• Management & Information Systems Review
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• v.36 no.3
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• pp.151-165
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• 2017

This study investigates the effect of revenue recognition by percentage of completion method on financial analysts' earnings forecasting information in order industry. Specifically, we examines how the analysts' earnings forecast errors and biases differ according to whether or not to report the unbilled revenue account balance and the level of unbilled revenue account balance. The sample consists of 453 firm-years listed in Korea Stock Exchange during the period from 2010 to 2014 since the information on unbilled revenue accounts can be obtained after the adoption of K-IFRS. The results are as follows. First, we find that the firms with unbilled revenue account balances have lower analysts' earnings forecast accuracy than the firms who do not report unbilled revue account balances. In addition, we find that the accuracy of analysts' earnings forecasts decreases as the amount of unbilled revenue increases. Unbilled revenue account balances occur when the revenue recognition of the contractor is faster than the client. There is a possibility that managerial discretionary judgment and estimation may intervene when the contractor calculates the progress rate. The difference between the actual progress of the construction and the progress recognized by the company lowers the predictive value of financial statements. Our results suggest that the analysts' earnings forecasts may be more difficult for the firms that report unbilled revenue balances as applying the revenue recognition method based on the progress criteria. Second, we find that the firms reporting unbilled revenue account balances tend to have higher the optimistic biases in analysts' earnings forecast than the firms who do not report unbilled revenue account balances. And we find that the analysts' earnings forecast biases are increases as the amount of unbilled revenue increases. This study suggests an effort to reduce the arbitrary adjustment and estimation in the measurement of the progress as well as the introduction of the progress measurement method which can reflect the actual progress. Investors are encouraged to invest and analyze the characteristics of the order-based industry accounting standards. In addition, the results of this study empower the accounting transparency enhancement plan for order industry proposed by the policy authorities.

• Digital Contents
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• no.9 s.112
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• pp.44-46
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• 2002

이동통신서비스업체와 CP와의 관계는 소니와 플레이스테이션2 게임개발업체의 관계에 비유할 수 있다. 그만큼 밀접한 관계라는 뜻이다. 무선인터넷이 이동통신의 차세대 수익원으로 주목받고 있는 가운데 이동전화사업자들이 콘텐츠 업계(CP)지원 및 인력 양성 프로그램을 강화하고 있어 주목된다. 킬러 콘텐츠를 확보하는 것이 곧 통화료 수익 증가로 이어지는 상황에서 이동통신사들과 콘텐츠 프로바이더와의 관계 변화가 새로운 국면을 맞고 있는 듯하다. 이통사들이 어깨에 힘을 빼고 콘텐츠 프로바이더를 파트너로 인식했다는 것 자체로 의미있다는 평가를 받고 있다. 그들의 행보를 취재했다.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.250-253
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• 2003

Many construction companies have been trying to extend their businesses to the development projects after IMF. Project financing was introduced to the construction market and has been popular with construction companies which can not furnish funds for project by themselves. But, there are so many problems that project financing has not been activated in the construction field. One of the main factors that disturb activation of project financing is distrust about construction management among participants. This distrust is caused by the lack of speciality, objectivity, clearness about CM. So, to process business successfully, they need specialty and objectivity for the construction management. In this research, I analyzed the role and duty of the main participants about CM in the development project ana suggested an advanced management structure in order to activate project financing in the development projects.

• 한국디지털정책학회:학술대회논문집
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• 2003.12a
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• pp.251-261
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• 2003

최근 정보보호의 중요성에 대한 인식이 확산되고 있음에도 불구하고 정보보호에 관한 적절한 투자가 이루어지지 않아, 효과적인 정보보호 시스템 구현이 지연되고 있다. 이는 전 세계적인 경제불황이라는 원인도 있겠지만, 정보보호 투자에 대한 정당화 논리가 부족하여 최고 경영자의 의사결정에 적절히 반영되지 않은 이유가 더 크다고 할 수 있다. 정보보호는 조직의 업무 수행에 수반되는 부대비용 개념으로 인식되어 왔으며 이 결과 ROI 와 같은 정보보호 투자에 대 한 정당화 논리를 제공하지 못해 적절한 투자가 적절히 수행되지 못하였다. 따라서 최근에는 정보보호 투자에 대한 수익과 지출간의 관계를 통한 ROSI(Return on Security Investment) 분석을 통한 정당화 논리 전개에 대한 필요성이 대두되고 있다. 본 논문에서는 ROSI 산출에 대한 접근방법을 비교 분석하고 TCO(Total Cost of Ownership)를 이용한 ROSI 방법을 제시하고자 한다. TCO는 하드웨어 가격뿐만 아니라 기술지원 및 유지 지원 인력 등을 모두 고려한 총 소유비용이다. 즉 정보보호에 대한 정확한 총 비용을 구하는데 매우 적합하다고 할 수 있다. 본 연구의 결과는 기업들로 하여금 좀 더 효과적인 정보보호 투자 정당화 수단으로서 활용될 수 있을 것이다.

