• 경영과정보연구
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• 제28권3호
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• pp.69-98
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• 2009

본 연구는 Barth 외(2001)가 개발한 모형을 이용하여, 표본 내 예측과 표본 외 예측 상황에서의 발생액 및 발생액 구성요소들의 미래 현금흐름 예측력을 검토하는 것을 목적으로 한다. 이를 위해 우리나라의 유가증권 시장 과 코스닥 시장에 상장된 762개 기업의 1994년부터 2007년까지 14년간의 자료를 이용하여 발생액 및 발생액 구성요소의 미래현금 예측력을 검정하였다. 검정 결과 표본 내 예측력 검정에서는 Barth 외(2001)와 유사한 결과가 얻어졌다. 즉, 발생액을 여섯 가지의 구성요소로 추가로 분해한 모형의 표본 내 예측력이 비교 대상이 된 다른 세 가지 모형(회계이익 모형, 현금흐름 모형, 영업현금흐름 및 총발생액 모형)에 비해 우수하였으며, 여러 상황에서 무형자산 및 이연자산을 제외한 나머지 다섯 가지의 발생액 구성요소는 미래 현금흐름의 예측에 관하여 추가적인 정보 내용을 포함하는 것으로 밝혀졌다. 표본 외 예측에서는 상반되는 결과가 얻어졌다. 표본 외 예측력이 가장 뛰어난 모형은 영업현금흐름만을 독립변수로 포함하는 모형이었으며, Barth 외(2001)의 발생액 분해모형은 비교 대상인 네 가지의 모형 중 예측력이 가장 낮았다. 산업별 및 연도별로 수행된 추가 분석에서도 전반적으로 결과의 강건성을 확인할 수 있었다. 따라서 발생액과 발생액 구성요소가 미래 현금흐름의 예측에 유용한 정보를 전달한다는 Barth 외(2001)의 주장은 표본 외 예측에서는 성립한다고 할 수 없다. 이러한 결과는 미국 자료를 이용한 Lev 외(2005)의 결과와 일치하며, 미국과 한국의 회계기준 제정기관의 입장과 상반된다.

• East Asian Economic Review
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• 제27권3호
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• pp.213-242
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• 2023

This paper investigates whether the price of cryptocurrency is determined by the US dollar index, the price of investment assets such gold and oil, and the implied volatility of the KOSPI. Overall, the returns on cryptocurrencies are best predicted by the trading volume of the cryptocurrency both in-sample and out-of-sample. The estimates of gold and the dollar index are negative in the return prediction, though they are not significant. The dollar index, gold, and the cryptocurrencies seem to share characteristics which hedging instruments have in common. When investors take notice of the imminent market risks, they increase the demand for one of these assets and thereby increase the returns on the asset. The most notable result in the out-of-sample predictability is the predictability of the returns on value-weighted portfolio by gold. The empirical results show that the restricted model fails to encompass the unrestricted model. Therefore, the unrestricted model is significant in improving out-of-sample predictability of the portfolio returns using gold. From the empirical analyses, we can conclude that in-sample predictability cannot guarantee out-of-sample predictability and vice versa. This may shed light on the disparate results between in-sample and out-of-sample predictability in a large body of previous literature.

• 한국지반공학회:학술대회논문집
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• 한국지반공학회 2000년도 가을 학술발표회 논문집
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• pp.377-384
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• 2000

The characteristics and prediction model of the shear strength for unsaturated residual soils was studied. In order to investigate the influence of the initial water content on the shear strength, unsaturated triaxial tests were carried out varying the initial water content, and the applicability of existing prediction models for the unsaturated shear strength was testified. It was shown that the soil - water characteristic curve and the shear strength of the unsaturated soil varied with the change of the initial water content. A sample compacted in the lower initial water content needs a higher suction to get the same degree of saturation while the shear strength of a sample with the lower initial water content displays a lower value. In order to apply the existing prediction models of the unsaturated shear strength to granite residual soils, a correction coefficient, α, on the internal friction angle, ø'was added.

