투자자들은 투자자 심리가 위축되는 하락장에서 배당주를 더 선호하는가?

허지훈(Heo, Ji-Hun) 한국경영교육학회 2020 경영교육연구 Vol.35 No.6

[연구목적] 본 연구는 평균 월별 주가지수 수익률이 양(+)일 때를 시장에 대한 투자자들의 기대가 높은 상승기로 음(-)일 때를 투자자들의 기대가 낮은 시장 하락기로 구분하여 시장 상황에 따라 기업이 실질적으로 배당을 증가시키는 정책을 시행하는지 여부와 주가지수 월별수익률(시장 상황)에 대한 개별 주식수익률의 민감도, 즉 베타와 배당정책 및 현금배당공시에 대한 투자자들의 시장반응(CAR)이 시장상황에 따라 다르게 나타나는지를 확인하고자 하였다. [연구방법] 본 연구는 2005년에서 2015년까지 4,352개의 현금배당공시 중, 주당 배당금의 변화가 이루어진 2,015개의 공시자료를 대상으로 로짓분석 및 회귀분석을 이용하여 배당증감 요인과 투자자들의 시장 반응을 월별주가지수 수익률과 종합주가지수 수익률에 대한 개별 주가수익률의 민감도를 중심으로 살펴보았다. [연구결과] 종합주가지수의 사사분기 평균 수익률과 배당증감 여부 사이에는 부(-)의 관계가 확인되어 종합주가지수의 사사분기 평균 수익률이 음(-)일 경우(투자자 심리가 낮을 때), 투자자들의 안정적인 배당에 대한 수요가 증가하게 되고 기업은 이러한 투자자들의 수요에 맞춰 배당을 증가시키는 경향이 있음을 확인하였다. 또한, 총자산 대비 현금배당금 증감뿐 아니라 발행주식 수를 고려한 주당 배당금증감에 따른 분석 결과에서도 동일하게 모든 모형에서 종합주가지수의 사사분기 평균 수익률(MKT RETURN)이 1% 수준에서 유의한 음(-)의 계수로 보여 시장 하락기에 실질적인 주당 배당금 증가가 이루고 지고 있음이 나타났다. 두 번째로는, 시장이 하락기(종합주가지수 사사분기 평균 수익률이 음(-))일 때, 개별기업의 베타(FIRM BETA)가 5% 수준에서 유의적인 음(-)의 계수를 보여, 투자자 심리가 낮을 때, 개별기업의 베타가 낮은 기업일수록 배당증가 경향이 강함을 확인할 수 있었다. [연구의 시사점] 본 연구는 시장 전반적인 투자자 심리의 낙관과 비관을 종합주가지수 월별수익률로 대용하여 배당증감 여부와 및 투자자들의 시장 반응을 살펴보았다는 점에서 기업의 배당정책과 이에 따른 투자자들의 시장 반응에 대한 이해의 질을 높이고, 경영자와 투자자들에게 시사점을 제공할 수 있을 것으로 기대된다. [Purpose] This study categorizes when the average monthly stock index return is positive (+) as an uptrend in which investors’ expectations for the market are high and negative (-) as a market decline in which investors’ expectations are low. This was to confirm whether the policy to increase dividends was implemented and whether the sensitivity of individual stock returns to the stock index monthly rate of return (market condition), that is, whether beta and dividend policy decisions and investors’ market reactions are different. [Methodology] Investors’ stable dividend payouts when the quarterly average return of the composite stock index is negative (-) (when investor sentiment is low). It has been confirmed that the demand for money increases and companies tend to increase dividends to meet the demands of these investors. In addition, in the analysis results according to the increase or decrease in dividend per share taking into account the number of issued shares as well as the increase in cash dividend relative to total assets, the average quarterly return of the composite stock index was significant at 1% level in all models It is shown as a coefficient of, indicating that the dividend per share is actually increasing during the downturn in the market. Secondly, when the market is in a downturn (the average return of the overall stock index is negative (-)), the individual company’s firm beta shows a significant negative (-) coefficient at the 5% level. When is low, it can be seen that the tendency of dividend increase is stronger for companies with lower beta of individual companies. [Findings] [Implications] In this study, the optimism and pessimism of the overall market investor sentiment was substituted for the monthly rate of return of the comprehensive stock index to examine the increase or decrease of dividends and the market reaction. It is expected to be able to provide practical implications to customers.

