CEO’s Overconfidence and Revenue-Expense Matching Levels

전경민,신영직,장정윤 한국회계정책학회 2019 회계와 정책연구 Vol.24 No.1

[Purpose]This paper investigates the relation between CEO’s overconfidence and revenue-expense matching. Specifically, we examine whether firms with overconfident CEOs have different structures between revenue-expense matching. [Methodology]The sample data are taken from Compustat, CRSP, and the Execucomp database for the period from 1992 to 2014. The period starts in 1992 because the data required to measure overconfidence are available in Compustat after 1992. Our final sample includes 30,486 firm-year observations after excluding firm-year observations without sufficient information to measure each independent variable. [Findings]We find that CEOs who are overconfident exhibit poor matching between revenue and expenses, and that firms with overconfident CEOs do so by deferring the recognition of expenses in a more delayed manner than those without overconfident CEOs. However, additional analysis reveals that firms with good corporate governance weaken the negative relationship between overconfident CEOs and revenue-expense matching. [Implications]We extend prior studies on the overconfident literature by showing that sound governance mechanisms help moderate managerial decisions of the overconfident top executive in recognizing revenue and expenses.

신용등급 차이와 주가표류현상1)

전경민,이재형,김현표 한국회계학회 2024 회계저널 Vol.33 No.4

The purpose of this study is to examine the relationship between split credit ratings and post earnings announcement drift. Specifically, we examine whether firms with split credit ratings have higher post earnings announcement drift. The sample of this study is 2,175 Korea listed firm-year observations from 2002 to 2020. Empirical findings are summarized as follows. First, we find that firms with split credit ratings have significantly higher post earnings announcement drift. Second, firms have higher post earnings announcement drift when they are below(above) their expected ratings. Specifically, we find higher post earnings announcement drift when the credit rating lower than expected ratings. The impact on credit ratings evaluation vary depending on firm’s information environment. When firms have higher information asymmetry, they are more likely to have split credit ratings. The difference in credit ratings is due to information asymmetry, and firms with split credit ratings have greater information asymmetry, which can be interpreted as a higher probability of post earnings announcement drift. Nowadays, despite of a growing number of study on the effect of split credit ratings in various fields, it is largely unexplored in accounting literature. This study extends to the literature by relating credit rating to capital market reaction such as post earnings announcement drift..

실리카코팅 Cu 나노금속분말의 직접합성

전경민,김세현,오창섭,김진배 한국공업화학회 2008 한국공업화학회 연구논문 초록집 Vol.2008 No.-

피부선병양 소견을 보인 BCGitis

전경민,이창우,김영태,김재홍 ( Kyung Min Jun,Chang Woo Lee,Young Tae Kim,Jae Hong Kim ) 대한피부과학회 1991 대한피부과학회지 Vol.29 No.2

A 13-year-old male presented with a walnut-size tender swelling of the left supraclavicular area. The lesion developed 4 months after BCG vaccination in a left. upper arm location. The supraclavicular lesion gradually increased in size and became suppurative witii resultant sinus formation. Histopathological examination of the nodular lesion showei3 foci of epithelioid granulomas with caseation necrosis, and several Langhans' type giant cells. After a diagnosis of BCGitis was made, the patient was, treated with isoniazid an l rifampin for two months without much benefits. Surgical excision of the lesion eri. performed to expedite clinical regression. After six months of antituherculous chemctherapy, a clinical remission was evident. Scrofuloderma-like BC.'Gitis as well as other cutaneous complications of BCG vaecination are not uncommon. Thus, the practicing dermatologist should be aware of these complications, for correct diagnosis and treatment. (Kor J Dermatol 29(2):233 236)

