• 재무관리연구
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• 제12권2호
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• pp.207-219
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• 1995

This paper develops an equilibrium asset pricing model with taxation in the economy. The expected excess rate of return on a risky asset is shown to be an increasing function of the covariance of asset return with aggregate consumption rate changes and the covariance of asset return with the tax rates as well. Thus, the expected execss rate of return can be decomposed as the consumption risk premium and the tax premium. The capital asset pricing model derived in the absence of taxes is shown to understate the expected excess rate of return and to have a misspecification error in the economy with taxation.

• 재무관리논총
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• 제3권1호
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• pp.179-211
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• 1996

This study examines whether trading mechanisms or market microstructures of markets have an effect on the integration issue of the international equity market. If the international equity market is integrated, identical stocks listed on different international stock exchanges should have the same rates of return, the same characteristics of stock price behavior and similar distributions of return. If different market microstructures, or trading mechanisms cause differences in characteristics of stock price behavior, those can lead to different rates of return because of different liquidity risk for the same stocks between markets. This study proposes international asset pricing with liquidity risk related to trading mechanisms. Systematic risk by itself cannot predict the sign of expected rate of return difference for the same stocks between international markets. Liquidity risk factors related to market microstructure provide explanations for the sign of rate of return differences between markets, However, liquidity risk factors related to market microstructure do not have a significant effect on the rate of return differences and sensitivity of return differences between markets, Trading mechanisms or market microstructures might not have a significant effect on the interpretation of the international equity market integration studies, if trading volume or other factors are controlled.

• 한국조리학회지
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• 제14권4호
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• pp.93-105
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• 2008

This study was attempted to analyze causal relations among flexibility, growth, and profitability variables, which are the financial indexes of restaurant enterprises. The samples were 24 restaurant enterprises in total, and 102 financial statements between 2002 and 2006 were analyzed. As a result of the analysis, total asset growth rate influenced all profitability variables among growth variables. Also, the net sales growth influenced return on sales and return on assets, and the assets turnover influenced return on assets and return on equity. Among flexibility variables, current ratio and interest coverage ratio to operating profit influenced return on assets, and return on equity was influenced by current ratio and debt-to-equity ratio.

• Asian Pacific Journal of Cancer Prevention
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• 제16권6호
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• pp.2257-2261
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• 2015

Background: Return to work after treatment completion is important for both cancer survivors and society. Financial distress is one of the factors that may influence the return to work in cancer survivors. However, this relationship has not been well investigated. This study aimed to determine the rate of return to work and its relation to financial distress among Iranian cancer survivors. Materials and Methods: This descriptive-correlational study was undertaken among 165 cancer survivors who completed their initial treatments and had no signs of active cancer. The Return to Work questionnaire and Financial Distress/Financial Well-Being Scale were used for data collection. Data were analyzed using SPSS statistical software. Results: After initial treatments, 120 cancer survivors (72%) had returned to work, of which 50 patients (42%) had returned to full-time work and 70 (58%) reduced their work hours and returned to part-time work. Cancer survivors also reported high levels of financial distress. In addition, the financial distress was lower among patients who had returned completely to work, in comparison to patients who had quit working for cancer-related reasons (p= 0.001) or returned to work as part-time workers (p=0.001). Conclusions: The findings showed that a high percent of Iranian cancer survivors had not returned to their jobs or considerably reduced working hours after treatment completion. Accordingly, due to high levels of financial distress experienced by participants and its relation to return to work, designing rehabilitation programs to facilitate cancer survivor return to work should be considered.

• 국제학술발표논문집
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• The 1th International Conference on Construction Engineering and Project Management
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• pp.1244-1249
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• 2005

Present PII(Private Infrastructure Investment) in Korea has increased up to 11% compared to the year 2003 and is expected to increase in the future. In spite of its rapid increase, we don't have any definite standard or system which distinctly presents the rate of return for domestic PII yet, and practical and scientific research is not sufficient compared to its necessity and importance. Hence, in this study we suggests methods to estimate the rate of return of PII to promote SOC PII to last successfully and present the proper level of rate of return of PII which is appropriate for domestic situations through diverse analysis. Therefore, to present reasonable rate of return, we have used 5 methods: previous research analysis, case study, financial index analysis, analysis of investor's rate of return, and analysis of rate of return in a real estate market. After comparing and analyzing these methods, at the end, we have presented the appropriate level of rate of return of PII, which can be applied in the domestic market.

