투자자 심리와 배당공시에 대한 시장반응: 행동재무학적 관점에서의 접근

임병진(Yim, Byung-Jin),허지훈(Heo, Ji-Hun) 한국경영교육학회 2020 경영교육연구 Vol.35 No.1

[연구목적] 본 연구는 증권시장의 전반적인 투자자 심리가 높고 낮음에 따라 기업이 실질적으로 유리한 방향으로 배당정책을 운영하는지 여부와 투자자 심리에 대한 개별 주식 수익률의 민감도에 따라 배당정책 결정 및 투자자들의 시장반응이 상이하게 나타나는지를 검증해 보았다. [연구방법] 본 연구는 2005년부터 2015년까지 총 4,352개의 현금배당공시 중에서 주당 배당금의 증감이 이루어진 2,015개의 공시자료를 이용하여 로짓분석 및 회귀분석을 통해 배당증감 결정요인 및 투자자들의 시장반응을 투자자 심리와 투자자 심리에 대한 개별 주식수익률의 민감도를 중심으로 분석하였다. [연구결과] 투자자 심리와 배당금증감 여부 및 증감수준 사이에 유의적인 부(-)의 관계가 확인되어, 투자자 심리가 낮을 때, 경영자는 배당을 증가시키는 경향이 있으며 증감수준도 더 높은 것으로 나타났다. 또한, 시장에 대한 비관적인 전망이 강할 때, 투자자 심리에 대한 개별 주식수익률의 민감도가 낮은 기업들이 배당을 증가시키는 경향이 있음을 확인하였다. 다음으로, 투자자 수요와 일치하는 배당정책 결정에 대한 시장반응에서는 투자자 심리가 낮을 때, 배당증가 공시에 대한 시장반응이 더욱 긍정적으로 나타나 투자자 심리지수와 누적 비정상 수익률 사이에는 유의적인 부(-)의 관계가 존재함을 확인되었고, 투자자 심리가 낮을 때, 투자자 심리에 대한 기업의 주가수익률의 민감도가 낮은 그룹의 누적 비정상 수익률이 더 높은 것으로 나타나 투자자 심리에 대한 개별 주식수익률의 민감도와 누적 비정상 수익률 사이에 부(-)의 관계가 존재함을 확인하였다. [연구의 시사점] 지금까지의 기업의 배당증감 정책을 신호전달가설 및 대리인 문제 관점에서 설명하는 전통적인 재무이론과는 달리 행태 재무학적 관점에서 투자자 심리가 배당증감 정책과 시장반응에 미치는 영향을 분석한 연구로 이론적, 실무적 시사점을 제공하였다. [Purpose] Dividend policy may vary according to the overall investor sentiment of the market, but in addition, it can be changed depending on the sensitivity of individual stocks to the change in investor sentiment. This study aimed to determine whether the policy of increasing dividends and the sensitivity of individual stock returns to investor sentiment differ in the decision of dividend policy and the market response of investors. [Methodology] This study used 2,015 dividend announcement from 2005 to 2015 where dividends increased or decreased among 4,352 cash dividend announcement. In addition, this study analyzed the determinants of dividend increase and investor’s market response based on the sensitivity of individual stock returns to investor sentiment and investor sentiment using logit analysis and regression analysis. [Findings] First, there was a significant negative relationship between investor sentiment and dividend increase and decrease. This is consistent with our hypothesis that managers will tend to increase dividends when investor sentiment is low. In addition, the market response to dividend policy decisions consistent with investor demand was stronger when the investor sentiment was low. Finally, when the investor sentiment is low, the cumulative abnormal returns of companies with low sensitivity to stock returns on investor sentiment are higher, indicating a negative relationship between the sensitivity of individual stock returns to the investor sentiment and cumulative abnormal returns. [Implications] This study provides a study on the market response to dividend increase and decrease announcement from a behavioral and financial perspective using investor sentiment. It also be able to provide practical implications for investor’s decision making in investment.

