• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.143-152
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• 2022

This paper examines the relationship between investor sentiment and the risk of a stock price crash at the firm level. Our dataset includes 131 firms listed on the Saudi stock exchange (Tadawul) from 2011 to 2019, as well as 953 firm-year observations. To evaluate crash risk, we employ two distinct proxies and propose an index for measuring firm-level sentiment which we use for the first time in our study. The average turnover rate, price-earnings ratio, and overnight return are the three sentiment proxies we utilize in our index. Our findings show that high levels of investor emotion increase managers' proclivity to withhold unfavorable news from investors, which aggravates the risk of a stock price crash. We undertake cross-sectional regressions by sector to ensure the robustness of our findings, and our findings are confirmed. After accounting for any endogeneity issues with the GMM technique, the results remain the same. Furthermore, we analyze the liquidity effect by dividing our sample into subsamples with better and worse liquidity and find that firms with worse liquidity have a considerably greater positive impact of investor mood. Overall, our findings help investors and regulators recognize the significance of this downside risk and how to manage it in the stock market.

• Journal of the Korean Society of Physical Medicine
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• v.18 no.2
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• pp.23-31
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• 2023

PURPOSE: This study examined the anthropometric and clinical risk factors and the prevalence of sarcopenia in women aged 40 to 49 years. METHODS: The study design is a cross-sectional research and a total of 2,055 participants were included. The participants were divided into two groups based on their skeletal muscle mass index score. One hundred and twenty-six individuals were assigned to a sarcopenia group, and 1,939 were assigned to a normal group. The following variables were analyzed: age, height, weight, body mass index, waist circumference, skeletal muscle mass index anthropometric measure, systolic blood pressure, diastolic blood pressure, blood laboratory tests, fasting glucose, triglyceride, total cholesterol, and smoking and drinking smoking statuses. RESULTS: The prevalence of sarcopenia was 6.5% (95% CI: 5.33-7.92). Anthropometric variables, such as height, BMI, and waist circumference, showed significance differences between the two groups (p < .05), except for weight variable (p > .05). In terms of blood pressure and blood lab tests, the systolic blood pressure, diastolic blood pressure, fasting glucose, triglyceride, and total cholesterol were all significant risk factors for sarcopenia in the two groups. (p < .05). CONCLUSION: This study identified risk factors and the prevalence of sarcopenia among community-dwelling middle-aged women.

• Management & Information Systems Review
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• v.12
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• pp.137-160
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• 2003

The association between accounting earnings and the stock price of an entity is the subject that has been most heavily researched during the past 25 years in accounting literature. Researcher's common finding is that there are positive relationships between accounting earnings and stock prices. However, the explanatory power of accounting earnings which was measured by $R^2$ of regression functions used was rather low. To be connected with these low results, The prior studies propose that there will be additional information, errors in variables. This study investigates empirically determinants of earnings response coefficients(ERCs), which measure the correlation between earnings and stock prices, using earnings level / change, as the dependent variable in the return/earnings regression. Specifically, the thesis tests whether the factors such as earnings persistence, growth, systematic risk, image, information asymmetry and firm size. specially, the determinable variables of ERC are explained in detail. The image / information asymmetry variables are selected to be connected with additional information stand point, The debt / growth variables are selected to be connected with errors in variables. In this study, The sample of firms, listed in Korean Stock Exchange was drawn from the KIS-DATA and was required to meet the following criteria: (1) Annual accounting earnings were available over the 1986-1999 period on the KIS-FAS to allow computation of variables parameter; (2) sufficient return data for estimation of market model parameters were available on the KIS-SMAT month returns: (3) each firm had a fiscal year ending in December throughout the study period. Implementation of these criteria yielded a sample of 1,141 firm-year observation over the 10-year(1990-1999) period. A conventional regression specification would use stock returns(abnormal returns) as a dependent variable and accounting earnings(unexpected earnings) changes interacted with other factors as independent variables. In this study, I examined the relation between other factors and the RRC by using reverse regression. For an empirical test, eight hypotheses(including six lower-hypotheses) were tested. The results of the performed empirical analysis can be summarized as follows; The first, The relationship between persistence of earnings and ERC have significance of each by itself, this result accord with one of the prior studies. The second, The relationship between growth and ERC have not significance. The third, The relationship between image and ERC have significance of each by itself, but a forecast code doesn't present. This fact shows that image cost does not effect on market management share, is used to prevent market occupancy decrease. The fourth, The relationship between information asymmetry variable and ERC have significance of each by. The fifth, The relationship between systematic risk$(\beta)$ and ERC have not significance. The sixth, The relationship between debt ratio and ERC have significance of each by itself, but a forecast code doesn't present. This fact is judged that it is due to the effect of financial leverage effect and a tendency of interest.