대량의 각혈로 사망한 장티푸스 1예

한상우,유진홍,권순석,김성훈,박지찬,홍은정,최경성,박용완,장준희,안지원,박유경,강지영,박상미,신완식 대한감염학회 2004 감염과 화학요법 Vol.36 No.5

We experienced a 25 year-old male patient with typhoid fever complicated with massive hemoptysis. Pulmonary complication in typhoid fever is very rare and to our knowledge, there has been no report of hemoptysis as a main cause of death with this disease. We herein report a rare case of typhoid fever.

跆拳道 품새의 氣功修鍊 役割에 關한 文獻的 硏究

김경지,성헌제 慶熙大學校 社會體育硏究所 1994 體育科學論叢 Vol.- No.7

1. Conclusion This study is focused on the plans to overcome physical difficulties of the middle, elderly people such as 『various diseases (especially from lack of exercise), stress of tension』, and to lead a more healthy life through the literature study of 'Taekwondo Pumsae' and 'Kikong' practice. Below are the results of the literature study. 1)'Taekwondo' and 'Kikong' have a close relation between. These two have come up to now in defferent realms in spite of development almost at the same time. The former has developed as a self-defense instinct, with the prosperity and decline of nation, while the latter has developed toward safety of mind, medical treatment, and physical health. However, both have developed through the process of becoming congruous into one by the depth of practice and, also, are rooted deep in orientalism 2)'Pumsae' practice of 'Taekwondo' and 'Kikong' practice are aimed at physical sturdiness of higher level. 3) The ultimate purpose of 'Taekwondo' and 'Kikong' practice is reaching the stage of right 'Do'. This can be realized by the fact that 'Kikong' is used both in the practice method of taoism, the zen sect of Buddhism, and Buddhism and in the practice of military arts 'Kikong'. 4) 'Kikong' practice is unconsciously performed in 'Taekwondo' pratice. Taken for examples are the preparatory acts to relax the body in 'Taekwondo' practice, the breath actions taken in 'Pumsae', and the mind and breath anangement in long-relayed actions which are intermittent in 'Pumsae'. 5) There are some points in the methods of 'Kikong' practice which need improving because of Pumsae characteristics in 'Taekwondo Pumsa-e'. 2. Improvement Plans of 'Kikong' practice in 'Taekwondo' will be considered on the basis of these aspects. Hypotheses below are set up because the 'Ki' practice is closely related to breathes, and the former itself can never be materialized without the latter; also, many physical problems, as explained in the pervious chapter, are brought up as a man ages. 1) Rapidity or intenseness of action should be removed of the previous 'Pumsae'. 2) A breath is taken for the beginning and end of an action each. 3) The foot is raised with its end unfolded and power is added to its end at the last point of time, as to the speed and the location of the foot end in the action of 'Palchaki'. 4) 2 to 3 actions which are sequentially taken at one verbal order in the present 'Pumsae' should be all divided, and executed at one breath. 5) The hand movement are calmly connected into a half circle in the time of breath. 6) Division of actions is maintained uniformly to breathes. 7) Preparatory actions are slowly taken in the power-removed condition, and power is exerted at the last part in the offense action. 8) The fists are lightly clenched, not firmly, and power is exerted on them in the 'Jirki' action at the same last part as in the 'Palchaki' action. After the hypotheses above is materialized a definite approach can be tried to 'Taekwondo' and 'Ki'. Below are the definite plans. First, restore the function of breath from the beginning before the entrance into 'Palchaki' -a practical action of 'Taekwondo', or a preparatory attitude. This means the practice of breathe-in and breath-out, implying that one breathes consciously to have breathes reach the navel and the abdomen. Second, the slackening exercise of the body is added to the previous preparatory exercise-the 'Yoga' exercise. Third, 'Taekwondo' is the physical sport in movements and one needs to learn how to breathe to the basic actions. One breathes in at preparatory actions and breathes out in the progress. A little breath should remain at the end of the last action. Fourth, current of actions should be as natural as water once in the practical 'Pumsae', and should not face the situation like a rush of blood in the face, or the out-of-breath situation. Fifth, although even better is raising the foot as high as possible by skill, it is generally lifted to one's waist and, then power is given to its end. Sixth, in the performance of every action one tries to let the physical actions done softly and naturally, not by force.

