• 경영과정보연구
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• 제36권4호
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• pp.117-127
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• 2017

본 연구는 성장 가능성이 높고 첨단기술을 보유한 기업의 원활한 자금조달 기회를 제공하기 위해 중국 심천증권거래소에서 2009년 10월에 설립한 시장인 차이넥스트(ChiNext) 시장을 대상으로 2012년 1월부터 2015년 1월까지 벤처캐피탈이 기업의 IPO 첫날 수익률에 미치는 영향을 분석하였다. 본 연구는 136개 표본기업을 대상으로 하여 T-검증과 다중회귀분석을 실시하였으며 본 연구결과는 다음과 같다. 첫째, 벤처캐피탈 투자를 받지 않은 기업이 벤처캐피탈의 투자를 받은 기업보다 상장 첫날의 수익률이 더 높은 것으로 나타나 벤처캐피탈 투자를 받은 기업의 경우 벤처캐피탈이 보증역할을 하여 정보 비대칭을 줄여주기 때문인 것으로 사료된다. 둘째, 국외벤처캐피탈이 투자한 기업이 국내 벤처캐피탈이 투자한 기업보다 상장 첫날의 수익률이 더 높은 것으로 나타나 국외벤처캐피탈이 국내벤처캐피탈과 비교하여 상대적으로 기업과 투자자간의 정보비대칭이 크기 때문인 것으로 생각된다. 셋째, 단독 투자한 기업이 공동 투자한 기업보다 상장 첫날의 수익률이 더 높은 것으로 나타나 벤처캐피탈 공통투자를 받은 기업은 벤처캐피탈 단독투자를 받는 기업보다 투자자 입장에서 위험이 줄어들기 때문인 것으로 사료된다. 넷째, IPO 첫날 수익률을 종속변수로 하여 실시한 다중회귀분석 결과는 벤처캐피탈 투자기업 여부(VCAP), 벤처캐피탈의 수(VCNum), 공모규모(Lnsize)와 주가수익비율(PER)은 IPO 첫날의 수익률에 통계적으로 유의적인 부(-)의 영향을 미치는 것으로 나타났다. 벤처캐피탈의 유형(VCType), 거래량회전률(Turn over) 및 첨단기술기업 여부(Tech-firms)는 IPO 첫날 수익률에 통계적으로 유의적인 정(+)의 영향을 미치는 것으로 나타났다. 본 연구는 중국 심천증권거래소의 차이넥스트 시장의 IPO의 첫날수익률 정도 및 특성에 대한 이해를 제고시킴으로써 투자자에게 유용한 정보를 제공해준다는 점에서 본 연구의 의의가 있다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.919-926
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• 2020

The purpose of this study is to analyze and test the effect of financial ratios and macroeconomics on Islamic stock returns listed in Jakarta Islamic Index (JII) other than to assess whether investment risk can be an intervening variable in this study. The type of research is explanatory in nature with a quantitative descriptive approach. The data used is based on secondary sources with a sample group of 29 companies listed on JII for a 5-year period ending 31 December 2018. The data obtained were analyzed by using SEM (Structural Equation Model) with AMOS (Analysis Moment of Structural) 21 program. The results of the study show that only financial ratios affect sharia stock returns and investment risk, while the mediation test found that investment risk does not act as a mediating variable between financial ratios and macroeconomics and Islamic stock return. These findings indicate that the role of the company's financial health is very important. Besides affecting the rate of return obtained, the company's financial health can also reflect the level of risk that investors will accept in the future. By improving financial performance properly, a company will have a positive impact on various interested parties and minimize the level of investor losses.

• 경영과학
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• 제30권1호
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• pp.43-58
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• 2013

Although analysis of charts, which used in stock trading by distinguishing standardized patterns in the movements of stock prices, is simple and easy to use, there can be problems stemming from specific patterns being distinguished as a result of the subjective perspectives of analysts. In accordance with such problems, through the method of template pattern matching, 4 trend reversal patterns were designed and the fitness of the patterns were quantitatively measured. In cases when a stock is purchased when the template pattern fitness value is within a certain range and held for at least 20-days, the average return ratio was analyzed to be higher-with the difference being statistically significant-than the average return ratio attained from trading a stock according to the same method per the Efficient Market Hypothesis. From the results of stock trades of 2 domestic corporations to which the values of the 4 patterns had been applied based on the 4 strategies, it was possible to ascertain differences in the strategy- and pattern-dependent return ratios. Through this study, along with presenting the exceptions for the Efficient Market Hypothesis in stock trading, the fitness level of quantitative chart patterns was measured and the theoretical basis for application of such fitness level was proposed.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.247-255
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• 2019

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

• Journal of Chest Surgery
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• 제24권11호
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• pp.1154-1159
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• 1991

Anomalous systemic venous return to the right atrium is clinically innocuous and cause no functional disturbances or physiologic abnormalities by themselves and consequently require no treatment but may be surgical importance. We experienced a case of adult TOF combined with anomalous systemic venous drainage. Rudimentary right SVC with draining left sided vertical vein and IVC with separately drained left vein was revealed at operation time. With the bicaval cannulation, large sucker was used for drainage of blood from the left hepatic vein. Postoperative angiocardiogram showed above findings and combined double inferior vena cava at lumbar level.

• 한국농공학회:학술대회논문집
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• 한국농공학회 1998년도 학술발표회 발표논문집
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• pp.87-91
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• 1998

Unused irrigation water due to delivery losses and overflow from paddies in an irrigation system, and groundwater releases from infiltration are eventually returned to stream. The estimate of irrigation returnflow is important to streamflow modeling and water resources planning. This study was to field monitor the irrigation water use, streamflow, lateral inflow and ground water level, and to determine the return flow of irrigation water

• Management Science and Financial Engineering
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• 제18권2호
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• pp.1-4
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• 2012

We study optimal trading strategy of a market maker with stock inventory. Following Avellaneda and Stoikov (2008), we assume the stock price follows a normal distribution. However, we take a constant expected rate of the stock return and assume that the stock volatility is an inverse function of the stock price level. We show that the optimal bid-ask spread of the market maker is wider for a higher expected rate of stock returns.

• 유통과학연구
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• 제19권1호
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• pp.27-35
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• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• 유공압시스템학회논문집
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• 제3권2호
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• pp.7-13
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• 2006

In this paper the noise source and the amplifying mechanism are analyzed to reduce the noise of the excavator return line using the experimental approach and the CFD simulation. The result says that the reason of noise generation is pipe vibration caused by the cavitation at the main control valve and the level of noise is proportional to the valve back pressure at the return line. The methodology to reduce this noise was proposed and verified by the vehicle test.

• 한국항해항만학회지
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• 제35권7호
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• pp.557-562
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• 2011

Shipwaves can have harmful effects on people who are using riverside and cause bank erosion, bank structures destruction in restricted waterways. The wave field near a vessel is consisted of a combination of a primary and secondary wave system in a shallow or restricted waterway. The water level depression(squat) and return current beside the hull are called the primary wave system. The secondary wave system, that is the wave height originates from a local disturbance point such as the bow of the ship. This study aims at investigating the characteristics of the wave field around a vessel in a restricted water in relation to navigation experimentally and theoretically. The return current and squat with a correction factor can be newly evaluated and the almost same high-sized wave heights take place on the whole waterway in a restricted water without regard to the distance from the sailing line.