• Korean Journal of Construction Engineering and Management
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• v.11 no.2
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• pp.25-34
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• 2010

The building construction projects include a variety of risk factors due to uncertainties. To succeed in the projects, it is important how risks are managed. Risk management is composed of identification, analysis and response. Especially, the risk analysis is important to objectively calculate significance of risk factors. This paper evaluates a method to find priorities of risks using the AHP(Analytic Hierarchy Process). The method has some defects; (1) the consistency becomes weak as the number of pair-wise compared risks is large, and (2) the input and output procedures are complex when risks are added to or removed from a risk database. Thus the paper adopts the PROMETHEE(Preference Ranking Organization METHod Enrichment Evaluations) analysis process which is able to overcome the limitation of the AHP restricted to 9 risk factors. The PROMETHEE makes the procedure of risk analysis simple, when the risk factors pull out and put in the risk database. The purpose of this study is to provide process of risk analysis to use the PROMETHEE.

• Journal of Korea Trade
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• v.23 no.5
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• pp.87-101
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• 2019

Purpose - This paper examines the effectiveness of the foreign exchange risk insurance system in the promotion of SME exports in Korea. The purpose of this study is to analyze the short-term and long-term responses of SME exports to foreign exchange risk insurance support policies. Based on these empirical studies, we would like to present some operational improvements to the operation of the foreign exchange risk insurance system. Design/methodology - In order to analyze the effect of exchange risk insurance on the exports of SMEs, a VAR model consisting of foreign exchange risk insurance underwriting values, export relative price, and domestic demand pressure, including export volume, was established. The study began with tests of the stationarity of time series data. The unit root tests showed that all concerned variables were non-stationary. Accordingly, the results of the cointegration test showed that the tested variables are not cointegrated. Finally, an impulse response function and variance decomposition analysis were conducted to analyze the impulse of foreign exchange risk insurance on exports of SMEs. Findings - As a result of estimating the VAR (1) model, foreign exchange risk insurance was found to be significant at a 1% significance level for SME' export promotion. In the impulse response analysis, SMEs' export response to the impulse of foreign exchange risk insurance showed that exports gradually increased until the third quarter, and then slowed down. However, the impulse did not disappear, and appeared continuously. Originality/value - This study analyzed the effect of foreign exchange insurance on exports of SMEs by applying the VAR model. In particular, this study is the first to analyze the short-term and long-term effects of foreign exchange risk insurance on exports of SMEs. The empirical evidence in the current study have a policy implication for the policy authority to support and promote the foreign exchange risk insurance in the effect of exchange rate volatility on Korea' export SMEs.

• Korean Journal of Otorhinolaryngology-Head and Neck Surgery
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• v.61 no.11
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• pp.600-604
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• 2018

Background and Objectives This study aimed to identify a reliable preoperative predictive factor for the development of thyroid cancer in patients with atypia of undetermined significance (AUS) identified by fine needle aspiration biopsy (FNAB). Subjects and Method This was a retrospective cohort study. Two hundred and ninety-nine patients diagnosed with AUS by preoperative FNAB who underwent curative thyroid surgery at our institution between September 2005 and February 2014 were analyzed. Clinical, radiological and molecular features were investigated as preoperative predictors for postoperative permanent malignant pathology. Results The final pathologic results revealed 36 benign tumors including nodular hyperplasia, follicular adenoma, adenomatous goiter, nontoxic goiter, and lymphocytic thyroiditis, as well as 263 malignant tumors including 1 follicular carcinoma and 1 invasive follicular carcinoma; the rest were papillary thyroid carcinomas. The malignancy rate was 87.9%. The following were identified as risk factors for malignancy by univariate analysis: $BRAF^{V600E}$ gene mutation, specific ultrasonographic findings including smaller nodule size, low echogenicity of the nodule, and irregular or spiculated margin (p<0.05). Multivariate analysis revealed that only $BRAF^{V600E}$ mutation was a statistically significant risk factor for malignancy (p<0.05). When $BRAF^{V600E}$ mutation was positive, 98.5% of enrolled patients developed malignant tumors. In addition, the diagnostic rate of malignancy in these cases was approximately 16-fold higher than BRAF-negative cases. Conclusion Patients with AUS thyroid nodules should undergo $BRAF^{V600E}$ gene mutation analysis to improve diagnostic accuracy and if the mutation is confirmed, surgery is recommended due to the high risk of malignancy.

