http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
재무분석가의 낙관주의가 walkdown에 미치는 영향과 예측어려움의 조절효과
곽상진(Kwak, Sang-Jin),조용언(Cho, Yong-Eon),하순금(Ha, Soon-Gum) 한국경영교육학회 2020 경영교육연구 Vol.35 No.5
[연구목적] 본 연구는 재무분석가의 낙관주의 동기 유인이 예측 walkdown에 미치는 영향을 인지심리적 측면에서 검증하고 예측어려움이 높을수록 재무분석가의 낙관주의 동기유인이 예측 walkdown을 보다 강화하는지를 분석하였다. [연구방법] 이를 위해 재무분석가의 낙관주의 동기 유인과 예측어려움과 관련된 국내외 선행연구에 관한 문헌을 바탕으로 실증분석에 필요한 가설을 설정하였다. 가설 검증에 사용된 표본은 2011년부터 2016년까지 유가증권 시장의 상장기업 중 820개의 기업-연도표본이다. 재무분석가 이익예측자료와 재무자료는 Kis-Value에서 수집하였다. 수집된 자료를 바탕으로 Bradshaw et al.(2016)가 제시한 연구모형에 대한 회귀분석을 실시하였다. [연구결과] 본 연구의 분석결과는 첫째, 재무분석가의 낙관주의 동기 유인이 클수록 예측walkdown이 커지는 것으로 나타났다. 둘째, 예측어려움이 높을수록 재무분석가의 낙관주의 동기 유인이 예측walkdown을 강화하는 것으로 나타났다. 이는 재무분석가의 지향성 있는 결론에 대한 낙관주의 동기 유인이 클수록 매출액과 영업이익의 walkdown이 커지며, 이 과정에서 예측어려움이 조절작용을 하고 있음을 의미한다. [연구의 시사점] 본 연구는 낙관적 예측 편의가 존재하는 재무분석가의 보고서를 이용하는 시장참여자들이 합리적 판단을 할 수 있는 근거를 제공하고 재무분석가의 낙관적 예측편의에서 파생되는 시장의 부정적인 영향을 사전에 차단할 수 있는 정책수립의 근거를 제공하는데 시사점을 준다. [Purpose] This study examines the pattern of analysts’ forecasts within a fiscal year, which begins with optimism and declines as the earnings announcement date approaches, and also does that one factors, forecasting difficulty, interact with analysts’ incentives for optimism to induce cross-sectional variation in the steepness of forecast walkdown. [Methodology] As follows are univariate t-test and multivariate regressions results from a sample of 820 firm-years listed in Korea Exchange between 2011 and 2016. [Findings] The general association between analysts’ incentives for optimism and forecast walkdown is supported by empirical evidence. In addition, it is supported that as difficulty is higher, forecast walkdown becomes steeper. [Implications] This result means that analysts begin with optimism to react to motivation for a directional conclusion at the beginning of the year, adjust downward their forecast to react to motivation for accuracy as the earnings announcement date approaches. In addition, this means forecasting difficulty is in the highest at longer forecast horizons, it declines with the release of information during the year. Then, based on Kunda’s(1990) work, the biased accessing of information to support optimistic forecasts declines, leading to a forecast walkdown.
고속 주행 모드에서 자동차 디퓨저의 스트레이크 개수와 배치에 따른 공기저항 유동해석
이진호,박성하,최동석,한영진,곽나영,이상욱 순천향대학교 부설 산업기술연구소 2021 순천향 산업기술연구소논문집 Vol.27 No.2
This study proposes an optimized diffuser strake design that can improve driving performance for cars in high-speed driving mode. The speed of the vehicle is set to 160km/h, and the number of strake is set to 4, 6 and 8, and the angle of the diffuser is set to 4, 5 and 6 degrees. The arrangement of the strake is centered, edged and equally arranged. The optimized diffuser design induced with the Ansys Fluent analysis shows a drag coefficient of 16% less than the basic diffuser-free model at a diffuser angle of 6 degree, 8 strakes, and equal arrangement.
