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        • CONTROL OF THE INTEREST RATE RISK IN A BOND PORTFOLIO AND GOAL PROGRAMMING

          Sang Hoon Kim 사람과세계경영학회 1998 Global Business and Finance Review Vol.3 No.1

          '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 7시까지 원문보기가 가능합니다.

          The interest rate risk of a bond investment is divided into the price and reinvestment risks. It has shown that reduction of one risk can be achieved only by increasing the other risk by the same amount. Therefore, control of the interest rate risk should be dealt with constructing a bond portfolio with a desirable combination of the two risks depending on expectation on future interest rates and also subject to various investment goals and constraints. This paper provides a prototype goal programming model which can be extended to control the interest rate risk of a broad range of financial assets.

        • KCI등재

          Differences of Opinion and Stock Price Reaction in the Case of Corporate Spin-off Announcements

          김대원 사람과세계경영학회 2017 Global Business and Finance Review Vol.22 No.2

          This study analyzes the effect of changes in the level of differences of opinion (DO) associated with the public disclosure of spinoff divesture on stock prices. The framework for the empirical analysis is the application of a dynamic DO model of Banerjee and Kremer (2010) to Miller (1977)’s DO model. From this framework, we derive three testable hypotheses, specifically, focusing on the effects of a change in the level of DO from the ex-ante level to the event level caused by the announcements of corporate spinoff engaged and completed by firms in the U.S from 1964 to 2005. We show that the announcements spark sudden and sharp increases in the level of DO. These increases or the disagreement shocks are positively correlated with the abnormal returns generated by the announcements. Furthermore, firms with low ex-ante levels of DO—the mean degree of disagreement among investors about a firm value in a normal trading day—tend to generate greater disagreement shocks. The implication of this negative correlation between the ex-ante level of DO and the disagreement shock is that there should be also a negative relationship between the ex-ante level of DO and the abnormal return. We confirm this relationship. Therefore, the ex-ante level of DO as a firm trait defined by investors’ behavioral characteristic can be a significant determinant for the well-known wealth effect or the on-average positive abnormal return gained by corporate spinoffs.

        • KCI등재

          A Comparison of Investors’ and Analysts’ Biases in Interpreting Book-Tax Difference: Evidence from Korean Stock Market

          전홍민,심준용 사람과세계경영학회 2017 Global Business and Finance Review Vol.22 No.2

          This study examines and compares investors’ and analysts’ biases in interpreting book-tax difference (hereafter BTD). The empirical results of using 1,544 Korean firm-year observations from 2001 to 2008 are as follows. First, we find that BTD is negatively associated with the value-price (V/P) ratio. This result implies that investors have more optimistic biases than analysts do in interpreting BTD. Second, for high institutional ownership sample, the negative association between BTD and V/P ratio would disappear. This empirical result suggests that sophisticated institutional investors understand the meaning of BTD better than general investors. Third, for lower analyst following sample, there was no significant association between BTD and V/P ratios. This implies that higher analyst following reduces biases in analysts’ earnings forecasts. This study adds to the growing body of evidence that is related to the efficiency of analysts’ earnings forecasts. It is the first empirical study to show that investors do not fully incorporate the meaning of BTD into their stock pricing compared with analysts’ earnings forecasts.

        • KCI등재

          Discursive (de)legitimation of a contested return of former chairman Lee Kun-Hee to Samsung chaebol

          김승진 사람과세계경영학회 2017 Global Business and Finance Review Vol.22 No.2

          This paper is a critical analysis of media discourse on an action of Korean chaebol, using the return of former chairman Lee Kun-Hee to Samsung chaebol. Chairman Lee attempts to legitimise his return as a necessity of leadership to enable Samsung overcome the global crisis of conglomerates, as an owner of a chaebol in response to its crisis. To analyse the discursive struggle related to his return, we divided discourses into two: one legitimising his return as an owner of a chaebol and the other arguing that his return is unjust because it indicates the return of autocratic management with infinite power but without responsibility. We have elucidated the crucial role of the media that makes sense of and consequently react to such discursive (de)legitimation for understanding of management of Korean chaebols.

        • KCI등재

          Effectiveness of Economic Sanctions against North Korea and Role of China: Empirical Approach

          최지나,김효신,오진환 사람과세계경영학회 2017 Global Business and Finance Review Vol.22 No.2

          This study explores North Korea’s trade patterns and the effectiveness of economic sanctions imposed on the hermit kingdom. Using a gravity model with a panel dataset of the country’s 92 trading countries from the period of 1999 to 2014, this paper examines North Korea’s trade patterns and compares the model-based estimated bilateral trade flows with actual trade ones. Main findings are: (1) North Korea’s trade has been excessively skewed to China as a result of economic sanctions from the United Nations and international community, largely driven by the United States; (2) The U.S. - North Korea trade would not be seriously affected by the sanctions due to their low estimated trade flows; (3) The latter finding raises further questions over the effectiveness of the current sanctions and asks for active cooperation from China.