선천성 완전방실차단이 동반된 신생아 루프스 1예

정재현,이은지,이은주,황진원,송영진,최병진,김일환,김종윤,허민영,김동욱 인제대학교 2009 仁濟醫學 Vol.30 No.-

Neonatal lupus is a rare syndrome occurring In neonates with tranplacentally acquired maternal autoantibodies, In particular anti-SSA/Ro-SSB/Ra antibodies. Manifestations include congenital heart block, cutaneous lesions, thrombocytopenia, neutropenia, pulmonary or neurological disease and hepatitis. The non-cardiac manifestations resolve by 6 months of age, congenital heart block is irreversible. We experienced a case of neonatal lupus with congenital complete heart block in a newborn of asyptomatic mother with anti-SSA/Ro-SSB/Ra antibodies.

온라인 화상 인증을 위한 분산 객체 활성화 시스템

허진경,양환석,박승규,장근실,김종민 朝鮮大學校 統計硏究所 2007 統計硏究所論文誌 Vol.9 No.1

클라이언트로부터 전송되는 인증 데이터를 실시간으로 서버에서 분석하여 처리하는 시스템의 경우에는 입력되는 데이터의 양에 비례하여 서버의 부담은 증가하게 된다. 이때 서버에서는 데이터의 병목현상이 발생하게 되고, 이는 바로 전체적인 시스템의 성능을 저하시키는 결과를 초래하게 된다. 본 논문에서는 데이터 처리의 병목현상을 해결하여 시스템의 성능을 높일 뿐만 아니라, 인터넷상의 유휴 서버들을 활용할 수 있게 하기 위한 방안으로 분산처리 기술을 이용한 전처리 작업 시스템과 그 성능을 향상시키기 위한 분산 객체 활성화 시스템을 제안한다.

지치 발거 후 안면부에 발생한 방선균증의 치험례

하지영,김일규,오성섭,최진호,오남식,차상권 대한악안면성형재건외과학회 2001 Maxillofacial Plastic Reconstructive Surgery Vol.23 No.1

Actinomycosis is chronic, granulomatous, suppurative and fibrosing disease caused by Actinomyces. Actinomyces are anaerobic, G(+), non-acid-fast, branched, filamentous bacteria. The most commonly found microorganism is Actinomyces israelii. Common site for isolation of actinomyces are dental plaque, dental caries, calculus, and tonsillar crypt. A breach in the integrity of the mucosa by direct trauma or following a fracture, tooth extraction, root canal therapy or some intraoral surgical procedure is thought to be the most likely portal of entry. This is a case report of 23 years old male with cervicofacial actinomycosis developed after extraction and treated with surgical excision and antibiotics.

연산자분리기법에 의한 1차원 이송-확산방정식의 수치해석

허진욱,윤종태 경성대학교 2000 論文集 Vol.21 No.1

A combined numerical model simulating the transport of pollutant in on dimensional flow is presented. The transport of pollutant is governed by the advection-diffusion equation which has characteristics of both hyperbolic and parabolic type partial differential equations. One general choice of numerical techniques for solving the advection-diffusion equation is the so called 'split-operator method' or 'fractioned-step method', this is, the advection and diffusion terms are solved separately by different numerical schemes. In this study, a numerical model is developed using 6-points scheme, improved 6-points scheme and SOWMAC scheme for advection operator and the explicit scheme proposed by Hobson et al. for diffusion in one dimensional flow. To verify the developed model, the source(Gaussian hill), the dual point sources(superposition of two Gaussian hills) at upstream boundary with constant velocity and diffusivity condition, and additionally for the varied flow. Through the comparisons of the numerical results with those of other models and analytic solutions, it is identified that all the schemes give stable solutions and agree well with analytic solutions, For advection simulations, the improved 6-points scheme performs best, but for advection-diffusion simulations SOWMAC method shows better results. All schemes provide satisfactory results for varied flow field and the extension of the scheme to real problem is done straightforword and sucessfully.

