집단정신치료극이 아동의 우울에 미치는 영향

安胤英(Ahn Yoon Young),李正淑(Lee Jung Sook) 가정과삶의질학회 1999 가정과삶의질연구 Vol.17 No.3

재무분석가의 분석활동은 Hospitality 기업가치 제고에 공헌하는가?

안윤영(Ahn, Yoon-Young) 한국호텔외식관광경영학회 2018 호텔경영학연구 Vol.27 No.4

재무분석가의 이익예측 허딩 및 허딩 결정요인

안윤영(Yoon Young Ahn),장진호(Jin Ho Chang),신현한(Hyun Han Shin),유영태(Young Tae Yoo) 한국경영학회 2006 經營學硏究 Vol.35 No.4

외국인투자자와 정보비대칭 간의 관계

안윤영 ( Yoon Young Ahn ),신현한 ( Hyun Han Shin ),장진호 ( Jin Ho Chang ) 한국회계학회 2005 회계학연구 Vol.30 No.4

본 연구는 외국인투자자와 정보비대칭간의 관계를 살펴보았다. 연구결과, 재무분석가 수가 많고, 이익예측오차 및 재량적발생액이 낮은 기업에서 외국인지분율이 높음을 발견하였다. 이는 정보비대칭이 낮은 기업을 외국인투자자가 선호함을 의미한다. 외국인지분율이 높은 기업일수록 재무분석가 수는 증가하였으며 이익예측오차 및 재량적발생액은 감소함을 발견하였다. 이는 외국인투자자가 투자기업의 정보비대칭 완화에 공헌하는 효과적인 외부감시주체로서의 역할을 수행하고 있음을 의미한다. This paper examines the relationship between the foreign investor and information asymmetry. We find that foreign ownership is significantly higher for firms with larger analyst coverage (number of analysts following a firm) but with lower forecast error and discretionary accruals. This result suggests that the foreign investor prefers firms with lower information asymmetry. Simultaneously, analyst coverage is significantly larger for firms with higher foreign ownership, but forecast error and discretionary accruals are significantly lower for firms with higher foreign ownership. This result indicates that the foreign investor does play a role as an effective external monitoring system in lessening information asymmetry.

재무분석가의 특성이 이익예측정확성에 미치는 영향

안윤영 ( Yoon Young Ahn ),유영태 ( Young Tae Yoo ),조영준 ( Young Jun Cho ),신현한 ( Hyun Han Shin ),장진호 ( Jin Ho Chang ) 한국회계학회 2006 會計學硏究 Vol.31 No.4