• Genomics & Informatics
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• v.8 no.4
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• pp.201-205
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• 2010

The H1 histone family, member N, testis-specific (H1FNT) is exclusively expressed in the testis, and had its possible role for sperm chromatin formation. The purpose of this study is to investigate any genetic association of H1FNT gene with male infertility, especially at the promoter region. We examined the promoter single nucleotide polymorphisms (SNP) of H1FNT gene which is located within transcription factor binding site for its association with male infertility. The statistical analysis showed that the -1129A>T polymorphism was present at a statistically significance in male infertility (p=0.0059 and 0.0349 for hetero and risk type, respectively). The dual-luciferase promoter assay was performed to examine the polymorphic effect of this promoter SNP by the cloning of promoter region (1700bp fragment) into pGL3-basic vector. In our plasmid based reporter system, there is no big difference between wild and risk type. In conclusion, H1FNT -1129A>T promoter SNP is statistically significant with male infertility, especially with subfertile (non-azoospermia) group. Further analysis of its functional polymorphic effect in vivo may provide the biological significance of testis-specific histone with spermatogenesis.

• Korean Journal of Biological Psychiatry
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• v.1 no.1
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• pp.79-87
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• 1994

For the purpose of evaluating the human leukocyte antigen(HLA) disease-association with bipolar disorder, HLA class I and class II allelic frequencies were assessed in 37 bipolar patients and were compared to the data from normal population. HLA class 1 typing was performed with microlymphocytotoxicity method while class II(DRB1) genotyping with reverse dot blot hybridization and sandwich method. Statistical analysis consisted of relative risk, Haldane's modified relative risk, Fisher's exact test and Bonferoni's corrected P. The results were as follows : 1) Bipolar patients showed increased allelic frequency of HLA A3 which has statistical significance. 2) Allelic frequencies of HLA B7, B14 and B54 were higher, while those of B51 and B55 were lower in bipolar patients, but they were not statistically significant. 3) Both of increased frequencies of DR2 in bipolar patients and DR15 in normal controls had statistical significance. The results of the present study suggested that some of HLA allelic types might be associated with bipolar disorder. To clarify the genetic influence of HLA to bipolar disorder, we should do consecutive study of bipolar disorder with new information about HLA system including alleles.

• Journal of the Korean Statistical Society
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• v.33 no.4
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• pp.411-433
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• 2004

The shrinkage preliminary test ridge regression estimators (SPTRRE) based on Wald (W), Likelihood Ratio (LR) and Lagrangian Multiplier (LM) tests for estimating the regression parameters of the multiple linear regression model with multivariate Student's t error distribution are considered in this paper. The quadratic biases and risks of the proposed estimators are compared under both null and alternative hypotheses. It is observed that there is conflict among the three estimators with respect to their risks because of certain inequalities that exist among the test statistics. In the neighborhood of the restriction, the SPTRRE based on LM test has the smallest risk followed by the estimators based on LR and W tests. However, the SPTRRE based on W test performs the best followed by the LR and LM based estimators when the parameters move away from the subspace of the restrictions. Some tables for the maximum and minimum guaranteed efficiency of the proposed estimators have been given, which allow us to determine the optimum level of significance corresponding to the optimum estimator among proposed estimators. It is evident that in the choice of the smallest significance level to yield the best estimator the SPTRRE based on Wald test dominates the other two estimators.

• Journal of Navigation and Port Research
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• v.46 no.2
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• pp.92-98
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• 2022

Maritime accidents result in enormous economic loss and loss of life; thus, such accidents must be prevented, and risks must be managed to prevent these occurrences Risk management must be based on statistical evidence such as variables. Because calculating when variables increase statistically can be difficult, compressing the designated variables is necessary to use the maritime accident data in Korea. Thus, in this study, variables of marine accident data are compressed using statistical methods. The date, ship type, and marine accident type included in all maritime accident data were extracted, the number of optimal variables was confirmed using the hierarchical clustering analysis method, and the data were compressed. For the compressed variables, the validity of the data use was statistically confirmed using analysis of variance, and the data of the variables identified using the variable compression method were designated. Consequently, among the monthly and yearly data, statistical significance was confirmed in yearly data, and compression was possible. The significance of the data was confirmed in six and eight types of ships and accidents, respectively, and these were compressed. These results can be directly used for prevention or prediction based on past maritime accident data. Additionally, the data range extracted from past maritime accidents and the number of applicable data will be studied in the future.