• 자원ㆍ환경경제연구
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• 제22권4호
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• pp.671-689
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• 2013

Transmission mechanisms of volatility between two crude oil markets (WTI and Brent markets) have drawn the attention of numerous academics and practitioners because they both play crucial roles in portfolio and risk management in crude oil markets. In this context, we examined the volatility linkages between two representative crude oil markets using a VECM and an asymmetric bivariate GARCH model. First, looking at the return transmission through the VECM test, we found a long-run equilibrium and bidirectional relationship between two crude oil markets. However, the estimation results of the GARCH-BEKK model suggest that there is unidirectional volatility spillover from the WTI market to the Brent market, implying that the WTI market tends to exert influence over the Brent market and not vice versa. Regarding asymmetric volatility transmission, we also found that bad news volatility in the WTI market increases the volatility of the Brent market. Thus, WTI information is transmitted into the Brent market, indicating that the prices of the WTI market seem to lead the prices of the Brent market.

• Asian Journal of Business Environment
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• 제10권1호
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• pp.19-28
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• 2020

Purpose: This research aims to investigate the impact of corporate integrity on stock price crash risk. Research design, data, and methodology: Taking 1419 firms listed in Shenzhen Stock Exchange in China as a sample, this paper empirically analyzed the relationship between corporate integrity and stock price crash risk. The main integrity data was hand-collected from Shenzhen Stock Exchange Website. Other financial data was collected from CSMAR Database. Results: Findings show that corporate integrity can significantly decrease stock price crash risk. After changing the selection of samples, model estimation methods and the proxy variable of stock price crash risk, the conclusion is still valid. Further research shows that the relationship between corporate integrity and stock price crash risk is only found in firms with weak internal control and firms in poor legal system areas. Conclusions: Results of the study suggest that corporate integrity has a significant influence on behaviors of managers. Business ethics reduces the likelihood of managers to overstate financial performance and hide bad news, which leads to the low likelihood of future stock price crashes. Meanwhile, corporate integrity can supplement internal control and legal system in decreasing stock price crash risks.

• 재활간호학회지
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• 제8권1호
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• pp.50-58
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• 2005

Purpose: The purpose of this study was to increase our understanding of the terminal cancer patients and their families concerns. I analyzed the counseling contents of terminal cancer patients and their relatives who referred to hospice office. Method: Data was collected from January 2004 to November 2004. During the counseling, I took notes the key points and contents. 109 patients and/or their families's counseling records were analyzed with the descriptive statistics and content analysis. Result: 73.4% of patients knew their current terminally ill status. The mobility of 86.2% of the patients was worse than ECOG 3 level. Patients have uncontrolled pain(28.4%), emotional distress(55.0%), and physical distress(49.5%). Caregivers of the patients were spouse(46.8%), sons and daughters(24.8%). Family members had problems to tell the bad news to their family cancer patient. 95.4% of the patient and family members was informed about the hospice and palliative care services, and 35.8% of them was referred to the hospice and palliative organizations. Frequently asked questions were 'what is hospice?', 'how much is the cost of hospice services?' etc. Conclusion: Care planning for terminal cancer patients must include patient. Also, professionals should consider and offer accessible, effective and empathetic counseling services to patients and families.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.697-710
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• 2021

The purpose of this study is to explore the reaction of sharia stock in the Indonesian capital market to the global Covid-19 pandemic. The method used in this study is an event study with a Market Adjusted Model (MAM) approach. The population of this study is shares listed on the Indonesian Stock Exchange (IDX), with the sample chosen from the Jakarta Sharia (Islamic) Index. The result of this study found that the global Covid-19 pandemic is bad news, with the indicators as follows: a) the average expected return is negative; b) the average actual return is negative; c) the average abnormal return is negative, and d) the increase selling action of stock as a cut loss strategy. There is a negative abnormal return and significant Trading Volume Activity (TVA) before, during, and after the announcement of the global Covid-19 pandemic. However, this study found no difference in abnormal return and TVA before and after the announcement of the global Covid-19 pandemic. From these results, this study indicates that the sharia stocks in the capital market in Indonesia can respond quickly to the information that existed. Therefore, the capital market of Indonesia is a capital market with a semi-strong efficient form.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.103-115
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• 2021

This study investigates the relationship between family ownership and the stock price crash risk. It believes that this relationship would never be in direct connection. The authors design and then find that family ownership is predisposed, in the first place, to the related party transaction, then the related party transaction causes the future stock price crash. This study infers that employing the power of family ownership creates the Type I agency problem, although this is not relevant for the Type II problem. From the perspective of the hoarding theory, family ownerships produce opaque accounts by blurring financial information. The blurred information is probably hidden in the related party transactions. This study, therefore, splits these transactions into accounts receivable, other accounts receivable and other receivables. Finally, this research concludes that the family ownership affects related party transactions. These then are used as an instrument to influence the leaded related party transaction. The latest, leaded related party transactions influence the future stock price crash. This study infers that related party transactions are abusive practices, especially on the types of receivables. It implies corporate governance's revitalisation.

