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The Effect of Earnings Quality on Financial Analysts' Dividend Forecast Accuracy: Evidence from Korea

  • NAM, Hye-Jeong
    • 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.

최근 소개된 손목형 심박수 측정 장치의 유용성에 관한 연구 (Study on the Validity of Recently Introduced Wrist Watch Type Heart Rate Monitoring Device)

  • 유승훈
    • 대한소아치과학회지
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    • 제41권1호
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    • pp.27-33
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    • 2014
  • 소아 환자가 치과 진료실에서 느끼는 불안감과 공포에 의해 발생하는 스트레스를 측정하기 위한 다양한 방법이 있다. 치료받은 환아나 보호자를 통한 설문을 이용하는 방법과 생체 반응을 측정하는 방법이 가장 많이 사용되고 있다. 스트레스와 관련한 심박수를 측정하는 방법으로 가장 많이 사용하는 것은 포화도 측정기가 있으나 움직이는 소아에게는 적절하지 못한 문제가 있다. 이러한 단점을 극복하기 위해 최근 개발되어 소개된 손목형 심박수 측정 장치(Alpha, MIO, USA)를 포화도 측정기(MP110, MECKIS, Republic of Korea)와 비교하였으며 이를 위해 10명의 성인을 대상으로 안정시와 운동 직후의 심박수를 두 기기를 동시에 장착하여 측정된 데이터를 Wilcoxon Singed Rank test를 시행하였다(p < 0.05). 두 기기에서 측정된 데이터 간의 유의한 차이가 없었다(p < 0.05).

연초호의 인공 순환 장치 운영에 의한 수질 개선 효과 분석 (Effect of Artificial Aeration System on Water Quality of Yeoncho Lake)

  • 서동일;황현동;이은형;허우명
    • 상하수도학회지
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    • 제18권3호
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    • pp.357-365
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    • 2004
  • Effect of artificial circulation on amelioration of water quality in Yeoncho Lake was analyzed using summer data between 1991-2002. Two sites, intake tower area where aeration systems are concentrated in and near the inlet of reservoir were selected for comparison in this study. Summer averages between may and september Showed that aeration system might be beneficial in the improvement of water quality of BOD5, COD, and TN while Chl-a concentration and transparency did show opposite pattems. Wilcoxon's singed rank test for matched pair indicated slight increase of BOD5 and COD concentrations in the vicinity of intake tower while other variables did not show any significant differences from data of inlet of reservoir. During the study, it was found that the following subjects need to be investigated for more detailed analysis. 1) Dynamic pollutant loading from outside and inside the lake, 2) Biological, Chemical and Physical lake data when aeration systems are in and not in operation and 3) Radius of influence of aeration system.

노르에피네프린이 노인의 면역기능에 미치는 영향 (The Effect of Norepinephrine on Immune function in elderly people)

  • 배영숙
    • The Journal of Korean Physical Therapy
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    • 제20권2호
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    • pp.19-24
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    • 2008
  • Purpose: The purpose of this study was to examine how norepinephrine affects immunity in patients over age 65. Methods: We enrolled 25 male and female subjects age 65 or older. A low frequency electroacupuncture (EA) device was used to stimulate acupoint Hogu (L14). The 2 Hz frequency EA was applied to the acupoint for 20 minutes. Leukocyte subtypes-including neutrophils, lymphocytes, monocytes, eosinophils, and basophil-were then measured. The immunoglobulins IgG and IgM were also quantified. The data were finally analyzed using Wilcoxon singed-rank test and regression test as part of the SPSS WIN v. 10.1 program. Results: As norepinephrine levels decreased after EA stimulation, neutrophil, lymphocyte, and monocyte levels increased, and eosinophil and neutrophils levels decreased. Neutrophil and monocyte levels did not change to a statistically significant degree, but eosinophil levels showed a statistically significant decrease (p<0.05). Immunoglobulin IgG showed a statistically significant increase (p<0.05). Conclusion: This study showed that norepinephrine does affect immunity in persons over the age of 65. This indicates that there is an interaction between the nervous system and the immune system, and interaction that plays a crucial roles in the body's immune resistance and homeostasis.