위치 제어계에서 신경망에 의한 2 자유도 PID 제어계의 구성

허진영,하홍곤,고태언 동의대학교 산업기술개발연구소 2000 産業技術硏究誌 Vol.14 No.-

Many industrial control system often use PID, I-PD in sort of the conventional control system method. But it is difficult to control a satisfactory response in variable load and changing parameter, can not have the both purpose of setpoint tracking and disturbance rejection at the same time. Therefore we propose 2-DOF(Degree of Freedom) PID controller ebust for tracking function in the target value point as well as removal disturbance. In this paper construct to 2-DOF PID control system in the position control system at D.C servo motor. first construct 2-DOF PID controller by a neural network. 2-DOF parameter (α, β, γ, η ) is tuned by the back-propagation algorithm of neural network. we consider the 2-DOF control system in the position control system and verify availableness of proposal method through the result of computer simulation.

마라톤 동호인들의 참여동기와 활동만족도에 관한 연구

허천,장진우,박승환 한국스포츠리서치 2004 한국 스포츠 리서치 Vol.15 No.6

The purpose of this study is to analyze the motivation and degree of satisfaction of marathon runners. The subjects are composed of 295 members of marathon clubs in Kwang Won Kung Kee provinces. The result of this study is as follows. First, as a result of analyzing the involvement motivation of marathon runners among demographic characteristics, self-esteem sub variable shoved statistically significant difference according to sex, and the sub variable of psychological coping·self-esteem·social recognition showed statistically significant difference according to age. In addition, the sub variabie of life-meaning·psychological coring·self-esteem showed statistically significant difference according to the final education years, and the sub variable of life meaning·psychological coping·self-esteem·striving·social recognition showed statistically significant difference according to job, and the sub variabie of life meaning·psychological coping·self-esteem·competition·health orientation·social recognition showed statistically significant difference according to monthly income. Second, as a result of analyzing the degree of satisfaction among demographic characteristics in marathon runners, physical satisfaction sub variabie showed statistically significant difference according to sex, and the sub variable of educational·social·psychological satisfaction showed statistically significant difference according to the final education years, job, monthly income.

칼라 화상 합성을 위한 윤곽선 추출 고속화 알고리즘에 관한 연구

허진경,이웅기 조선대학교 통계연구소 2000 統計硏究所論文誌 Vol.2 No.1

This Paper describes a contour extraction algorithm for color image composition. When a new image is compoended with an object cut from many images, it is important to extract contour f the object. The principal way of extracting contour suggested the method that the contour of an object is drawn with a thick line, and the line is made a thin line by spacial differental value if input image. But in that case as there is an defect which takes processing the above mentioned method.

프랑스어 상호·상표에 대한 인식실태와 교실에서의 활용교육에 관한 연구

허진영 대구대학교 인문과학연구소 2008 人文科學硏究 Vol.31 No.-

Nous observont souvent les mots français utilisés comme noms d'entreprise ou de produits dans la vie coréene. Cependant les Coréens ne connaissent pas bien le sens et la prononciation de ces mots français. Pour combler cette lacune, nous avons essayé de savoir ce que les étudiants coréens se souviennent 25 mots français supposés tels que Tous les jours, Mon ami, La neige, Elle. Cette ê̂nquete nous amène aux faits suivants: En premier lieu, les femmes se rappellent plus de mots que les hommes. En deuxième lieu, nous ne demandons cet exercice qu'aux étudiants de l'Université de Daegu. C'est la raison pour laquelle, nos items et nos informants sont limités et nous ne prétendons pas que nos faits soient de nature absolue et durable. Mais notre étude est l'un des premiers essais pour mettre à profit dans l'enseignement des mots français utilisés comme noms d'entreprise ou de produits dans la vie coréene. Notamment, du point de vue de l'enseignement des mots français, nous pouvons proposer en cours non seulement les expressions en langue française utilisées, mais aussi nous servir de ce lexique comme support de conversation quotidienne simple. L'enseignant montrera aussi les différences phonologiques, les erreurs, l'intégration ou l'absence des articles, les problèmes de trancription qui apparaissent dans ce corpus.