秘方奪命散의 抗炎症效果 및 抗凝固作俑에 대한 硏究

田炳薰,禹元洪,洪知雨 대한동의병리학회 1998 동의생리병리학회지 Vol.12 No.2

丹溪心法에 最初로 收錄되어 一切癰疽 無名惡瘡을 治療하는데 使用되는 秘方奪命散이 염증 및 血栓의 치료에도 유효한 처방으로 생각되어 본 실험을 계획하였으며, 비방탈명산의 抗炎症 作用, 抗血栓作用, 鎭痛效果를 觀察한 結果, 有意性이 認定되었다. 秘方奪命散의 抗炎症 效果를 알아보기 위하여 carragenin을 利用한 局所的浮腫 實驗과 炎症反應時 나타나는 血管透過性亢進으로 因한 蛋白質渗出의 抑制를 觀察하기 위하여 CMC-pouch를 利用하여 蛋白質 渗出을 測定하였다. 醋酸法과 熱板法으로 鎭痛效果를 관찰하였다. 抗血栓效果를 究明하기 위하여 肺性血栓性塞栓症에서의 死亡率, 血小板 凝集度, 血漿凝固活性, 관찰했던 바, 다음과 같은 結果를 얻었다. carragenin으로 誘發한 後肢足蹠의 浮腫은 檢液投與 2,3時間 後에 BTS Ⅱ,Ⅲ群에서 有意性있는 抑制效果과 있었고, CMC-pouch에 의한 蛋白質 渗出은 BTS Ⅱ,Ⅲ群에서 有意性 있는 減少를 보였으나 aspirin藥物 對照群보다는 微弱하였다. 醋酸法과 熱板法에 의해 writhing syndrome, paw licking time, escape time을 측정한 결과, 一定한 鎭痛效果를 確認할 수 있었다. 秘方奪命散의 抗血栓效果는 serotonin과 collagen 混合液으로 誘發한 肺性血栓性 塞栓症에서의 死亡率 減少 血小板 凝集 抑制등의 효과를 보였으나, 혈장응고활성을 측정한 prothrombin time과 activated partial thromboplastin time은 연장되는 결과를 보이기는 하였으나 유의한 결과는 아니었다. This study was designed to elucidate the antiinflammatory, antithrombotic, and analgesic effect of Bibangtalmyungsan and antiflammatory effects was measured by the method of carrageenin induced edema, protein leakage test using CMC-pouch. Death rate, platelet aggregation, plasma coagulation activity, prothrombin time and activated partial thromboplastin time were observed for the measurement of the antithrombotic effect of Bibangtalmyungsan, and the analgesic effect was measured by the acetic acid method and hot plate method. The result was as follows : After 2 or 3 hours of Bibangtalmyungsan administration, carrageenin induced edema and CMC-pouch protein leakage was significantly decreased. The slight anagesic effect of Bibangtalmyungsan extract was confirmed by the observation of writhing syndrome, paw licking time, and escape time. The antithrombotic effect of Bibangtalmyungsan was observed by the decrease of death rate, the inhibition of platelet aggregation, and the increase of antithrombin activity. It increased the prothrombin time and activated partial thromboplastin time.

회절점 그래프를 사용한 삼차원 소리합성

朴智憲 弘益大學校 科學技術硏究所 1998 科學技術硏究論文集 Vol.9 No.1

Sound propagated in 3 dimensional space generates reflected waves whenever it hits boundary surfaces. If a receiver is away from a sound source, it receives multiple sound waves which are reflected from various boundary surfaces in space. The algorithm being developed in this paper is based on a ray sound theory. If we get 3 dimensional geometry input as well as sound sources, we can compute sound effects all over the boundary surfaces. In this paper, we present a new approach to compute sound by casting secondary sound sources forwards for diffraction, while tracing sounds backwards. Sound is propagated according to the frequency characteristics; high frequency sound is reflected similar to ray, while low frequency sound is propagated omni-directionally. We make a pair of ears for collecting sounds. Each ear casts sounds to determine effects from sound sources by tracing sounds backward. Sound due to impulse-response is governed by physical environments. When a sound source waveform and numerically computed impulse in time is convoluted, the result generates a synthetic sound. This technique can be easily generalized to synthesize realistic stereo sounds for virtual reality.

Mg_(4)Nb_(2)O_(9) 세라믹스의 마이크로파 유전특성

이지훈,방재철 순천향대학교 부설 산업기술연구소 2004 순천향 산업기술연구소논문집 Vol.10 No.2

The effects of sintering additives od the low-temperature sintering and microwave dielectric properties of Mg_(4)Nb_(2)O_(9) dielectric ceramics were studied. When 3 ~ 20wt% of 0.242Bi_(2)O_(3)-0.758V_(2)O_(5) was added, the sintering temperature decreased from 1100~1300℃ to 950℃ and high density was obtained. When the sample was sintered at 950℃ with 10wt% of sintering additive, the Microwave dielectric properties of Qxf_(0)=80,035㎓, ε_(r) = 13.3 and τ_(f) = -12.9ppm/℃ were obtained.