• Journal of Astronomy and Space Sciences
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• 제26권4호
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• pp.521-528
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• 2009

우주 환경이 인공위성의 오동작에 영향을 미친다는 사설은 이미 잘 알려진 것이지만, 구체적으로 인공위성의 오동작이 발생하였을 경우, 이것을 우주 환경에 의한 영향이라고 주장하기는 쉽지 않다. 이는 위성의 오동작 증상이 다양할 뿐만 아니라, 오동작 증상을 재현하는 것이 거의 불가능하기 때문이다. 이 연구에서는 이러한 위성의 오동작을 통계적으로 분석하여 어떠한 경우에 위성의 오동작이 발생할 확률이 높아지는지 찾고자 하였다. 특히 많은 비용이 소요되며 활용도가 높은 지구 정지 궤도 위성의 오동작 경향을 분석함으로써 위성 운용자에게 유용한 정보를 제공하고자 하였다. Satellite News Digest사에서 제공하는 1997년부터 2008년까지의 위성 오동작 자료를 분석하였는데, 분석 결과 지구 정지 궤도 인공위성은 Kp 지수와는 큰 상관관계를 가지지 않았으며, 봄과 가을에 그리고 자정부터 새벽 시간대에 오동작이 발생할 확률이 높음을 알 수 있었다. 또한 지구 정지 궤도에서의 고에너지 전자의 밀도가 높아질수록 위성의 오동작이 많이 발생했는데, 이러한 경향은 태양 활동 극대기일 때 보다는 극소기 일 때 더 잘 나타났다.

• Asia Marketing Journal
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• 제16권1호
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• pp.21-33
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• 2014

When the negative event is published, the company tends to go through the negative impact on the firm performance. Especially, with the SNS, the negative event is instantly spread on indefinite region so the impact seems bigger than the period before the SNS media appearance. It seems that everyone considers the SNS media impact on the firm performance quite big. However, there has been no empirical study on the impact comparison on the firm performance between pre and post SNS media occurrence periods. This study tries to empirically compare the impact of the negative event on the firm performance between pre and post SNS media appearance. Our study starts fromthe basic but not verified question; Does really the negative event have more negative impact in the post-SNS-occurrence period than in the pre-SNS-occurrence period? In order to examine the impact of the negative publicity on firm performance in two eras, pre and post SNS media appearance, we used CAR (Cumulative Abnormal Resturns) model. By using this model, we could verify the statistical significance of cumulative abnormal returns in market between before and after the events. For event samples, we focused on food manufacturers and collected the negative events from 1991 to 2003 for pre-SNS occurrence period, and from 2010 to 2013 for post-SNS occurrence period. Based on the listed food companies at KOSPI, we researched Naver News Library (newslibrary.naver.com) and Naver News (news.naver.com) for all the individual negative events published for both periods. Firm returns data were collected from TS 2000 (KOCO Info) and market portfolio data were collected from KRX Exchange. Through our empirical analysis, our finding is interesting to note that the type of events differently influences on the firm performance. With the SNS, the health-related events have influence on the firm performance 'after the event day' whereas the company behavior trust events have influence 'before the event day'. Our findings have implications for management. When a negative event directly related to or threatening customers or their life such as health, it is crucial to fix up the situation right after the event occurs. On the other hand, when a negative event is not publicly available information such as company behavior trust, it is important for marketers to strengthen the firms' trust reputation and control the bad WOM before the event.

