• 제목/요약/키워드: dividend rate

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대수적 사고를 강조한 분수 나눗셈 수업의 분석 (An analysis of fractional division instruction emphasizing algebraic thinking)

  • 조선미;방정숙
    • 한국수학교육학회지시리즈A:수학교육
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    • 제60권4호
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    • pp.409-429
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    • 2021
  • 본 연구는 초등학교 6학년 학생들을 대상으로 대수적 사고를 강조하여 분수 나눗셈을 지도하는 방안을 분석한 것이다. 문헌 연구에서 도출한 교수·학습 요소를 중심으로 분수 나눗셈 수업을 재구성하고, 실제 수업에서 주요 교수·학습요소가 어떻게 구현되는지 그 양상을 분석하였다. 특히 본 논문에서는 나누는 수 1에 대응하는 나누어지는 수의 양을 구하는 문제 맥락을 중심으로 분석하였다. 이를 토대로 초등학교 분수 나눗셈 수업에서 대수적 사고를 강조하여 지도하는 방안에 관한 구체적인 시사점을 도출하였다.

법인의 전기 사내유보가 당기 배당률에 미치는 영향 부채비율의 조절변수 효과 및 DRF & GBM 모델을 통한 검증 (The Effects of the Previous Corporate Internal Reservation on the Current Dividend Rate - Using LEV as a moderating variable & Verification through DRF & GBM model)

  • 유준수;정재연
    • 한국융합학회논문지
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    • 제8권10호
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    • pp.215-223
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    • 2017
  • 본 논문은 법인의 전기 사내유보가 당기 배당률에 미치는 영향을 분석함으로써 미환류 소득세제가 어느 정도 효과를 거두고 있는지 실증분석 하고자 하였으며 추가로 부채비율을 조절변수로 사용하여 정부정책의 유효성도 알아보고자 하였다. 또한 DRF와 GBM 모델을 이용하여 그 효과를 한 번 더 살펴보았다. 실증분석 결과 모형1, 모형2, 모형3에서 모두 현금흐름비율, 자기자본순이익률, 외국인보유비중 변수가 99% 수준에서 유의미함을 확인할 수 있었던 반면 광고선전비 비율, 대주주지분율 변수는 모든 모형에서 유의미하지 않은 결과를 보여주었다. 융합 차원에서 실시한 DRF와 GBM 모형의 분석 결과를 보면 DRF가 depth와 leaves에서 GBM 보다 더 높게 나타났으나 모형의 설명력에 있어서는 GBM이 DRF보다 더 높았다. 앞으로의 과제는 미환류 소득세제의 시행기간인 3년간(2015~2017)의 시계열 분석을 통하여 정부정책의 효과를 살펴볼 필요가 있다.

기업의 성장가능성을 고려한 포트폴리오 선택 전략 (A Portfolio Selection Strategy with Consideration of Growth Potential of Corporations)

  • 최다영;안범준;신현준
    • 한국산학기술학회논문지
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    • 제12권9호
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    • pp.3849-3855
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    • 2011
  • 본 연구에서는 배당을 중심으로 한 기업의 성장가능성을 평가하여 효율적 포트폴리오를 선택하는 전략을 제시한다. 이를 위해 선행실험을 통해 양질의 성장주를 가려내기 위한 4 개의 범주(category)를 선정하고, 각 범주별 점수 산출식을 포함하는 스코어링 테이블을 개발하였다. 스코어링 테이블에 의해 구성된 포트폴리오의 효과를 보이기 위해 한국거래소에 상장된 KOSPI 및 KOSDAQ의 927개 주식을 대상으로 2007~2010년의 4년 동안 매해 3 그룹의 포트폴리오를 구성하였고, 각 포트폴리오의 수익률을 시장수익률과 비교 분석을 실시하여 그 성능을 입증하였다.

DEA를 활용한 주식 포트폴리오 구성에 관한 연구 (A Study on the Investment Portfolios of Stocks using DEA)

  • 구승환;장성용
    • 경영과학
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    • 제31권3호
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    • pp.1-12
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    • 2014
  • This study suggests the two types DEA models such as DEA CCR model and Super Efficiency model to evaluate the value of a company and to apply them for the investments. 14 kinds of real data of companies such as EV/EBITDA, EPS growth rate, PCR, PER, dividend yield, PBR, stock price/net current asset, debt ratio, current ratio, ROE, operating margin, inventory turnover, accounts receivable turnover, and sales growth ratio were used as input variables of DEA models. 12 year data from December 30, 2000 up to December 30, 2012 were collected, and the data with negative, missing and 0 values were removed reflecting the characteristics of the DEA. In order to verify the effectiveness of the models, we compared the historical variability and rate of return of both models those of the market. Study results are as follows. First, two DEA models are more stable than market in terms of rate of return because the historical variability of both models are less than that of market. Second, Super Efficiency model is more stable than CCR model. Lastly, the cumulative rate of return of Super Efficiency model (434%) is greater than that of the CCR model (420%) and that of the market (269%).

