• Journal of Convergence for Information Technology
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• v.7 no.3
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• pp.105-109
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• 2017

This paper examines the effect of the analysts' earnings forecast revisions on stock price after the dividend announcement of the firms has been released. We show that the analysts' upward revisions on earnings forecasts are followed by the positive cumulative abnormal return. We also investigate the signalling effect and the confirmation effect with respect to the effect of the dividend announcement and the earnings forecast revisions on stock price. The test results show that the confirmation effect is stronger than the signalling effect. That is, the investors react only when the analysts' forecasts coincide with the preceding dividend announcement.

• The Korean Journal of Financial Management
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• v.9 no.2
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• pp.209-242
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• 1992

본 연구에서는 무상주발행, 즉 무상증자(無償增資), 주식분할(株式分割), 그리고 주식배당(株式配當)을 실시하는 기업(企業)의 특성(特性)과 주가반응(株價反應)을 연관지어 주가반응(株價反應)의 이유를 설명하였다. 특히, 이러한 형식적 재무활동이 왜 기업내용에 관한 정보전달의 역할을 하게 되며, 장기적 기업성과의 변화로 이어지는가, 배당증감(配當增減)에 관한 직접적인 정보(情報)에 상관없이 무상주발행 발표시점에서 정보효과(情報效果)를 갖는가, 그리고 정보효과(情報效果)에 차이(差異)가 있는가를 살펴보았다. 실증분석(實證分析) 결과(結果)는 무상증자(無償增資) 및 주식분할(株式分割)은 기업의 경영성과(經營成果)가 전과 같이 탁월(卓越)하거나 또는 평균이상(平均以上)을 유지(維持)하리라는 신호(信號)를 시장에 주는 정보효과(情報效果)를 갖고 있었으며, 주식배당(株式配當)은 현금배당능력(現金配當能力)이 부족(不足)한 기업(企業)들이 실시하고 주식배당 후에도 경영성과가 저조했다. 그러나 모든 무상주 발행의 경우 배당증가의 경우가 배당감소의 경우보다 초과수익이 더 많아 정보효과(情報效果)의 차이(差異)를 발견하였고, 또한 배당증감에 관한 직접적인 정보에 상관없이 공시시점(公示時點)에서 정보효과(情報效果)를 가지고 있다는 사실도 알 수 있었다. 무상증자(無償增資)가 주식분할보다 특정기간에 더 높은 초과수익을 실현하고 있었으며, 자본잉여금(資本剩餘金)을 재원(財源)으로 한 무상증자는 이익잉여금(利益剩餘金)을 재원(財源)으로 한 경우보다 초과수익(超過收益)이 많았다. 기업특성(企業特性)에 있어서도 자본잉여금을 재원으로 한 경우가 이익잉여금의 경우보다 경영성과가 더 우수했으며 특히, 이익잉여금(利益剩餘金)의 경우 대부분이 회계년도말(會計年度末)에 실시되어 주식배당적성격(株式配當的性格)이 강하였다. 무상증자의 경우 종합주가지수수익율(綜合株價指數收益率)을 이용하여 구한 잔차가 업종별지수수익율(業種別指數收益率)을 이용하여 구한 잔차보다 크며 통계적으로 유의하였다. 이는 무상증자가 있는 업종의 수익률이 시장평균보다 높다는 것을 말하며, 무상증자(無償增資)를 실시하는 기업들은 평균보다 많은 투자기회(投資機會)를 가지고 보다 우월한 영업성과를 줄 것으로 기대되는 업종에 속하고 있다고 하겠다.

• Proceedings of the Korean Society for Food Science of Animal Resources Conference
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• 2004.10a
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• pp.371-374
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• 2004