• KDI Journal of Economic Policy
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• 제44권4호
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• pp.79-108
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• 2022

This study examines the impact of sentiment shock, which is defined as a stochastic innovation to the Housing Market Confidence Index (HMCI) that is orthogonal to past housing price changes, on aggregate housing price changes and housing price volatility. This paper documents empirical evidence that sentiment shock has a statistically significant relationship with Korea's aggregate housing price changes. Specifically, the key findings show that an increase in sentiment shock predicts a rise in the aggregate housing price and a drop in its volatility at the national level. For the Seoul Metropolitan Region (SMR), this study also suggests that sentiment shock is positively associated with one-month-ahead aggregate housing price changes, whereas an increase in sentiment volatility tends to increase housing price volatility as well. In addition, the out-of-sample forecasting exercises conducted here reveal that the prediction model endowed with sentiment shock and sentiment volatility outperforms other competing prediction models.

• 재무관리연구
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• 제12권2호
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• pp.221-237
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• 1995

When we apply parametric models to the movement of stock prices, we don't know whether they are really correct specifications. In the paper, any prior conditional mean structure is not assumed. By applying the nonparametric model, we see if it better performs (than the random walk model) in terms of out-of-sample prediction. An interesting finding is that the random walk model is still the best. There doesn't seem to exist any form of nonlinearity (not to mention linearity) in stock prices that can be exploitable in terms of point prediction.

• 한국수산경영학회:학술대회논문집
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• 한국수산경영학회 2007년도 추계학술발표회 및 심포지엄
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• pp.167-184
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• 2007

The objectives of this paper are to identify the causes of the corporate distress and to develop a distress prediction model with the financial information in fishery industry. In this study, the corporate distress is defined as economic failure and technical insolvency. Economic failure occurs by reduction, shut-down, or change of the business and technical insolvency results from failure to pay the financial debt of companies. The 33 distressed firms from 1991 to 2003 were composed by 14 economic failure companies, 15 technical insolvency companies. 4 companies applied to the both cases. The analysis of distress prediction of fishery companies were accomplished according to the distress definition. The analysis was carried out as two steps. The first step was the univariate analysis, which was used for checking the prediction power of individual financial variable. The t-test is used to identify the differences in financial variables between the distressed group and the non-distressed group. The second step was to develop distress prediction model with logistic regression. The variables showed the significant difference in univariate analysis were selected as the prediction variables. The financial ratios, used in the logistic regression model, were selected by backward elimination method. To test stability of the distress prediction model, the whole sample was divided as three sub-samples, period 1(1990$\sim$1993), period 2(1994$\sim$1997), period 3(1998$\sim$2002). The final model built from whole sample appled each three sub-samples. The results of the logistic analysis were as follows. the growth, profitability, stability ratios showed the significant effect on the distress. the some different result was found in the sub-sample (economic failure and technical insolvency). The growth and the profitability were important to predict the economic failure. The profitability and the activity were important to predict technical insolvency. It means that profitability is the really important factor to the fishery companies.

• 수산경영론집
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• 제39권2호
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• pp.61-79
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• 2008

The objectives of this paper are to identify the causes of the corporate distress and to develop a distress prediction model with the financial information in fishery industry. In this study, the corporate distress is defined as economic failure and technical insolvency. Economic failure occurs by reduction, shut - down, or change of the business and technical insolvency results from failure to pay the financial debt of companies. The 33 distressed firms from 1991 to 2003 were composed by 14 economic failure companies, 15 technical insolvency companies. 4 companies applied to the both cases. The analysis of distress prediction of fishery companies were accomplished according to the distress definition. The analysis was carried out as two steps. The first step was the univariate analysis, which was used for checking the prediction power of individual financial variable. The t - test is used to identify the differences in financial variables between the distressed group and the non - distressed group. The second step was to develop distress prediction model with logistic regression. The variables showed the significant difference in univariate analysis were selected as the prediction variables. The financial ratios, used in the logistic regression model, were selected by backward elimination method. To test stability of the distress prediction model, the whole sample was divided as three sub-samples, period 1(1990 - 1993), period 2(1994 - 1997), period 3(1998 - 2002). The final model built from whole sample appled each three sub - samples. The results of the logistic analysis were as follows. the growth, profitability, stability ratios showed the significant effect on the distress. the some different result was found in the sub - sample (economic failure and technical insolvency). The growth and the profitability were important to predict the economic failure. The profitability and the activity were important to predict technical insolvency. It means that profitability is the really important factor to the fishery companies.

