• Knowledge Management Research
• /
• v.20 no.1
• /
• pp.195-213
• /
• 2019

This paper investigates the effects of firms' foreign market focus on the optimistic bias of analysts' earnings forecasts. Based on a sample of 852 U.S. manufacturing firms between 1994 and 2015, our empirical results suggest that higher growth of foreign market focus is associated with greater levels of analysts' forecast optimism. Drawing on the CEO career horizon and the upper echelon theory literature, we find evidence that CEOs' career horizon and functional background as a CFO moderates the relationship between the growth rate of foreign market focus and analysts' forecast optimism. This shows that while financial analysts perceive internationalization strategies as signaling growth potential, such perception can vary depending on CEOs' individual characteristics.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.29 no.1
• /
• pp.31-41
• /
• 2004

This study analyzes the structure of the variations In the domestic bank earnings and examines their dynamic features by estimating the short-run response and the long-run adjustment Process after the changes in financial market variables. A system of the equations for the bank stock price index and KOSPI is formulated to utilize the whole information in the market and simultaneously estimated to identify the relationships between the market variables and the bank earnings. Since the bank stock price is found to be responsive to changes in none of the market variables in the short run, while being relatively responsive to dollar exchange rate and business state, It implies that a good economic conditions and a stable foreign exchange rate should be maintained to Improve the level of the stock price In the long run. In addition, the dynamic structure of the responses of the bank stock price index and KOSPI to the initial changes in the market variable are compared and anlayzed. The response of the bank stock price appears to take much longer in adjusting to the long-run eouilibrium level than that of KOSPI. As a result, the cumulative response of the bank stock price index over time is found much bigger than that of HOSPI.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.26 no.5D
• /
• pp.849-859
• /
• 2006

Earnings of domestic enterprises are expected a serious damage because the lowest cost bid system and the current cost estimate system. In 2005 average successful bid rate for the lowest cost bid project is below 60%, this is not reach at the operating budget of enterprise. Many problems such as illegal construction, low price subcontract, chain enterprise loss com in to practice because of low successful bid rate. In addition earnings of the enterprises expected to be the minimum, because of enlarge execution of the current cost estimate system. This study tries to lend assistance by giving alternative for the construction enterprise by presenting the bid system, investigate and compare foreign system with domestic and analyze correlation of the lowest cost bid and the current cost estimate system.

• Korean Journal of Social Welfare
• /
• v.46
• /
• pp.60-88
• /
• 2001

This paper examined the impacts of the welfare reform program, California Work Pays Demonstration Program(CWPDP), implemented in 1992. CWPDP was designed to move welfare recipients into the labor market by reducing the amount of AFDC grants and one-third earned income disregard. The evaluation of the policy impacts on the welfare recipients was conducted in two areas: employment and earnings. This study used a subset of a database created by the California Department of Social Services, and University of California Data Archive and Technical Assistance. The subset is composed of 3,936 AFDC-FG cases selected in LA County: 1,311 control cases and 2,625 experimental cases. The control group was kept on the AFDC rules as of September 1992, while the experimental group was subject to AFDC rule changes implemented under CWPDP. The analyses of the employment and earnings using the random effects probit model and the random effects regression model, respectively, indicated that CWPDP did not effectively encourage female heads to participate in the labor market. It also revealed that CWPDP did not significantly increase the earnings of female heads. The findings imply that the disincentive structure of the public assistance program is not the main barrier preventing female heads from getting jobs and leaving the welfare rolls. Rather, participation in the labor market and exit from welfare is mainly determined by their own demographic characteristics and the economic cycle. Based on the findings, policy implications are suggested on the National Minimum Protection Program in Korea. Those include a flexible exemption rate for the earned income of beneficiaries, affordable child care services, and guaranteed public jobs.

• Journal of Preventive Medicine and Public Health
• /
• v.45 no.1
• /
• pp.8-13
• /
• 2012

Objectives: Recently injury has become a major world-wide health problem. But studies in Korea about injuries were very few. Thus, this study was conducted to analyze the trend of major injuries from 1991 to 2006 and to provide basic data for preventing injuries. Methods: This study was based on the National Statistical Office data from 1991 to 2006 and calculated to estimate the burden of major injuries by using the standard expected years of life lost (SEYLL) and total lost earnings equation. Results: For transport accidents, mortality, SEYLL and total lost earnings were increased from 1991 to 1996 and decreased from 2000 to 2006. On the other hand, for suicides, these were increased gradually. Since 2003, falls were included in ten leading causes of death. This study showed that injury causes major social and economical losses. Conclusions: We could reduce injury related premature death through active interest in injury prevention program.

