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.

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.

여대생의 의복착용동기와 패션경향

柳志憲,韓明淑 服飾文化學會 2000 服飾文化硏究 Vol.8 No.1

The purposes of this study were to classify of clothing-wearing motives, to analyze tendency of fashion in campus, and to propose fashion merchandising plans and marketing strategies of companies for female college students. Research had been done during 1 week each on April and October in 1998 and 1999. Sixty-two students in spring semester and 54 students in fall semester were surveyed and analyzed. Their grades and majors were not considered in this study. Fashion Diary had been written by students and then their statements were analyzed by the means of the qualitative data analysis. Following conclusions were obtained from this study. 1. Clothing-wearing motives were classified with 'group depending on daily work', 'group depending on image', 'group depending on body supplement', 'group depending on weather', 'group of fashion following', 'group depending on courtesy', 'group depending on mood', and 'group of unconcerning'. 2. The fashion tendency of the students were layered look and they preferred casual styles, such as round t-shirts, jean pants, and cardigans. The color of white, black, and gray were prevalent for top wear, and the color of blue, black, beige for bottom wear in both seasons. For shoes, color of black, brown, white were popular. For bags, black, blue, and khaki color were prevailed. 3. The proposals obtained from this study are as follows: 1) Production of clothing enforced functional and practical base is wanted for 'group depending on daily work'. 2) Designs considering body parts such as hip, arm hole, shoulder, and thigh are needed. 3) Utilization of new materials such as waterproof with ventilation, opaque(means 'not see-through'), antipollution finishing process are required. 4) Simple designs of clothing which could be performed by herself with vrious accessories. Thermochromic materials are wanted for 'group of fashion following.' 5) Diversity of semi-suit is required for 'group depending on courtesy.'

기생소자와 U슬롯에 의해 대역이 확장된 KPCS용 2x2패치 배열 안테나

윤지훈,손태호 순천향대학교 부설 산업기술연구소 2004 순천향 산업기술연구소논문집 Vol.10 No.2

In this paper, a 2x2 patch array antenna, expanded bandwidth by U-slot with parasitic elements KPCS mobile phone base system, is designed. To expand bandwidth of microstrip patch antenna, parastic elements both side of patch have been commonly applied. We add a U-slot in the patch to obtain wider bandwidth than those which are only applied parasitic elements. For measurement, epoxy substrate 1.2㎜, 4.75 relative dielectric constant and 0.0019 loss tangent was used for fabrication. Measured results of uniform fed 2x2 patch antenna show that 1.835㎓ resonance frequency and 50㎒-10㏈ bandwidth, and they are compared with theoretical results.

한국의 歲時風俗과 服飾 : 소설 <혼불>에 표현된 텍스트를 중심으로

유지헌 服飾文化學會 2003 服飾文化硏究 Vol.11 No.5

The Purpose of this study was to prospect new costume culture of 21st Century and to understand the meaning of clothing and clothing behavior which represent on Korean Seasonal Costumes expressed in novel, Honpul. The results were as follows; There are special Costumes in a Year. They are New year, First full moon, Servants day, making seasonings, Doo Rae, Wha-cheon Nori(enjoying blossoms) Costumes during spring season. Dan-Oh Costume in summer and Ya-Kwang-Gui(keeping shoes at ail night), Su-Ya(overnight), Yeam-Bal(burning dropped hairs) Costume in winter season. There were many relationship with clothing in new year, Wha-cheon Nori and Servants day Costumes, but they only had adorning meaning without special symbolic or incantational meaning. Clothing and clothing behaviors in Seasoning making day Costume, Dan-Ho costume and Ya-Kwang-Gui, Su-Ya, Yeam-Bal Cosumes contained practical meaning with incantational meaning. There were Servants day costumes and Doo-Rae Costumes for lower classes. New year and Wha-cheon Nori costumes for the higher classes. But the First full moon day costume was for both classes. This study will make us to grasp the meaning of clothing culture with Korean Seasonal Costumes, and be useful to measure the changes of Korean costume cultures.

