• 아태비즈니스연구
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• 제14권3호
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• pp.167-186
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• 2023

Purpose - The purpose of this study is to empirically investigate whether the auditor accreditation system for IPO firms improves the efficiency of the KOSDAQ IPO market. To verify the effectiveness of the auditor designation system, we time series compare four measures of IPO firms (earnings management, long-term stock performance, change in operating performance, and possibility of delisting). Design/methodology/approach - We test the hypothesis through event research method and regression analysis. Specifically, the dependent variables of the regression model are discretionary accruals in the year of IPO, 36-month holding period excess return after IPO, change in operating performance for 3 years after IPO, and dummy variable for delisting. And the explanatory variable is a dummy variable that separates the period before and after the implementation of the auditor designation system. Findings - We find that earnings management and delisting risks decreased more in the period after the implementation of the auditor accreditation system than in the previous period. In addition, we find that long-term stock performance and operating performance after IPO increase further after the implementation of the auditor accreditation system. Research implications or Originality - Overall, the results of this study suggest that the implementation of the auditor accreditation system for IPO firms contributes to improving market efficiency in the KOSDAQ market, where information asymmetry is high. Our study differs from previous studies in that it demonstrates the effectiveness of the auditor designation system using various measures.

• Journal of Korea Trade
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• 제27권1호
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• pp.139-158
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• 2023

Purpose - The study of co-movements between stock markets is a crucial area of finance and has recently received much interest in a variety of studies, especially in international finance. Stock market co-movements are a major phenomenon in financial markets, but they are not necessarily independent of the real market. Several studies support the idea that bilateral trade linkages significantly impact stock market correlations. Motivated by this perspective, this study investigates whether real market integration due to trade agreements brings about financial market integration in terms of stock market co-movement. Design/methodology - Over the 10 free trade agreements (FTAs) signed by the United States, using a dynamic conditional correlations (DCC) multivariate GARCH (MGRACH) model, we empirically measure the degree of integration by finding DCCs between the US market and the partner country's market. We then track how these correlations evolve over time and compare the results before and after trade agreements. Findings - According to the empirical results, there are positive return spillover effects from the US market to eight counterpart equity markets, except Jordan, Morocco, and Singapore. Especially Mexico, Canada, and Chile have large return spillover effects at the 1% significance level. All partner countries of FTAs generally have positive correlations with the US over the entire period, but the size and variance are somewhat different by country. Meanwhile, not all countries that signed trade agreements with the United States showed the same pattern of stock market co-movement after the agreement. Korea, Mexico, Chile, Colombia, Peru, and Singapore show increasing DCC patterns after trade agreements with the US. However, Canada, Australia, Bahrain, Jordan, and Morocco do not show different patterns before and after trade agreements in DCCs. These countries generally have the characteristic of relatively lower or higher co-movements in stock markets with the US before the signing of the FTAs. Originality/value - To our knowledge, few studies have directly examined the linkages between trade agreements and stock markets. Our approach is novel as it considers the problem of conditional heteroscedasticity and visualizes the change of correlations with time variations. Moreover, analyzing several trade agreements based on the United States enables the results of cross-country pairs to be compared. Hence, this study provides information on the degree of stock market integration with countries with which the United States has trade agreements, while simultaneously allowing us to track whether there have been changes in stock market integration patterns before and after trade agreements.

• 한국산림과학회지
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• 제96권6호
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• pp.644-651
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• 2007

본 연구는 교토의정서 제 2차 공약기간(2013~2017년) 이후 교섭에 있어서 국가별 탄소배출 흡수 인벤토리에 유력하게 포함될 전망인 HWP 탄소축적 변화량 및 배출량을 평가하기 위하여 우리나라 HWP 생산 수입 수출량에 대한 FAO통계와 국내통계를 적용하여 비교 추정하였다. 그 결과, 2005년 현재 HWP 탄소축적 변화량은 FAO 통계 적용의 경우 축적변화 접근법(SCA)이 1.434 Tg C, 대기유출입 접근법(AFA)이 -1.330 Tg C, 생산 접근법(PA)이 0.597 Tg C, 국내통계 적용은 SCA가 1.246 Tg C, AFA가 -1.520 Tg C, PA가 0.444 Tg C로 추정되었다. HWP으로 부터의 $CO_2$ 배출량 흡수량은 FAO통계 적용의 경우 SCA가 $-5,258Gg\;CO_2$ (흡수), AFA가 $4,877Gg\;CO_2$ (배출), PA가 $-2,189Gg\;CO_2$ (흡수), 국내통계 적용은 SCA가 $-4,569Gg\;CO_2$ (흡수), AFA가 $5,573Gg\;CO_2$ (배출), PA가 $-1,628Gg\;CO_2$ (흡수)로 FAO통계 적용이 국내통계 적용보다 모든 방법별 HWP 탄소축적 변화량 및 배출량 추정에서 유리한 것으로 나타났다.

