• 한국경영과학회:학술대회논문집
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• 한국경영과학회 1994년도 추계학술발표회 발표논문집; 연세대학교경영관, 서울; 8 Oct. 1994
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• pp.99-99
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• 1994

• 재무관리연구
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• 제24권2호
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• pp.183-206
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• 2007

The price-dividend ratio is one of the most frequently used financial variables to predict long-horizon stock return. However, the persistency of the price-dividend ratio is found to cause the spuriousness of the stock return prediction regression. The stable relationship between the stock price and the dividend, however, seems to weaken after World War II and to experience structural break. In this paper, we identify a structural change in the cointegrating relationship between the log of the stock price and the log of the dividend. Confirming a structural break in 1962, we subdivide the sample and apply the fully modified estimator to correct for the nonstationarity of the regressor. With the subdivided sample, we exercise the nonparametric bootstrap procedure to derive the empirical distribution of the test statistics and fail to find return predictability in each subsample period.

• 디지털산업정보학회논문지
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• 제4권2호
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• pp.93-100
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• 2008

After free trade, it is increasing to import crops, aquatic products, and livestock which are produce in a foreign land. But it is affect negatively to trust relationships and markets of Jeju's foods because of breaking it out that foreign productions exchange domestic. Therefore, this paper designed and implemented the Genuine Quotation system of Black pigs using UHF RFID. This system is developed for distinguishing spuriousness, then searching information of the product through EPC ONS in EPCIS to print within a screen. Moreover, this intuitional and efficient system is constructed by connecting various sensors and lights. It can be contributed income increase thorough the security for the quality authority of the agricultural & stockbreeding products with FCS, FCG Certificate and the genuine certificate of the black pig which is the one of most typical agricultural & stockbreeding products in the pure Green Province, Jeju.