본 연구는 IBES Detail Tape에 포함된 1999년부터 2003년까지의 재무분석가 이익예측자료를 사용하여, 재무분석가의 개인특성 변수를 중심으로 재무분석가의 이익예측정확성 결정요인에 대하여 살펴보았다. 분석결과 첫째, 많은 기업에 대한 분석을 담당하는 재무분석가일수록 이익예측오차는 높음을 발견하였다. 이는 재무분석가의 분석기업 수가 늘어날수록 분석업무의 복잡성이 증가하여 이익예측에 어려움을 겪고 있음을 의미한다. 둘째, 많은 분석보고서를 발행하는 재무분석가일수록 이익예측오차는 낮음을 발견하였다. 이는 특정기업에 대한 예측정보를 빈번하게 제공하여 활발한 분석활동을 수행하는 재무분석가일수록 이익예측능력이 높음을 의미한다. 셋째, 특정산업에 대한 분석을 실시하는 재무분석가일수록 이익예측오차가 낮음을 발견하였다. 이는 특정산업에 특화된 재무분석가일수록 분석업무의 복잡성이 감소하여 이익예측이 용이하였음을 의미한다. 마지막으로 기업특성 요인이 이익예측정확성에 미치는 영향을 분석한 결과 예측기간, 주가수익률 변동성, 표준화된 ROA, 부채비율 등이 높은 기업에서 이익예측오차가 높았으며, 재벌계열사에 소속된 기업에서 이익예측오차가 낮음을 발견하였다. Prior study finds that analysts` forecast activities(accuracy, coverage, the number of analysts following a firm, herding behavior, etc.) are related to several analysts characteristics(reputation, past accuracy, forecast frequency, firm-specific and general experience, and the number of firms and industries following) and environmental factors(employed brokerage size, and various characteristics of individual firms). Most of the empirical research on analysts` forecast accuracy in the current Korea security market focuses on environmental variables (individual company characteristics other than analyst characteristics. Therefore, our research has been conducted to extend the extant literatures` results on determinants of forecast accuracy using a sample of Korean firms included in the IBES database for a five year period from 1999 to 2003. We focus on the effect of analysts` characteristics on forecast accuracy. Since prior research provides mixed effects and results of analysts` characteristics on forecast accuracy, the direction of the effect of analysts` characteristics on forecast accuracy is unclear. We therefore established the non-directional hypothesis stated in the null form. To test whether each (analyst characteristics) variable has explanatory power incremental to the other, analyst characteristics variables are separately included in regression models respectively, and all variables are included as well. While the main focus of this study is to examine the effect of analyst characteristics on forecast accuracy, we have also considered the contribution of environmental variables (characteristics of individual firms) on forecast accuracy. The dependent variable of the basic research regression model is the forecast accuracy. Here forecast accuracy is defined as the logarithm of absolute forecast error and measured forecast error as the deviation of the actual EPS from the forecasted EPS which is deflated by the stock price to facilitate comparisons across firms. Thus more accurate forecasts are represented by lower forecast error values, i.e. there is an inverse relationship between forecast accuracy and forecast error. The three analyst characteristics (number of firms followed, forecast frequency and industry specialization) are key independent variables. In addition, we control for five variables of characteristics of firms (forecast horizon, stock price return volatility, standardized ROA, debt ratio and Chaebul dummy variable that prior research has shown to be related. First, we find that forecast accuracy decreases with the number of firms followed. The estimated coefficients of the number of firms followed are positively related to analysts` forecast error at the 1% significance level in all models represented by table 5 and table 6. This result indicates that the number of firms followed can be interpreted as a proxy for analysts` task (forecast) difficulty (portfolio complexity). If analysts follow a larger set of firms then it is difficult to devote more attention to each firm and to produce accurate forecasts. Second, forecast accuracy increases with the number of forecasts reports issued. The coefficients on the number of reports issued are negatively related to forecast error at the 5% or 1% significance level respectively presented by table5 and table 6. This result suggests that forecast error is significantly lower for analysts with more frequent reports. The number of forecasts reports issued can be considered as a proxy for analysts` skillful performance outputs and forecast ability. Third, forecast precision increases with the analyst industry specialization. This finding means that forecast error is significantly lower for analysts with a higher percentage of the companies followed by analysts that are in the same industry classification. Because industry specialization is expected to result in more accurate forecasts, the coefficients of analyst industry specialization are negatively associated with forecast error to a 1% or 5% significance level respectively presented by table 5 and table 6. Our overall conclusion is that forecast accuracy is associated with analyst-specific characteristics. We also examined the firm-specific characteristics effect on forecast accuracy. Regarding firm-specific characteristics variables, the coefficients on the forecast horizon, stock price return volatility, standardized ROA, leverage and Chaebul dummy are significantly related to forecast error. Consistent with prior studies, we find that environmental factors do influence analysts` forecast accuracy. Taken as a whole, analyst forecast accuracy is influenced by analyst-related properties as well as by environmental factors. This study makes several contributions. First, we contribute to the growing literature on analysts` forecast accuracy of the emerging market. Second, we suggest that analysts` characteristics may be helpful for predicting forecast accuracy. Future research might focus on investigating whether capital market participants should consider analyst-related properties in forming earnings expectations and evaluating analyst performance.

재무분석가의 이익예측 허딩 수준이 기업가치에 미치는 영향

안윤영(Yoon Young Ahn) 한국경영학회 2008 한국경영학회 통합학술발표논문집 Vol.2008 No.8

연구개발비가 재무분석가 예측정확성 및 재무분석수요에 미치는 영향

안윤영 ( Yoon Young Ahn ),신현한 ( Hyun Han Shin ),장진호 ( Jin Ho Chang ) 한국회계학회 2005 회계학연구 Vol.30 No.2

본 연구는 1999년부터 2002년까지의 4년 동안에 IBES 데이터베이스에 포함된 한국기업을 표본으로 이용하여 연구개발비와 재무분석가 활동 간의 관계를 살펴보았다. 연구결과, 첫째 연구개발비의 비중이 높은 기업 및 산업에서 재무분석가의 이익예측오차와 예측이익표준편차가 높음을 발견하였다. 이는 무형자산지출의 비중이 높은 기업일수록 기업과 투자자 사이의 정보비대칭이 높음을 의미한다. 둘째, 연구개발비에 대한 지출이 높은 기업 및 산업에서 재무분석가수가 많음을 발견하였다. 이는 정보비대칭이 높은 기업 및 산업에서 재무분석가의 분석보고서에 대한 수요가 높다고 해석된다. Using a sample of Korean firms included in the IBES database, this paper examines the relation between firms` R&D expenditures and analyst activity (the number of analysts following a firm and forecast accuracy) for a four year period from 1999 to 2002. First, we find that analysts` forecast error and dispersion is significantly higher for firms with larger expenditures of intangible assets relative to their industry. Second, analyst coverage is significantly greater for such firms and for firms in industries with larger research and development expenditures. This result indicates that information asymmetry between firms and outside investors is higher for these firms, which leads to a greater demand for financial analysts` forecast reports.

Hospitality 기업의 자발적공시가 기업가치에 미치는 영향

안윤영(Ahn, Yoon-Young) 한국호텔외식관광경영학회 2017 호텔경영학연구 Vol.26 No.7

Hospitality기업의 애널리스트 이익예측능력 검증

안윤영(Ahn, Yoon-Young),정유리(Jung, Yoo-Li) 한국호텔외식관광경영학회 2015 호텔경영학연구 Vol.24 No.1

애널리스트 허딩행태의 합리성 검토

안윤영(Ahn, Yoon-Young) 대한경영학회 2008 大韓經營學會誌 Vol.21 No.6