• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.4 no.4
• /
• pp.45-70
• /
• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Korean Journal of Poultry Science
• /
• v.43 no.4
• /
• pp.207-212
• /
• 2016

This work was carried out to investigate the ability of thirteen crossbreds for production of commercial chicken (CC) of Korean native chicken to be cut out for Korean circumstance. Total of one thousand three hundred of crossbreds were divided thirteen groups (100 birds/group) that were twelve groups (1A, 1B, 2A, 2B, 3A, 3B, 4A, 4B, 5A, 5B, 6A, 6B) to crossbreed with two sires (A, B) and six dams (1, 2, 3, 4, 5, 6) of parent stock (PS) of Korean native chicken and one group (HH) as commercial Korean native chicken. Experimental diets were starter diet (0~7d; CP 22.0% ME 3,150 kcal/kg), early diet (8d~Wt 800 g; CP 19.0% ME 3,150 kcal/kg) and finished diet (Wt 800 g~12 wk; CP 18.0% ME 3,150 kcal/kg). Fertility of 1B group was higher than other groups. Hatchability per fertilization eggs and hatchability per setting eggs were 87.5~89% and 87.9~96.3%, respectively, and those of 4B and 6B groups were lower compared to other groups. Weekly body weight of HH group was lower than other groups. CV values of body weight of thirteen groups were showed over 12% as 12.5~18.2%, and especially, those of 2B, 3B, 5B, HH groups were lower compared to other groups. Weekly feed conversion ratios (FCRs) of 13 crossbreds were 1.7~2.3, 2.1~2.5, 2.4~2.7 and 2.7~3.2 at the age of 6, 8, 10 and 12 weeks, respectively. Weekly production indexes of 2A, 3A and HH groups were the lower than other groups and those of thirteen groups decreased following weeks. Feed costs per body weight gain (kg) were 1,069~1,255 won, 1,100~1,263 won, and 1.468~1,696 won at starter, earlier and finished period of broilers. These results leaded down to conclusion to be possible selection of new Korean native commercial chicken that have the excellent performance and economics.

• KDI Journal of Economic Policy
• /
• v.25 no.1
• /
• pp.99-145
• /
• 2003

Quasi-fiscal activities (QFAs) refer to those activities that public corporations carry out to achieve policy objectives of the government. QFAs often lead to the understatement of the government involvement in the economy and the overstatement of its financial balance, thereby lowering fiscal transparency and hiding fiscal risks. Central banks, as public corporations, perform various QFAs in many countries. I define QFAs in this case as those activities that are not directly related to the intrinsic function of central banks, whose responsibility lies in the administration of monetary policy and the provision of banking services for the government and commercial banks. In Korea, the Bank of Korea (BOK) has been an active source of QFAs. Of particular importance are the policy loans to commercial banks to promote their lending to small- and medium-sized enterprises and others. The outstanding stock of policy loans increased rapidly in the aftermath of the recent economic crisis, and stood at 7.6 trillion won (20 percent of the reserve money) at the end of 2002. Another important QFA by BOK stems from the transfer of part of its profits to the central government. The accumulated transfer during 1998-2002 amounted to 9.9 trillion won. My calculation shows that if these and other QFAs had been carried out by the government as explicit fiscal activities, the consolidated central government financial balance would have been below the actual balance by about 0.5 percent of GDP in each year since the economic crisis. It is suggested that the QFAs by BOK be reduced in coming years not only to enhance fiscal transparency but also to expand the flexibility of BOK's reserve management. Abolishing policy loans and minimizing transfers to the government would be the first step in this direction. BOK should also consider paying interest on the government deposit held in BOK.