세균성 키토산 가수분해효소의 부분적 특성

허승만,고영환,하진환,김재하 제주대학교 생명과학연구소 1999 제주생명과학연구 Vol.2 No.-

chitosan은 D-glucosamine이 β-(1→4) 결합으로 중합된 homopolymer로 chitin을 탈아세틸화(deacetylation)하여 제조된다. chitin은 갑각류의 껍질이나 곤충의 외피, 사상균체의 세포벽을 구성하고 있다. chitin, chitosan 또는 그 분해산물이나 유도체들의 산업적 효율성이 밝혀지면서, 이에 대한 연구가 활발히 이루어지고 있다. 그 중의 한 분야가 효소 분해법을 이용한 chitosan oligomer(chitosanoligosaccharides)의 생산이다. 본 연구에서는 chitosan을 분해하는 미동정 세균의 배양액으로부터 chitosan 가수분해효소(chitosanase)를 분리·정제하여, 주요 특성을 조사하였다. 세균의 무세포 배양액을 한외여과기(NMWL, 1K)로 여과하여 저분자량의 화합물을 제거한 다음 황산암모늄을 가하여 90% 포화시키고, 침전된 단백질을 회수하여 gel permeation chromatography(sephadex G-10과 G-100)로 chitosanase를 정제하였다. 정제전 효소의 비활성은 5.8U/mg 이었으나 정제과정을 통하여 9.7U/mg으로 증대되었다. 정제 전후를 통하여 SDS-PAGE 법에 의한 단백질의 분석과 효소활성 염색으로 한 종류의 chitosanase가 확인되었으며, 그 분자량은 약 30,000dalton 이었고, subunit는 한 종류인 것으로 추정되었다. chitosanase에 의한 기질의 분해산물을 한외여과와 TLC로 분석한 결과, 이 효소는 이량체에서 육량체까지의 chitosanoligosaccharides를 생산하였으며, 단량체를 생산하지 않는 특징이 있었다. 효소반응 최적온도는 40℃이었고, 50℃ 이상에서는 효소의 활성이 급격히 저하되어, 비교적 열안전성이 낮았다. 또한, 이 효소는 pH 5.0∼9.0 범위에서 1시간 방치해도 활성변화가 미미하여, 비교적 광범위한 중성영역에서 안정하였다. Chitosan is a polymer of D-glucosamine linked by β-(1→4) covalent bonds. It is obtained through deacetylation of chitin that occurs mainly in the shells of crustaceans and the exoskeletons of insects. It is also found in fungal cell walls. Having relatively rich natural resources, chitin and their derivatives are widely utilized in industries. Among those are chitosanoligosaccharides that are reported to have several biological functions. The production of chitosanoligosaccharides requires hydrolysis of chitosan by an acid or an enzyme. A chitosanase, the chitosan-depolymerizing enzyme, was purified from unidentified bacterial culture and its characteristics were determined. Cell-free culture of the unidentified bacterium was filtered with ultramembrane(NMWL, 1K) to remove low molecular weight compounds. Ammonium sulfate was added to the filtrate at the level of 90% saturation to induce precipitation of proteins. The precipitated proteins were desalted with sephadex G-10 column and fractionated through sephadex G-100 gel permeation chromatography. Specific activity of the enzyme before purification was 5.8 units/mg and was increased up to 9.7 units/mg through purification procedures. SDS-PAGE analysis of proteins and enzyme activity staining revealed only one kind of chitosanase in the bacterial culture. Its molecular weight was about 30,000 dalton with one kind of subunit. The catalytic unit could highly be a monomeric protein. TLC-analysis of enzymatic hydrolysis products of chitosan showed that the enzyme generated dimeric through hexameric oligomers of D-glucosamine without producing monomeric D-glucosamine. Its optimum temperature for catalytic activity was 40℃ and the catalytic activity dropped rapidly at the temperatures higher than 50℃, which reflected its low heat stability. The enzyme was stable for at least one hour at neutral pH ranges from 5.0∼9.0.