• Journal of Fisheries and Marine Sciences Education
• /
• v.15 no.2
• /
• pp.166-175
• /
• 2003

In order to offer fundamental data for the standard of comfilation of the budget on the compensation money for the reduction of fishing baot and index of investigation for computation on the average earnings of reduction of fishing boat, the fluctuation of actual outputs, expenses, earnings and the difference by type of coastal and off-shore fishery was investigated and analyzed. The results are as follows : 1. The average ouput money by large powered purse seine fishery was much with about 3,510 million won, but the average output money by off-shore gill nets fishery was little with about 8.4 million won. 2. The average catch by large powered purse seine fishery was many with about 296,000 M/T, but the average catch by eastern sea danish seine fishery was few with 4,600 M/T. 3. The average expense by large powered purse seine fishery was much with about 3,360 million won, but the average expense by diving fishery was little with 6.3 million won. 4. The average earning by large powered purse seine fishery was much with about 240million won, the average earning by offshore long line fishery was little with 18 million won. 5. The average earning rate by diving fishery was much with 31.62%, but the average earning rate by large powered purse seine fishery was little with 7.30%.

• Management & Information Systems Review
• /
• v.36 no.3
• /
• pp.151-165
• /
• 2017

This study investigates the effect of revenue recognition by percentage of completion method on financial analysts' earnings forecasting information in order industry. Specifically, we examines how the analysts' earnings forecast errors and biases differ according to whether or not to report the unbilled revenue account balance and the level of unbilled revenue account balance. The sample consists of 453 firm-years listed in Korea Stock Exchange during the period from 2010 to 2014 since the information on unbilled revenue accounts can be obtained after the adoption of K-IFRS. The results are as follows. First, we find that the firms with unbilled revenue account balances have lower analysts' earnings forecast accuracy than the firms who do not report unbilled revue account balances. In addition, we find that the accuracy of analysts' earnings forecasts decreases as the amount of unbilled revenue increases. Unbilled revenue account balances occur when the revenue recognition of the contractor is faster than the client. There is a possibility that managerial discretionary judgment and estimation may intervene when the contractor calculates the progress rate. The difference between the actual progress of the construction and the progress recognized by the company lowers the predictive value of financial statements. Our results suggest that the analysts' earnings forecasts may be more difficult for the firms that report unbilled revenue balances as applying the revenue recognition method based on the progress criteria. Second, we find that the firms reporting unbilled revenue account balances tend to have higher the optimistic biases in analysts' earnings forecast than the firms who do not report unbilled revenue account balances. And we find that the analysts' earnings forecast biases are increases as the amount of unbilled revenue increases. This study suggests an effort to reduce the arbitrary adjustment and estimation in the measurement of the progress as well as the introduction of the progress measurement method which can reflect the actual progress. Investors are encouraged to invest and analyze the characteristics of the order-based industry accounting standards. In addition, the results of this study empower the accounting transparency enhancement plan for order industry proposed by the policy authorities.

• Cross-Cultural Studies
• /
• v.26
• /
• pp.273-296
• /
• 2012

The purpose of this paper is to examine the characteristics of American film (genre drama) through the analysis of , which merits our attention because the proportion of domestic gross earnings to foreign gross earnings is four to one. It means that the cultural discount rate of this film is relatively higher than the films which belong to the other genres, for example adventure, action, fantasy, SF etc. And it would be correct to say that this film is typically american. What is the reason of this difference of cultural discount rate? And what allows this film to be defined as a typical American film. The analysis of shows that the difference doesn't result from the actant structure. In fact the narrative structure of this film is similar to the other films of drama genre like or : the common structure of drama genre is characterized by an encounter of sujet and adjuvant and the progress of their relationship. But the drama is a genre in which the reflection of the actualities is important as compared with other genres. In that sense the story of is based upon the American cultural characteristics. Because the process that realize the progress of relationship between two protagonists is typically American such as race problem, adoption system, concept of family, system of education and going to college etc. As a result it is possible that move less the worldwide spectators than the American spectators.

• The Korean Journal of Financial Studies
• /
• v.3 no.1
• /
• pp.233-265
• /
• 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.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2017.11a
• /
• pp.205-206
• /
• 2017

The purpose of this paper is to examine a reasonable share of cost in the apartment remodeling projects. Therefore, the case model of remodeling apartment was made up and then the rate of return by method of floor area change rate, method of proportion, method of investment earnings rate and method of proportion reflected business contribution were estimated. Consequently, the model by the method of proportion reflected business contribution presented 20.6% of rate in all apartment units.