• Journal of Korean society of Dental Hygiene
• /
• v.3 no.1
• /
• pp.59-72
• /
• 2003

The purpose of this study was to examine what the role of denial hygienist was. The subjects were 751 dental hygienists from dental clinics, dental hospitals, general hospitals, public dental clinics and their branches throughout the nation. After a survey was conducted, the collected data were analyzed with SPSS WIN 10.0, and variance analysis and post-analysis were implemented. And Forgarty's 8th integrated model, out of 10 ones, was selected to delve into the practical role of dental hygienist in detail. The findings of this study were as follows: 1. The three age groups had a significantly different opinion on the significance of individual subjects. The dental hygienists of thirty six and over found the basic and preventive public dental care courses most important, and the 31~35 age group placed most stock in education and research. Overall, the post-analysis results showed that prevention and clinical courses were considered most vital, followed by education and fundamental courses. 2. There was a significant gap between four groups from the different work places in their view of the weight of the individual subjects. According to the post-analysis, the dental hygienists from the general hospitals, public dental clinics and their branches gave more weight to fundamental, education and research areas. Those who were with the dental clinics, dental hospitals and general hospitals put higher value on clinical course than the dental hygienists from the public dental clinics and their branches. 3. Two groups with a different career also had a different outlook on the importance of the individual subjects. The post-analysis results illustrated that the dental hygienists who had worked for three years or more put higher stress on the fundamental course than those with a less career, and the dental hygienists with a five-year or higher career attached more importance to the education and research field than those with a smaller career. 4. There was a significant difference between the three age groups in their clinical role. The post-analysis results indicated thai the younger dental hygienists were more of assistants than of professionals, as they chiefly took X-ray photograph, handled treatment materials or performed treatment-related works. Overall, handling treatment materials was most common. 5. The three groups from the different work places significantly varied in their clinical role. According to the post-analysis, those from the dental clinics and dental hospitals took more x-ray photographs, handled more treatment materials and performed more relevant works, compared to those from the general hospitals, public dental clinics and their branches. 6. The two groups with a different career differed significantly in their clinical role. The post-analysis results suggested that the dental hygienists with a less career played an assistant role more, which handled treatment materials or carried out other relevant works. 7. The fundamental courses (I) and (II), preventive class (I) and (II) and its practice course were regarded as integrated subjects that they should take 10 offer preventive treatment, which was one of the dental hygienist missions. What's needed to act as dental-care educators was the basic courses (I) and (II), dental hygiene education and its practice. Finally, integrated clinical courses (I) and (II) and clinical practice were viewed as necessary for their role performance as dental treatment collaborators.

• Journal of Life Science
• /
• v.20 no.9
• /
• pp.1294-1298
• /
• 2010

White spot syndrome virus (WSSV) is one of the most virulent viral agents threatening the penaeid shrimp culture industry. This study was carried out to evaluate the susceptibility of the sand shrimp, Crangon affinis, to WSSV as an alternative experimental model. WSSV caused 100% mortality in C. affinis within 7 days after experimental infection by immersion. Based on challenge studies, it was confirmed that C. affinis could be a potential host in WSSV transmission. Also, the neutralization of WSSV was carried out using an antiserum raised against recombinant envelop protein rVP466 to evaluate the WSSV infection mechanism. A constant amount of WSSV (at $1{\times}10^4$ diluted stocks) was incubated with various amounts of antiserum and then mixed to 20 l reservoir for the immersion challenge of C. affinis for neutralization. At 5 days post challenge, the shrimp in the positive control immersed in the immersion reservoir containing WSSV stock showed 100% mortality. The shrimps challenged with the 3 different mixtures of WSSV and rVP466 antiserum (1:0.1, 1:0.5 and 1:1) showed 100%, 68.8% and 68.8% mortality at 14 days post challenge, respectively. These results indicated that the antiserum raised against rVP466 could block WSSV infection in C. affinis. Therefore, this study confirmed that C. affinis can be naturally infected by WSSV as another potential host and that C. affinis can be used as an alternative experimental animal instead of penaeid shrimps.

• Food Science of Animal Resources
• /
• v.28 no.2
• /
• pp.222-231
• /
• 2008

This study was carried out to develop a method for decreasing the heavy metal composition of living stock. Sprague-Dawley (SD) male rats were pre-treated with heavy metals administered i.p. at the limits of regulation according to the feed CODEX in Korea. Herbal medicine remnant was administered p.o. (2, 4 ppm of average feeding amount) for the entire period of study with organic selenium (2 ppm of average feeding amount) before any other treatment. 2,2'-azobis(2-amidinopropane) dihydrochloride (AAPH) was also administered i.p. in a single dose of 60 mg/kg body weight before animals were sacrificed. The TBARS test with the FOX assay demonstrates a decrease of heavy metals due to these functional materials in vitro. Moreover, this decrease in heavy metals was also demonstrated by in vivo tests based on SD rats hair analysis and organ analysis after 6 weeks. A good linear correlation between hair analysis and organ analysis represented by liver and blood was shown. The present findings suggest that measurement method of heavy metal composition using hair analysis for healthy livestock can be used in place of detection methods carried out by organ and blood analysis, and herbal medicines with organic selenium may be very effective at decreasing heavy metals of feed materials in feed manufacture industry.