• 한국언론정보학보
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• 제60권
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• pp.28-51
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• 2012

본 연구는 한국적 정치 상황에서 미디어 이용이 정치 냉소주의에 미치는 영향, 정치 냉소주의와 정치관여 변수들과의 관계, 그리고 정치 냉소주의가 투표참여에 미치는 효과를 알아보고자 하였다. 연구결과, 우리나라에서 정치 냉소주의는 투표율이 가장 낮은 20대 연령층이 아닌 40대 연령층에서 가장 높고, 교육수준이 높은 사람들에게서 높았다. 또한 인터넷 이용은 정치 냉소주의를 일으키거나 강화시켜주는 중요한 요인으로 작용하지만 TV와 신문은 정치 냉소주의와 별다른 관계가 없었다. 정치 효능감이 정치 냉소주의를 떨어뜨리는 가장 강력한 요인일 뿐만 아니라 미디어 보도 부정주의를 감소시킴과 동시에 투표의향을 높여주는 등 매우 중요한 정치심리요인임이 다시 한 번 확인되었다. 정치관심도는 정치 냉소주의를 높여주는 효과를 일으킬 뿐만 아니라 정치 효능감을 포함한 어떠한 요인보다도 투표참여에 훨씬 강력한 영향을 미치고 있다. 그러나 정치 냉소주의는 투표참여와 별다른 관계가 없는 것으로 나타났다. 결국 한국 정치 상황에서 정치 냉소주의를 반드시 부정적으로만 인식해서는 안 되며, 앞으로 정치 냉소주의를 "정치인과 정치제도에 대해서는 비판적이지만 정치에 대한 관심을 잃지 않고 정치참여를 결코 거부하지 않는 하나의 정치심리요인"으로 새롭게 해석할 필요가 있다 하겠다.

• 한국융합학회논문지
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• 제13권1호
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• pp.341-348
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• 2022

본 연구는 KONEX에 상장된 기업의 회계 보수성을 분석하였다. 기존의 회계 보수성에 관해 분석한 연구는 유가증권시장(KOSPI)이나 코스닥시장(KOSDAQ)을 대상으로 한 분석 결과를 제시한다. 그러나 2013년 7월, 우리나라는 KONEX라는 새로운 상장시장을 개설하였고, 이후 KONEX는 중소기업의 자금조달 가능성을 높이고자 운영되고 있다. 그러나 KONEX에 관한 연구는 상대적으로 활발하게 이뤄지지 않고, 현재 진행된 선행연구 역시 이익조정에 초점을 맞추어 있는 실정에, 본 연구는 회계정책의 하나인 회계 보수성을 분석한다는 점에서 선행연구와 차별성이 있다. 이를 위해 2014년부터 2020년까지를 분석 기간으로 설정하고 회계 보수성을 측정하기 위해 비대칭적 적시성 모형인 Basu(1997)와 Ball and Shivakumar(2005)의 연구모형을 이용하여 실증 분석하였다. 분석 결과, KONEX 시장에서도 조건적 보수주의가 확인되었다. 즉, 호재와 비교하여 악재의 적시성이 높음을 확인할 수 있었다. 이에 더하여 실시한 감사인의 규모에 따라 KONEX 기업의 보수성의 차이에 관한 분석 결과에서는 유의한 차이를 확인할 수 없었다. 본 연구는 KONEX 시장을 대상으로 회계정책을 분석하였다는 데 기존 연구를 확대하였다.

• 보건행정학회지
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• 제7권1호
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• pp.155-182
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• 1997

Objectives : This study was designed to compare North Korea and South Korea in measures of the quality of life (physical quality of life index and human development index) and to investigate the impact of selected medical and socioeconomic factors on PQL variables. Data and Methods : The World Bank, the United Nations Development Programme, and Population Reference Bureau were the principal sources of statistical data of 121 countries. Variables included infant mortality, life expectancy at birth, literacy rate, secondary school enrollment (male and female), GNP per capita, population per doctor, daily calorie supply per capita, and a composite PQL index. The Ordinary Least Square model was employed for cross-countries analysis. Findings : Both countries under quite different political and economic systems saw big improvememts in the quality of life, reducing mortality and prolonging life expectancy during the past three decades. In recent decad, however, North Korea has experienced abrupt exacerbation in the quality of life. Significant improvements in infant mortality of the population wer attributable mainly to GNP per capita and the secondary school enrollemt of female. The principal predictors of life expectancy at birth were population per doctor, infant mortality, and literacy rate. The secondary school enrollment of female and population per doctor were significantly associated with improvements in the physical quality of life index (PQLI). Conclusion : The results of this study confirmed a point illustrated by other studies : The association between quality of life as a measure of health status and socioeconomic factors was strong and positive. The important contribution of educational attainment in general, female education level in particular to improvements in the quality of life deserves good news for building an integrated health care system in the reunified Korea, taking into account the high level of education two koreas are enjoying. Meanwhile, when a sharp drop in the quality of life has been observed in North Korea under serious economic difficulties and food shortage in recent decade, the significant contribution of economic development to improvements in the quality of life poses bad nows for reunifying Korean health care in economic terms.