공매도의 수익률예측성과 미래이익반응계수에 관한 연구

이용석(Lee, Yong-Seok),박희진(Park, Hee-Jin),김범준(Kim, Bum-Joon) 한국국제회계학회 2018 국제회계연구 Vol.0 No.78

본 연구의 목적은 기업별 공매도 체결내역을 기초로 공매도 거래와 회계정보의 유용성 간의 관련성을 분석하는 것이다. 일반적인 주식투자에 비해 공매도는 상대적으로 위험이 큰 투자안이므로 공매도 투자자는 위험을 회피하기 위하여 보다 적극적으로 회계정보를 활용할 가능성이 높다. 이에 본 연구에서는 공매도 투자자가 공매도 거래시 기업의 영업성과와 관련된 회계정보를 어떻게 활용하는지를 살펴보았으며, 추가적으로 FERC 모형을 이용하여 거래비중이 높은 기업에서 당기 주식수익률이 미래이익을 보다 정확하게 반영하고 있는지를 분석하였다. 분석결과, 투자자가 공매도 거래시 기업의 영업성과와 관련된 회계정보를 이용하여 추가적인 양(+)의 초과수익을 달성할 수 있음을 확인하였으며, 이를 통해 공매도 투자시 회계정보를 활용할 충분한 유인이 존재함을 보였다. 아울러 공매도 거래비중이 높은 기업에서 당기주식수익율과 미래이익간의 양(+)의 관련성이 더 높은 것으로 나타나, 공매도 거래비중이 높은 기업일수록 당기수익율이 보다 정확하게 미래이익을 반영하고 있다는 점을 실증적으로 제시하였다. 공매도는 전문적 투자자가 투자대상기업의 내재가치 변경을 예상할 때 발생한다는 선행연구의 결과와 유사하게 본 연구는 공매도 투자시 투자기업의 회계정보가 투자의사 결정의 유용한 정보가 될 수 있음을 보였으며, 공매도 투자자가 기업의 미래수익률을 보다 정확하게 예측한다는 Drake et al.(2011)의 연구결과가 국내 주식시장에서도 일관되게 나타난다는 점을 확인하였다. 공매도 거래비중이 높은 기업일수록 기업의 미래이익반응계수가 상대적으로 높은 것으로 나타났는데 이는 공매도 투자자들이 자본시장에서 회계정보를 잘 이용하게 할 수 있는 정보 촉매제 역할을 하고 있음을 시사하는 것으로 Pownall and Simko(2005)의 주장과도 일치되며, 직접적인 공매도거래가 아닌 대차잔고를 이용하여 연구를 실시한 Drake et. al.(2015)의 연구결과와도 유사한 결과이다. 본 연구는 자본시장에서 공매도 투자자가 정보중개인의 역할을 수행하고 있다는 점을 밝혔으며, 아직까지 공매도에 대한 인식에 차이가 존재하는 금융당국 · 투자자 및 기업들에게 공매도에 대한 유용한 새로운 시각을 제공한다. The purpose of our study is to analyze the relationship between the short sale transaction and the usefulness of accounting information based on the short sales transaction data. Since short selling is relatively high risk compared to stock trading, short selling investors are more likely to actively use accounting information to avoid risk. In this study, we investigate whether short selling investors use accounting information related to the company"s performance when doing short selling. In addition, we use the FERC model to analyze whether the current profitability is more accurately reflect future profit. According to the result of our analysis, investors can obtain additional positive earnings by using the accounting information related to the performance of the company during the short sale. Therefore, we find that there is sufficient incentive to utilize the accounting information in the short sale investment. In addition, the relationship between the future profit and the stock return is higher in companies with a high volume of short selling, suggesting that firms with higher volume of short selling would likely to reflect future earnings more accurately in the current stock return. Based on the prior research that short selling can be occurred when a professional investor expects to change the intrinsic value of firm, this study shows that the accounting information can be useful for investment decision. In addition, we also find that short-selling investors, who can be regarded as professional investors, predict the firm’s future returns more accurately, confirming that the empirical results of Drake et al. (2011) consistently apply in Korea stock market. Our results are consistent with the finding of Pownall and Simko (2005), which shows that firms with high short-sale volume have relatively high future earning-response coefficients, suggesting that short-selling investors have a role as information catalysts. We find that short selling investors play the role of information intermediaries in the capital market and provide a new insight on short selling to financial authorities and investors who still have differences perspectives in short selling transaction.

