• The Korean Journal of Financial Management
• /
• v.23 no.1
• /
• pp.69-100
• /
• 2006

We examine the effect of controlling shareholders ownership structure and related-party transactions(hereafter 'RPT') of publicly traded companies on their firm values during the post-IMF period. In the multivariate regression analysis using control variables such as firm size, capital structure, investment, dividend, profitability and industry dummy that might affect firm values, we find that there exists a significant negative relation between the controlling shareholders ownership structure and firm values proxied by Tobin's Q, and also find that there is a significant negative relation between RPT and the firm values. Those evidences seem to support the controlling shareholders' expropriation hypothesis. Additionally, we investigate the relation between ownership structure and rim value through the piecewise regression analysis. We find a significant 'inverse' U-shape pattern between the controlling shareholders ownership structure and firm values. This result is quite different from the existing literatures that have usually reported an U-shape pattern. In conclusion, the findings in this study do not support the notion that the ownership concentration to the controlling shareholders does negatively affect the firm values monotonically.

• The Korean Society of Law and Medicine
• /
• v.10 no.2
• /
• pp.455-492
• /
• 2009

(Background) Recent biotechnological breakthroughs are shedding new lights on various ethical and legal issues about human biological material. Since Rudolph Virchow, a German pathologist, had founded the medical discipline of cellular pathology, issues centering around human biological materials began to draw attention. The issues involving human biological materials were revisited with more attention along with series concerns when the human genome map was finally completed. Recently, with researches on human genes and bioengineering reaping enormous commercial values in the form of material patent, such changes require a society to reassess the present and future status of human tissue within the legal system. This in turn gave rise to a heated debate over how to protect the rights of material donors: property rule vs. no property rule. (Debate and Cases) Property rule recognizes the donors' property rights on human biological materials. Thus, donors can claim real action if there were any bleach of informed consent or a donation contract. Donors can also claim damages to the responsible party when there is an infringement of property rights. Some even uphold the concept of material patents overtaking. From the viewpoint of no property rule, human biological materials are objects separated from donors. Thus, a recipient or a third party will be held liable if there were any infringement of donor's human rights. Human biological materials should not be commercially traded and a patent based on a human biological materials research does not belong to the donor of the tissues used during the course of research. In the US, two courts, Moore v. Regents of the University of California, and Greenberg v. Miami Children's Hospital Research Institute, Inc., have already decided that research participants retain no ownership of the biological specimens they contribute to medical research. Significantly, both Moore and Greenberg cases found that the researcher had parted with all ownership rights in the tissue samples when they donated them to the institutions, even though there was no provision in the informed consent forms stating either that the participants donated their tissue or waived their rights to ownership of the tissue. These rulings were led to huge controversy over property rights on human tissues. This research supports no property rule on the ground that it can protect the human dignity and prevent humans from objectification and commercialization. Human biological materials are already parted from human bodies and should be treated differently from the engineering and researches of those materials. Donors do not retain any ownership. (Suggestions) No property rule requires a legal breakthrough in the US in terms of donors' rights protection due to the absence of punitive damages provisions. The Donor rights issue on human biological material can be addressed through prospective legislation or tax policies, price control over patent products, and wider coverage of medical insurance. (Conclusions) Amid growing awareness over commercial values of human biological materials, no property rule should be adopted in order to protect human dignity but not without revamping legal provisions. The donors' rights issue in material patents requires prospective legislation based on current uncertainties. Also should be sought are solutions in the social context and all these discussions should be based on sound medical ethics of both medical staffs and researchers.

• Food Science of Animal Resources
• /
• v.32 no.4
• /
• pp.396-403
• /
• 2012

This study was conducted in order to investigate the effect of storage temperature abuse on the freshness of refrigerated and frozen spent hen's meat. After a room temperature storage condition, two different storage temperature were followed: refrigeration and frozen storage. All parts of the spent hen's meats were thawed at 4 d intervals up to 3 times (2, 6, and 10 d) for 24 h. The level of bacteria on the different parts of the refrigerated and frozen meats was higher than 6 Log CFU/g under the following storage conditions: refrigerated - breast, 12 h; leg, 6 h; wing, 12 h at the $1^{st}$ analysis, frozen - breast, 12 h at the $2^{nd}$ analysis; leg, 24 h at the $1^{st}$ analysis; wing, 12 h at the $1^{st}$ analysis. The pH value for the leg meat was higher than breast and wing meats. In the color measurements, under the room temperature storage condition, lightness and redness values decreased but the yellowness increased in refrigerated meats (p<0.05). The K-value regarding refrigerated leg meats exceeded 60%, which is the threshold value to evaluate the degree of freshness, during the $1^{st}$ analysis (p<0.05). The VBN value of refrigerated leg meat was the highest and reached up to 96.93 mg%. Thus, studies regarding the possible decline in quality according to the change of storage temperature could be used in order to establish a basic database for the quality control of spent hen meat being traded with other countries.

