Catch Predictions for Pacific Anchovy Engraulis japonicus Larvae in the Yellow Sea

권대현,황선도,임동현 한국수산과학회 2012 Fisheries and Aquatic Sciences Vol.15 No.4

To predict catches of Pacific anchovy Engraulis japonicus larvae, anchovy eggs were collected in the coastal waters off Gunsan, Korea, in the Yellow Sea during the main spawning season (June to July) from 2003 to 2009. A ring net was repeatedly towed vertically at 10 stations during the daytime to sample eggs. Catch data estimated by auction sales were obtained from the Fisheries Cooperatives Union of Gunsan City and daily water temperature data in the outer harbor of Gunsan City during the survey periods were obtained from the National Oceanographic Research Institute. A significant relationship was found between anchovy egg density from June to July and larval catch from July to October in the same year. Catch of anchovy larvae in Gunsan were also high when optimal growth temperatures were recorded in the coastal waters off Gunsan in July. Although the recruitment success or failure of anchovy larvae can be predicted from variability in egg density, we suggest that mean daily water temperature is a more efficient indicator for predicting variability in catches of larval anchovy in the Yellow Sea.

기업가치 평가에서 매출액 정보의 역할

권대현,박진하 한국기업경영학회 2015 기업경영연구 Vol.22 No.6

This study examines whether revenue may contain the incremental informativeness beyond earnings in firm valuation. While earnings information has traditionally been important in equity valuation, research on valuation suggests that the value-relevance of earnings has declined over time. Revenue may, however, have information on future earnings and cash flows that is lost when it is aggregated with gains, losses, and expenses into earnings (Chandra and Ro, 2008). In fact, revenue disclosures and forecasts have increased dramatically, and it is now difficult to find an earnings announcement that is not accompanied by a revenue announcement (Edmonds et al., 2013). Earnings is correlated with revenue but it conveys distinct signals of information on firm performance (Jegadeesh and Livnat, 2006). In addition, while earnings, by definition, is a function of revenue and expenses, the former is perceived less noisy and difficult to manipulate. Therefore, as an indicator of persistence and future performance, the role of revenue in firm valuation is receiving attention. In response, researchers have aimed to find alternative accounting measures that reflect firms’ value, and have turned their interest to revenue which is perceived as a key value driver. The literature related to informativeness of revenue usually focuses on analysts’ forecasts. Mest and Plummer(2003) provide evidence that the extent of analysts forecast bias is greater with respect to earnings forecasts than that with respect to sales forecasts. Jegadeesh and Livnat(2006) show that stock prices and analysts’’ forecasts adjust to the information conveyed by revenue over an extended period of approximately six months after quarterly earnings announcements. Rees and Sivaramakrishnan(2007) find significant market penalty for missing analysts’’ revenue forecasts, and further suggest that the market response for missing earnings forecasts is only marginal when revenue forecasts are met. Keung(2010) documents evidence that specific analysts’’ forecasts beyond earnings numbers can be meaningful and supply incremental information to the market. In addition, Ertimur et al.(2003) show that the market reaction to revenue surprises over the years 1996 to 2001 is greater than to expense surprises and that the differential price reaction is associated with relative persistence. Ghosh et al.(2005) find that for a subsample of firms with sustained earnings increases over a five-year period, subgroups with sustained revenue growth are assigned higher earnings response coefficients and exhibit higher earnings persistence and lower susceptibility to earnings management. These extant research suggests revenue to have incremental value relevance beyond earnings. However, there is little study on value relevance of revenue except Chandra and Ro(2008). Chandar and Ro(2008) examine the role of revenue in valuing firms beyond earnings and provide evidence that revenue is relevant. Expanding this study, this paper investigates whether revenue is generally value-relevant in Korea. The sample of this study consists of firm’s annual observation, while Chandra and Ro(2008) use firm-quarter observation. This paper also examines hypotheses using the Ohlson’s price model, as well as return model, whereas Chandra and Ro(2008) employ return model only. Our sample consists of 21,409 firm-year observations for the period 1991-2012. All firms are listed on the Korea Exchange. Using this sample, the paper finds that revenue is generally value-relevant as reported in US based studies. This implies that revenue plays a role in equity valuation. Furthermore, our findings suggest that the value-relevance of revenue is different according to the industry in which the firm belongs to. This study contributes to expanding the domestic study on the informativeness of revenue whose subject has not been actively researched. We expect that this study can promote the decomposition of earnings ... 회계이익이 기업가치 평가에 있어서 핵심적인 정보로서의 역할을 해 온 것은 사실이지만, 기업경영환경 및 회계제도 등의 변화에 기인하여 기업가치 평가에서 회계이익의 가치관련성이 감소하고 있다는 논의들이 존재한다. 이와 관련하여 회계이익 이외에 성과측정지표를 찾고자 하는 노력이 있어 왔으며, 이중 매출액의 경우 회계이익의 구성 요소 중 하나이지만 회계이익과는 다른 차별적인 정보적 특성으로 인하여 그 정보적 중요성이 더욱 부각되고 있다. 본 연구는 매출액의 이러한 차별적 특성에 주목하여 기업가치 평가 모형을 이용, 매출액이 회계이익 대비 증분적인 정보성(informativeness)이 있는지 여부에 대해 검증한다. 검증결과 주가모형 그리고 주식수익률 모형을 이용한 분석 모두에서 매출액의 증분적 가치관련성이 존재한다는 결과가 도출되었다. 다음으로 산업별로 매출액의 가치관련성을 살펴본 결과 위의 결과가 산업별로 차이가 있음이 관찰되었다. 특징적으로, 첫째, ‘제조업’의 경우 분석모형에 관계없이 매출액의 가치관련성이 보고되었으며, 둘째, 선행연구에서 보고된 바와 같이 ‘전문, 과학 및 기술 서비스업’에서도 매출액의 가치관련성이 있는 것으로 나타났다. 본 연구의 결과는 시장이 기업의 가치를 평가함에 있어서 회계이익 뿐만 아니라, 회계이익의 요소 중 하나인 매출액 정보도 반영하고 있음을 의미한다.

