• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.9-17
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• 2020

This study examines the effect of financial reporting opacity and audit quality on stock price crash risk using listed firms in Japan. This study is the first research to examine the effect of financial reporting opacity on crash risk using a Japanese listed company. Furthermore, the effect of audit quality on crash risk is verified. High level auditors can mitigate crash risk by playing a role as a corporate governance device mechanism to reduce agency costs. We use a logistic regression and linear regression model to test whether financial reporting opacity and audit quality affect crash risk using listed firms in the Japanese stock exchange market during the fiscal years 2015 January through 2017 February. The results of this study suggest that the financial reporting opacity variable shows a positive relationship with CRASH, which states that a firm with more opaque financial reporting increases crash risk. The results suggest also that the firms audited by Big4 auditors experience less crash risk, implying that the audit quality in Japan can be one of the factors mitigating firm's crash risk. This study provides implications for financial reporting and audit quality to external stakeholders who wants to avoid losses.

• 한국인터넷방송통신학회논문지
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• 제16권6호
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• pp.255-264
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• 2016

정보통신기술의 급속한 발전으로 경제활동 분야에서 큰 변화를 가져오고 있으며 혁신적으로 변화하고 있는 것은 전자상거래라고 할 수 있다. 더불어 전자금융사기의 방법도 나날이 진화하면서 피해사례도 함께 늘어나고 있다. 이에 따라 전자금융 이상거래에 대한 분석 및 탐지가 되고 있으나 여전히 피해가 발생되고 있는 상황이다. 본 연구에서는 금융환경, 금융 IT 환경, 금융 IT보안 환경과 법제도적인 변화의 특성을 분석하고 현재 금융기관에서 운영되는 이상금융거래 탐지시스템의 한계점을 보완하기 위하여 효과적인 전자금융 이상거래 분석 및 탐지 관리 체계와 외부기관과의 정보공유 및 개인정보 수집 및 활용에 대한 고려사항을 제안하고자 한다.

• Communications for Statistical Applications and Methods
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• 제30권1호
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• pp.75-94
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• 2023

The growing trend of cyber risk has put forward the importance of cyber risk management. Cyber risk is defined as an accidental or intentional risk related to information and technology assets. Although cyber risk is a subset of operational risk, it is reported to be handled differently from operational risk due to its different features of the loss distribution. In this study, we aim to detect the characteristics of cyber loss and find a suitable model by measuring value at risk (VaR). We use the loss distribution approach (LDA) and the time series model to describe cyber losses of financial and non-financial business sectors, provided in SAS^® OpRisk Global Data. Peaks over threshold (POT) method is also incorporated to improve the risk measurement. For the financial sector, the LDA and GARCH model with POT perform better than those without POT, respectively. The same result is obtained for the non-financial sector, although the differences are not significant. We also build a two-dimensional model reflecting the dependence structure between financial and non-financial sectors through a bivariate copula and check the model adequacy through VaR.

• Computers and Concrete
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• 제25권2호
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• pp.167-179
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• 2020

Optimal design of structures against earthquake loads is often limited to reduce initial construction costs, while the cost induced to structures during their useful life may be several times greater than the initial costs. Therefore, it is necessary to consider the indirect costs due to earthquakes in the design process. In this research, an integrated methodology for calculating life cycle cost (LCC) of moment-resisting concrete frames is presented. Increasing seismic safety of structures and reducing human casualties can play an important role in determining the optimal design. Costs incurred for structures are added to the costs of construction, including the costs of reconstruction, financial losses due to the time spent on reconstruction, interruption in building functionality, the value of people's life or disability, and content loss are a major part of the future costs. In this research, fifty years of useful life of structures from the beginning of the construction is considered as the life cycle. These costs should be considered as factors of calculating indirect costs of a structure. The results of this work represent the life cycle cost of a 4 story, 7 story, and 10 story moment-resisting concrete frame by details. This methodology is developed based on the economic conditions of Iran in 2016 and for the case of Tehran city.

• Earthquakes and Structures
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• 제11권4호
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• pp.583-607
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• 2016

One of the main applications of seismic risk assessment is that an specific design could be selected for a bridge from different alternatives by considering damage losses alongside primary construction costs. Therefore, in this paper, the focus is on selecting the shape of pylon, which is a changeable component in the design of a cable-stayed bridge, as a double criterion decision-making problem. Different shapes of pylons include H, A, Y, and diamond shape, and the two criterion are construction costs and probable earthquake losses. In this research, decision-making is performed by using developed seismic risk assessment process as a powerful method. Considering the existing uncertainties in seismic risk assessment process, the combined incremental dynamic analysis (IDA) and uniform design (UD) based fragility assessment method is proposed, in which the UD method is utilized to provide the logical capacity models of the structure, and the IDA method is employed to give the probabilistic seismic demand model of structure. Using the aforementioned models and by defining damage states, the fragility curves of the bridge system are obtained for the different pylon shapes usage. Finally, by combining the fragility curves with damage losses and implementing the proposed cost-loss-benefit (CLB) method, the seismic risk assessment process is developed with financial-comparative approach. Thus, the optimal shape of the pylon can be determined using double criterion decision-making. The final results of decision-making study indicate that the optimal pylon shapes for the studied span of cable-stayed bridge are, respectively, H shape, diamond shape, Y shape, and A shape.