콜로이드 용액에서의 금속 Cu 나노분말의 합성

전경민,김세현,오창섭,김진배 한국공업화학회 2008 한국공업화학회 연구논문 초록집 Vol.2008 No.1

투자자 관심 수준이 주가표류현상에 미치는 영향

전경민,남기만 한국국제회계학회 2020 국제회계연구 Vol.0 No.91

Using the Google searching volume index(SIV) of Korea listed firms from 2004 to 2017, this study investigates the effect of investor attention on post-earnings announcement drift. The main findings are as follows. First, we find that the higher the level of investor attention, the more significantly less the post-earning announcement drift after the earnings disclosure date. It implies that firms are more likely to provide timely the information for earnings to investors because firms with higher investor attention are faced with a high demand for information. When investors have higher attention, individual investors are also more actively collecting and interpreting information about the company’s earnings and timely making investment decisions. Therefore post-earnings announcement drift is reduced. Second, the relationship between investor attention and post-earnings announcement drift is more pronounced when firms have a small size or none of analyst followings. It can be interpreted that the less information about the company is disclosed to investors, the greater the impact of individual investors’ active information searching activities on post-earnings announcement drift. Recently, despite of a growing number of research on the impact of investor attention on the economic and finance literature, it is largely unexplored by the accounting literature. This paper extends to the literature by relating investor attention to post-earnings announcement drift. 본 연구는 2005년부터 2017년까지의 개별 기업에 대한 인터넷 검색량 지수(Searching Volume Index, SVI)를 이용하여 투자자 관심 수준을 측정하고 이러한 투자자 관심 수준이 이익공시일 이후 나타나는 주가표류현상에 미치는 영향을 분석하였다. 주요 연구결과는 다음과 같다. 첫째, 투자자 관심 수준이 높을수록 이익공시일 이후 주가표류현상이 유의하게 감소하는 것으로 나타났다. 이러한 결과는 개별 투자자들이 해당 기업에 대한 정보를 보다 적극적으로 수집하고 해석하여 투자 의사결정을 함으로써, 공시이익이 지닌 함축적 의미가 보다 적절히 주가에 반영되어 주가표류현상이 줄어드는 것으로 해석된다. 둘째, 기업규모가 작고 재무분석가가 존재하지 않는 기업의 경우, 투자자 관심 수준과 주가표류현상 간의 음(-)의 관계가 유의하게 나타났다. 이는 상대적으로 외부 투자자들에게 기업에 대한 정보가 덜 공개된 기업일수록 개별 투자자들의 적극적인 정보수집 활동, 즉 투자자 관심 수준이 주가표류현상에 더 큰 영향을 미치는 것으로 해석할 수 있다. 이러한 결과들은 투자자의 관심 수준을 직접적으로 반영한 인터넷 검색량 지수가 주가표류현상에 영향을 미치는 주요한 요인임을 보여주는 동시에 거래량 및 극단적인 주가수익률, 뉴스의 노출빈도 등을 사용하여 간접적으로 투자자 관심 수준을 측정한 선행연구결과와 차별된다.

제43차 춘계학술대회 : 본 연제 ; 수포성 질환 외 : 전신적으로 발생한 염증성 후천성 수포성 표피 박리증 1예

전경민,이창우 대한피부과학회 1991 대한피부과학회 학술발표대회집 Vol.43 No.1

점유면적과 유형 분석을 통한 오피스 어메니티 공간 연구 - Google Office를 중심으로 -

전경민,이소영 한국퍼실리티매니지먼트학회 2018 한국퍼실리티매니지먼트학회지 Vol.13 No.1

Office layout and workplace characteristics are closely related to workplace culture. However, little is known about types of office amenities, interdependent relationship between of physical office environment and amenities and organizational culture. The purpose of this study is to investigate the types of office amenities and what area portion of office amenities provided in the workplace cases. The types of office amenities were classified according to BOMA standards and IFMA definitions and the types of office amenities was proposed. Among the total of 16 offices Fortune awarded, Google office cases were selected as workplace for adhocracy organizational culture. Amenities areas are commonly used for food and communication. The amenities areas are used for multi purposes and the edges and boundaries of some amenities are not clear. Approximately 40% of the total space were allocated for amenities in the case office environments.

이사회 다양성이 재무보고 활동에 미치는 영향

전경민,이재형,김현표 한국회계정보학회 2023 재무와회계정보저널 Vol.23 No.4

[Purpose] This study analyze the effect of the board diversity on financial reporting process. Specifically, We examine the relationship between the board diversity such as gender, nationality and background and revenue-expense recognition. [Methodology] We analyze the effect of the board diversity on financial reporting by using the ratio of female, foreigner and former government officer on the board. This study was conducted by using gender, nationality and background data in the annual reporting of Korea listed firms over the period from 2006 to 2020. [Findings] The main findings as follow. First, we find that the higher the board diversity, the more significantly matching of revenue and expense, which can be interpreted that firms with diverse board member report timely based on the revenue -expense matching principle. Second, firms with gender and nationality diversity report match the revenue to the expense. These findings are consistent with the results of prior research. [Implications] This study has the following contributions. First, this study is differentiate from prior research in terms of measuring the board diversity using three variables such as gender, nationality and background. Second, we expand the existing research on governance and board by presenting a new aspect of board diversity as a factor affecting the revenue-expense matching, and presents the timely results in a recently situation where various stockholders’ demands for board diversity of listed firms are increasing.

전염증 연속증

전경민,김재홍 한국의학사 1991 診斷과治療 Vol.11 No.3