A 10‐Gb/s Multiphase Clock and Data Recovery Circuit with a Rotational Bang‐Bang Phase Detector

권대현,임진수,최우영 대한전자공학회 2016 Journal of semiconductor technology and science Vol.16 No.3

A multiphase clock and data recovery (CDR) circuit having a novel rotational bang-bang phase detector (RBBPD) is demonstrated. The proposed 1/4-rate RBBPD decides the locking point using a single clock phase among sequentially rotating 4 clock phases. With this, our RBBPD has significantly reduced power consumption and chip area. A prototype 10-Gb/s 1/4-rate CDR with RBBPD is successfully realized in 65-nm CMOS technology. The CDR consumes 5.5 mW from 1-V supply and the clock signal recovered from 231-1 PRBS input data has 0.011-UI rms jitter.

해안지역 대기확산모델링 적용시 배출량 및 지형자료 개선에 따른 민감도에 관한 연구

권대현,구윤서 한국대기환경학회 2015 한국대기환경학회 학술대회논문집 Vol.2015 No.11

스킨스쿠버 다이빙 나이트록스 EAN50 프로그램이 자폐성장애인의 인지발달과 사회성발달에 미치는 영향

권대현,김성일,황영성 한국스포츠학회 2019 한국스포츠학회지 Vol.17 No.1

본 연구의 목적은 자폐성 장애인을 대상으로 스킨스쿠버 다이빙 나이트록스 EAN50 프로그램이 자폐성 장애인 의 인지발달과 사회성 발달에 미치는 영향에 대해 분석하고 EAN50 프로그램의 긍정적인 효과로 인해 자폐성 장애인의 사회적 참여기회를 증진시키고 보다 나은 삶을 영위할 수 있도록 하는 재활프로그램의 자료를 제공하는데 그 목적이 있 다. 연구목적을 달성하기 위해 2015년 B광역시 B협회 소속 자폐성 장애인 10명을 대상으로 각 측정변인을 대응표본 T-검증을 실시하였다. 수집된 자료는 SPSS 21.0을 이용하였으며 그 결과는 다음과 같다. 스킨스쿠버 다이빙 나이트 록 EAN50 프로그램을 실시한 자폐성 장애인의 인지발달과 사회성 발달에 유의미하게 영향을 미치는 것으로 나타났다. 이는 EAN50 프로그램이 자폐성 장애인에게 유용한 재활 프로그램으로 사용될 수 있다고 생각된다. 그리고 자폐성 장 애인을 위한 재활 및 치료 프로그램을 구성하는데 기초 자료가 될 것이라 사료된다. This study aims to analyze the effect of the skin scuba diving nitrox EAN 50 program on cognitive and social development in people with autistic disabilities. The study aims to provide preliminary data on the usefulness of the program as a form of rehabilitative treatment to provide more opportunities for social participation and an improved quality of life for people with autistic disabilities. In order to achieve these research goals, measurement factors for standard values and standard deviation values were calculated for 10 people with autistic disabilities associated with the B Foundation located in Busan Metropolitan City in the year 2015. Matching sample T verification data analysis was used to verify the difference in standard values for each item before and after the program was conducted. Through these results, it was learned that the skin scuba diving nitrox EAN50 program had an effect on a variety of sub-factors related to the cognitive and social developed of people with autistic disabilities. The study results support and provide evidence for the idea that the EAN 50 program is useful as a rehabilitation program for people with autistic disabilities. Additionally. It is believed to be a useful base for organizing rehabilitation and treatment programs for people with autism.