• 한국산림과학회지
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• 제108권4호
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• pp.618-627
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• 2019

최근 멧돼지와 같은 야생동물에 의한 작물 및 시설물 피해가 매우 심각한 사회적 문제로 대두되고 있다. 이 연구는 산악형 국립공원 인근 산촌주민들의 야생동물로 인한 농작물 및 임산물 피해액을 추정하는 것을 목적으로 한다. 이를 위해 2016년 4월과 6월에 지리산 국립공원과 인접한 구례군 토지면에 위치하는 6개 산촌마을을 조사하였고, 84가구로부터 얻은 자료를 토대로 분석하였다. 2015년 기준, 84가구의 야생동물에 의한 농작물 및 임산물 피해 추정액은 총 1억 3,863만원이었고, 가구당 연평균 165만원의 피해를 입었다. 이 중 야생동물에 의한 피해액이 가장 큰 것은 밤, 고사리, 돌배, 복숭아, 감자 등의 순이었으나, 단위면적당 피해액이 가장 큰 것은 고구마, 복숭아, 옥수수, 감자 등의 농작물이었다. 구례군 전체 농작물 및 임산물 생산지의 잠재적인 야생동물 피해액은 연간 약 40억 원으로 추정되었고, 구례군의 야생동물 피해 보상을 위한 연평균 예산액은 피해액의 0.9%에 불과한 것으로 나타났다. 따라서 잠재적인 야생동물 피해에 대비하여 피해보상제도의 실효성을 높이기 위해서는 지자체의 재정자립도와 야생동물 피해의 책임을 고려하여 국가가 재정을 지원해야 함을 시사한다. 또한 산촌의 지속가능성을 위한 안정적인 작물 생산을 위해서는 형평성을 고려한 보상정책을 개발하고, 야생동물 피해예방시설의 효과성과 예방 지원 정책을 개선해야 한다.

• KDI Journal of Economic Policy
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• 제35권3호
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• pp.1-38
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• 2013

본 연구는 공공부문과 민간투자사업자를 포함한 일반균형모형을 사용하여 재정사업과 BTL 민간투자사업의 후생 차이를 비교 분석한다. 다른 모든 조건이 동일할 때 정부가 세입 세출을 동일하게 유지해야 한다고 가정할 경우, 민간투자사업하에서의 국민경제 후생수준이 재정사업하에서의 후생수준보다 높은 것으로 나타난다. 정부가 균형재정의 제약을 회피할 목적으로 민간투자사업을 무리하게 추진하는 경우 미래의 임대료가 모두 부채로 간주되기 때문에 상당한 사회적 비용이 초래될 수 있음을 명시적으로 보인다.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.31-40
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• 2020

This study investigates whether other comprehensive income (OCI) reported in the statement of comprehensive income (one of the main financial statements after the adoption of K-IFRS) predicts a firm's future performance. Using the quarterly data of Korean listed companies, we examine the association between OCI estimates and future earnings. First of all, we find that OCI is positively associated with earnings in both 1- and 2-quarter ahead, supporting the predictive value of OCI. When we break down OCI into its individual components, our results suggest that the net unrealized gains/losses on available-for-sale (AFS) investment securities are positively associated with future earnings, while the other components (e.g., net unrealized gains/losses on valuation of cash flow hedge derivatives) present insignificant results. In addition, we investigate whether the reliability in OCI estimates enhances the predictive value of OCI to predict future performance. We find that the predictive ability of OCI, in particular the net unrealized gains/losses on available-for-sale (AFS) investment securities, becomes more pronounced when firms are audited by the Big 4 audit firms. Overall, our study suggests that information content embedded in OCI can provide decision-useful information that is helpful for the prediction of future firm performance.

• 아태비즈니스연구
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• 제10권4호
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• pp.197-204
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• 2019

The transfer pricing mechanism is a tool commonly used to transfer the tax base from countries with high taxation in countries with low taxation. In many countries, this financial operations generate significant tax revenue losses. In an attempt to limit tax revenue losses, many public authorities have introduced regulations on transfer pricing, but the effectiveness of these rules has proved limited, and they contributed to the increasing complexity of tax laws and to the appearance of additional costs for companies. Historically, transfer pricing (TP) was not a substantial issue in Mongolia. The tax legislation contains basic TP rules, but there is limited guidance and enforcement in practice. At the moment, Mongolian tax authorities are not conducting specific transfer pricing audits. Nevertheless, tax authorities are starting to pay more attention to transactions between related parties and potential transfer pricing adjustments. This study examines a transfer pricing regulations of Mongolia.

• 한국동물위생학회지
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• 제44권2호
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• pp.61-71
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• 2021

Caseous lymphadenitis, caused by Corynebacterium pseudotuberculosis has been a predominant disease among small ruminants on farms, causing significant losses for farm producer in the larger part of goat rearing nations across the world, for over a century. However, the control measures have not been very effective due to the chronic and usually subclinical nature of the infection. This has caused significant financial losses due to chronic ill-thrift, carcass condemnation, decreased meat yields and low reproduction as well as animal welfare. The current status of caseous lymphadenitis, with updated reseach information to the etiology, pathogenesis, clinical signs, identification, prevalence, prevention and vaccination are delineated in the review.