Evaluating the Investment in the Malaysian Construction Sector in the Long-run Using the Modified Internal Rate of Return: A Markov Chain Approach

  • SARSOUR, Wajeeh Mustafa;SABRI, Shamsul Rijal Muhammad
    • The Journal of Asian Finance, Economics and Business
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    • 제7권8호
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    • pp.281-287
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    • 2020
  • In capital budgeting practices, investment project evaluations based on the net present value (NPV) and the internal rate of return (IRR) represent the traditional evaluation techniques. Compared with the traditional methods, the modified internal rate of return (MIRR) gives the opportunity to evaluate an investment in certain projet, while taking the changes in cash flows over time and issuing shares such as dividing shares, bonuses, and dividend for each end of the investment year into account. Therefore, this study aims to evaluate an investment in the Malaysian construction sector utilizing financial data for 39 public listed companies operating in the Malaysian construction sector over the period from Jan 1, 2007, to December 30, 2018, based on the MIRR method. Stochastic was studied in this study to estimate the estimated probability by applying the Markov chain model to the MIRR method where the transition matrix has two possible movements of either Good (G) or Bad (B). it is found that the long-run probability of getting a good investment is higher than the probability of getting a bad investment in the long-run, where were the probabilities of good and bad are 0.5119, 0.4881, respectively. Hence, investment in the Malaysian construction sector is recommended.

WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • 재무관리논총
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    • 제3권1호
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    • pp.233-265
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    • 1996
  • We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

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Corporate Capital Structure Adjustments: Evidence from Vietnam Stock Exchange Market

  • NGUYEN, Cuong Thanh;BUI, Cuong Manh;PHAM, Tuan Dinh
    • The Journal of Asian Finance, Economics and Business
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    • 제6권3호
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    • pp.41-53
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    • 2019
  • Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

유추를 통한 분수 연산에 관한 연구 (A Study on Operations with Fractions Through Analogy)

  • 김용태;신봉숙;최대욱;이순희
    • 한국수학교육학회지시리즈E:수학교육논문집
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    • 제19권4호
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    • pp.715-731
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    • 2005
  • There are five contexts of division algorithm of fractions such as measurement division, determination of a unit rate, reduction of the quantities in the same measure, division as the inverse of multiplication and analogy with multiplication algorithm of fractions. The division algorithm, however, should be taught by 'dividing by using reciprocals' via 'measurement division' because dividing a fraction by a fraction results in 'multiplying the dividend by the reciprocal of the divisor'. If a fraction is divided by a large fraction, then we can teach the division algorithm of fractions by analogy with 'dividing by using reciprocals'. To achieve the teaching-learning methods above in elementary school, it is essential for children to use the maniplatives. As Piaget has suggested, Cuisenaire color rods is the most efficient maniplative for teaching fractions. The instruction, therefore, of division algorithm of fractions should be focused on 'dividing by using reciprocals' via 'measurement division' using Cuisenaire color rods through analogy if necessary.

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환경친화적 조세개편을 위한 용수부문 정부보조금 규모 분석 (Estimation of Environmentally-Unfriendly Government Subsidies in the Water Sector for Green Tax Reform)

  • 민동기;노상환
    • 자원ㆍ환경경제연구
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    • 제10권2호
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    • pp.235-257
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    • 2001
  • As in other Asian countries, the Korean government provides direct subsidies to endeavors that are potentially harmful to the environment. The water sector is one of the main recipients of these subsidies. The total amount of estimated direct fiscal subsidies equals 2.200 trillion won; however, the comprehensive cost of the subsidies is estimated to be much greater because environmental and social costs were not considered in the initial calculation. Most of the fiscal direct subsidies in the water sector are subsidized to urban water areas. The percentage of fiscal direct subsidies in the urban water sector to the total fiscal direct subsidies is 79.68%, while the percentage of fiscal direct subsidies in the industrial water sector is only 4.92%. Since the ratio of fiscal direct subsidies in the industrial water sector is quite small, the negative impact of removing fiscal direct subsidies for the industrial sector may be trivial. If the Korean government cuts dowm the VAT or income tax rate while reducing several types of subsidies, it will be able to achieve a double dividend effect both on the economy and the environment.

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한국의 시장위험 프리미엄: 분석과 시사점 (Market Risk Premium in Korea: Analysis and Policy Implications)

  • 권세훈;한상범
    • 아태비즈니스연구
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    • 제15권2호
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    • pp.71-88
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    • 2024
  • Purpose - This study provides an overview of existing research and practices related to market risk premiums(MRP), and empirically estimates the MRP in Korea, particularly using the related option prices. We also seek to improve the current MRP practices and explore alternative solutions. Design/methodology/approach - We present the option price-based MRP estimation method, as proposed by Martin (2017), and implement it within the context of the Korean stock market. We then juxtapose these results with those derived from other methods, and compare the characteristics with those of the United States. Findings - We found that the lower limit of the MRP in the Korean stock market shows a much lower value compared to the US. There seems to be the possibility of a market crash, exchange rate volatility, or a lack of option trading data. We investigated the predictive power of the estimated values and discovered that the weighted average of the results of various methodologies using the Principal Component Analysis (PCA) is superior to the individual method's results. Research implications or Originality - It is required to explore various methods of estimating MRP that are suitable for the Korean stock market. In order to improve the estimation methodology based on option prices, it is necessary to develop the methods using the higher-order(third order or above) moments, or consider additional risk factors such as the possibility of a crash.