식품패키지 (연포장재)의 친환경 이슈 및 기술 개발 동향

권대현 한국산업식품공학회 2022 학술대회 및 심포지엄 Vol.2022 No.04

워드넷 의미정보로 선별된 우선 태그와 이를 이용한 웹 이미지의 검색

권대현,홍준혁,조수선 한국멀티미디어학회 2009 멀티미디어학회논문지 Vol.12 No.7

This research is for early extraction and utilization of semantic information from the tags in tagged Web image retrieval. Generally, users attach a tag to a Web image with little thought of the order, up to over 100 ones. In this paper, we suggest a method of selecting prior tags based on their importance when tagged images are uploaded, and using them in image retrieval. Ideas came from the recognition of the important tags which give a better description of the image as the tags sharing more semantic information with other tags of the same image. This method includes calculation of relation scores between tags based on WordNet and multilevel search of tagged images with the scores. For evaluation, we compared the suggested method and other retrieval methods searching images with simple matching of tags to a given keyword. As the results, we found the superiority of our method in precision and recall rate. 본 연구는 태깅된 웹 이미지의 검색에서 태그들의 의미정보를 미리 추출하여 검색 시에 이용하고자 하는 것이다. 일반적으로 웹 이미지의 태그들은 사용자들에 의해 순서 구분 없이 무작위로 매겨지며 많게는 그 수가 100여개에 이른다. 본 논문에서는 이 태그들 간에 의미정보가 많이 공유된 것일수록 해당 이미지를 설명하는 중요 태그가 될 것임에 착안하여 이미지와 태그 정보가 업로드되는 시점에 중요도에 따른 우선 태그를 결정하고 이를 검색에 활용하는 방법을 소개한다. 제안된 방법은 워드넷에 기반하여 태그의 연관성점수를 계산하고 이를 이용하여 다단계 검색으로 태깅된 웹 이미지를 검색한다. 평가를 위하여 제안된 방법으로 검색된 결과와 검색어와 태그의 단순 비교방식인 기존의 검색을 비교하였으며 실험 결과, 정확도와 재현율에서 본 시스템의 우수함을 확인할 수 있었다.