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서울지역 일부 노인집단에 대한 만성질환관리 교육의 효과 (The Effects of Education of Chronic Diseases Management for the Elderly Group in Parts of Seoul)

  • 장현숙;이세영
    • 보건행정학회지
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    • 제20권3호
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    • pp.157-172
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    • 2010
  • This study was conducted to evaluate the effects of health-behavioral change for the elderly group after community based education of chronic diseases management. We measured self recognition of health status, medication administration of hypertension and diabetes, regular check for blood pressure and blood sugar level, recognition of body indicators (weight, hight, blood pressure, blood sugar etc), knowledge level for chronic diseases management and smoking and alcohol habitation before and after education of chronic diseases management for participants. The subjects of this study consist of 432 people with community-dwelling Seoul citizen being active churches. Education programs designed essential parts of fundamental chronic diseases management, physical exercises for health promotion, diet and nutrition etc. All data collection completed for 5 months from Aug. 2008 to Dec. 2008 by trained surveyors via interview survey. The data obtained were analyzed using descriptive statistics, Wilcoxon Singed Rank test, McNemar test and Paired t-test. The results showed that self recognition of health status, knowledge level for chronic diseases management, recognition of body indicators were statistically significantly increased after the education of chronic diseases management. Also, blood pressure were statistically significantly decreased in elderly with hypertension and blood sugar were statistically significantly decreased in elderly of high-risk group. Based on these results, it was suggested that preventive education policy of chronic diseases management should be considered with priority coming true for successful aging society.

화학공정의 이상트리 자동합성을 위한 모델링 (A Modeling for Automated Fault Tree Synthesis of Chemical Processes)

  • 이호균;허보경;황규석
    • 한국가스학회지
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    • 제2권3호
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    • pp.12-17
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    • 1998
  • 공정의 위험성 평가를 위한 이상트리 작성은 많은 시간과 인력을 요하는 작업으로 대규모 화학공장에 적용하기가 매우 힘들다. 본 연구에서는 화학공정의 이상트리 합성을 위해서, 공정변수간의 인과관계를 나타내는 부호 유향그래프로 발생 가능한 모든 공정이상과 원인들을 표현하고, 부호 유향그래프상에 존재하는 경로특성에 따라 일반 조작자와 루프 조작자를 정의하여 이상사건의 원인을 탐색할 때 해당하는 경로의 특성에 맞는 조작자로 대치함으로써 이상트리를 자동합성하였다.

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FCST 원리를 적용한 TBA-G의 골프 드라이버 헤드 속도와 배근력 영향에 대한 연구 (A Study on the Effect of Golf Driver Head Speed and Back Muscular Strength in TBA-G of FCST)

  • 선승호;박창운;정혜정;안성훈;손인철;이영준
    • 대한한의학회지
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    • 제34권1호
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    • pp.80-88
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    • 2013
  • Objectives: The purpose of this study was to examine the effect of Temporomandibular joint Balance Appliance for Golf (TBA-G) of Functional Cerebrospinal Therapy (FCST) on golf driver head speed and back muscle power. Methods: Twenty-one participants that had a golf career of 4 years or more were involved. We measured golf drive head speed and back muscular strength before and after applying TBA-G in the mouth. A paired t test or Wilcoxon singed rank test was performed to identify the difference of effect between before and after applying TBA-G, using IBM SPSS 19.0. We considered difference significant at P<0.05. Results: Driver head speed increased significantly by 2 mph (1.99%) after applying TBA-G [from $100.52{\pm}9.82$ mph ($mean{\pm}SD$) to $102.52{\pm}10.43$ mph, P<0.001]. Back muscular strength also increased by 7.28 kg (5.60%) [from $129.90{\pm}28.31$ kg to $137.18{\pm}28.81$ kg, P<0.001]. In stratification analysis, a more significant increase was found in the drive head speed and back muscular strength of groups of males with weight more than 69kg, with height more than 175cm, and with golf experience more than 7 years, compared to those of other groups. Conclusions: The results suggest that TBA-G could improve golf drive head speed and back muscular strength.

