• Journal of the Korea Convergence Society
• /
• v.10 no.9
• /
• pp.199-207
• /
• 2019

This study aims to analyze the profitability of Robo-Advisors portfolio combined with the analysts' forecasts on the Korean stock prices. Sample stocks are 8 blue-chips and sample period is from 2003 to 2019. Robo-Advisor portfolio was suggested using the Black-Litterman model combined with the analysts' forecasts and its profitability was analyzed. Empirical result showed the suggested Robo-Advisor algorithm produced 1% annual excess return more than that of the benchmark. The study documented that the analysts' forecasts had an economic value when applied in the Robo-Advisor portfolio despite the prevalent blames from investors. The profitability on small or medium-sized stocks will need to be analyzed in the Robo-Advisor context because their information is relatively less known to investors and as such is expected to be strongly influenced by the analysts' forecasts.

• The Korean Journal of Applied Statistics
• /
• v.36 no.5
• /
• pp.489-499
• /
• 2023

As sharing of analyst reports became widely available, reports generated by analysts have become a useful tool to reduce difference in financial information between market participants. The quantitative information of analyst reports has been used in many ways to predict stock returns. However, there are relatively few domestic studies on the prediction power of text information in analyst reports to predict stock returns. We test stock return predictability of text in analyst reports by creating variables representing the TONE from the text. To overcome the limitation of the linear-model-assumption-based approach, we use the random-forest-based F-test.

• The Korean Journal of Financial Management
• /
• v.25 no.4
• /
• pp.1-24
• /
• 2008

We empirically examined the forecasting abilities of analysts in the Korean stock market with regard to their earnings estimates, and the impacts of their reports on stock prices. Further, we also examine if there is any difference in analysts' forecasting accuracy and stock prices impacts depending upon the geographical distance between analysts and companies they follow. We found the following interesting empirical results. First, analysts have tendency to overestimate sales, operating income, and net income, consistent with the previous literature. Second, the degree of overestimation depends upon the geography of companies. That is, it is smaller for companies headquartered in Seoul than companies in local provinces. Third, analysts' earnings estimates are also more accurate for companies located in Seoul. So, we conjecture that analysts have easier access to the information for the companies. Fourth, when analysts downgrade target prices, companies in Seoul are less negatively affected than those in local provinces. Even when analysts revise downward stock recommendations, stock prices of companies in Seoul go up. Overall, analysts' price impacts are more favorable for Seoul-located companies. Last, but not least, when foreign ownership is higher, investors react less negatively to downward revisions of stock recommendation, but react more negatively to downward revisions of target prices.

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

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
• /
• 2014.10a
• /
• pp.409-411
• /
• 2014

There have been various advanced research on how changes of analysts' profit forecasts affect stock prices. Also, consensus, which is usually drawn by the arithmetic mean of profit forecasts, has been widely harnessed among investors in stock market. Recently, it is emphasized to reflect the internal factors of individual forecasts to raise the accuracy of consensus. Based on national and international research, this study proposes a new methodology in consensus by applying statistically meaningful factors in computation.

• 정보화사회
• /
• s.178
• /
• pp.10-11
• /
• 2006

모바일타임스가 작년 12월 증권사.리서치사.경제연구소 등에서 활동하고 있는 애널리스트들을 상대로 설문조사를 한 결과, 올해 주목할 제품 1순위로 단말기가 꼽혔다. 모바일 기기의 융복합화 추세와 맞물려 피할 수 없는 경향이 컨버전스 제품인 것은 사실이지만 애널들이 그 어느때보다 올해 컨버전스 바람이 거셀 것으로 전망한 이유는 다양한 기술이 속속 등장하고 있기 때문이었다.

• Digital Contents
• /
• no.2 s.117
• /
• pp.82-87
• /
• 2003

한국소프트웨어진흥원 주최로 지난 2002년 12월 3일부터 4일까지 개최된 '글로벌 게임 컨퍼런스 2002'에서 발표된 미국 게임시장 마케팅 분석 보고서이다. The Yangkee Group의 시니어 애널리스트 마이클 굿맨이 발표한 자료를 번역 게재한다. 국내에서는 온라인 게임의 폭발적 성장에 묻혀 큰 영향력을 발휘하지 못하고 있는 콘솔 게임 분야이지만, 향후 '홈 엔터테이먼트'의 중심에 서게 될 '콘솔 게임' 시장에 대한 깊이 있는 분석이 주목할 만하다.

• Management & Information Systems Review
• /
• v.34 no.3
• /
• pp.101-123
• /
• 2015

Amidst the growing uncertainty in external environments, securing and retaining superior human resources is becoming emphasized as a key means for organizations to achieve competitive advantages. Particularly, star employees-human resources that are characterized by their ability to create extraordinary performance relative to other peers-are increasingly gaining attention in both academia and industry because of its importance in knowledge-based industries. However, despite the prevailing recognition for star employees, few previous literature have attempted to empirically test the direct relationship between the ratio of star employees in an organization and organizational performance. Considering both the potential for positive and negative influence of star employees on organizations, the relationship between the ratio of star employees and organizational performance can not only be a simple linear relationship but can also exist in a curvilinear form. Building on the existing literature on star employees, this paper establishes competing hypotheses for the two possibilities of curvilinear relationship; as the ratio of star employees increases, marginal effects can either increase (i.e., U-shaped curvilinear relationship) or decrease (i.e., inverted U-shaped curvilinear relationship). Employing an unbalanced panel data of 35 Korean brokerage firms between years 2008 and 2013 with 134 observations, the relationship between the ratio of best analysts (i.e. star employees) as selected by Maeil Business Newspaper and financial performance (i.e. organizational performance) of corresponding brokerage firms is examined. Empirical results indicate that while organizational performance increases as the ratio of star employees increases, its positive effect diminishes over time which provides support for the curvilinear relationship with decreasing marginal effects. Our research findings imply that star employees create value in knowledge-based industries; at the same time, implications are given as results calls for caution for excessive dependence on star employees beyond a certain level.

• KDI Journal of Economic Policy
• /
• v.31 no.1
• /
• pp.239-276
• /
• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Proceedings of the Korean Society of Computer Information Conference
• /
• 2013.01a
• /
• pp.265-268
• /
• 2013

홈 네트워크 산업은 인간의 욕구와 맞물려 앞으로의 발전 가능성이 큰 분야이다. 미 가전협회의 조사에 따르면 소비자들도 홈 네트워크 시스템에 많은 관심을 가지고 있고, 애널리스트 샘 루세노는 "홈 오토메이션 시장은 해를 거듭할수록 규모가 커질 것이다."라고 예상하고 있다. 최근 네트워크 기술은 유선에서 무선으로 발전되고 있으며 홈 네트워크 서비스에는 유선보다 무선 네트워크 기술이 많이 쓰이고 있다. 본 논문에서는 각종 무선 네트워크 통신 기술에 대해 비교분석하고 홈 네트워크 서비스와의 연관성을 살펴보기 위하여 현재 홈 네트워크 서비스에 널리 사용되고 있는 무선 네트워킹 기술인 IEEE 802.11 무선랜 그룹과, IEEE 802.14.1의 블루투스 및 IEEE 802.14.5에 정의된 지그비 통신 기술에 대한 비교분석 한다.