회계이익의 가치관련성과 판매관리비의 하방경직성

권대현 한국세무학회 2015 세무와 회계저널 Vol.16 No.4

This study examines how value relevance of earnings affects the degree of asymmetrical SG&A cost behavior. After Anderson et al.’s (2003) study, many other pieces of research provide evidence of the existence of asymmetrical cost behavior. A substantial body of research also show the drivers of asymmetrical cost behavior: adjustment costs, the manager’s expectations for future sales, (Anderson et al. 2003; Calleja et al. 2006; Subramaniam and Weidenmier 2003; Banker and Chen 2006a; Banker et al. 2010) and managers’ incentives to maximize their personal wealth (Chen et al. 2012; Dierynck et al. 2012; Kama and Weiss 2013). Besides the incentive of self-interested managers, managers make resource adjustment decisions based on optimal resource planning, considering adjustment costs and the expectations for future demand. The ultimate goal of rational resource planning is to increase the firm value. Accounting performance measures serves a purpose of valuing firm, among which earnings play a critical role and are used broadly for valuation (Collins et al., 1997; Ashbaugh and Olsson, 2002; Caylor et al. 2007). So managers who act in the best interests of shareholders may consider information on value relevance of earnings in the resource adjustment decision-making process in response to demand decline. However, there is little research examining the association between value relevance of accounting information and the degree of cost asymmetry. This study examines whether value relevance may explain asymmetrical cost behavior. Managers whose firm value is closely tied to earnings are likely to accelerate cuts of unused resources in response to sales drop because retaining resources can reduce current earnings, resulting in more rapid decrease of firm value compared to the firms whose value is relatively not closely tied to earnings. Cuts in committed resources beyond optimal level can increase firms’ earnings in periods of sales decline, leading to prevent the rapid decrease of firm value. Thus, this study hypothesizes that the degree of SG&A cost asymmetry is negatively associated with value relevance of earnings. I formally test this prediction using 7,538 firm-year observations for the period 2000-2012. The empirical results support my prediction. The degree of SG&A cost stickiness decreases with the value relevance of earnings. The negative association I document could result from managers whose firm value is closely tied to earnings accelerating reduction in committed resources in response to sales decrease to prevent the rapid decrease of firm value. I evaluate the robustness of my findings by considering cash flows as the supplementary performance measure in estimating the value relevance. Specifically, I use value relevance of earnings and cash flows, and value relevance of cash flows as alternative measures for value relevance of earnings. The result also support my prediction. This study contributes to the literature in the following ways. First, it integrates both financial and management accounting research topics: value relevance and cost behavior. Traditionally, cost behavior has attracted the attention of management accountants only. The current results show that researcher on value relevance benefit from understanding cost behavior as well. Second, this study expands the scope of value relevance research. The focus of value relevance research is usually on finding the factors affecting cross-sectional variation of value relevance of accounting performance. Value relevance itself can be an exogenous factor, as well as an endogenous one. However, there is little research considering value relevance as an explanatory variable which could affect other factors. This study adds to the existing literature by using value relevance factor as an exogenous one to influence firm's other characteristics. 본 연구는 회계이익의 가치관련성 정보가 원가의 비대칭성에 영향을 주는지에 대해 분석한다. 회계이익의 가치관련성이 높은 기업의 경우 매출 감소 시 유휴자원(slack resources)을 보다 적극적으로 줄이려고 할 것인데, 그 이유는 유휴자원을 유지할 경우 그렇지 않은 경우보다 회계이익이 감소할 것이고, 결과적으로 기업가치의 하락 정도가 회계이익의 가치관련성이 낮은 기업에 비해 커질 것이기 때문이다. 분석 결과 회계이익의 가치관련성이 증가함에 따라 판매관리비의 하방경직성의 정도는 감소하는 결과가 도출되었다. 이는 매출 감소에 직면한 경영자가 유휴자원의 조정과 관련한 의사결정 시 회계이익의 가치관련성 정보를 고려함을 의미한다. 다음으로 가치관련성 측정에서 영업현금흐름의 가치관련성을 추가적으로 고려하여 가설을 재검증하였다. 분석결과 영업현금흐름의 가치관련성을 추가적으로 고려해도 가설과 일치하는 결과가 도출되었다. 본 연구는 관리회계-원가의 하방경직성-와 재무회계-회계이익의 가치관련성-의 중요한 연구주제를 하나로 통합하고 있을 뿐만 아니라, 가치관련성 정보와 경영자의 의사결정 간 연관성 연구의 확대에 기여하고 있다.

ETRI-모아레 스캐너를 이용한 3차원 모델의 자동생성

권대현,최이배,이의택 한국방송공학회 1999 한국방송공학회 학술대회 Vol.1 No.1

The visualization of Moire´ or laser-scanned data has been explored by many researchers and has been an important issue on computer graphics research. In this paper, we present various techniques that handle tremendous amount of 3D range data which are generated by the ETRI- More´ Scanner. The techniques include constructing an efficient data structure, constructing triangle meshes and decimation and registration of multiple-mew range images and textures.

인터넷 트래픽 모니터링을 통한 네트워크 관리 시스템 모델링과 시뮬레이션 연구

권대현,임준홍 제어로봇시스템학회 1999 제어로봇시스템학회 국내학술대회 논문집 Vol.2 No.10