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.

서울의 Penicillinase Producing Neisseria gonorrhoeae 발생빈도(1998)

김재홍,김준호,반재용,이정우,황성주,정준규,정성태,강진문,조흔정,홍창의,정혜신,이한승,김이선,이봉길,이종호,선영우,한기덕,윤성필,이성훈,안종성,박석범,문승현,조항래,김형섭,류지호,황재영,박준홍,손상욱 한양대학교 의과대학 2001 한양의대 학술지 Vol.21 No.1

In recent years, gonorrhea has been pandemic and remains one of the most common STDs in the world, especially in developing countries. For the detection of a more effective therapeutic regimen and assessing the prevalence of Penicillinase Producing Neisseria gonorrhoeae(PPNG), we have been trying to study the patients who have visited the Venereal Disease Clinic of Choong-Ku Public Health Center in Seoul since 1980 by menas of the chromogenic cephalosporin method. In 1998, 93 strians of N. genorrhoeae were isolated, among which 60(64.5%) were PPNG. The prevalence of PPNG in Seoul, which had been decreased to 39% in 1996 after a peak of 74.3% in 1993, is increased to 64.5% in 1998.

서울의 Penicillinase Producing Neisseria Gonorrhoeae 발생빈도(1996)

김재홍,황동규,전재홍,김윤석,김중환,김용준,이창균,임동진,김현수,조창근,김경문,박상훈,전우형,김희성,이호정,차명수,김갑형,김형석,김석우,황지환,박병순,권오상,이민수,송기훈,성소영,이인섭,부태성 대한화학요법학회 1999 대한화학요법학회지 Vol.17 No.2

Background : In recent years, gonorrhea has been panedemic and remains one of the most commom STDs in the world, especially in developing countries. Objective & Methods: For the detection of a more effective therapeutic regimen and assessing the prevalence of PPNG, we have been trying to study the patients who have visited the VD Clinic of Choong-Ku Public Health Center in Seoul since 1980 by means of the chromogenic cephalosporin method. Results: In 1996, 139 strains of N. gonorrhoeae were isolated, among which 53(39.0%) were PPNG. Conclusion: Our results suggests that after a peak of 74.3% in 1993, the prevalence of PPNG in Seoul is gradually declining.

한 대학 신입생의 우울수준과 관련변인에 관한 연구

이명학,남해성,손석준,이정애,김병우 대한보건협회 1994 대한보건연구 Vol.20 No.2

1994년도 한 대학 1년생을 대상으로 8개항목의 생활만족지수(LSI-W) 그리고 20개항목의 우울지수(CES-D) 및 관련변인들을 조사하여 각각의 점수와 우울증의 유병률을 계산하고 서로간의 관련성을 조사하여 다음과 같은 결과를 얻었다. 1. 생활만족지수의 평균점수는 9.98이었고 비흡연군, 비음주군, 운동을 하는 군에서 평균점수가 유의하게 높았다(p<0.01). 2. 우울지수의 평균점수는 17.2였고 여학생에서 남학생보다 유의하게 높았고, 우울증의 유병률은 19.8%이었고 여학생에서 남학생보다 유의하게 높았다(p<0.01). 3. 우울증세 고위험군과 저위험군에 있어서 건강에 대한 본인의 생각과 본인이 인지하는 체중에서 차이가 있었으며, 생활만족지수, 가족수, 체중, 신장에서 유의한 차이를 보였다(p<0.05). 4. 우울지수와 생활만족지수, 연령, 종교활동기간, 신장, 체중등과는 음의 상관을 나타내고(p<0.01), 가족수, 수면시간, 경제수준과는 양의 상관을 보였다(p<0.01). 5. CES-D에 영향을 미치는 변수를 알아보기 위한 단계적 로지스틱 회귀분석에서 생활만족도, 성별, 건강에 대한 본인의 생각, 본인이 인지하는 체중, 흡연, 음주가 CES-D에 의한 우울증 발현에 있어서의 유의한 요인으로 나타났다(p<0.05). The questionnaire survey using the Center for Epidemiological Studies-Depression Scale(CES-D) and 8-items Life Satisfaction Index Well-being(LSI-W) and other variables was conducted to determine the prevalence of depression and to identify the correlation among CES-D and related factors. Study population was the whole freshman group newly enrolled in a university. The results were as follows; 1. Mean score of LSI-W was 9.98 and that score was higher in non-smokers, non-drinkers and exercise group (p<0.01). 2. Mean score of CES-D was 17.2 and the prevalence of depression was 19.8%. And those were significantly higher in female than in male(p<0.01). 3. Perceived health status, perceived weight, LSI-W, family size, weight and height were significant variables between high and low risk group of depression(p<0.05). 4. CES-D score was negatively correlated with LSI-W, age, duration of religious life, height, weight and po-sitively correlated with family size, sleeping time and economic status(p<0.01). 5. In the regression analysis significant predictors of the depression were sex, preceived health status, weight, smoking and drinking(p<0.05).

