp.69-82
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• 2017

R-indicator (representativeness indicator) is used to check the representativeness of samples when non-responses occur. The representativeness is related with the accuracy of parameter estimator and the accuracy is related with bias of the estimator. Hence, unbiased estimator generates high accuracy. Therefore, high value of R-indicator guarantees the accuracy of parameter estimation with a small bias. R-indicator is calculated through propensity scores obtained by logit or probit modeling. In this paper we investigate the degree of relation between R-indicator and different non-response rates in strata using simulation studies. We also analyze a modified Korea Economic Census data for real data analysis.

• Korean Journal of Organic Agriculture
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• v.32 no.2
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• pp.203-231
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• 2024

Smart farm farmers invest a lot of facility costs, time and effort. Product differentiation using storytelling marketing is important for the profitability of smart farms, since it is not easy to differentiate products between fruits and vegetables grown in smart farms and conventional facilities. This study empirically analyzes the effect of storytelling marketing on consumers' value perception and willingness to pay for fruit and vegetables grown in smart farms. For this purpose, the survey is conducted on 1,050 consumers and the main results are as follows. First, as a result of evaluating consumers' value perception, consumers perceive the value of comparative products (product 2 and 3) to be higher than the base product (product 1). Product 2 and 3 provide richer stories than product 1. Second, the willingness to pay for product 3, which provides the richest story, was the highest, followed by product 2, and then product 1. This means storytelling marketing could be an effective strategy that increases the value of fruits and vegetables grown in smart farms. Third, more than half of the respondents are willing to use QR codes when purchasing fresh agricultural products. Farmers could use QR codes to provide rich stories for effective storytelling marketing.

• Journal of Digital Convergence
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• v.18 no.9
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• pp.93-101
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• 2020

Although concerns about the opinion shopping have been continuously raised in the audit market, there has been little research on empirical evidence on the existence of audit opinions. For this reason, this study empirically confirmed whether the opinion shopping exists. At first, we measured thresholds of audit opinion issuing of two groups(changed or not-changed auditors). After that, the difference analysis was conducted to verify whether the thresholds of the audit opinion issuing was significant difference between two groups. As a result of the study, there was no significant difference in the thresholds of audit opinion issuing between two groups. This result can be interpreted that the audit opinion shopping is not a general phenomenon in the external audit market. The contribution of this study is to empirically confirmed that audit opinion shopping does not exist in the external audit market.

• Korea journal of population studies
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• v.14 no.2
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• pp.45-70
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• 1991

1. 문제점(Setting of Problems) 산업의 급진적인 진보는 고도의 기술사회(high-tech societies)를 창출해 내었고, 이로 인해 생산양식뿐만 아니라, 가치체계 및 생활양식이 급진적으로 변화하였다. 동시에, 산업화 및 생활수준의 향상은 인구통계학적 변천(demographic transition)을 가져와, 인구의 노령화가 이루어졌다. 산업화에 의해 발생된 이러한 현상들, 즉 가치체계의 변화와 인구의 노령화가 바로 문제의 핵심인 것이다. 산업화는 효율(efficiency)에 높은 가치를 부여함으로써, 정신적인 인간관계측면의 중요성을 무시하고, 노령화란 다차원적(multi-dimensional) 문제를 일으켰다. 이러한 문제들의 해결책으로서 서구적인 가치개념은 노인들의 생활의 질(quality of life)를 향상시키지 못한 것으로 생각된다. 따라서, 물질적인 면 이외에 정신적인 면의 접근법을 필요로 하게 되는 것이다. 2. 연구의 목적(Objective of the Study) 이 연구의 목적은 한국에 있어서의 인구의 노령화의 원인과 결과에 대한 연구를 하는데 있다. 이러한 연구에 의해 노령화라는 다차원적 문제에 대한 지식을 얻으므로써, 사회, 공동체 및 가족 수준에서의 노령화 문제를 다루는데 있어 비서구적 접근법 및 정책적 전략에 관한 방안을 제시하게 되기를 희망한다. 3. 방법론(Methodology) 1) 자료 수집(Data Collection) 자료는 다음 세가지 원천으로 부터 얻어졌다. 첫째, 출판된 자료 및 회의서류 둘째, 한국보건사회연구원과의 협조로 행해진 설문지 조사 셋째, 자체 연구팀에 의해 행해진 면담 2) 자료분석(Data Analysis) 인과분석(cause-effect types of analysis)은 probit, logit, path analyses에 의해 행해졌다. 이 연구논문에는 trend analysis의 결과는 제시되지 않았는데, 이는 다양한 정부기관에 의해 출간된 분석들과 유사하기 때문이다. 4. 연구분석의 결과 첫째, 경제적 요인은 노인들의 생활상태를 결정하는데 가장 중요한 요인이라는 것을 알 수 있다. 둘째, 노인의 사회적인 통합이 강할수록 보다 행복한 생활을 영위하는 것으로 나타났다. 셋째, 성(sex), 교육정도, 주거지역 등이 노인의 고용상태 및 소득수준과 큰 관계가 있다. 넷째, 교육정도, 사회적 결합(social integration) 등이 건강상태와 밀접한 관계가 있다. 다섯째, 사회적 통합, 건강상태, 독립심 등이 노인의 정서적 상태에 큰 영향을 미친다.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.504-516
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• 2015