• 한국작물학회지
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• 제56권1호
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• pp.88-93
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• 2011

This experiment was carried out to find suitable sample type for the more accurate prediction and non-destructive way in the application of near infrared reflectance spectroscopy (NIRS) technique for estimation the protein, total amino acids, and total isoflavone of soybean by comparing three different sample types, single seed, whole seeds, and milled seeds powder. The coefficient of determination in calibration ($R^2$) and coefficient of determination in cross-validation (1-VR) for three components analyzed using NIRS revealed that milled powder sample type yielded the highest, followed by single seed, and the whole seeds as the lowest. The coefficient of determination in calibration for single seed was moderately low($R^2$ 0.70-0.84), while the calibration equation developed with NIRS data scanned with whole seeds showed the lowest accuracy and reliability compared with other sample groups. The scatter plot for NIRS data versus the reference data of whole seeds showed the widest data cloud, in contrary with the milled powder type which showed flatter data cloud. By comparison of NIRS results for total isoflavone, total amino acids, and protein of soybean seeds with three sample types, the powder sample could be estimated for the most accurate prediction. However, based from the results, the use of single bean samples, without grinding the seeds and in consideration with NIRS application for more nondestructive and faster prediction, is proven to be a promising strategy for soybean component estimation using NIRS.

• Nuclear Engineering and Technology
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• 제54권4호
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• pp.1439-1448
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• 2022

Background: We investigated the feasibility of in vitro radiosensitivity prediction with gene expression using deep learning. Methods: A microarray gene expression of the National Cancer Institute-60 (NCI-60) panel was acquired from the Gene Expression Omnibus. The clonogenic surviving fractions at an absorbed dose of 2 Gy (SF2) from previous publications were used to measure in vitro radiosensitivity. The radiosensitivity prediction model was based on the convolutional neural network. The 6-fold cross-validation (CV) was applied to train and validate the model. Then, the leave-one-out cross-validation (LOOCV) was applied by using the large-errored samples as a validation set, to determine whether the error was from the high bias of the folded CV. The criteria for correct prediction were defined as an absolute error<0.01 or a relative error<10%. Results: Of the 174 triplicated samples of NCI-60, 171 samples were correctly predicted with the folded CV. Through an additional LOOCV, one more sample was correctly predicted, representing a prediction accuracy of 98.85% (172 out of 174 samples). The average relative error and absolute errors of 172 correctly predicted samples were 1.351±1.875% and 0.00596±0.00638, respectively. Conclusion: We demonstrated the feasibility of a deep learning-based in vitro radiosensitivity prediction using gene expression.

• Near Infrared Analysis
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• 제1권2호
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• pp.35-39
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• 2000

The purpose of this research was to find out suitable soil sample preparation and sample holding tools for NIR reflection radiation for estimating soil components. NIR reflectance was scanned at 2nm intervals from 1,100 to 2,500nm with an InfraAlyzer 500(Bran+Luebbe Co.). Coarse(2.0mm) and fine(0.5mm) soil sample and various sample holding tools were used to obtain mean diffuse reflection of the soil for the calibration and validation of the calibration set in estimating moisture, organic matter and total nitrogen of the soils. Multiple linear regression was used to obtain the best correlation of NIR spectroscopy method. Correlation of NIR spectroscopy method. Correlation of NIR spectra for finely and coarsely sized soil did not show much difference. The standard errors of prediction(SE) using different types of sample holding tools for organic matter, total nitrogen and soil moisture were better than 0.765, 0.041 and 0.63% respectively. From the results it can be concluded that NIR spectroscopy with flow type cell could be used as a fast routine testing method in quantitative determination of organic matter, total nitrogen and soil moisture.