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.

흰쥐에서 출혈량에 따른 비장세포 증식력과 말초임파구 아형의 변화

이한식,정성필,김욱진,조영순,장석준 대한응급의학회 2000 대한응급의학회지 Vol.11 No.3

Background: Hemorrhage itself has been shown to produce abnormalities in immunity, particularly depression of the lymphocyte function. In order to better examine the amount of hemorrhage required to suppress the lymphocyte function, we determined the effect of graded fixed-volume hemorrhage on splenocyte proliferation and the lymphocyte subpopulation. Methods: Male Sprague-Dawley rats(weight,350∼400 g) were anesthetized, subjected to hemorrhages of 7.5 ㎖/㎏, 15 ㎖/㎏, and 22.5 ㎖/㎏ by percutaneous cardiac puncture with ㎖/㎏ needles, After 1, 2, 4, and 7 days, animals were killed to obtain the blood and spleen. The splenocyte proliferative capacity was measured by using the tritiated thymidine incorporation technique, and the peripheral lymphocyte subpopulation was determined using flow cytometry with the following monoclonal antibodies: T cell(CD3+), T helper cell(CD4+),7 cytotoxic cell(CD8+), and B cell(CD45RA+). Results: Hemorrhage of 7.5 ㎖/㎏ did not induce depression of splenocyte proliferation. However, for hemorrhage greater than 15 ㎖/㎏, the splenocyte proliferative capacity was significantly depressed at 2 days after hemorrhage and recovered at 4 days. Hemorrhage induced no changes in the relative percentage of lymphocyte subpopulations and in the number of each cell in peripheral blood. Conclusion: This study suggests that cellular immunity is depressed at 48 hrs after a hemorrhage greater than 15 ㎖/㎏ without any change in the peripheral lymphocyte subpopulation.

그린 디자인에 關한 硏究 : 14"Color TV 디자인 개발을 중심으로 Through Development of 14"Color TV Set Design

李錫俊 서원대학교 예술문화연구소 1995 예술문화논총 Vol.4 No.-

Lives and natural environment have evoloved trough mutual interaction. The evolution resulted in today's ecology on the earth and the human being as well as other living things, have roled a factor which forms a part of the natural ecology. Unlike other living things, the human has a unique capability of productive activity through which he can make his living more convenient. However, mass production activity produced a mass of wastes and depletes natural resources and itself became a major cause of environment destruction which is never good for living of human being. In order to protect the natural environment of the earth, which is the only home of the mankind, it is essentially required to understand the environment within the concept of harmony with nature, to minimize the wastes, and to preserve the precious earthly resources. And enterprise who undertakes major production activities, must constantly provide a tactical measure on how to more effectively preserve the resources and how to continuously harmonize the human and the nature, and must create nature-freindly technic to produce and supply nature-friendly products. Through informationalization of the industries and society in view of environment consumptionism, economical pursuit within the information, small lot production and diversfication based on production automation, development of precision electronic technic utilizing semi-conductors, creation of new energy system, and development of clean technic, enterprise must contribute to achievement of the Green Industrial Revolution. Now, environment is no more an obstacle to enterprise in their fierce competition activities, manageral maintenance or continuous growth requirement. Rather, it must take it as a premise for growth, a base of evolution, an opportunity for creation of new demands, and must be able to provide the environment-freindly products to satisfy the environmental demands of the consumers. Accordingly, industrial designers, who take a key role in development process of new product, must conduct their aesthetic creation effort through the viewpoint of ecological preservation of the nature and harmonious relationship between the human and the environment. Such an effort will have to be able to provide a complete protection to the earth environment through a creative revolution starting from selection of material, fabrication process and up to living patterns of the consumers. This study, which is aimed to present an example of a green design and environment condsidered concept, not based on "Form First" but through a reverse approach starting from waste disposal, emphasized environment and ecology through an experimental development of 14″color TV set design in response to requirement of the environmental revolution era.