• The Journal of the Korea Contents Association
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• v.13 no.2
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• pp.431-439
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• 2013

The purpose of this study is to analyze the apartment investment performance including the risk and to verify the presence or absence of regional characteristics. This study made an analysis on the apartment investment performance by dividing it into long and short-term basis. Data collection period is 10 years from 2002 to 2012 and target area includes Gangnam and Gangbuk (southern and northern area of Seoul) and 6 metropolitan cities. For evaluating the investment performance, this study used the earning rate of 5 year 1st class national housing bond as the risk-free rate of return and 1~2 year interest rate of fixed deposit for calculating lease profit. The results of study are as follows, Treynor's Index was used in long investment performance evaluation because of regional characters non-existing in Seoul and Incheon whereas Jensen's Index was used in evaluating because of regional characters existing in 5 metropolitan cities. And Jensen's Index was used in short-term evaluation of all districts as existing regional characters in all districts. Short-term performance considering regional characteristics yielded different results of simple evaluation. Therefore, in case of simple rate of return to evaluate the performance, the recognition of that can be distorted.

• Korean Journal of Construction Engineering and Management
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• v.8 no.2
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• pp.127-135
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• 2007

Markets for the apartment remodeling projects will be a major portion of the construction industry in near future. However, only partial remodeling works in the apartment were done so far. This situation caused bad impact to expand the remodeling markets and less profits of the remodeling projects. In order to solve this problem, many other researches were done previously to Improve profits of the apartment remodeling projects. However, the results are too theoretical to implement them and Improve profits. In this research, profitability influence factors that are possible to improve effect of the remodeling works are selected and analyzed through several studies. Then, correlation analysis is performed between the improvement level in the remodeling projects and the numerical profitability based on actual cases. The result clearly shows that some improved remodeling items are strongly related to the profit. These results lead us to the strategy to follow for the purpose of increasing profits of the remodeling projects.

• Journal of Environmental Policy
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• v.5 no.3
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• pp.1-24
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• 2006

As the social responsibility of corporations becomes more important, recently, many corporations have made constant efforts to preserve natural environment. Environmental investments had been traditionally thought as cost factors and sources of negative effects on a firm's financial performances. In this study, we explore the relation of financial and environmental performances of Korean corporations. We use default probability as well as ROE as indicators of financial performances. We find that there is positive correlation between ROE and environmental performance, and negative correlation between default probability and environmental performance. This implies that Korean corporations should recognize environmental investment as means of improving corporate value.

• Journal of Korea Port Economic Association
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• v.38 no.4
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• pp.107-118
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• 2022

In this study, daily data from January 2002 to June 2022 were used to investigate the relationship between risk-return relationship and market fear, uncertainty, stock market, and maritime freight index for the crude oil market. For this study, the time varying EGARCH-M model was applied to the risk-return relationship, and the wavelet consistency model was used to analyze the relationship between market fear, uncertainty, stock market, and maritime freight index. The analysis results of this study are as follows. First, according to the results of the time-varying risk-return relationship, the crude oil market was found to be related to high returns and high risks. Second, the results of correlation and Granger causality test, it was found that there was a weak correlation between the risk-return relationship and VIX, EPU, S&P500, and BDI. In addition, it was found that there was no two-way causal relationship in the risk-return relationship with EPU and S&P500, but VIX and BDI were found to affect the risk-return relationship. Third, looking at the results of wavelet coherence, it was found that the degree of the risk-return relationship and the relationship between VIX, EPU, S&P500, and BDI was time-varying. In particular, it was found that the relationship between each other was high before and after the crisis period (financial crisis, COVID-19). And it was found to be highly associated with organs. In addition, the risk-return relationship was found to have a positive relationship with VIX and EPU, and a negative relationship with S&P500 and BDI. Therefore, market participants should be well aware of economic environmental changes when making decisions.

• Journal of Korea Port Economic Association
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• v.23 no.3
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• pp.29-51
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• 2007

The purpose of this study aims to explore shipowner's lost profit and its claim resulted from delay in redelivery under time charter with the Achilleas case. In this case, the charterers submitted that there was an established prima facie measure of damages in cases of late delivery, namely the difference between the market rate and the charter-party rate for the period from the time when the vessel should have been delivered until the time of her actual redelivery. An award for lost profit in respect of a subsequent charter could only be made under the second limb because the charterers had not been told, at or before the making of the addendum, that the owners were going to enter into a subsequent fixture and that it was critical that redelivery take place on time. However, the owners said their losses that was a not unlikely consequence of the charterers' breach. There was no special rule that the first limb could only lead to damages calculated by taking the difference between the market and the charter-party rate for the overrun. To award damages in the Achilleas case on the basis of the difference between the market and the charter rate for the overrun would compensate the owners for only a fraction of the true loss caused by the breach.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.97-109
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• 2014

The purpose of this study is, as to verify the effect of IR announcements, the IR activity to look at the usefulness. In previous study, they found that the IR announcement leads to reductions in information asymmetry, effect to positive stock price. This study examine the abnormal returns between group by corporate characteristics. The data used in this study are daily stock market returns taken from the KOSDAQ listed company with IR announcements during the 2005-2012 year(8 year). We find that follows. First, the capital market is accepted IR activity as the positive information. Second, abnormal returns of small company is higher than big size that. We show the difference of abnormal returns between the venture company and general company, the venture company's high. The abnormal returns of corporate with high ownership is above the group of low ownership. Additionally, consider interaction by firm characteristics, we show the interaction between firm size and business type. The result of two-way ANOVA is that venture corporate with big size are more abnormal returns than others. Also, we demonstrate that firm location is the factor of difference on information effect in venture firm.