• Journal of the Korea Convergence Society
• /
• v.12 no.6
• /
• pp.9-16
• /
• 2021

In the past, there have been various studies on predicting the stock market by machine learning techniques using stock price data and financial big data. As stock index ETFs that can be traded through HTS and MTS are created, research on predicting stock indices has recently attracted attention. In this paper, machine learning models for KOSPI's up and down predictions are implemented separately. These models are optimized through a grid search of their control parameters. In addition, a hybrid machine learning model that combines individual models is proposed to improve the precision and increase the ETF trading return. The performance of the predictiion models is evaluated by the accuracy and the precision that determines the ETF trading return. The accuracy and precision of the hybrid up prediction model are 72.1 % and 63.8 %, and those of the down prediction model are 79.8% and 64.3%. The precision of the hybrid down prediction model is improved by at least 14.3 % and at most 20.5 %. The hybrid up and down prediction models show an ETF trading return of 10.49%, and 25.91%, respectively. Trading inverse×2 and leverage ETF can increase the return by 1.5 to 2 times. Further research on a down prediction machine learning model is expected to increase the rate of return.

• Journal of Global Scholars of Marketing Science
• /
• v.20 no.1
• /
• pp.80-88
• /
• 2010

There has been considerable research examining the relationship between stockholders equity and various marketing strategies. These include studies linking stock price performance to advertising, customer service metrics, new product introductions, research and development, celebrity endorsers, brand perception, brand extensions, brand evaluation, company name changes, and sports sponsorships. Another facet of marketing investments which has received heightened scrutiny for its purported influence on stockholder equity is television advertisement embedded within specific sporting events such as the Super Bowl. Research indicates that firms which advertise in Super Bowls experience stock price gains. Given this reported relationship between advertising investment and increased shareholder value, for both general and special events, it is surprising that relatively little research attention has been paid to investigating the relationship between advertising in the Olympic Games and its subsequent impact on stockholder equity. While attention has been directed at examining the effectiveness of sponsoring the Olympic Games, much less focus has been placed on the financial soundness of advertising during the telecasts of these Games. Notable exceptions to this include Peters (2008), Pfanner (2008), Saini (2008), and Keller Fay Group (2009). This paper presents a study of Olympic advertisers who ran TV ads on NBC in the American telecasts of the 2000, 2004, and 2008 Summer Olympic Games. Five hypothesis were tested: H1: The stock prices of firms which advertised on American telecasts of the 2008, 2004 and 2000 Olympics (referred to as O-Stocks), will outperform the S&P 500 during this same period of time (i.e., the Monday before the Games through to the Friday after the Games). H2: O-Stocks will outperform the S&P 500 during the medium term, that is, for the period of the Monday before the Games through to the end of each Olympic calendar year (December 31st of 2000, 2004, and 2008 respectively). H3: O-Stocks will outperform the S&P 500 in the longer term, that is, for the period of the Monday before the Games through to the midpoint of the following years (June 30th of 2001, 2005, and 2009 respectively). H4: There will be no difference in the performance of these O-Stocks vs. the S&P 500 in the Non-Olympic time control periods (i.e. three months earlier for each of the Olympic years). H5: The annual revenue of firms which advertised on American telecasts of the 2008, 2004 and 2000 Olympics will be higher for those years than the revenue for those same firms in the years preceding those three Olympics respectively. In this study, we recorded stock prices of those companies that advertised during the Olympics for the last three Summer Olympic Games (i.e. Beijing in 2008, Athens in 2004, and Sydney in 2000). We identified these advertisers using Google searches as well as with the help of the television network (i.e., NBC) that hosted the Games. NBC held the American broadcast rights to all three Olympic Games studied. We used Internet sources to verify the parent companies of the brands that were advertised each year. Stock prices of these parent companies were found using Yahoo! Finance. Only companies that were publicly held and traded were used in the study. We identified changes in Olympic advertisers' stock prices over the four-week period that included the Monday before through the Friday after the Games. In total, there were 117 advertisers of the Games on telecasts which were broadcast in the U.S. for 2008, 2004, and 2000 Olympics. Figure 1 provides a breakdown of those advertisers, by industry sector. Results indicate the stock of the firms that advertised (O-Stocks) out-performed the S&P 500 during the period of interest and under-performed the S&P 500 during the earlier control periods. These same O-Stocks also outperformed the S&P 500 from the start of these Games through to the end of each Olympic year, and for six months beyond that. Price pressure linkage, signaling theory, high involvement viewers, and corporate activation strategies are believed to contribute to these positive results. Implications for advertisers and researchers are discussed, as are study limitations and future research directions.