19˝Color TV 디자인에 關한 硏究

李錫浚 서원대학교 예술문화연구소 1993 예술문화논총 Vol.2 No.-

Stagnation of Korean economy is getting worse due to technical inferiority to advanced countries, shortage of skilled manpower, high wage rate and so forth, amidst worsening trade environment such as prevalent market protectionism and pressure from advanced countries to open its market. For Korea who has suffered from shortage of the natural resources, export drive is the only option it can take. However, its '91 trade statistics shows 9,659 millon U.S. dollars deficit. From the deficit, 8,900 million U.S. dollars comes from trade with Japan, which takes more than 90% of the total trade degicit. In late 1986, the Koran government set up a 5 year plan to improve trade deficit to Japan aimed at recruitment of competitive products, localization of mechanical parts and components, upgrade of technic, improvement of design and package of products. In support of the plan, the Korea Institute of Industrial Design and Packaging has been sharing its effort to help improving export product quality, design and package from 1987. Through this study, I also intend to help the project and selected the 19″ dolor television set of the Korean Electronics Co., Ltd. as a subject. Totally oriented to successful explanation of a more competitive product, a television set, for the Japanese market, I started from the basic concept of design as abstracted from every possible factors like operation environment of manufacturers, design tendency of television set, and design strategy, and tried to introduce a design of a new concept through a logical process. In the meantime. If further effort could be put in view of the following points, even finer design could be resulted: First, design itself, which takes a pivotal role in new product development to secure competitive edge of a firm and continuous growth of the firm, should be reevaluated for its importance through a view of company's management strategy, and investment should be followed accordingly. Second, in order to improve brand image of enterprises, development of most advanced television set is required through globalization and orginality of design based on logical product planning which includes technic development and product sales. Third, effort should be oriented to improve productivity and to increase market share through long term strategy through own brand and corporate product identity breaking from OEM product development. Fourth, in preparation of diversification and internationalization of the export market, more effort should be inverted in collecting more exact, precise and reliable design information and analysis thereof.

두경부에 발생한 방선균증 3예

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

기계적 합금화에 의해 제조된 고규소 Al-Si 합금 나노 결정의 특성

이정일,김일호,홍태환,어순철,양계준,석현광,한만갑,최국선,김준수 대한금속재료학회 2003 대한금속·재료학회지 Vol.41 No.7

High silicon Al-Si alloys with nanocrystalline structures have been produced by mechanical alloying process. Microstructural changes of the Al-Si alloys were investigated by scanning electron microscopy and the transmission electron microscopy. X-ray diffraction analysis was also made to characterize the lattice constant, crystallite size and misfit strain. It was found that the effective milling time by attrition milling was about 12hours for Al-70 wt%Si alloy system. The Al and Si crystallites were reduced to about 30 nm and 70 nm, respectively, by the mechanical alloying for more than 12hours. The misfit strains increased with milling time UD to 240 hours, and saturated to 5.73×10^(-3) for Al and Si crystallites, respectively.

크론병에 대한 CoPPLX의 방어효과에 대한 연구

이호학,김유림,문창기,이재일,양병윤,김종수,이정민,정재혁,안석진,박상준,김윤권,김소연,김영중,조민구,최영자,장성조 圓光大學校 醫科學硏究所 2005 圓光醫科學 Vol.20 No.1

항파상풍 톡소이드 주사후 항파상풍 항체 역가

이한식,하영록,구홍두,장석준,심호식,김승환,이정운 대한응급의학회 1996 대한응급의학회지 Vol.7 No.2

Objective : Tetanus decreased in prevalence since the systemic vaccination began in 1940s. Despite of the improvement in treatment like critical care with ventilatior or antibiotics, the mortality rate resides around 45%. Currently the tetanus prevention protocol recommends immunization in infancy and boosters every tenth years. Thereafter the immunization with toxoid only or toxoid plus immunoglobulin injections is recommended according to the type of injury. In most of ED in Korea, only tetanus immunoglobulin is given without any basis. Previously we proved the effect that passive immunization with the immunoglubulin 250 IU last long for only a month. At this time we measured the effect of the active immunization with toxoid and its effect was compared to the effect of the tetanus immunoglobulin to find out the logical tetanus prevention after an injury. Method: 20 healthy adult volunteers were injected with tetanus toxoid and their anti-tetanus antibody titers measured before the injection, 1 week and 4 weeks after the inection. No volunteers have taken any medication for chronic illness(e.g. hepatits, tuberculosis) or had an tetanus immunization or booster in the last 6 months. Antibody titers were measured by IMMUNOZYM??-TETANUS and t-test was performed on the results, Results: 1. Total 20 volunteers(12 males and 8 females) were participated. 2. Subjects` ages were 21 to 44 years old and there were no relevance to the antibody titer. 3. The antibody titers of before the anti-tetanus toxoid injection and 1 week, 4 weeks after the injection revealed significant difference and the antibody titers of the first and the forth week after the injection also showed a significant difference. Conclusion: Currently in Korea, the tetenus immunoglobulin 250 IU given alone as tetanus prevention was injected, but it did not elevate the anti-tetanus antibody titer for 4 weeks where as tetanus toxoid injected intramuscularly did significantly. Therefore, tetanus toxoid should be given on the dirty injuries with additional tetanus immunoglobulin injection to accomplish the correct method of tetanus, tetanus toxoid prevention.