• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.91-98
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• 2019

Dividend policy is an important business decision and is considered a channel to communicate a firm's performance to shareholders. Given the empirical findings that earnings quality significantly affects financial analysts' forecasting activities, it is predicted that higher earnings quality would positively influence forecast accuracy. Specifically, it is expected that financial analysts would forecast dividends more accurately for firms with higher earning quality. Unlike the research on financial analysts' earnings forecasts was heavily conducted, there is little study about financial analysts' dividend forecasts. This paper examines the effect of earnings quality on financial analysts' dividend forecast accuracy. We use a sample of South Korean firms for the period of 2011-2015 for multivariate regression. Earnings quality is measured by accruals quality and performance-adjusted discretionary accruals followed by prior studies. We first compare the accuracy between dividend forecasts and earnings forecasts using t-test and Wilcoxon singed-rank test. It is confirmed that financial analysts' dividend forecasts are more accurate than earnings forecasts in Korea. We find that financial analysts' dividend forecasts are more accurate for firms with higher earnings quality. We also find that the result is still valid after controlling for the accuracy of financial analysts' earnings forecasts. This confirms that earnings quality positively affects financial analysts' dividend forecasts.

• 한국환경과학회지
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• 제22권8호
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• pp.965-977
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• 2013

Reliable long-term streamflow forecasting is invaluable for water resource planning and management which allocates water supply according to the demand of water users. It is necessary to get probabilistic forecasts to establish risk-based reservoir operation policies. Probabilistic forecasts may be useful for the users who assess and manage risks according to decision-making responding forecasting results. Probabilistic forecasting of seasonal inflow to Andong dam is performed and assessed using selected predictors from sea surface temperature and 500 hPa geopotential height data. Categorical probability forecast by Piechota's method and logistic regression analysis, and probability forecast by conditional probability density function are used to forecast seasonal inflow. Kernel density function is used in categorical probability forecast by Piechota's method and probability forecast by conditional probability density function. The results of categorical probability forecasts are assessed by Brier skill score. The assessment reveals that the categorical probability forecasts are better than the reference forecasts. The results of forecasts using conditional probability density function are assessed by qualitative approach and transformed categorical probability forecasts. The assessment of the forecasts which are transformed to categorical probability forecasts shows that the results of the forecasts by conditional probability density function are much better than those of the forecasts by Piechota's method and logistic regression analysis except for winter season data.

• 유통과학연구
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• 제20권12호
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• pp.117-123
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• 2022

Purpose: This study investigates the relationship between earnings forecasts estimated from a cross-sectional earnings forecast model and firm characteristics such as firm size, sales volatility, and earnings volatility. Research design, data and methodology: The association between earnings forecasts and the aforementioned firm characteristics is examined using 214 firm-year observations with analyst following and 848 firm-year observations without analyst following for the period of 2011-2019. I estimate future earnings using a cross-sectional earnings forecast model, and then compare these model-based earnings forecasts with analysts' earnings forecasts in terms of forecast bias and forecast accuracy. The earnings forecast bias and accuracy are regressed on firm size, sales volatility, and earnings volatility. Results: For a sample with analyst following, I find that the model-based earnings forecasts are more accurate as the firm size is larger, whereas the analysts' earnings forecasts are less biased and more accurate as the firm size is larger. However, for a sample without analyst following, I find that the model-based earnings forecasts are more pessimistic and less accurate as firms' past earnings are more volatile. Conclusions: Although model-based earnings forecasts are useful for evaluating firms without analyst following, their accuracy depends on the firms' earnings volatility.

• Communications for Statistical Applications and Methods
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• 제10권3호
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• pp.931-954
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• 2003

It is widely recognized that economic time series involved not only the linearities but also the non-linearities. In this paper, when the economic time series data have the nonlinear characteristics we propose the forecasts method using combinations of both forecasts from linear and nonlinear models. In empirical study, we compare the forecasting performance of 4 exchange rates models(AR, GARCH, AR+GARCH, Bilinear model) and combination of these forecasts for dairly Won/Dollar exchange rates returns. The combination method is selected by the estimated individual forecast errors using Monte Carlo simulations. And this study shows that the combined forecasts using unrestricted least squares method is performed substantially better than any other combined forecasts or individual forecasts.

