The purposes of this study is to verify whether insider trader get the excess return using inside information. For this we divide inside traders into four groups according to their ownership: maximum shareholder, main shareholders, 5% sharehoders and executives. Also we categorize inside traders into three groups: personal investor, foreign investor and institutional investors. After insiders trade their stock, excess return is reported for 20days and the size of excess return of executives and institutional investor is larger than that of other groups. It means more strict monitoring system is needed in the domestic stock market.

In this era of knowledge and information of the 21st century, the source of a nation's competitive power consists of human resources and material resources and the importance of human resources appreciates highly. The number of small and medium enterprises which are the core of national economy covers over 98% among whole domestic enterprises of Korea. Competitive power of small and medium enterprises comes from human resources development. For the development of human resources, small and medium enterprises are trying to expand their learning organizations in the company. The analysis of outcomes of administering the existing learning organizations shows that learning organizations contribute highly to the improvement of the productivity of small and medium enterprises. And the analysis also shows that the participants of learning organizations and middle management and executives who support and encourage them recognize the necessity of learning organizations and that it should be disseminated throughout other enterprises. Therefore government's supports to establish learning organizations in a company are required to expand.