한의진단명과 진단요건의 표준화 연구 III : 3차년도 연구결과 보고

최선미,양기상,최승훈,박경모,박종현,심범상,김성우,노석선,이인선,정진홍,이진용,김달래,임형호,김윤범,박성식,송태원,김종우,이승기,최윤정,신순식 한국한의학연구원 1997 한국한의학연구원논문집 Vol.3 No.1

The diagnostic requirements were suggested and explained regarding the systems of differentiation of symptoms and signs in the third year study of standardization and unification of the terms and conditions used for diagnosis in oriental medicine. The systems were as follows : - analyzing and differentiating of epidemic febrile disease - analyzing and differentiating in accordance with the Sasang constitution medicine based on four-type recognition - differentiation of disease according to pathological changes of Chong and Ren channels - standards for diagnosis of women's disease - standards for diagnosis of children's disease - standards for diagnosis of motor and sensor disturbance (-muscle. born, joint, etc.) - standards for diagnosis of neuropsychiatric disease - standards for diagnosis of five sense organ disease - standards for diagnosis of external disease The indivisual diagnosis pattern was arranged by the diagnostic requirements in the following order : another name, notion of diagnosis pattern, index of differentiation of symptoms and signs, the main point of diagnosis, analysis of diagnosis pattern, discrimination of diagnosis pattern, prognosis, a way of curing a disease, prescription, herbs in common use, disease appearing the diagnosis pattern, documents. The standards for diagnosis of each disease was arranged by the diagnostic requirements in the following order : another name, notion of disease, the main point of diagnosis, analyzing and differentiating of disease, analysis of disease, discrimination of disease, prognosis, a way of curing and prescription of disease, disease in western medicine appearing the disease in oriental medicine, documents.

ULSI 금속배선용 구리의 전착

이동녕,김기범,최창희,이효종,민석홍 대한금속재료학회(대한금속학회) 1998 대한금속·재료학회지 Vol.36 No.10

The microstructural evolution of Cu films deposited by electroplating was investigated with the variation of the deposition rate from 0.1 ㎛/min to 3 ㎛/min by using a copper sulfate solution. Electrodeposition of copper was conducted on 0.1 ㎛ or 0.5 ㎛ thick copper seed layer deposited by sputtering process. The growth characteristics were investigated by monitoring the surface microstructure, electrical resistivity and chemical composition. The feasibility of electroplating process for ultra-large-scale integration(ULSI) metallization scheme was demonstrated through preferred crystallographic growth direction, resistivity and step coverage. The uniform Cu film was successfully electroplated at deposition rates from 0.5 to 3 ㎛/min and its continuous growth on the copper seed layer was observed in every specimen. The resistivity of as-deposited copper film made at deposition rates from 0.5 to 3 ㎛/min was about 2.5μΩ-㎝ and subsequent annealing in a vacuum at 200℃ for 2 min reduced it to 2.3μΩ-㎝.

血府逐瘀湯이 癌轉移 抑制에 미치는 影響

李眞華,沈範相,安圭錫,崔昇勳 대한한방종양학회 1999 대한한방종양학회지 Vol.5 No.1

To examine the effect of XuehdRUIng on the metastasis of cancer, the following experiments were carried out. Before the main experimnts, the cytotoxicity was measured by putting Xuefuzhuyutant sample in HT1080. Then zymography was made to examine the change of gelatinolytic activity. Weste blotting was carried out to examine the changes of Fos, Jun, Ets, Erk, md JNK. In vitro invasion assay with transwells coated by collagen and mangel was carried out. From the above reams the following conclusions were obtained. 1. The eXperimental result about cytotoxicity of Xuefuzhuyutang agaitst HTlO8O was a below. The stained cell count after beingtreated by by Xuefuzhuyutang sample 4M㎍/㎖ for 24 hours was 0.9% of total cells, and the stained cell count by Xuefuzhuyutang sample 100㎍/㎖ was 1.5% of total cells. Both were near the level of control group which showed O.6% stained. 2. Thee result of collagenase assay was as below. In Xuefuzhuyutang sample 400㎍/㎖, MMP2 was reduced as compared with TPA control group, and the band of MMP-9 induced by TPA disapappeared. In Xuefuzhuyutang samle 800㎍/㎖ both bands of MMP-2 and MMP-9 diSamared. 3. The results of westem blots for Jun, Fos, Ets, Erk, JNK were a below. In Xuefuzhuyutang sample 200㎍/㎖, Ets was reduced, and Jun, Fos were increased. 4 The result of invasion assay was as below. The number of cells which migrated gross trayswell membrane in Xuefuzhuyutang-treated group was less than that of control(+TPA) group. From the above results, it was concluded that Xuefuzhuyutang might inhibit the activity of collagenase not by the MMP-2, MMP-9 promoter but by the Other way.