        • KCI등재

          The Impact of K-IFRS Adoption on the Value Relevance of Accounting Information

          지현미 사람과세계경영학회 2017 Global Business and Finance Review Vol.22 No.2

          This study investigates the impact that IFRS adoption in Korea has had on the value relevance of accounting information. The hypothesis is that under the new set of accounting standards (IFRS-based accounting standards named K-IFRS in Korea), the quality of book value and earnings reported by these companies is relatively higher. To this end, the quality of accounting information proxy is studied using the value relevance of book value and earnings. 10,720 firm-year observations are obtained for a five-year period before and a five-year period after the adoption of K-IFRS, and the results indicate that the adoption of K-IFRS is related to a higher reported book value and earnings quality. The results show that the value relevance of the firms’ book value and earnings is significantly higher after the adoption of K-IFRS. This study reinforces the notion that introducing IFRS improves the usefulness of accounting information and further indicates that IFRS adoption can ensure consistency in Korea of international accounting standards to improve the credibility of accounting information. As such, this research has directly addressed the impact of IFRS adoption on the quality of financial reporting in an emerging market.

        • KCI등재

          The Effect o f the Owner CEO on t he R elati on b etween CEO Compensati on and F i rm P erformance: Korean C ase

          Yong Shik Kim,Sun A Kang,In shik Seol 사람과세계경영학회 2018 Global Business and Finance Review Vol.23 No.3

          '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 7시까지 원문보기가 가능합니다.

          In the study, we examine whether the owner CEO affects the relation between CEO compensation and firm performance. There is a positive relation between CEO compensation and firm performance in general. More in-depth analysis shows, however, that such positive relation diminishes in the owner CEO firms, specifically when the CEO is the largest owner. Firm performance also improves as the level of CEO ownership increases in the non-owner CEO firms; no significant results are found in the owner CEO firms. We conclude that the convergence-of-interests effect dominates in the non-owner CEO firms, the entrenchment effect dominates in the largest CEO firms, and both the convergence-of-interests and the conflict-of-interest effects exist together in the family CEO firms.

        • KCI등재

          IFRS and Market Reactions to Analyst Stock Recommendations: Evidence from Korea

          황인덕,정균범,모경원 사람과세계경영학회 2017 Global Business and Finance Review Vol.22 No.1

          We examine changes in both short-term and long-term market reactions to financial analysts’ stock recom- mendations around the time of IFRS adoption. If the adoption of IFRS improves the corporate-information environ- ment, thereby diminishing the role of the analyst as a generator of information, investors will become less dependent on analyst recommendations; thus, market reactions to analysts’ stock recommendations will decrease. However, if the corporate-information environment deteriorates after the adoption of IFRS, investors will become more de- pendent on information from intermediaries, such as financial analysts; thus, market reactions to analysts’ stock recommendations will increase. Based on observations of South Korean companies, we find that short-term market reactions to analysts’ stock recommendations diminish after the adoption of IFRS but fail to find a decrease in long-term market reactions to analysts’ stock recommendations after the adoption of IFRS. Our results suggest that IFRS enhances the corporate-information environment and, therefore, that investors rely less on financial ana- lysts’ recommendations after the adoption of IFRS.

        • SCOPUSKCI등재

          Authentic Leadership and its Consequences in a Hotel Restaurant Context

          Sae Mi Lee,Keum Ja Lim,Eric Swanson,Dae Hwan Park,Yong Ki Lee 사람과세계경영학회 2016 Global Business and Finance Review Vol.21 No.2

          '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 7시까지 원문보기가 가능합니다.

          This paper examines the effect of authentic leadership on leader trust, organizational identification, job performance, and employee loyalty within the context of a food-and beverage department in a hotel. The data were collected from 204 hotel employees and analyzed using structural equation modeling. Findings are as follows: authentic leadership had significant effects on leader trust and job performance, but does not affect organizational identification. Leader trust was found to have significant influences on organizational identification and employee loyalty, and fully mediated the relationship between authentic leadership and organizational identification. Organizational identification significantly affected both job performance and employee loyalty and plays a full mediating role between leader trust and job performance, and also plays a partial mediating role between leader trust and employee loyalty. Finally, job performance had a significant effect on employee loyalty.

        • KCI등재

          Electronic Commerce, MCSs Change, and the I mprovement of Supply-chain Performance

          Jong-min Choe 사람과세계경영학회 2018 Global Business and Finance Review Vol.23 No.2

          '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 7시까지 원문보기가 가능합니다.

          This paper aims to demonstrate the positive impact of the fit between the usage levels of business-to-business (B2B) electronic commerce (EC) and forms of management control systems (MCSs) on the supply-chain performance of a firm. This study analyses data taken from 114 manufacturing firms that are listed on the Korean stock market. We adopt the complementarity perspective to suggest the fit among research variables. To demonstrate the impact of the fit on the supply-chain performance of a firm, this study employs a cluster analysis that implies a systems approach of fit. This study also utilizes a subgroup analysis to show the moderating effects of top management support, resource capabilities, and suppliers’ capabilities on the fit. The empirical results show that under high adoption degrees of EC, if both the use levels of non-financial performance measurement system (NPMS) are high and organic structures are employed, the supply-chain performance of a firm is more enhanced. However, the results also indicate that when EC is highly adopted, low usage levels of NPMS and mechanistic structures can reduce supply-chain performance. In the examination of the impact of supply-chain performance on a firm’s overall performance, positive effects are demonstrated. From the results of a subgroup analysis, the facilitating roles of organizational resource capabilities, top management support, and suppliers’ pressure and capabilities for the development of appropriate forms of MCSs under high EC adoption levels are partially confirmed. The designs of MCSs additionally include such components as reward systems and communication networks. In this study, only the core design variables of MCSs are considered.

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