• Korean Business Review
• /
• v.17 no.2
• /
• pp.1-23
• /
• 2004

Since revision of Korean GAAP on the merge transaction in 1999, the few studies on the problems of the GAAP or on the inconsistency of GAAP and regarding tax regulations have been performed. The objective of this study is to understand the present state of the merge transactions, to find out the problems on the regarding GAAP and tax regulations, and to suggest the method to improve them. Among the 69 merge transactions of the listed and registered companies for the recent 3 years, 67 merge transactions are reported as the purchase transactions and 2 transactions as the pooling of interest. And 11 transactions occurred between parents and subsidiaries. I investigate the sufficiency of the foot disclosures on the merge transactions, I find out that the disclosure on the amortization of the negative goodwill are not sufficient, and several transactions are not recorded in conformity with GAAP. This paper indicates the problems on the GAAP as follows: the complicated and irrational method of amortization of the negative goodwill, the valuation of the stocks acquired before the merge, the inconsistent adjustments to purchase consideration contingent on future events, and the valuation of the merge between the parents and subsidiaries. And the problems on the tax regulations are as follows: tax deferment of the income from merge valuation, the ambiguous definitions of the fair value, and stock dividend of the income from merge valuation.

• Journal of the Economic Geographical Society of Korea
• /
• v.22 no.2
• /
• pp.160-177
• /
• 2019

In this study, we examined the distribution of dealers and the repair parts management system of a Japanese car manufacturer in the Chinese market in looking at the case of Toyota. We conducted our research by obtaining information from a GAC Toyota dealer about the current distribution of dealers and locations of warehouses throughout China, as well as the status of stocks and the distribution system for repair and maintenance parts. The results of our investigation showed that although GAC Toyota has 437 dealers throughout the country, there is an imbalance in distribution towards the coastal areas, after the population ratios and other measurements are factored in. Therefore, it can be said expansion towards the inland regions, where demand for automobiles has increased in recent years, has been stunted. On the other hand, there is a high correlation between gross GDP by region and the number of stores, and it can be pointed out that the company prioritizes the sale of high-priced vehicles in major coastal areas where the economy is large, rather than selling low-priced vehicles for inland consumers with a relatively small economic scale. The company also has difficulty in securing dealers that can provide sufficient after-sales service. According to the regulations of GAC Toyota, the company require dealers to have at least 1,500 repair and maintenance parts in stock. Also, when exchanging maintenance parts, GAC Toyota's emphasis is on increasing customer satisfaction by giving sufficient explanations for customers and obtaining consent from them. As a result, the company's dealers need financial resources to continue their business from a long-term perspective. However, it can be pointed out that such dealers are limited, and it is difficult to distribute profits among manufacturers and dealers.

• Korean Journal of Organic Agriculture
• /
• v.16 no.4
• /
• pp.421-434
• /
• 2008