말기암 환자 가족에 대한 호스피스 팀의 정보적 지지 제공 효과

  • 이혜원
    • 호스피스학술지
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    • 제1권1호
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    • pp.34-45
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    • 2001
  • To evaluate the effect of informational support by hospice team on family caregivers of terminally ill cancer patients, 22 family caregivers of D University Hospital in Daegu city were participated. The research was conducted from Aug. 16th to Oct. 28th 2000 by using self-reported questionnaires. The instruments used in this study were the Weinert's scale of perceived social support, Spielberger's state anxiety inventory, CES-D, and Ellison and Paloutzian's spiritual well-being scale. The intervention was designed to give educational and counselling program up to 7 times within 4 weeks. Educational and counselling booklets which made by the researcher were used step by step by hospice team. The data were analysed frequency, percentage, Wilcoxon Singed Ranks Test Test with SPSS Win 10.0/PC. The results obtained from this study were as follows: 1.The perceived social support of family caregivers was significantly increased after ready planned informational support was applied by hospice team(z=-3.045, p=0.002). 2.The anxiety of family caregivers was significantly reduced after ready planned informational support was applied by hospice team(z=-3.348, p=0.001). 3.The depression of family caregivers was significantly reduced after ready planned informational support was applied by hospice team(z=-3.641, p=0.000). 4.The spiritual well-being score of family caregivers was not significantly improved after ready planned informational support was applied by hospice team(z=-0.422, p=0.673). In conclusion, the results of this study clearly suggests that the informational support provided by hospice team not only increased the family caregivers' who are caring for terminally ill cancer patients. Therefor the informational support program designed by researcher for family caregivers who are caring for terminally ill cancer patients should be utilized and expended.

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교우관계 향상프로그램이 다문화가정 아동의 교우관계에 미치는 효과 (The Effectiveness of Peer Relation Improvement Program on Peer Relation in Children of Multi-cultural Families)

  • 이은희;이경옥
    • 한국산학기술학회논문지
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    • 제14권2호
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    • pp.605-612
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    • 2013
  • 본 연구의 목적은 교우관계 향상프로그램이 다문화가정 아동의 교우관계에 미치는 효과를 알아보기 위한 것으로, 전후실험 통제집단 설계를 이용하여 프로그램의 효과를 검증하였다. 연구대상은 U광역시에 소재하고 있는 다문화가족 후원센터를 이용하는 다문화가정의 아동들 가운데 집단프로그램 참여의사를 밝힌 초등학교 재학 중인 18명의 아동들이다. 이 아동들 가운데 무작위로 9명은 실험집단으로 그리고 9명은 통제집단으로 집단 구성을 하였다. 두 집단에 대한 동질성검사를 실시하여 동질성을 확인한 후, 실험집단은 주 2회 1회기 당 50분씩 총 10회기의 교우관계 향상프로그램을 제공하고 통제집단은 별도의 처치를 하지 않은 후, 이들 집단을 대상으로 프로그램의 실시 전-후에 나타난 교우관계 점수를 비교분석하였다. 그 결과 교우관계 향상프로그램은 다문화가정 아동의 교우관계 향상에 유의미한 효과가 있는 것으로 예측할 수 있었다. 따라서 이러한 연구결과를 바탕으로 학교나 사회복지실천현장에서 다문화가정 아동들을 대상으로 교우관계 향상프로그램을 실시할 시 유의점 및 본 연구의 한계와 후속연구를 위한 제언을 제시하였다.

ICF 구성요소 기반 이중과제 훈련이 만성 뇌졸중 환자의 보행 능력과 자기효능감에 미치는 영향 (The Effect of Dual Task Training based on the International Classification of Functioning, Disability, and Health on Walking Ability and Self-Efficacy in Chronic Stroke)

  • 이정아;이현민
    • 대한물리의학회지
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    • 제12권1호
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    • pp.121-129
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    • 2017
  • PURPOSE: This study was conducted to determine the effect of dual-task training (based on the International Classification of Functioning, Disability, and Health; ICF) on walking ability and self-efficacy in individuals with chronic stroke. METHODS: 22 chronic stroke patients participated in this study. Participants were randomly allocated into either the single-task group (n=11) or the dual-task group (n=11). Both groups had physical training three a week for 4 weeks, and at a three-week follow-up. Outcome measures included the 10m walking test (10MWT), figure of 8 walk test (F8WT), dynamic gait index (DGI), and Self-efficacy scale. All data were analyzed using SPSS 18.0 for Windows. Between-group and within-group comparison were analyzed by using the Mann-Whitney U test and Wilcoxon singed-rank test respectively. RESULTS: In the dual-task group, the 10MWT, time and steps of F8WT, DGI, and self-efficacy showed significant differences between pre- and post-test (p<.05). The Changes between the pre- and post-test values of 10MWT (p<.05), DGI (p<.05), and self-efficacy scale (p<.05) showed significant differences between the dual-task group and single-task group. CONCLUSION: Participants reported improved walking ability and self-efficacy, suggesting that dual-task training holds promise in the rehabilitation of walking in chronic stroke patients. This study showed that ICF-based on a dual-task protocol contiributes to motor learning after chronic stroke.