• 자원ㆍ환경경제연구
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• 제30권4호
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• pp.581-605
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• 2021

본 연구의 목적은 전통적 에너지효율의 지표인 에너지원단위(Energy Intensity)를 넘어 확률적 프런티어 접근으로 우리나라의 지역별 에너지효율성을 추정하고 이를 에너지효율 개선을 위한 기초적 자료로 제공하고자 함이다. 이를 위해 1998 - 2018년 기간 동안의 우리나라 16개 시·도의 에너지효율성 및 에너지원단위 효율성을 확률적 거리함수를 활용하여 추정한다. 부가적으로 선행연구에서 혼재하고 있는 자본스톡 추계방법들에 따른 에너지효율성 순위의 강건성을 살펴본다. 분석 결과 첫째, 세 가지 에너지효율의 지표에 따라 지역의 순위에 상당한 변동이 있었으므로 이들을 상호보완적으로 사용해야 할 것이다. 둘째, 에너지효율성은 시간이 지남에 따라 미미하지만 조금씩 개선된 반면, 에너지원단위 효율성은 미미하지만 하락했다. 마지막으로 자본스톡 추계방법에 따른 지역별 에너지효율성은 강건하지 않았다. 경제분석에서 중요한 자본스톡 추정 시 신중을 기해야 할 것이다.

• 한국기후변화학회지
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• 제8권4호
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• pp.369-375
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• 2017

In this study, it was intended to compare the two methodologies for forest management project through extension of rotation age: Korean Forest Carbon Offset Standard (KFOS) and Verified Carbon Standard (VCS). The amount of carbon removals and offset credits based on the two methodologies and their trends were analyzed in this study. The major difference between two methodologies were found at the process of estimation of baseline carbon removals. For instance, average carbon stock during the project period was used for estimation of baseline carbon removals in KFOS, while average carbon stock change during the 100 years was used in VCS. Due to the different approach for estimation of baseline carbon removal, the estimated offset credits were also different according to the two methodologies. In this study, 15 project scenarios were considered for comparison of two methodologies : 5 major coniferous stands in Korea (Pinus densiflora in Gangwon region, Pinus densiflora in Central region, Pinus koraiensis, Larix leptolepis, Chamaecyparis obtusa) with 3 project periods (30, 35, 40 years). The results showed that estimated carbon offset credits based on the KFOS methodology were higher for all 15 scenarios compared to those based on the VCS methodology. The KFOS showed a steep decline in the annual offset credit as project period gets longer, thus it is not desirable for projects with longer period. VCS is more acceptable for longer projects with a small difference according to the project periods. The results also indicated that Pinus densiflora in Gangwon, Pinus koraiensis, and Larix leptolepis are more desirable species for forest management project through the extension of ration age.

• 한국경영과학회지
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• 제38권4호
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• pp.11-33
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• 2013

We analyzed the structures and properties of the global financial market networks using social network analysis approach. The Minimum Spanning Tree (MST) lengths and networks of the global financial markets based on the correlation coefficients have been analyzed. Firstly, similar to the previous studies on the global stock indices using MST length, the diversification effects in the global multi-asset portfolio can disappear during the crisis as the correlations among the asset class and within the asset class increase due to the system risks. Second, through the network visualization, we found the clustering of the asset class in the global financial markets network, which confirms the possible diversification effect in the global multi-asset portfolio. Meanwhile, we found the changes in the structure of the network during the crisis. For the last one, in terms of the degree centrality, the stock indices were the most influential to other assets in the global financial markets network, while in terms of the betweenness centrality, Gold, Silver and AUD. In the practical perspective, we propose the methods such as MST length and network visualization to monitor the change of the correlation risk for the risk management of the multi-asset portfolio.