新製品 開發에 미치는 産業디자인의 役割에 關한 硏究

李錫浚 서원대학교 예술문화연구소 1992 예술문화논총 Vol.1 No.-

As the world gets into fierce competition in new product development, Industrial Design takes more and more importance in the development work in order to improve the added value of the new product. It can also be reasoned from the world-wide phenomenon of generalization and regional equalization of technical level, in which technical superiority itself can no more mean a superior position in the product competition in the market. Necessarily, certain other factors than price and mechanical quality have been required in oreder to keep an edge in the new product competition. Recently, a comprehensive recognition of Industrial Design as such a factor that can cover the new necessity has been widely spreaded. A design, which means a creation of more convenient, economical and beautiful product is being called "A New Corporate Weapon" or "A Silent Salesman". Hence, it becomes necessary to call the Industrial Design which performs a key role in new product development and to understand its importance with a strategical view of corporate management. In such a point of view, we can classify the functions of Industrial Design as follows: First, in general process of new product development, from selection of idea, business analysis, and upto physical engineering and development stage, Industrial Design should participate from the planning process which is the begining stage of the new product development process. Second, Industrial Design draws a concept for the new product and creates not only an esthetic appreciation but a most convenient means as well which can achieve a best interface between the product and user. Also, it facilitates communication among the specialists who are participating in the new product development work. The factors of manufacturing process, storing and handling, and sales of the product are considered in the designing process to add up even better competitiveness of the new product. Third, Industrial Design provides highly specialized service by creating a concept of new product and product system to optimize the functions, value, and physical performance of the product and to best compromise the interests of the manufacturer and consumer. It also takes an important role of creation and improvement of outline and detailed shape of the product. Forth, Industrial Design can minimize the possible loss risk in the course of development process by providing an actual shape and expression of the newly developed product, and a chance of evaluation of the design and product itself through a "mock-up" to various specialists who are related to the development work. This is a very important process because the resultant product which developed through a huge financial and manpower investment, could result in a great loss to the product manufacturer if the product does not fit to the market requirement. Fifth, through design planning process, a wide range of diversification and classification of a product could be achieved. Wider range of diversification and classification of product will give more choice to the consumers and has better chance to satisfy the consumer's demands and diversify the market. In fact, it really improves and creates a new demand in the already fully supplied market. Sixth, Industrial Design can also update an old fashioned product into a new image or a variety of shapes and paterns at a least cost through a series of cosmetic or minor change work. It may greatly contribute to maximization of operation profit of the manufacturer, as the consumers will find a new image at the processed old product and are led to a new desire of purchase.

Al-Si 합금 열간단조품 내부의 판상 결함의 초음파 특성

이석원,전만수,이준현 한국비파괴검사학회 2001 한국비파괴검사학회지 Vol.21 No.6

본 연구에서는 Al-Si 합금 열간단조품 내부 판상 결함을 탐지하기 위한 초음파평가 기법을 확립하였다. 이를 위하여 내부에 존재하는 여러 가지 판상 결함의 초음파 특성을 실험적으로 구하였으며, 펄스-반사법을 적응하여 초음파 탐상신호에 대한 내부 판상 결함의 각도 등이 초음파 수신신호의 형태에 미치는 영향을 평가하였다. 한편 결함위치에 따른 초음파 신호특성을 규명하기 위하여 단조품 가장자리 부위에 존재하는 내부 판상 결함의 초음파 수신신호 특성을 평가하였으며, 본 시험편에 대한 초음파 투과법 적용 한계에 대하여 고찰하였다. 나아가 500개 이상의 파단 실험을 통해 제시된 초음파 평가기법의 신뢰성을 확인하였다. A nondestructive evaluation technique for detecting internal defects of an hot forged Al-Si allyoy part is established in this study. Ultrasonic characteristics of various internal planar defects are investigated by experiments for establishing a reliable test procedure. The effect of the angle between ultrasonic energy propagation directions and planar defects on the ultrasonic signal configuration is evaluated in the pulse-echo technique. A characteristic of ultrasonic signal for the internal planar defect located near the edge is also evaluated. The applicability of the through-transmission technique is also discussed. Reliability of the presented approach is validated by the destructive testing for more than 50 specimens.