This study was carried out to estimate the selection of appropriate forage crops, proper application levels of livestock manure, and carrying capacity per unit area for organic livestock, as influenced by livestock manure application levels compared with chemical fertilizer to corn and sorghum $\times$ sorghum hybrid, in order to produce organic forages by utilizing livestock manure. For both corns and sorghum $\times$ sorghum hybrids, no fertilizer plots had significantly (p<0.05) lower annual dry matter (DM), crude protein (CP) and total digestible nutrients (TDN) yields than those of other plots, whereas the N+P+K plots ranked the highest yields, followed by 150% cattle manure plots and 100% cattle manure plots. Dry matter, CP and TDN yields of cattle manure plots were significantly (p<0.05) higher than those of no fertilizer and P+K plots. In applying cattle manure, the yields of cattle slurry plots tended to be a little higher than those of composted cattle manure plots. Assuming that corns and sorghum $\times$ sorghum hybrids produced from this trial were fed at 70% level to 450kg of Hanwoo heifer with 400g of average daily gain, livestock carrying capacity (head/year/ha) ranked the highest in N+P+K plots of the case of corns (mean 6.7 heads), followed by 150% cattle slurry plots (mean 5.6 heads), 150% composted cattle manure plots (mean 4.8 heads), 100% cattle slurry plots (mean 4.4 heads), 100% composted cattle manure plots (mean 4.3 heads), P+K plots (mean 4.1 heads), and no fertilizer plots (mean 3.1 heads). Meanwhile, in case of sorghum $\times$ sorghum hybrids, N+P+K plots (mean 5.7 heads) ranked the highest carrying capacity, followed by $100{\sim}150%$ cattle slurry plots (mean $4.8{\sim}5.2$ heads), 150% composted cattle manure plots (mean 4.7 heads), 100 % composted cattle manure plots (mean 4.3 heads), P+K plots (mean 3.8 heads), and no fertilizer plots (mean 3.4 heads). The results indicated that replacing chemical fertilizer by livestock manure application to cultivation soil for forage crops could enhance not only DM and TDN yields, but also organic stock carrying capacity. In conclusion, it was conceived that organic forage production by reutilizing livestock manure might contribute to reduced environmental pollution and the production of environment friendly agricultural products through resources recycling.

• Proceedings of the Safety Management and Science Conference
• /
• 2004.11a
• /
• pp.355-380
• /
• 2004

I test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. Using thirty-six industry portfolios and the broad market index as our test assets, I establish several key results. First, a number of industries such as semiconductor, electronics, metal, and petroleum lead the stock market by up to one month. In contrast, the market, which is widely followed, only leads a few industries. Importantly, an industry's ability to lead the market is correlated with its propensity to forecast various indicators of economic activity such as industrial production growth. Consistent with our hypothesis, these findings indicate that the market reacts with a delay to information in industry returns about its fundamentals because information diffuses only gradually across asset markets. Traditional theories of asset pricing assume that investors have unlimited information-processing capacity. However, this assumption does not hold for many traders, even the most sophisticated ones. Many economists recognize that investors are better characterized as being only boundedly rational(see Shiller(2000), Sims(2201)). Even from casual observation, few traders can pay attention to all sources of information much less understand their impact on the prices of assets that they trade. Indeed, a large literature in psychology documents the extent to which even attention is a precious cognitive resource(see, eg., Kahneman(1973), Nisbett and Ross(1980), Fiske and Taylor(1991)). A number of papers have explored the implications of limited information- processing capacity for asset prices. I will review this literature in Section II. For instance, Merton(1987) develops a static model of multiple stocks in which investors only have information about a limited number of stocks and only trade those that they have information about. Related models of limited market participation include brennan(1975) and Allen and Gale(1994). As a result, stocks that are less recognized by investors have a smaller investor base(neglected stocks) and trade at a greater discount because of limited risk sharing. More recently, Hong and Stein(1999) develop a dynamic model of a single asset in which information gradually diffuses across the investment public and investors are unable to perform the rational expectations trick of extracting information from prices. Hong and Stein(1999). My hypothesis is that the gradual diffusion of information across asset markets leads to cross-asset return predictability. This hypothesis relies on two key assumptions. The first is that valuable information that originates in one asset reaches investors in other markets only with a lag, i.e. news travels slowly across markets. The second assumption is that because of limited information-processing capacity, many (though not necessarily all) investors may not pay attention or be able to extract the information from the asset prices of markets that they do not participate in. These two assumptions taken together leads to cross-asset return predictability. My hypothesis would appear to be a very plausible one for a few reasons. To begin with, as pointed out by Merton(1987) and the subsequent literature on segmented markets and limited market participation, few investors trade all assets. Put another way, limited participation is a pervasive feature of financial markets. Indeed, even among equity money managers, there is specialization along industries such as sector or market timing funds. Some reasons for this limited market participation include tax, regulatory or liquidity constraints. More plausibly, investors have to specialize because they have their hands full trying to understand the markets that they do participate in