• 무역학회지
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• 제46권2호
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• pp.245-262
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• 2021

Despite the numerous advantages that CSR engagement can potentially offer, top managers may not always be willing to invest in CSR as they are expected to meet expectations of external constituents in the short run. Given that financial analysts' expectations are important short-term performance targets that top managers are motivated to meet, this study examines how performance relative to earnings forecasts issued by analysts affect top managers' decisions about CSR engagement. Using a sample of publicly listed U.S. firms from 2000 to 2016, we find that top managers are more likely to reduce discretionary expenditure on CSR activities as performance falls below analyst forecasts to improve financial performance in the following fiscal year. As performance exceeds analyst forecasts, top managers are motivated to reduce CSR investments in order to meet higher expectations of analysts. As financial analysts closely monitor the firms that they follow in order to publish investment advice to market participants, we find that analyst coverage weakens top managers' incentive to reduce CSR engagement. Overall, this research sheds meaningful insight into the contextual background in which the top managers are situated in when they make decisions on CSR engagement.

• 한국융합학회논문지
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• 제9권2호
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• pp.207-215
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• 2018

본 연구는 유가증권 및 코스닥상장기업을 대상으로 기업의 비정상 투자가 재무분석가의 이익예측과 어떠한 관계가 있는지 실증적으로 분석하였다. 본 연구의 분석기간은 관심변수를 기준으로 2003년부터 2015년까지(종속변수는 2004년부터 2016년까지)이며 재무분석가가 주당이익예측치를 발표한 기업 중 연구조건을 만족하는 최종표본 4,917개 기업/년 자료를 분석대상으로 선정하여 연구를 진행하였다. 실증분석결과는 다음과 같다. 첫째, 비정상 총투자, 비정상 R&D, 비정상 CAPEX 투자가 많을수록 재무분석가의 이익예측정확성은 유의하게 향상되었다. 둘째, 비정상 총투자, 비정상 R&D, 비정상 CAPEX 투자가 많을수록 재무분석가의 이익예측은 비관적인 성향을 갖는 것으로 나타났다. 추가분석을 통해 이러한 결과는 과소투자 집단보다는 주로 과잉투자 집단에 의해 발생되는 결과임이 입증되었다. 본 연구결과는 재무분석가의 이익예측 결정요인으로 비정상투자가 고려된다는 점에서 기존 연구에 추가적인 공헌점이 있을 것으로 기대된다.

• 한국인구학
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• 제8권1호
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• pp.87-117
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• 1985

In Principle, the distriction should be understood between projections and forecasts. When the author or user of a projection is willing to describe it as indicating the most likely population at a give date, then he has made a forecast Population change since 1 960 has been reviewed briefly in order to forecast the population of Korea in the year 2,000 which is a leading factor in long term national development plan for which Korea Institute for Population and Health (KIPH) has been participated since 1983. The author of this paper introduced the population forecast prepared for the long term national development plan and an attempt of comparisons with other forecasts such as D.P. Smith's, T. Frejka's, Economic Planning Board's (EPB), UN's and S.B. Lee's was made. Those six forecasts of Korean future population in year 2,000 varried from 48.5 million to 50.0 million due to the base population and assumption of fertility and mortality however the range of total population size is not large enough. Taking four forecasts such as KIPH, EPB, UN, and Lee based on 1980 population census results and latest data of fertility and mortality, KIPH and UN forecast are close in total population size even though there was a slight difference in fertility and mortality assumptions. The smallest size of total population was shown by S.B. Lee (see Table 13) although the difference between KIPH and Lee was approximately one million which is two percent of total population in year 2,000. As a summary of conclusion the author pointed out that one can take anyone of forecasts prepared by different body because size and proportion wise of the Korean population until early I 990s can not be different much and new population projections must be provided by using 1985 population census data and other latest fertility and mortality information coflected by Korea Institute for Population and Health and Economic Planning Board in forth comming year.

• 한국수자원학회:학술대회논문집
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• 한국수자원학회 2006년도 학술발표회 논문집
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• pp.51-56
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• 2006

Biases embedded in numerical weather precipitation forecasts by the RDAPS model was determined, quantified and corrected. The ultimate objective is to eventually enhance the reliability of reservoir operation by Korean Water Resources Corporation (KOWACO), which is based on precipitation-driven forecasts of stream flow. Statistical post-processing, so called MOS (Model Output Statistics) was applied to RDAPS to improve their performance. The Artificial Neural Nwetwork (ANN) model was applied for 4 cases of 'Probability of Precipitation (PoP) for wet and dry season' and 'Quantitative Precipitation Forecasts (QPF) for wet and dry season'. The reduction on the large systematic bias was especially remarkable. The performance of both networks may be improved by retraining, probably every month. In addition, it is expected that performance of the networks will improve once atmospheric profile data are incorporated in the analysis. The key to the optimal performance of ANN is to have a large data set relevant to the predictand variable. The more complex the process to be modeled by the ANN, the larger the data set needs to be.