• 자원ㆍ환경경제연구
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• 제12권2호
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• pp.299-325
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• 2003

본 연구는 수산물에 있어서 어획노력비용의 변화가 어획노력, 어획량, 자원들에 실질적으로 어떠한 영향을 미치는 가를 Conrad 모델(명목 어획노력)을 기초로 이론적 접근을 시도하였고, 모의실험을 통하여 실증적인 비용계수의 변화에 따른 정태적 동태적 균형과 생물경제학적 최적(순현재가치)을 도출하였다. 또한 분석의 다양화를 위하여 동일한 방법으로 Cunningham의 모형에서 제시된 체감 어획노력을 이용하여 비용변화에 따른 효과추정을 Conrad의 결과와 비교하여 설명하였다. 어획노력의 단위당 비용의 상승은 수산자원을 증가시킬 수 있지만, "동태적 자유입어" 하에서는 어획노력의 단위당 비용이 감소한다면 수산자원의 고갈을 일으킬 수 있다는 것을 보여주었다. 결론적으로 주어진 조건과 파라메타들을 사용하여 우리는 대상자원에 대한 최적 균형점을 도출할 수 있을 뿐만 아니라 그에 따른 수산자원의 효율적인 관리에 이용할 수 있게 되는 것이다.

• 디지털융복합연구
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• 제19권5호
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• pp.241-247
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• 2021

본 연구는 1990년도부터 2019년까지 거래소에 상장된 기업들을 대상으로 발생액 추정모형의 설명력 변화를 분석하였다. 기존의 발생액 추정모형에 사용된 재무적 변수들이 특성이 시간이 지남에 따라 변화하거나, 전체 발생액 중에서 재량적 발생액의 비중이 변화하면 모형의 설명력에도 변화가 있을 것으로 기대하고 이를 가설화하여 분석하였다. 회귀 분석결과 수정 Jones 모형(1995)은 시간의 경과에 따라 그 설명력이 점차 낮아짐을 발견하였다. 이는 발생액 자체의 증가와 모형에 포함된 변수들의 분포가 변화함에 기인하는 것으로 추정된다. 본 연구의 시계열적 분석 결과는 이익조정 연구 등 학술적인 면이나 회계 정보를 이용하는 이용자에게 중요한 시사점을 제공할 것으로 기대된다.

• 아태비즈니스연구
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• 제12권3호
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• pp.193-212
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• 2021

Purpose - This study investigates the effect of auditor change on client firm's accounting (financial statement) comparability. Design/methodology/approach - The comparability of accounting information is measured by the difference in accruals between the two firms. Additionally, the study uses earnings-stock return relationship as another proxy of accounting comparability. In particular, the paper examines whether there is a systematic difference between initial audit years and the other years with respect to the client firm's accounting comparability. Moreover, current study tests how changes in auditor size or industry expertise before and after the switch of auditors affect the accounting comparability. Findings - The results show that the level of accounting comparability is lower in the year of auditor change than in the other years. Furthermore, this lower level of comparability is derived by the observations that switch their auditors from non-Big4 to non-Big4 or from non-specialist to non-specialist. These results are consistent when accounting comparability is measured by different proxies. Research implications or Originality - The findings of this study provide important policy implications for the regulations related with auditor selection.

• 한국경영과학회:학술대회논문집
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• 대한산업공학회/한국경영과학회 2004년도 춘계공동학술대회 논문집
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• pp.441-445
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• 2004

In this paper, we deal with an inventory model of a multi-stage, serial supply chain system where a single product type and nonstationary customer demand pattern are considered. The retailer and suppliers place their orders according to an echelon-stock based replenishment control policy. We assume that the suppliers can access online information on the demand history and use this information when making their replenishment decisions. Using a reinforcement learning technique, the inventory control parameters are designed to adaptively change as the customer demand pattern is altered, in order to maintain a given target service level. Through a simulation based experiment, we verified that our approach is good for maintaining the target service level.