본 연구는 식물성 에스트로겐인 isoflavone 배당체의 ${\beta}-1,4\;glycoside$ 결합을 ${\beta}-galactosidase$로 분해하여 그 생리적 작용이 더욱 효과적인 aglycone화 하기 위한 조건을 연구하여 기능성식품개발에 응용토록 하는데 목적이 있다. 실험 결과, 모든 ${\beta}-galactosidase$가 ${\beta}-1,4\;glycoside$ 결합의 분해력이 인정되지는 않았으며, 분해 가능성이 인정된 효소를 선택하여 실험한 결과 효소의 함량이 증가함에 따라 aglycone의 성분비율이 증대된 반면, 그 손실률 또한 증대되었고 배양시간이 길수록 aglycone의 성분비율이 증가하였으나 배양초기에 급격한 증가율을 보였으며, pH6과 7, 8에서 유사한 정도의 증가율을 보였고, 온도가 증가함에 따라 aglycone 성분비율이 증가되었지만 $40^{\circ}C$이상에서는 그 손실률이 크게 증가하였다. 결과적으로 판단해 볼 때, isoflavone을 aglycone화 하는데 있어 인체 내 유사조건에서 aglycone의 증가율이 높았으며 최적의 조건과 많은 차이를 나타내지 않았고 그 손실률 또한 최소화된 결과를 나타내어 isofalvone을 적용한 기능성 유제품을 연구하는데 있어 긍정적인 가능성을 보였다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.1
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• pp.171-181
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• 2013

The relationship about corporations' dividend policy and foreigners' share have been studied on the various views. However, there have barely been the studies about the relationships between the two variables according to hot and cold markets in Korea. In this point, this study attempts to find the differences of the tendency of foreigners' investment with financial variables and the relationship between foreigners' share and corporations' dividend policy according to hot and cold markets. For the analysis, it selected the 318 manufacturing corporations, which paid dividends in 2008 (cold market) and 2010(hot market). The results are classified into two types. 1) There are the difference, and 2) There are no differences of the relationships among the variables according to the two markets. First of all, The relationships between 1) foreigners' share and dividend 2) between foreigners' share and market value (Tobin's Q) and corporations' debt (Debt Ratio) were statistically significant in the both (hot and cold) markets. As showing the differences according to hot and cold markets, cash flow and foreigners' share showed the statistically significant relationships in 2010 (hot market), not in 2008 (cold market). One of the remarkable results is that most of relationships among variables, except the relationship between foreigners' share and dividend, are more strong in hot market than in cold market.

• Review of Culture and Economy
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• v.20 no.2
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• pp.149-171
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• 2017

This paper presents empirical findings about the market inefficiency field in the korean horse track. We first use the place betting data instead of the win betting data inevitably depended on by past studies, and discuss the degree of the long shot anomaly and the bettor's risk attitude sequentially in the place betting market. The empirical result of betting simulations using the place winning function in this study reveals persistently higher returns than the expected payoff in korean racetrack betting market. The clear departures from perfect efficiency in horse-racing betting imply that much of the market information is insufficient and less accurate. This market asymmetry aggravates popular speculations exquisitely since people are attracted by the higher odds figures in the racetrack display although those are much uncertain in future. The findings suggest the more objective and credible information of winning possibilities such as the place winning function including the smart information of marginal odds needs to be available to the betting decision of the public, which contributes to reducing the speculative spirit in korean racetrack.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.8
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• pp.86-93
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• 2018

This study examines the differences in the determinants of dividend payout across advance disclosure firms and ordinary disclosure firms using firm-level data from firms listed on the Korea Exchange. Results are as follows: First, firm characteristics of advance disclosure firms significantly differ from those of ordinary disclosure firms in all variables except sales growth and operating risk variables. Second, regression results show that the determinants of dividend payout from ordinary disclosure firms are generally similar to results of previous studies. However, determinants of advance disclosure firms contain only few variables such as Tobin's Q, corporate bond yield, and operating cash flows from conventional factors. Third, logistic regression results show that factors affecting the probability of dividend payment substantially differ across advance disclosure firms and ordinary disclosure firms. These results suggest that the motivation and incentive of dividend payout from firms choosing advance disclosure are substantially and systematically different from those of ordinary disclosure firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.2
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• pp.878-884
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• 2012

This study presents a portfolio selection strategy focusing on construction corporations by taking into accounts managerial efficiency and growth potential of a company. Data envelopment analysis(DEA) methodology and dividend scoring table are adopted for evaluating the managerial efficiency and growth potential of a company respectively. In order to show the effectiveness of the portfolios selected by the strategies proposed in this study, we constructed 3 portfolios for every 4 years (2007-2010) out of 56 listed construction corporations in KOSPI and KOSDAQ, and proved that our portfolios are superior to benchmark portfolios in terms of portfolio evaluation measures.