종자 입자를 이용한 SiO_(2) 단분산 입자 제조에 관한 연구

이민형,이범석,김우식 慶熙大學校 材料科學技術硏究所 1999 材料科學技術硏究論集 Vol.12 No.-

In this study, to control secondary particles of silica, SiO_(2) seed growth experiments have been carried out variable concentrations of tetraethylorthosilicate(TEOS), agitation speed, feeding time, concentration of [NH_(3)], [H_(2)O]. The formation of secondary particles was reduced with increasing feeding time(t_(F)), agitation speed. Increasing TEOS concentration promote formation of the secondary particles. Increasing NH_(3) concentration reduce formation of the secondary particles.

1. 06㎛ Nd : YAG Laser를 이용한 요추간판탈출증의 경피적 수핵감압술

이흥선,변박장,최순관,신원한,권귀향,이인수,이경석,김범태 순천향대학교 1994 논문집 Vol.17 No.4

The 1.06㎛ Neodymium-YAG Laser(800 micron hemisherical) is revealed a useful tool for percutaneous laser disc decompression(PLDD). Especially PLDD would be applied to the management of lumbar disc herniation with minimal intervention. Total irradiated energy to one level of disc space was bout 1000 to 2000 joules. We performed this method at 10 levels, in 7 cases of patients, consisting of 4 males and 3 females with an average age of 37.7 years. Five cases showed excellent and good results, were observed. In two cases, open surgery was required because of unsatisfactory results. The best results were obtained in the protrusion type of disc herniation. We have summarized some advantages of PLDD: a) safe and simple procedure in an outpatient setting, b) avoiding general anesthesia, late spinal instability, c) possibility of repetitive use.

서울 지역 여자대학교 집단에서 월경전기 증후군 및 월경전 불쾌기분장애의 유병율

정범석,이철,이지현,서민경,한오수,김창윤 大韓神經精神醫學會 2001 신경정신의학 Vol.40 No.4

연구목적 : 가임기 여성의 75%가 하나 이상의 월경전기 증상을 경험하며, 일상생활에 지장을 주는 경우도 3∼8%에 이르지만 한국 여성을 대상으로 한 월경전기 증후군(Premenstrual syndrome : PMS)및 월경전 불쾌기분장애((Premenstrual dysphoric disorder : PMDD)에 대한 역학 조사는 부족한 실정이다. 따라서 본 자들은 한국에서의 유병율, 증상의 양태 및 삶에 미치는 정도 등의 역학 조사를 통해 월경전 불쾌기분장애에 대한 올바른 정보를 제공하고 관련 임상 연구의 기초자료로 활용하고자 본 연구르 시행하였다. 방 법 : 6개의 서울 소재 4년제 여자대학교에서 무작위 군집표본 추출로 선택된 4개 학교의1∼3학년 학생 중 무작위 군집표본추출을 통해 선택된 1419명을 대상으로 하였다. DSM-IV진단기준을 근거로 저자들이 제작한 6점 척도의 설문지가 사용되었으며, 난포기에 비해 황체기에 75%이상 악화된 경우 증상이 있다고 판정할 경우의 월경전 불쾌기분장애의 유병율을 조사하였다. 월경전 불쾌기분장애 집단과 증상은 있으나 진단기준에 부합되지 않는 월경전기 증후군 집단으로 나누어 증상 양태, 식습관 변화, 생활에 미치는 영향 정도 등을 비교하였다. 결 과 : 부적절한 자료 198명(13.9%), 주요 신체 혹은 정신질환을 앓은 경우 등 선정 배제 기준에 속하는 경우 348명(24.5%)을 제외한 873명이 최종 분석되었다. 873명 중 월경전 불쾌기분장애의 유병율은 5.0%이었으며, 월경전기 증후군의 유병율은 83.3%이었다. 가장 흔한 증상은 월경전기 증후군 집단의 경우 신체증상(54.6%)이었고, 월경전 불쾌기분장애 집단의 경우 '지속적으로 짜증난다'(95.5%)이었다. 월경전 불쾌기분장애 집단의 88.6%에서 증상 때문에 한 달에 1∼2회 이상 일이나 공부에 지장이 초래되었다. 결 론 : 한국 여자대학생 집단이 경험하는 월경전 불쾌기분장애의 유병율과 증상 양상은 외국과 비슷하다. 아울러 월경전 불쾌기분장애 집단은 월경전기 증후군 집단에 비해 기분 증상이 더 흔하고 심하는 점에서 월경전 불쾌기분장애는 월경전기 증후권과 구별되는 하나의 질환 상태임을 시사한다. Objects : More than 75% of women have been reported to experience premenstrual symptoms and three to eight percent of them suffer from premenstrual dysphoric disorder(PMDD). But little is known about prevalence of premenstrual syndrome(PMS) and PMDD and PMS in Korean women who sttended universities at the time of survey. Methods : One thousand four hundred and nineteen subjects were randomly selected with cluster sampling methods among four women's university in Seoul. We measured the severity of premenstrual symptoms using six-point rating scale developed by the authors on the basis of the research criteria for PMDD in DSM-IV. Premenstrual worsening of symptoms was defined as increase in symptom scores of more than 75% from follicular to luteal phase score. And also, we compared characteristic symptoms, eating behaviors, and functional impairments between PMS and PMDD. Results : After excluding inadequate data according to our exclusion criteria, 873 of 1419 subjects(61.5%) were included in the estimation of the prevalence of PMS and PMDD. Each prevalence rate of PMS and PMDD was found to be 83.3% and 5.0% on the basis of 75% change method respectively. The most frequent symptom was physical symptoms such as headache or breast tenderness(56.4%) in PMS and 'felt irritable'(9.5%) in PMDD. Of the 44 subjects with PMDD, 39(88.6%) reported to have experienced the impairment in work or school at least once per month because of premenstrual symptoms. Conclusions : Our results indicate that prevalence and symptoms of PMDD in Korean university women are similar to those in western culture. The finding that mood symptoms were more frequent and severe in PMDD than in PMS implies that the former may be a disordered condition to be distinguished from the latter physiologic one.