두경부에 발생한 방선균증 3예

홍석중,주준범,김용재,이봉재 대한이비인후과학회 2000 대한이비인후과학회지 두경부외과학 Vol.43 No.11

치재 CASE 디자인 개발에 關한 硏究

李錫浚 서원대학교 예술문화연구소 2000 예술문화논총 Vol.9 No.-

Today, an image of a company is recognized in total by how positive the visual images and behavioral images of the company are. Consumers first judge the image of a company with the visual images, and then the behavioral images. Therefore, the visual images are often used as means of marketing themes for its strong effects. However, it is not a simple task to upgrade the image of small and medium-sized companies by adopting a C.I.(Corporate Identity) in order to deliver the visual images. Therefore, it would be proper to decide the priorities in terms of size, manpower and capital first and then to change the images step by step for Mata Dental Co., the subject of this study. First task was to change the previous brand mark to a modern logo in order to fit the company ideology, business teriitory and the position of the company in the market. Also a new logo was suggested for E.Q. Dental, the overseas sales branch company, in order to improve the company image and to promote the recognition. These newly developed logo was then applied to their previous product line-up, such as gutta percha points case(5 types), absorbent paper points(3 types), and new length marked gutta percha points case and line tape. This study was conducted to co-ordinate the designs of the dental equipment cases in order to give more systematic and innovative solutions compared to the competitors, resulting in superior quality, distinguished and better productivity. Furthermore, this will also create new market and elevate the profitability.

응급의료센터 과밀화 해소를 위한 환자 전원

이경룡,구홍두,박인철,김승환,장석준,심호식 대한응급의학회 1995 대한응급의학회지 Vol.6 No.2

To reduce the degree of overcrowding in level Ⅲ emergency care centers, authors have conducted a prospective study of patient who were transferred to level Ⅰ or Ⅲemergency center based on the non-emergent patient guideline currently used at the severance Hospital, level Ⅲ emergency center, during the period of 65 days from Jan. 1st 1995 to Mar. 6th 1995. Followings are guideline for non-emergent patient described by the Korean government low: 1) systolic blood pressure greater than 80/100 of normal. 2) respiration rate between 10 to 24 per minute. 3) pulse rate between 60 to 100 per minute. 4) body temperature between 36 to 37.5℃ by rectal. 5) relatively alert mental status. 6) patient not requiring emergency operation at the time of examination. The results were as follows: 1. Among the total 5,301 patients, 464 patients ranged from age of 1 to 82 years old were transferred to level Ⅰor Ⅱ emergency center after simple treatment. 2. Among the 464 patients, 276 patients were treated in expected hospital with medical problems in 101 (36.6%) patients, and 175 (63.4%) patients had surgical problems. 3. Among the 276 patients, 122 (44.2%) patients were admitted, 145 (52.9%) patients were discharged from the emergency room after adequate treatment. 4. Among the transferred patients, simple laceration (33.0%) were most common, acute gastroenteritis (12.0%), and simple contusion (10.5%) were followed. These results suggest that about 10% of patients visiting level Ⅲ emergency care center, can be safely transferred to nearest level Ⅰor Ⅱ emergency centers on the bases of non-emergent patient guideline described by Emergency Medical Service law. These guideline, if put into proper use, can reduce the degree of overcrowding problems in level Ⅲ emergency care center through out the country.

돼지 우리 깔집용 왕겨에서의 Ochratoxin A 검출

이문한,박진봉,박응복,이영재,신광순,박종명,남궁선,조준형,박근식,권택석,이재구 한국수의공중보건학회 1992 예방수의학회지 Vol.16 No.1