표피낭종에 발생한 전염성 연속종 1예

문지훈,문용주,최혜자,윤석권 대한피부과학회 2003 대한피부과학회지 Vol.41 No.6

We present an unusual case of molluscum contagiosum occurring in epidermal cyst on back of a 5-year-old girl. Histology showed an intradermal cyst containing lamellated horny materials and typical molluscum cclls. In Korean literature, 5 such case were reported. We report an additional case of molluscum occurring in epidermal cyst. (Korean J Dermatol 3003;41(6) : 790~792)

자일리톨 섭취에 따른 Streptococcus mutans의 글루칸 생성관련 유전자 발현 억제효과

김지혜,이영은,안상헌,최연희,남순현,송근배 大韓小兒齒科學會 2009 大韓小兒齒科學會誌 Vol.36 No.4

본 연구에서는 장기적인 자일리톨의 섭취가 Streptococcus mutans의 대표적인 독성인자 중 하나인 글루칸 생성에 미치는 영향을 알아보기 위하여 글루칸 합성효소인 glucosyltansferase의 mRNA 발현을 실시간 역전사 중합효소 연쇄반응을 통해 평가하여 다음과 같은 결과를 얻었다. 1. 24개월 동안 자일리톨껌을 섭취한 군에서 타액 내 Streptococcus mutans의 colony 수는 통계적으로 유의하게 감소하였다(p<0.05). 2. 비수용성 글루칸 합성에 관여하는 유전자인 gtfB, gtfC의 발현은 자일리톨껌을 섭취한 군에서 시간이 지남에 따라 유의 하게 감소하였다(p<0.05). 특히 gtfB의 발현은 12개월과 24개월째 대조군에 비하여 통계적으로 유의하게 낮았고, gtfC의 발현은 24개월째 대조군에 비하여 통계적으로 유의하게 낮았다(p<0.05). 3. 수용성 글루칸 합성에 관여하는 유전자인 gtfD의 발현 역시 자일리톨껌을 섭취한 군에서 시간이 지남에 따라 유의하게 감소하였다(p<0.05). 또한 gtfD의 발현은 12개월과 24개월째 대조군에 비하여 통계적으로 유의하게 낮았다(p<0.05). 이상의 결과들을 종합해 보았을 때, 자일리톨의 섭취는 구강 내 Streptococcus mutans의 글루칸 합성 관련 유전자들의 발현을 억제시킴으로써 Streptococcus mutans의 수적인 감소를 가져오는 것으로 생각된다. Xylitol has the ability to reduce the adherence of Streptococcus mutans(S. mutans), which can make it easier to remove plaque, decrease acid production and inhibit dental caries. There are few reports on the effects of xylitol on the expression of the virulence related genes in S. mutans. This study examined the inhibitory effect of chewing gum containing xylitol on glucan synthesis related gene expression of S. mutans. Participants were voluntarily recruited for a women's oral health prevention program, classified into two groups(a control and a xylitol group), and then followed for 2 years. Twenty salivary samples were randomly selected from each group. Colony count and real-time reverse transcription polymerase chain reaction were used to analyze the characteristics of S. mutans. The following results were obtained: The S. mutans counts decreased steadily in the xylitol group over the study period(p<0.05). The expression of the virulence related genes (gtfB, gtfC and gtfD) was significantly lower in the xylitol group than in the control groups (p<0.05). In conclusion, these results suggest that chewing xylitol gum for a long period of time may reduce the expression of the genes associated with S. mutans virulence, which can result in a decrease growth of S. mutans colonies as a result.

초정밀 복합공정 로봇 시스템 핸드부의 처짐 저감 방안 연구

주지훈,정원지 한국공작기계학회 2008 한국공작기계학회 춘계학술대회논문집 Vol.2008 No.-

This paper aims at finding out best design condition by using DOE(Design of Experiment), which is designed to select the optimal preferred facilities for the Decision-Making problems. In particular, The 3-axis Cartesian robot is for handling glass lenses of both digital cameras and cellular phone cameras of which needs are gradually increasing worldwide. The endeffector of robot has a vacuum gripper which can do peg-in-hole simultaneous jobs for 6 non-spherical glass lenses. The repeatability i.e., (±5 ㎛) of an endeffector for peg-in-hole job is of major concern in order to prevent both error motion and interference with 6 cavities. If the end-effector of robot have a big deflection or deformation. This is occurred to problem. so necessary to the Reducing Deflection of Ultra Precision Robot Systems by using DOE.

가상 물리실험실의 설계

朴智憲,金原範 弘益大學校 科學技術硏究所 1995 科學技術硏究論文集 Vol.6 No.-

This Virtual Physics Laboratory for high school students was designed using simulation. This simulation allows us more precise inspection, and cuts down Laboratory costs. The Simulation consist of five parts, that is Newton's laws, motion in gravitational space, friction, collision and rest-contact etc. Each simulation make use of dynamics for both flexible objects as well as solids to get natural motions. It is necessary to model Laboratory for realistic simulation before simulating. We make use of differential equation for realistic simulation, so it need much computing time, we have to model Laboratory simple. We need more efforts in the design of more realistic simulation in three dimensional space.