This study addresses one of the curent issues in modern finance, which investigates financial profile on the levels of the chaebol firms' cash hoardings in the domestic capital market. Iit may be imperative to search for robust and consistent financial determinants of cash holdings as well as identifying any changes or trend of the determinants affecting the corporate cash reserves in the post-era of the global financial turmoil, considering that interest parties at the government and corporate levels, still seem to have a controversy or debate on excess cash savings. Two hypotheses were postulated and empirically tested for the chaebol firms in the study, such as any transitional changes of the relevant factors on cash holdings and unique attributes of financial factors discriminating between the different type of domestic stock markets.

• Journal of Global Scholars of Marketing Science
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• v.19 no.2
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• pp.17-26
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• 2009

As the lifestyle of consumers changes and the need for various products increases, new products are being developed in the market. Each household owns various home appliances which are purchased through the choice of a decision maker. These appliances include not only large-sized products such as TV, refrigerator, and washing machine, but also small-sized products such as microwave oven and air cleaner. There exists latent correlation among possession of home appliances, even though they are purchased independently. The purpose of this research is to analyze the effect of demographic factors on the purchase and possession of each home appliances, and to derive some relationships among various appliances. To achieve this purpose, the present status on the possession of each home appliances are investigated through consumer survey data on the electric and energy product. And a multivariate probit(MVP) model is applied for the empirical analysis. From the estimation results, some appliances show a substitutive or complementary pattern as expected, while others which look apparently unrelated have correlation by co-incidence. This research has several advantages compared to previous literatures on home appliances. First, this research focuses on the various products which are purchased by each household, while previous researches such as Matsukawa and Ito(1998) and Yoon(2007) focus just on a particular product. Second, the methodology of this research can consider a choice process of each product and correlation among products simultaneously. Lastly, this research can analyze not only a substitutive or complementary relationship in the same category, but also the correlation among products in the different categories. As the data on the possession of home appliances in each household has a characteristic of multiple choice, not a single choice, a MVP model are used for the empirical analysis. A MVP model is derived from a random utility model, and has an advantage compared to a multinomial logit model in that correlation among error terms can be derive(Manchanda et al., 1999; Edwards and Allenby, 2003). It is assumed that the error term has a normal distribution with zero mean and variance-covariance matrix ${\Omega}$. Hence, the sign and value of correlation coefficients means the relationship between two alternatives(Manchanda et al., 1999). This research uses the data of 'TEMEP Household ICT/Energy Survey (THIES) 2008' which is conducted by Technology Management, Economics and Policy Program in Seoul National University. The empirical analysis of this research is accomplished in two steps. First, a MVP model with demographic variables is estimated to analyze the effect of the characteristics of household on the purchase of each home appliances. In this research, some variables such as education level, region, size of family, average income, type of house are considered. Second, a MVP model excluding demographic variables is estimated to analyze the correlation among each home appliances. According to the estimation results of variance-covariance matrix, each households tend to own some appliances such as washing machine-refrigerator-cleaner-microwave oven, and air conditioner-dish washer-washing machine and so on. On the other hand, several products such as analog braun tube TV-digital braun tube TV and desktop PC-portable PC show a substitutive pattern. Lastly, the correlation map of home appliances are derived using multi-dimensional scaling(MDS) method based on the result of variance-covariance matrix. This research can provide significant implications for the firm's marketing strategies such as bundling, pricing, display and so on. In addition, this research can provide significant information for the development of convergence products and related technologies. A convergence product can decrease its market uncertainty, if two products which consumers tend to purchase together are integrated into it. The results of this research are more meaningful because it is based on the possession status of each household through the survey data.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.129-136
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• 2014

This paper examines the effects of dominating large shareholders and foreign blockholders on credit ratings. An effective governance mechanism is expected to lead to higher credit ratings through its impact on default risk of the firm. Our results show that dominating large shareholders have an adverse impact on credit ratings of domestic firms on the level of its statistical significance. Foreign shareholders are positively associated with credit ratings, contributing to the higher credit worthness of domestic firms.

• Journal of Korean Society of Disaster and Security
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• v.9 no.2
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• pp.23-32
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• 2016

Today the issue of deterioration of industrial complexes that are located close to life space of residents has been raised as a cause of threats to the safety of local communities. In this study, in order to improve the current risk analysis and scope of community notification, simulated threat zones were comparatively analyzed by utilizing the threat zones of alternative accident scenarios and modes of seasonal weather, and the area with a high probability of damage upon the leakage of toxic substances was predicted by examining wind directions observed at each time slot for each season. In addition, limit evacuation time and minimum separation distance to minimize casualties were suggested, and a proposal to enable more reasonable safety measures for on-site workers and nearby residents made by reviewing the risk management plan currently utilized for emergency response.