• Water Engineering Research
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• 제5권2호
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• pp.101-109
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• 2004

Aggregating information by combining forecasts from two or more forecasting methods is an alternative to using forecasts from just a single method to improve forecast accuracy. This paper describes the development and use of a monthly inflow forecast model based on an optimal linear combination (OLC) of forecasts derived from naive, persistence, and Ensemble Streamflow Prediction (ESP) forecasts. Using the cross-validation technique, the OLC model made 1-month ahead probabilistic forecasts for the Chungju multi-purpose dam inflows for 15 years. For most of the verification months, the skill associated with the OLC forecast was superior to those drawn from the individual forecast techniques. Therefore this study demonstrates that OLC can improve the accuracy of the ESP forecast, especially during the dry season. This study also examined the value of the OLC forecasts in reservoir operations. Stochastic Dynamic Programming (SDP) derived the optimal operating policy for the Chungju multi-purpose dam operation and the derived policy was simulated using the 15-year observed inflows. The simulation results showed the SDP model that updated its probability from the new OLC forecast provided more efficient operation decisions than the conventional SDP model.

• 산업경영시스템학회지
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• 제37권1호
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• pp.120-126
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• 2014

This paper deals with the economic value analysis of meteorological forecasts for a hypothetical inventory decision-making situation in the pharmaceutical industry. The value of Asian dust (AD) forecasts is assessed in terms of the expected value of profits by using a decision tree, which is transformed from the specific payoff structure. The forecast user is assumed to determine the inventory level by considering base profit, inventory cost, and lost sales cost. We estimate the information value of AD forecasts by comparing the two cases of decision-making with or without the AD forecast. The proposed method is verified for the real data of AD forecasts and events in Seoul during the period 2004~2008. The results indicate that AD forecasts can provide the forecast users with benefits, which have various ranges of values according to the relative rate of inventory and lost sales cost.

• 한국수자원학회:학술대회논문집
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• 한국수자원학회 2020년도 학술발표회
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• pp.123-123
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• 2020

The present study is aimed to correcting radar-based mean areal precipitation forecasts to improve urban flood predictions and uncertainty analysis of water levels contributed at each stage in the process. For this reason, a long short-term memory (LSTM) network is used to reproduce three-hour mean areal precipitation (MAP) forecasts from the quantitative precipitation forecasts (QPFs) of the McGill Algorithm for Precipitation nowcasting by Lagrangian Extrapolation (MAPLE). The Gangnam urban catchment located in Seoul, South Korea, was selected as a case study for the purpose. A database was established based on 24 heavy rainfall events, 22 grid points from the MAPLE system and the observed MAP values estimated from five ground rain gauges of KMA Automatic Weather System. The corrected MAP forecasts were input into the developed coupled 1D/2D model to predict water levels and relevant inundation areas. The results indicate the viability of the proposed framework for generating three-hour MAP forecasts and urban flooding predictions. For the analysis uncertainty contributions of the source related to the process, the Bayesian Markov Chain Monte Carlo (MCMC) using delayed rejection and adaptive metropolis algorithm is applied. For this purpose, the uncertainty contributions of the stages such as QPE input, QPF MAP source LSTM-corrected source, and MAP input and the coupled model is discussed.

