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Reciprocity in Syndicate Participation and Issuer’s Welfare : Evidence from Initial Public Offerings
Cheolwoo Lee,Jin Q. Jeon,Bum J. Kim 한국재무학회 2009 한국재무학회 학술대회 Vol.2009 No.05
We examine whether syndicate participation is reciprocal and also whether such reciprocity is beneficial to issuers using 1043 IPOs from January 1997 to June 2002. Reciprocal syndicates appear to make a lower level of price revision (lower information production), which lowers the amount of capital to be raised through going public, and to provide less analyst coverage by the lead underwriter. We interpret the lower price revision level as an intention to exert less marketing efforts and such intention is in part embodied in the form of less analyst coverage by the lead underwriter in the aftermarket. Also, reciprocal syndicates do not provide greater certification services in order to reduce underpricing. In addition, we find that reciprocal syndicates charge higher, or at least not lower, underwriting spreads than non-reciprocal syndicates. Evidence overall shows that reciprocity is not beneficial to issuers but rather it appears to be established and maintained for the benefit of underwriters.
A Case of Evaluation Categories on Team teaching-based Technical Writing and Presentation Class
Cheolwoo Jo,Kyoung-woan Nam 한국공학교육학회 2014 공학교육연구 Vol.17 No.5
This paper describes the evaluation procedures which was applied to the team teaching-based technical writing and presentation class. Among the various evaluations for the class, three major cases are introduced. Self-established goal evaluation, presentation evaluation and team evaluation are those. Each evaluation is designed to promote or evaluate student activities from the class. And it was found to be effective for team-based writing class.
Practice of Interdisciplinary Collaboration for Education of Technical Writing and Presentation
Cheolwoo Jo,Kyoung-Woan Nam 한국공학교육학회 2012 공학교육연구 Vol.15 No.5
This paper is about one practical case on applying interdisciplinary collaboration on the education of technical writing and presentation for the engineering students. There are many points for the collaboration on various stages. Points of collaboration from the literature faculty and engineering faculty are discussed. Also collaboration forms in each educational stage are discussed. Finally a practical case of applying the collaboration scheme are described based on a real class example.
Neural Convolutional Decoders in the Satellite Channel
You,Cheolwoo,Hong,Daesik 연세대학교 전자정보통신연구소 1995 전자 정보 통신 논문집 Vol.2 No.1
The Neural Convolutional Decoders(NCD) has been used as an alternative for decoding convolutional codes〔1〕. The motivation of the NCD is to maintain the performance and to reduce the hardware complexity of the conventional convolutional decoders. In order to show that the nonlinearity of the neural networks is important, simulations are performed under the satellite channel that has the nonlinear distortion. We restrict our attention to the case of coherent QPSK modulation. In this case, the neural networks can learn the nonlinear distortion caused by the characteristics of the satellite channel including the filtering effects and the nonlinear effects of the traveling-wave tube(TWT) amplifiers. In result, the performance of the NCD with a simple structure is almost equal to that of the soft decision Viterbi decoder for the systematic code with 32-bit paths which need 128-bit memory storage. And, the performance difference between the NCD for the systematic code and the soft decision Viterbi decoder for the nonsystematic code is about 1.0 dB and nearly identical to that caused by the dissimilarity of the error-correcting ability in two codes. Therefore, if we could efficiently train the NCD for the nonsystematic codes, the NCD would perform as well as the soft decision Viterbi decoder for the nonsystematic code.