• 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.

• 농업과학연구
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• 제10권2호
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• pp.371-381
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• 1983

This study is aimed at identifying the economic effects of drainage improvement projects. The total area of poor drainage is equivalent to 170,000ha, 13% of the total area of paddy field in Korea. The development of poor drained paddy is an urgent problem considering the low rate of self-sufficiency of food grain and the limitation of farmer's income increase. Rapid development of Korean economy has brought labor shoriage in rural farming sector. Accordingly farm mechanization is an important agricultural policy to hike labor productivity and to save production costs of rice farming. The expected economic benefits of the drainage improvement project are derived from increasing land productivity, expanding double cropped area and farming the farm mechanization base in paddy fields. The economic and financial rate of return of the project are considered very important decision making criteria for project implementation by resource allocation. Therefore this study covered benefit and cost analysis of the sampled area, the estimated financial rate of returns in $Buy{\check{o}}$ and Jinsung are represented 15% and 51% respectively and the economic rate of returns in both project area are also showing 1% and 26% respectively. The rate of return of the projects has showed an outstanding variance according to the locational and natural characteristics of the project area. As showing the above economic rate of return, $Buy{\check{o}}$ is very low Jinsung is very high. But the financial rate of return of both projects are considered comparatively high. Cosequently, the drainage improvement projects should be promoted from the view point of farm income increase to make narrow the income gap between rural and urban incomes and farm mechanization to solve labor shortage in the rural area.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.37-43
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• 2019

The research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2018 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability, and financial leverage were considered as the control variables in the research model. Panel data analysis with Generalized Least Squares model was employed to estimate the predictive regression. The findings indicated that export intensity and export growth have a significant and positive relationship with stock returns. However, export market coverage has not a significant relationship with stock return at the 0.05 level. Profitability, financial leverage, and exchange rate have a positive relationship, while interest rate and GDP have no relation to stock return at the 0.05 significance level. The findings imply that investors should consider the export intensity instead of export growth and export market coverage as selecting stock of fishery exports firms to invest; managers should increase export intensity to increase company's stock price or firm market value.

• 경영과학
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• 제30권2호
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• pp.79-95
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• 2013

In this study, we empirically examine the impact of win-win growth effort of domestic large firms on their financial performance. Specifically, we classify the financial performance into three aspects such as profitability, stability and efficiency, select corresponding financial ratios to each aspect, and analyze the causal relationship between the firms' win-win growth effort and each of the financial ratios. In addition, we figure out the impact of the firms' win-win growth effort on their stock rate of return. From the analysis, we show that the win-win growth effort has a positive impact on the firms' profitability, stability and stock prices; however, it does not give statistically significant impact on the firms' efficiency with even negative impact on it. These results imply that the firms' win-win growth effort could bring about inefficiency in their business operations, but the effort could increase the firms' profitability and make their financial structure more stable. Furthermore, the effort could enhance the firms' image of leading CSR (corporate social responsibility), which in turn increase their stock values.

• Journal of the Korean Data and Information Science Society
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• 제21권2호
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• pp.219-229
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• 2010

자산을 운용할 때 다양한 위험요인의 증가로 인해 위험관리에 대한 많은 연구가 진행되어왔으며, 통합적인 위험관리기법의 필요성이 대두됨에 따라 개발된 많은 방법 중의 하나가 리스크값이다. 현재까지 연구된 많은 리스크값의 추정과정에서 중요한 과제는 수익률분포의 비대칭성 및 두꺼운 꼬리와 같은 비정규성과 관련된 문제들을 해결하는 것이다. 대부분의 수익률 분포는 첨도가 매우 큰 양수값을 가지며 약한 음수값의 왜도를 갖는다. 본 연구에서는 실제 금융자산 수익률분포에 여러 종류의 대체분포들을 이용하여 실제의 수익률 분포에 적합한 분포를 선정하여 리스크값를 추정한다. 정규분포를 포함한 대체분포들을 이용하여 추정한 리스크값들이 실제 분포로부터 추정한 리스크값에 얼마나 일치하는지를 비교 연구한다. 다양한 대체분포 중에서 실제 분포에 정규혼합분포가 가장 적합하였으며, 이 정규혼합분포를 이용하여 추정한 리스크값과 다른 대체분포를 이용하여 구한 리스크값보다 정확함을 실증 자료를 통해 보였다.