• Journal of Industrial Convergence
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• v.2 no.1
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• pp.3-22
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• 2004

The purpose of this study is to examine the relationship between discretionary policy for minor shareholders and the firm value. It is assumed that the favorable dividend policy for minor shareholders would affect the firm value positively. The empirical results have indicated that the favorable dividend policy for minor shareholders has a positive affect on the firm value, also it show the proportion of inside equity holders and the proportion of management equity holders have significant effect on the firm value.

• Journal of Venture Innovation
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• v.2 no.1
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• pp.131-151
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• 2019

This paper is conducted to find out if the previous corporate internal reservation has a significant effect on current investment and dividend payments by using the dummy variables of each classified industry. The results of the research show that previous corporate internal reservation had a significant effect on current material investments in following fields - manufacturing industries, technical services, wholesale and retail industries, information services, construction and transportation industries - over two years. Especially, investments in tangible assets were more effective than those in development expenses. In human resource investment, previous corporate internal reservation had a significant effect on current human investments in fields of manufacturing, technical services, information services and transportation industries. Among them, investments in education training expense and welfare benefit expense were more effective than those in wages. In the dividend section, previous corporate internal reservation had a significant effect on current dividends in the fields of manufacturing, wholesale and retail, information services, transportation industries, and in other businesses. Among them, Expenditure on dividend amounts was found to be more effective than that on dividend ratio. This paper contributed to the field in a way of empirically demonstrating the effects of previous corporate internal reservation on current investments and dividends by using the method of industrial classification. On the other hand, it also has a limitation since collecting precise taxation data was practically difficult. Therefore, a further developed study is required to find out the standard which shows exactly how much the measured results of the regression analysis reflect the effects of the government policies. Moreover, it is considered necessary for the government to devise policies on vagueness and uncertainties in the domestic and overseas economic and business environments so that companies can conduct investment with confidence.

• The Korean Journal of Financial Management
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• v.16 no.2
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• pp.179-213
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• 1999

본 연구에서는 국내 주식시장에서 주식수익률의 횡단면 차이에 유의적인 설명력을 가지는 것으로 나타난 기본적 변수가 시장지수 베타에서는 측정되지 않은 또 다른 가격화된 위험에 대해 유용한 대용변수인지를 규명하였다. 기본적 변수들 중에서 기업규모와 장부/시장가치 비율은 주식수익률의 횡단면 차이를 설명함에 있어 독립적인 효과를 갖는 가장 유의적인 변수였다. 주식수익률의 횡단면 차이에 매우 유의적인 설명력을 가지는 깃으로 나타난 거시경제요인의 요인민감도는 기업규모, 장부/시장가치 비율을 포함시 더 이상 유의적인 설명력을 가지지 못하였다. 소규모, 높은 장부/시장가치 기업은 매우 지속적인 수익성 악화를 겪고 있는 곤경기업이며, 역시 배당감소위험, 레버리지위험 및 미래 현금흐름의 불확실성으로 측정된 기업특성적 위험이 보다 큰 곤경기업이었다. 따라서 이러한 실증결과는 소규모, 높은 장부/시장가치 주식이 대규모, 낮은 장부/시장가치 주식에 비해 높은 수익률을 보이는 원인이 보다 높은 위험에 따른 보상의 결과이며, 규모변수와 장부/시장 가치 비율은 이들 위험에 대한 유용한 대용치라는 '위험에 기초한 가설'을 지지하는 증거로 주장될 수 있다. 기업규모와 장부/시장가치 비율이 시장베타로는 측정되지 않는 주식가격결정에 있어 가격화 된 또 다른 위험을 대리한다면 수익률에 나타난 SIZE, B/M효과는 합리적 가격결정하 APT나 ICAPM과 같은 확장된 CAPM과 모순되지 않는 하나의 증거로 볼 수 있으며, 비록 이들 변수들이 관찰 불가능한 진정한 시장베타에 대한 보다 나은 대용치라고 할지라도 이들 두 변수와 관련된 요인을 포함한 다요인 가격결정모델이 시장지수만을 포함한 단일요인모델에 비해 보다 유용한 모형임을 기대할 수 있다.