전북대학교
Abstract
I examine the relation between venture capitalists and IPO underpricing based on the study by Megginson and Weiss (1991). Unlike Megginson and Weiss, I find no significant relation between venture capital backing and IPO underpricing in the 1980s. I attribute this result to the underreporting problem in the SDC database. However, I find evidence that firms supported by VCs are more underpriced during the 1990’s sample period. This finding confirms the grandstanding theory suggested by Gompers (1996).
Keyword: IPO, underpricing, Venture capital, Grandstanding theory
Abstract
This paper analyses the effect of predicting corporate distress according to the definition of firm failure. It is now the forty six years of development of initial distress Altman model. However, this model is still cited and studied in the research area and applied in a variety of situations by practitioners. The reason is easy to understand and analysts only need a recent balance sheet, income statement, a stock price. But Prior researches used different definitions of firm failure. The result of this research is that the predicting corporate distress power of the firms that are defined as delisting firms is better than the firms that are defined as court receivership firms from 2006 to 2012 year.
Keyword: Corporate Distress, Firm Failure, Delisting, Court Receivership, Bankruptcy
Abstract
Based on batch processes data obtained from a chemical company, the performances of the Hotelling’s T2 control chart and the Squared Prediction Error (SPE) control chart built by multi-way principal component analysis are evaluated for monitoring batch processes. Thirteen in-control batch processes lasting two hours are used as reference information to build T2 and SPE control charts. A total of twenty batch processes (ten as out-of-control batch processes and another set of ten for in-control batch processes) are projected in both control charts. Performances of both control charts are measured by estimating empirical statistical power of detecting out-of-control signals and Type I error (False alarm) rates at each time period and overall. By comparing the performance of two control charts on theaspects of estimated power and false alarm rate, the T2 control chart is recommended for monitoring the batch processes considered.
Keyword: Statistical Process Control, T2 Control Chart, SPE Control Chart, Multi-way Principal Component Analysis, Batch Processes
Abstract
Although service recovery has been identified as a key driver to retain customers, the effectiveness of service recovery remains unclear. Some studies reveal that good service recovery positively impact customers’ attitudes and behaviors. But others indicate that even excellent service recovery may not be enough to restore customers’ attitudes and behaviors to the original level. To explain the contradictory findings, we provide a conceptual understanding of how loyalty and emotion may influence the effectiveness of service recovery. Often characterized as trust and commitment, loyalty is based on customers’ long-held beliefs and attitudes, whereas emotion is characterized as a short-lasting, high intensity state that arises as a consequence of specific events or circumstances, indicating that the effectiveness of service recovery efforts may be differentially affected by loyalty and emotion.
Keyword: Service Recovery, Effectiveness of Service Recovery, Loyalty, Emotion
Abstract
Through bringing together experts from civil society, government and military, the Defense Acquisition Program Administration (DAPA) was established to make defense acquisition projects more efficient by promoting democratic decision-making, reduce the chance for corruption, and place the projects under more public scrutiny. However, the recent controversies surrounding the Korea Fighter Experimental (KFX) project, the South Korean military acquisition program to indigenously develop an advanced multi-role fighter jet, have revealed that the increased democracy in the military acquisition through the DAPA may have led to increased conflict of interests among the project’s stakeholders. This study suggests that the dragging on of the KFX project has been due to the difficulties with conflict management. The difficulties of the KFX project have been: 1) the lack of superordinate goal among the stakeholders, 2) competitive reward system under highly interdependent acquisition process, 3) failure to build trust.This study recommends establishing a control tower dedicated to conflict management from the project planning phase. This control tower will work to align and integrate the interests of the stakeholders, and should be endowed with authority and leadership to enforce coordination of stakeholder action.
Keyword: Defense Acquisition Program Administration (DAPA), Korea Fighter Experimental (KFX), Conflict Management, Defense Acquisition, Military Acquisition Superordinate Goal, Reward Structure, Trust Control Tower
Abstract
The competition in the private education market is getting more and more heated. The present study is therefore aimed at investigating the factors that could affect the intent to rely on private educational institutes. For this aim, questionnaires were distributed to the 3rd to 9th graders who are currently enrolled in private academies. The returned 249 queries were put to analysis, resulting in the following outcomes: First, professionalism of educational service turned out to have positive influence on the trust in educational service. Second, the analysis showed that the facility service of private educational institutes could affect usage convenience positively. Third, it was analyzed that same quality of peer group influences positively the interaction of the peer group. Fourth, from the analysis, it became obvious that trust in educational service has positive impact upon usage intention for academies. Fifth, the analysis made it clear that usage convenience affects the intention of students to use academies positively. Sixth, it was revealed from the analysis that interaction of a peer group may exercise positive influence upon the intention to use academies. Recognition within a peer group is considered to be more influential than that by parents or teachers. Interaction within the peer group would make young people think that ‘they are being loved by their friends’ or ‘they are tied tightly to the peer group’,which, in turn, increase the intention to use academies.
Keyword: Private Education, Trust, Usage Convenience, Peer Group, Professionalism