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Share Repurchases and Insider Trading Behavior: Evidence from Korea
박연우,김경순,이진훤,김유진 한국증권학회 2023 한국증권학회지 Vol.52 No.3
Using the context of open-market share repurchases in Korea, we examine insider trading behavior around share repurchase disclosures. In particular, we investigate managerial opportunism as a motivation for share repurchases by analyzing how insider trading behavior differs between direct share repurchases with a strong signal effect and indirect share repurchases with a weak signal effect. We obtained the following research findings. First, in direct share repurchases, insiders become net sellers after share repurchase disclosure. Second, insider net selling is the highest when a company’s stock is overvalued rather than when its liquidity is the highest. Third, insider buy trades are followed by insider sell trades in direct share repurchases. Fourth, this negative relationship is more pronounced in firms with low ownership concentration. Finally, in direct share repurchases, opportunistic firms experience inferior stock performance compared with non-opportunistic firms. Overall, our findings support the managerial opportunism hypothesis, that is, in direct share repurchases, managers engage in informed trades based on the market confirmation bias that a share repurchase is a signal of undervaluation.
박연우,오장균,이태용,심운택 충남대학교 의과대학 지역사회의학연구소 1990 충남의대잡지 Vol.17 No.2
We studied through February 1989 to August 1989 to investigate the demographic characteristics, disease status and deformity of leprosy patients registered at Chungnam provincial area on December 31, 1988. The results were as follows: 1. Older than 40 years of age occupied 83.3%, and most patients lived at his or her own home as farmer or stock breeder. 2. The infection source was more the extrafamilial than the intrafamilial source and the most common initial symptoms and signs by body site were sensory paralysis on extremities and infiltration on face and macule on trunk. 3. The deformity was higher in male than female, older the age and much more the deformity. 4. The deformity was higher in T type than L type, and more recent onset of disease and shorter the duration between the onset and the register of disease, more lighter the deformity. The settlement villiger than domiciliary and the group of patientnts being treated at health center than leprosy association, the deformity was heavier.
박연우,손영아,최지은 한국의료QA학회 1998 가을학술대회 Vol.1998 No.-
음식물쓰레기 처리문제는 단체급식소에서는 오래전부터 중요한 문제가 되어 왔다. 최근 정부통계자료에 의하면 전국에서 하루에 발생되는 생활쓰레기는 58,118톤이며, 이 중 31%에 해당되는 18,055톤이 음식물쓰레기라고 한다. 95년 1월 1일부터 전국적으로 실시된 쓰레기종량제 시행결과 생활쓰레기의 배출량은 크게 감소하였으나 생활폐기물발생량중 음식물쓰레기가 차지하는 비율은 31.6%로서 여전히 가장 큰 비중을 차지하고 있어 이에 대한 근본적인 대책이 필요하다.
부모의 방임, 정서표현 양가성, 사회적 지지와 중학생의 자기효능감과의 관계성
박연우,김경희,박다혜,류승희 한국자료분석학회 2014 Journal of the Korean Data Analysis Society Vol.16 No.1
본 연구는 중학생을 대상으로 부모의 방임, 정서표현 양가성, 사회적 지지가 일반적 자기효능감 향상 및 학업적 자기효능감과의 관계성을 파악하고자 시도되었다. 이에 경기도 소재 2개 중학교 남녀 학생 221명을 대상으로 자료를 수집하였고, 수집된 자료는 SPSS Win 18.0 프로그램을 이용하여 기술통계, 상관관계 및 회귀분석을 실시하였다. 연구결과에서 대상자의 일반적 자기효능감은 부모의 방임, 정서표현 양가성 및 사회적 지지와 유의한 상관관계를 보였고, 학업적 자기효능감은 부모의 방임, 정서표현 양가성 및 사회적 지지와 유의한 상관관계를, 정서표현 양가성은 사회적 지지와 유의한 상관관계를 보였다. 대상자의 자기 방어적 정서표현 양가성과 또래지지는 중학생의 일반적 자기효능감을 22.0% 설명하였고, 어머니의 방임과 또래지지는 학업적 자기효능감을 20.9% 설명하였다. 따라서 중학생의 일반적 및 학업적 자기효능감을 증진시키기 위해서 정서표현을 위한 상담교육, 또래관계형성, 부모의 방임과 관련된 자녀양육태도 등의 적극적인 상담과 교육 등의 중재가 필요할 것으로 여겨진다. 이와 같은 결과를 토대로 향후 학교간호 현장에서의 자기효능감 향상프로그램 운영 및 지도 등에 대한 함의를 논의하였다. This study aimed to grasp what kind of the relation underlying between self-efficacy and parental neglect, ambivalence over emotional expressiveness and social support in middle-school students. The survey for this study was carried out targeting on 221 students at two middle-schools in Gyeonggi-province. The survey data was analyzed through correlation, regression, other statistics based on SPSS Win 18.0 program. The study revealed out meaningful implications. First of all, general self-efficacy has significant correlation to parental neglect, ambivalence over emotional expressiveness, and social support. Secondly, academic self-efficacy is also significantly correlated to parental neglect, ambivalence over emotional expressiveness, and social support. Thirdly, ambivalence over emotional expressiveness proves significant correlation to social support. Finally, their ambivalence over emotional expressiveness for self-defensive and social support of peer group accounted for 22.0% their general self-efficacy. Maternal neglect and social support of peer group also accounted for 20.9% their academic self-efficacy. The study suggests middle-school students need to improve their self-efficacy through the emotional control and consulting program in school nursing fields.
박연우,김경순,이진훤 한국증권학회 2018 Asia-Pacific Journal of Financial Studies Vol.47 No.1
This study aims to investigate the information effect of voluntary disclosure of externally sourced technological innovation by type of technological innovation, namely, in-bound technology transfer, out-bound technology transfer, and technological alliance. Long-term performance is lower for firms with lower quality accounting information and this effect is most evident in the disclosure of an in-bound technology transfer. Further, low disclosure quality firms undergo a greater decline in long-term performance after a seasoned equity offering following the disclosure of an in-bound technology transfer than high disclosure quality firms. This relationship is more pronounced during a bear market than during a bull market.