퍼지제어기를 이용한 분산 Multi Vehicle의 Color인식을 통한 물체이송 연구

우지민,경제문,최승민,김훈모 기계기술연구소 2000 성균관대학교 논문집 기계기술편 Vol.2 No.1

In this paper, we present a collaboration method for material delivery with distributed vehicle agents system. Generally used AGV(Autonomous Guided Vehicle) systems in FA need extraordinary facilities like guidepaths, landmarks and have lots of limitation for applying in various environments and in case of controlling multi vehicles including different types is increasing nowadays for automation of materials between vehicles including different types is increasing nowadays for automation of material of material flow. Thus to compensate and improve functions of AGV, it is important to endow vehicles with intelligence to recognize environments, goods and determine goal point to approach. In this study we propose interaction method between hetero-type vehicles and fuzzy logic controller for sensor based path planning method and material identifying method by recognizing color. For the purpose of carrying materials to the goal, instead of intricate vision system, simple color sensor is used to search for material, and recognize its color to determine goal point to transfer it to. The ability for proposed method will be demonstrated by computer simulation and experiment.

β-seed 첨가량 변화에 따른 질화반응 Si₃N₄의 특성변화

문지훈,최용규,이주신 경성대학교 2001 論文集 Vol.22 No.1

The effect of seeding on microstructure development and mechanical properties of reaction-bonded silicon nitride was investigated by the use of β-Si3N4 particles. The seeding of an appropriate amount of β- Si3N4 particles gave rise to the promotion of density and the resulting increase of fracture strength and hardness. And also, fracture toughness increased due to the development of elongated grains. On the other hand, addition of large amount of seed particles showed lower strength and facture toughness owing to the coalescence of large elongated grains. By seeding of 2wt% β- Si3N4 particles on Si powders of 7 μm, high fracture strength of 1100MPa and fracture toughness of 7.2MPa·m½ were obtained in reaction-bonded silicon nitride ceramics.

갑상선 기능항진증에 병발된 주기성 마비 3예

최지훈,최경숙,김기훈,박병현,조정구 圓光大學校 醫科學硏究所 2001 圓光醫科學 Vol.16 No.1-2

Thyrotoxic periodic paralysis is characterized by intermittent flaccid paralysis of skeletal muscle, lasting several hours. The underlying pathophysiology of the syndrome is not yet to be well characterized and remains controversal, but reflects altered potassium and calcium dynamics as well as certain morphologic characteristics within the muscle unit itself. It occurs primarily in Asian populations with an overwhelming male preponderance and a higher association of specific HLA antigens. Precipitating factors include high carbohydrate ingestion, exercise, trauma, infection, alcohol ingestion, administration of epinephrine, thyroid hormone, or corticosteroid. If hypokalemia is present, potassium administration may help abort the attack, but the only definitive treatment is formation of euthyroid state. We discribed two patients with hypokalemic thyrotoxic periodic paralysis and one patient with normokalemic thyrotoxic periodic paralysis.

학생청소년의 불안성향과 문제행동 유형간의 상관분석

김헌수,이재우,나철,김영돈,김민호,김은희,권지란,박광식,이길홍,민병근 중앙대학교 의과대학 의과학연구소 1987 中央醫大誌 Vol.12 No.4

The purpose of the present study was to examine the relationship between their problem behavioral pattern and anxious trends among Korean student adolescent. Zung's measurement of anxiety level undergone through used of the self-rating anxiety scale. the data were collected through the questionaire survey which was conducted on Dec.1, 1983. Subjects served for this atudy consisted of 1,404 syudents in Korea, randomly sampled from Korean student population by means of census method. The data were analysed by CDC-174 computer of KAIST, using SPSS pogram. Statistical methods empoyed were χ^2 test and Eta measures. the results of this study were as follows. 1. It showed that students psychological anxious trends had greatest significant correlation with adolescent student's problem brhavioral pattern, but the cardiovascular, respiratory, gastrointestional and genitourinary anxious trends has not significantly related with student's problem behavioral pattern. 2. Students group with undersocialized aggressive, undersocialized nonaggressive,undersocialized school-norm avoidant, or socialized nonaggressive behavioral patterns were less anxious, whereas those with socialized latent aggressive, socialized sexual, or socialized modellong behavioral patterns were higher anxious.