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V-Shaped Disposition Effect and Investor Underreaction to Earnings News
Minki Kim,Toyoung Kim,Tong Suk Kim 한국재무학회 2018 한국재무학회 학술대회 Vol.2018 No.05
We attempt to explain investor underreaction to earnings news using the newly documented refinement of the disposition effect, which is the V-shaped net selling propensity (VNSP). Using a novel data set containing stock-level information on the trading activities of different types of investors, we find that both large unrealized capital gains and losses positively predict subsequent stock returns in Korean stock markets. Furthermore, investors’ net selling propensity affects stock price drift after earnings announcements. Among good news stocks, postannouncement drift is more pronounced when they suffer from stockholders’ higher net selling propensity. Furthermore, these empirical results hold only when we construct a VNSP based on individual trading activity. Interestingly, the classic disposition effect does not induce underreaction to earnings news in our data set.
김민기(Kim, Minki),조인정(Cho, Yinjung),김윤미(Kim, Yunmi),강민관(Kang, Minkwan),이상훈(Lee, Sanghoon),김재식(Kim, Jaesig) 한국신재생에너지학회 2010 한국신재생에너지학회 학술대회논문집 Vol.2010 No.11
The steady and dynamic process model for an internal reforming molten carbonate fuel cell power plant is discussed in this paper. The dominant thermal and chemical dynamic processes are modeled for the stack module and balance-of-plant, including cathode gas preparation, heat recovery, heat loss (Each heat loss amount for the stack and MBOP is obtained from real plant data) and fuel processing. Based on dynamic model and control demand, PID controllers are designed in the whole system. By applying these controllers we can obtain temperature balance of stack and control system depending on changing steam to carbon ratio, air feed amount, and transient condition.
Minki Kim,허훈 한국자동차공학회 2019 International journal of automotive technology Vol.20 No.4
This paper investigates asymmetric hardening behavior of the magnesium alloy sheet of AZ31B at different strain rates when deformation is large. Tensile tests are carried out at the quasi-static state of 0.001 s–1 and the intermediate strain rate of 100 s–1 utilizing the Instron 5583 and the high speed material testing machine (HSMTM), respectively. Compression tests are conducted at the strain rate of 0.001 s–1 and 100 s–1 using a jig fixture mounted on the testing machines to change the loading direction into the opposite direction. A compression testing method is developed to obtain compressive properties with large strain, which includes the attachment of a fork-type clamping device and the design of specimen dimensions to achieve large strain without buckling during the test. Experimental results reveal the asymmetric behavior showing that the tensile yield stress is much larger than the compressive one at both strain rates. The difference between the flow stress level in tension and compression becomes larger when the s train rate is h igher. T he c ompressive h arden in g behavior is very much different from the tensile hardening behavior showing that the compressive flow stress increases remarkably as the deformation proceeds while the tensile flow stress asymptotes to a certain value.