• 한국농공학회논문집
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• 제54권4호
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• pp.127-135
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• 2012

지속가능한 수자원 관리 시스템을 위한 수문 예측은 안정적인 장단기 용수 공급에 있어 중요한 과제이며, 이를 위해는 다양한 기후 정보를 이용한 시스템의 평가가 우선되어야 한다. 본 연구에서는 미국 플로리다 템파 지역의 연간 월 강우와 하천 유량 예측을 위해 본 시험지역에 운용되고 있는 유량 모의 시스템 (flow modeling system, FMS)을 소개하고, 관측된 강우 자료를 '최적 예측 강우 시나리오 (the best rainfall forecast)'로 가정하여 FMS의 기후 예측 정보에 대한 활용성을 평가하였다. 연구 결과, 기본적으로 FMS에 의해 예측된 월 강우량 앙상블의 중앙값이 관측 강우량을 잘 재현하는 것으로 나타났다. 강우 예측 모델 입력자료로 사용되는 초기 월 강우량은 2개월까지의 예측에 간섭하며 이 후 예측치는 동일한 범주로 수렴하여 관측자료로 부터 추정된 통계치에 의존하는 것으로 나타났다. 이는 예측 모델이 최대 2개월간의 예측 효용성을 가짐을 의미한다. 월 강우량 앙상블을 이용하여 예측된 하천 유량 앙상블은 4-6개월까지의 예측 효용성을 보였다. 예측된 강우량 대신 실제 관측 월강우 시계열 자료를 유량 예측을 위한 강우 입력자료로 적용한 결과, 예측된 유량의 범주가 현저히 감소하였으며 예측의 불확실성이 감소하는 것으로 나타났다. 본 연구 결과는 시험 지역에 대한 신뢰도 높은 강우 예측 자료의 확보가 기존의 수문 예측 시스템 개선에 기여할수 있다는 것을 보여준다.

• 한국수자원학회논문집
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• 제50권8호
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• pp.563-577
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• 2017

기후변화로 인해 강수의 불확실성이 증가하는 현 시점에서 효율적인 물 관리를 위한 계절예측 및 기상 예보의 활용은 필수적이다. 본 연구에서는 기상청에서 2014년 6월부터 시행하고 있는 범주형 확률장기예보를 Hit Rate, Reliability Diagram, Relative Operating Curve (ROC)의 평가지표를 활용하여 예측력을 검증하였고, 추가적으로 확률예보를 활용하여 정량적인 예측 강수량을 생산하는 기법을 제안하였다. 확률장기예보의 예측력 검증결과 최대 48%의 예측력을 갖는 것을 확인할 수 있었다. 확률예보를 활용하여 예측 강수량을 추정한 결과, 정량적으로 관측 자료와 유사하게 모의되는 것을 확인할 수 있었으며 예측 적합도 평가결과 100%의 정확도를 가진 예보의 경우 최대 0.98, 실제 예보의 경우 최대 0.71의 상관계수를 보였다. 본 연구에서 제안하는 확률예보를 활용한 예측 강수량 추출기법은 강수의 불확실성을 고려한 물 관리를 가능하게 해줄 것으로 판단되며 효율적인 수자원 장기 이수계획 및 저수지 운영의 의사결정지원 등에 활용 가능할 것으로 기대된다.

• 대기
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• 제33권5호
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• pp.493-503
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• 2023

This study investigates the downward influences of sudden stratospheric warming (SSW) in February 2018 using a subseasonal-to-seasonal forecast model, Global Seasonal forecasting system version 6 (GloSea6). To quantify the influences of SSW on the tropospheric prediction skills, free-evolving (FREE) forecasts are compared to stratospheric nudging (NUDGED) forecasts where zonal-mean flows in the stratosphere are relaxed to the observation. When the models are initialized on 8 February 2018, both FREE and NUDGED forecasts successfully predicted the SSW and its downward influences. However, FREE forecasts initialized on 25 January 2018 failed to predict the SSW and downward propagation of negative Northern Annular Mode (NAM). NUDGED forecasts with SSW nudging qualitatively well predicted the downward propagation of negative NAM. In quantity, NUDGED forecasts exhibit a higher mean squared skill score of 500 hPa geopotential height than FREE forecasts in late February and early March. The surface air temperature and precipitation are also better predicted. Cold and dry anomalies over the Eurasia are particularly well predicted in NUDGED compared to FREE forecasts. These results suggest that a successful prediction of SSW could improve the surface prediction skills on subseasonal-to-seasonal time scale.