콘크리트 교량 및 강교의 상시감시 시스템에 관한 연구(Ⅰ)

박승범,홍석주,이봉춘 忠南大學校 産業技術硏究所 1998 산업기술연구논문집 Vol.13 No.1

The construction of large scale civil and building structures which form the base of social economy has been grown greatly. As the increasing of aged and deteriorated structure, it is necessary to evaluate the safety of those structures. The deterioration, safety evaluation repair and rehabilitation are important problems in the construction area that every country faces. This paper presents the general information on how to conduct a data analysis of long-term monitoring system and evaluate the characteristics of surveying methods.

초음파법을 이용한 콘크리트 역타시공 이음부 공극의 화상검출특성

박석균,백운찬,이한범,김명모 한국비파괴검사학회 2000 한국비파괴검사학회지 Vol.20 No.4

최근 역타시공법 등에 의한 콘크리트 구조물의 시공이 증가 추세에 있다. 이 경우, 자주 발생되는 신ㆍ구타설 콘크리트 시공이음부의 공극은 향후 구조물의 구조적인 특성과 내구성 등에 큰 영향을 미치게 된다. 그러나 현재 제안되고 있는 비파괴 검사법으로는 효과적으로 이음부 공극을 평가하기에 많은 한계가 있다. 본 연구에서는 시공이음부의 콘크리트 충전상태를 평가하기 위해 철골철근 콘크리트와 무근 콘크리트 시험체내에 공극을 모의제작한 후, 초음파속도 측정을 실시하고, 화상처리기법을 이용하여 비교적 용이하게 해석 가능한 방법에 대해 검토하였다.

초음파법을 이용한 콘크리트 시공이음부 공극 및 내부공동의 화상검출 해석에 관한 연구

박석균,백운찬,이한범 대전대학교 산업기술연구소 2000 산업기술연구소 論文集 Vol.11 No.2

The joint and void treatment of concrete is one of the technical problems in construction. Joints and voids created with the construction result in serious weakness from the aspects of both structural and water-barrier function. Ultrasonic image processing technique was used for the inspection of construction joints of SRC(Steel-frame Reinforced Concrete) column and voids of concrete block in this study. The advantages and limitations of this technique for non-destructive inspection in construction joints and voids are investigated. As a result, it has been verified that the semi-direct measurement type is more effective than the other types for detecting the construction joints and voids using ultrasonic method.