곽노의,김진호,유구종 열린유아교육학회 1998 열린유아교육연구 Vol.3 No.1
This study is Research Task supported by National Education Assessment Institute in 1996. 「Developmental Level Test in Early Childhood」 is standardized assessment instrument examining validity and reliability developed by researchers. Subjects were 3,136 preschooler(age : 4.0∼7.0) sampled in National area. This assessment instrument consist of 77 items(for teacher) and 67 items(for parent). Data reveals that Construct Validity and Content Validity is high(p<.01). Data, employing factor analysis, reveals that a seven-factor solution is the best fit for the Developmental Level Test in Early Childhood. Cronbach α is .98(for teacher). This analysis indicates that This Instrument is acceptable for general use in Korea.
Time Marching 방법을 이용한 익렬내의 천이음속 유동해석
곽용민,이진호,조강래 연세대학교 산업기술연구소 1989 논문집 Vol.21 No.1
In this study, A computer program is developed for the analysis of transonic flow field, using Denton's improved time marching scheme. The results are compared with Ecer's results and those obtained by flow anylysis program of General Electric Co. From the comparison of these results, it was found that the developed program can be applied to the transonic flow field analysis.
곽영식,이진화 한국의류학회 2002 한국의류학회지 Vol.26 No.11
The purpose of this study was to identify the consumers who use the level of price as the indicator of the product quality. In order to implement the purpose of this study, Jeans market had been segmented by the mixture regression model, and price response function was calibrated for each segment. Based on the types of price response function, segments were allocated into one of two groups the group using the level of price as the quality indicator or the group not using the level of price as that. Then, characteristics of both groups were compared in terms of product attributes and demographic variables. Data were collected from the sample of the 230 undergraduate and graduate students in Seoul. For the data analysis mixture regression model, conjoint analysis and t-test were used. As a result, jeans market was divided into 5 segments. Segment 1,2,3 were allocated into the group not using the level of price as the quality indicator while segment 4,5 were done into the other group. Significant differences existed between two groups in product atttibutes, not in demographic variables. Mixture model and conjoint analysis were proved to be an effective set of tools in market segmentation.
Azoloquinoxaline類의 간편한 合成에 관한 硏究 : 第1報
郭美玉,南順花,金恩慶,金眞姬,韓盛旭,李萬佶,朴義煥,金浩植 고신대학교 자연과학연구소 1993 고신대학교 자연과학연구소 논문집 Vol.3 No.-
The reaction of 2, 6-dichoroquinoxaline with m-chloroperbenzoic acid gave 2, 6-dichloroquinoxaline 4-oxide, whose reaction with sodium azide provided 7-chlorotetrazolo[1, 5-a]quinoxaline 5-oxide and not the isomeric azide. The structures of the synthesized compounds were confirmed on the basis of IR, ¹H-NMR, elemental analysis and mass spectral data.
24시간 혈중농도와 신배설률을 이용한 리튬 치료량 예측법의 평가비교
곽동일,정인과,김진세 大韓神經精神醫學會 1992 신경정신의학 Vol.31 No.4
Cooper's method using 24 hour serum lithium level and Norman's method using renal lithium clearance after a single loading dose were compared to determine which predicted therapeutic lithium dose better. The author concluded the Norman's method was superior after evaluating the accuracy, the rapidity, and the utility of the two methods. And the author suggest the availability of the predicting methods to overcome the limitations of lithium therapy, such as the narrow range of therapeutic level, the time-consumption reaching therapeutic level, and the individual variation of therapeutic dose. The summary of results were as follows : 1) In Cooper's method, the objects included in the acute therapeutic level, 0.80∼1.20mEq/l, were only 10 of 19 objects after taking prdeicted lithium dose. 2) In Norman's method, the objects included in the acute therapeutic level were all of 19 objects, and the actual serum lithium level, 0.80∼1.15mEq/l, were predicted with average error ±4.89%.