• 대기
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• 제14권3호
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• pp.41-54
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• 2004

In this study, a brief overview on a WMO/WWRP program - The Observing System Research and Predictability Experiment (THORPEX) and discussions on perspectives and potential benefits of Asian countries are provided. THORPEX is aimed at accelerating improvements in the accuracy of 1 to 14-day high-impact weather forecasts with research objectives of: 1) predictability and dynamical processes; 2) observing systems; 3) data assimilation and observing strategies; and 4) societal and economic applications. Direct benefits of Asian countries from THORPEX include improvement of: 1) forecast skills in global models, which exerts positive impact on mesoscale forecasts; 2) typhoon forecasts through dropwindsonde observations; and 3) forecast skills for high-impact weather systems via increased observations in neighboring countries. Various indirect benefits for scientific researches are also discussed. Extensive adaptive observation studies are recommended for all high-impact weather systems coming into the Korean peninsula, and enhancement of observations in the highly sensitive regions for the forecast error growth is required to improve forecast skills in the peninsula, possibly through international collaborations with neighboring countries.

• 한국수자원학회:학술대회논문집
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• 한국수자원학회 2008년도 학술발표회 논문집
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• pp.1388-1392
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• 2008

Water resources management depends on dealing inherent uncertainties stemming from climatic and hydrological inputs and models. Dealing with these uncertainties remains a challenge. Streamflow forecasts basically contain uncertainties arising from model structure and initial conditions. Recent enhancements in climate forecasting skill and hydrological modeling provide an breakthrough for delivering improved streamflow forecasts. However, little consideration has been given to methodologies that include coupling both multiple climate and multiple hydrological models, increasing the pool of streamflow forecast ensemble members and accounting for cumulative sources of uncertainty. The approach here proposes integration and coupling of global climate models (GCM), multiple regional climate models, and numerous hydrological models to improve streamflow forecasting and characterize system uncertainty through generation of ensemble forecasts.

• Journal of the Korean Data and Information Science Society
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• 제22권3호
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• pp.589-596
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• 2011

The conditional autoregressive value at risk (CAViaR) model is useful for risk management, which does not require the assumption that the conditional distribution does not vary over time but the volatility does. But it does not provide volatility forecasts, which are needed for several important applications such as option pricing and portfolio management. For a variety of probability distributions, it is known that there is a constant relationship between the standard deviation and the distance between symmetric quantiles in the tails of the distribution. This inspires us to use a support vector quantile regression (SVQR) for volatility forecasts with the distance between CAViaR forecasts of symmetric quantiles. Simulated example and real example are provided to indicate the usefulness of proposed forecasting method for volatility.

• The Journal of Asian Finance, Economics and Business
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• 제1권3호
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• pp.29-36
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• 2014

This paper attempts to measure the impact of non-financial factors including analyst practices and broker resources on performance of sell side research. Results reveal that these non-financial factors have a measurable impact on performance of target price forecasts. Number of pages written by an analyst (surrogate for analyst practice) is significantly and directly linked with target price accuracy indicating a more elaborate analyst produces better target price forecasts. Analyst compensation (surrogate for broker resource) is significantly and inversely linked with target price accuracy. Out performance by analysts working with lower paying firms is possibly associated with motivation to migrate to higher paying broking firms. The study finds that employing more number of analysts per research report has no significant impact on target price accuracy -negative coefficient indicates that team work may not result in better target price forecasts. Though insignificant, long term forecast horizon negatively affects target price accuracy while stock volatility improves target price accuracy.

• 한국농공학회지
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• 제41권6호
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• pp.25-32
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• 1999

The purpose of this study is to analyse the accuracy of weather forecasts of temperature, precipitation probability , and sky condition and to evaluate the applicability of weather forecasts for the estimation of potential evapotranspiration for irrigation scheduling. Five weather station s were selected to compare forecasted and measured climatcal data. The error between forecasted and measured temperature was calculated and discussed. The accuracy of temperature forecast using relative frequency of the error was calculated . The temperature forecasting showed considerably high accuracy. Average sunshine hours for forecasted sky conditions were calculated and showed reasonable quality. From the reliability graphs, the forecasting precipation probabililty was reliable. Potential evapotranspirations were calculated and compared using forecast and measured temperatures. The weather forecast is considered usable for irrigation scheculing.

• Asian Journal of Innovation and Policy
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• 제8권1호
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• pp.141-161
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• 2019

A considerable amount of research has been directed at subsistence markets in the recent past with the belief that these markets can be tapped profitably by marketers. Consequently, such markets have seen the launch of a number of innovative products. However, marketers of such forecasts need timely and accurate forecasts regarding the diffusion of their products. The Bass model has been widely used in marketing management to forecast diffusion of innovative products. Given the idiosyncrasies of subsistence markets, such forecasting requires an understanding of effective estimation techniques of the Bass model and their use in subsistence markets. This article reviews the literature to achieve this objective and find out gaps in research. A finding is that there is a lack of timely estimates of Bass model parameters for marketers to act on. Consequently, this article sets a research agenda that calls for timely forecasts at the takeoff stage using appropriate estimation techniques for the Bass model in the context of subsistence markets.