• 아태비즈니스연구
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• 제9권4호
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• pp.137-155
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• 2018

It has been reported that there is a significant positive relationship between the unexpected earnings on the earnings announcement date and the cumulative abnormal returns following the earnings announcement date. This study investigates whether the results of prior studies are because the public announcement of shareholders' meeting date was selected as the event date instead of either the preliminary earnings disclosure date or the profit/loss change announcement date. The results of this study are as follows. First, post-earnings-announcement drift(PEAD) occurs when unexpected earnings were computed based on the prior period earnings and the public announcement of the shareholders' meeting date as the profit disclosure date. Second, when analyzing the PEAD with the unexpected earnings calculated using the financial analysts' forecasts, no PEAD has been found both on the date of the shareholders' meeting and the earlier date of the preliminary earnings disclosure, profit/loss change announcement, or the public announcement of the shareholders' meeting. Foster et al. (1984) analyze the PEAD using time series model and earnings forecasting model and suggest that the PEAD appears only in the time series model. In this study, too, in the case of using analysts' profit forecasts, the lack of the PEAD shows that the PEAD can be changed according to the method of measuring the unexpected earnings.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.319-326
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• 2022

This study investigates the specific and conclusive reasons why a company issues bonus shares, as well as the rationale and the best timing for bonus share issuance. The study examines Carlsberg's annual reports from 1988 to 2004 to evaluate the factors that influence bonus share payments and timing. Examine supporting evidence from other businesses as well. An analysis of Carlsberg Brewery Malaysia Berhad's bonus shares granted from its inception to 2004 found that the announcement of bonus shares would increase the company's share price. As a result, the findings suggest that bonus shares are issued to correct market asymmetry. This research supports the idea that issuing bonus shares would increase the stock price, resulting in increased liquidity. Hence, companies issue bonus shares to boost their liquidity and to convey private positive information to their shareholders. This research adds to the literature by focusing on the timing and key features of bonus share issuing. It implies that dividend policy should be customized to market imperfections. As a result, dividend policies would differ significantly between organizations based on the weights each of the imperfections has on the firm and shareholders.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2020년도 봄 학술논문 발표대회
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• pp.204-205
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• 2020

Construction Standard Unit Price is the unit price calculated based on the market price for work items in construction projects that have already been conducted. It is used as basic data for calculating the budget price of public construction projects. In the Construction Standard Unit Price Book implemented in the second half of 2020, there are 1,810 types of unit prices. Since 2017, 100-150 construction standard unit prices have been revised semiannually (on January 1 and July 1 of each year) through Construction Site Surveys. Other work items have been set based on the rate of inflation during the corresponding period. Later in 2020, this procedure was changed, with on-site survey period extended to one year to strengthen the construction standard unit price investigation. The revisions previous announced during the second half of the year were changed only to reflect the price inflation rates. With such changes in the revisions to construction standard unit prices, one important issue that was raised: The timing of announcing the revisions during the second half of the year (reflecting the price inflation rates). The market unit wage, which is the unit price standard of labor cost that takes up a large part of the construction cost, is announced in January and September. The figures announced in September is reflected on the construction standard unit price four months later in January, but the market unit wage announced in January is reflected only six months after in July, which causes a timing issue. As such, the current study analyzed problems rising from the changed timing of the announcements of the construction standard unit price during the second half of the year, in addition to analyzing their impact on public construction projects.

• 디지털융복합연구
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• 제14권10호
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• pp.107-117
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• 2016

본 연구는 유가증권시장의 제조업을 대상으로 재무정보의 효율성이 기업가치에 미치는 영향에 대해 정보가 반영되는 시기를 중심으로 검증하고자 하였다. 이를 위해 재무제표 공시를 기준으로 분석기간을 당해(t)년도, 재무제표 공시 전 90일, 차기년도(t+1)로 구분하였다. 실증분석에 사용된 재무변수는 수익성, 성장성, 안정성, 활동성 및 시장가치 비율이며 재무정보가 분석기간 동안의 주식수익률에 미치는 영향을 단계적 회귀분석(stepwise regression)을 이용해 검증하였다. 실증분석 결과, 성장성과 수익성에 관한 정보는 당기의 주식수익률에 반영되는데 비해 안정성과 활동성에 관한 정보는 차기의 주식수익률에 정보를 반영하고 있는 것으로 나타났다. 총자산증가율은 당기 및 차기의 주식수익률에 부(-)의 유의적인 영향을 주는 것으로 나타났으며, 이는 재무정보가 산출된 동기간에 정보가 반영될 뿐만 아니라 차기에도 지속적으로 정보를 반영하는 것으로 판단된다. 본 연구는 재무정보의 성격에 따라 기업가치에 반영되는 시기가 달라지는 것을 발견하였다.

• 한국산학기술학회논문지
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• 제18권7호
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• pp.149-161
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• 2017

본 논문은 국내 유가증권시장(KOSPI 및 KOSDAQ)에 상장된 106개의 제약 바이오기업을 대상으로 사건연구방법론(Event study methodology)을 이용하여 제휴 체결이 기업의 시장가치에 미치는 영향을 연구하였다. 연구 결과, 국내 제약 바이오산업에서 모든 제휴가 기업의 시장가치에 유의미한 영향을 주지는 않았지만 제휴 유형에 따른 분석에서 기술력이 제휴 체결의 주요인으로 작용하는 연구개발 제휴는 기업의 시장 가치에 긍정적인 영향을 주는 것으로 나타났다. 연구개발 제휴 중에서는 기술 이전 제휴, 특히 개발기술 이전 제휴가 기업 가치에 더 긍정적인 영향을 주었다. 이는 제휴 유형별로 차별화된 평가를 받는다는 것으로 해석되었다. 한편, 제휴 체결이 기업가치에 반영되는 시점을 확인한 결과, 내부 정부 유출로 제휴 공시 전 주가 상승 가능성이 높다는 것을 확인하였다. 이는 국내 제약 바이오산업 내 제휴와 관련하여 사전정보유출 가능성이 높다고 해석된다. 본 논문은 국내 제약 바이오 기업의 가치 창출을 위해 제휴의 방향을 모색하는 경영자들과 실무자들에게 제휴의 효과를 실증적으로 입증해 준다. 또한 제휴 체결 전 정보 유출 방지를 위해 정보 관리 및 이와 관련된 제도적 보완이 필요할 것으로 판단된다.