Theory on the Association between Audit Quality and the Accuracy and Dispersion of Analysts’ Earnings Forecasts

최종학,Young K. Kwon 서울대학교 경영연구소 2008 Seoul Journal of Business Vol.14 No.2

In this study, we establish a link between audit quality and various characteristics of analysts’ earnings forecasts (i.e., accuracy and dispersion) and present theory which suggests that the audit quality enhances the market’s earnings expectation. Our proposition is that enhancing audit quality improves the quality of accounting numbers, which in turn affects analysts’ forecasting ability. Although prior empirical studies investigated this relation by using various proxies, none of them directly show the relation with theoretical base. In this paper, we model that accounting earnings are in autoregressive process and influenced by earnings shock. The earnings shock is composed of unpredictable random shock and accounting errors. Then we show that high-quality audit can reduce the accounting errors which in turn influence the analysts’ earnings forecasts. The model’s predictions are: (1) forecast accuracy is higher, and (2) forecast dispersion is smaller for firms audited by high-quality auditor. These theoretical predictions are largely consistent with empirical findings in prior studies, especially a recent study of Behn et al. (2008).

방사선사(放射線士)의 동무(勤務) 실태(實態)에 관한 조사연구(調査硏究)

최종학,전만진,박영선,Choi, Jong-Hak,Jeon, Man-Jin,Park, Young-Sun 대한방사선과학회 1986 방사선기술과학 Vol.9 No.1

We got the following results from the 324 radiologic technologists as we surveyed their working condition by using the questionaire, who were working in the medical institutions (general hospitals and doctor's clinics) situated in the area of Seoul city, Kyung ki-do and Chung-chong-do since June to December 1985. 1. Their daily average working time was almost within 10 hours (in 93.9% of general hospitals, 66.1% of clinics). 2. About the numbers of holidays, 85.5% of general hospitals have one holiday per week,41.3% of clinics have one holiday per week or 38.5% of clinics have one holiday per two weeks. 3. Duty appointment of radiologic technologists in the department of radiology is taking charge of each part after serving for a certain part for some period (42.8%), taking charge of the special part continually or by turns in other working parts (35.3%). On the other hand in the clinics they took charge of all parts continually (53.2%) or by turns with their own situations. (30.3%). 4. Their daily working amount is too much in 51.6% of general hospitals or 45.8% of clinics. 5. They answered it was hard in 81.4% of general hospitals or 43.1% of clinics about the degree of difficulty of their work. 6. Their monthly salary is higher in the clinics than in the general hospitals and higher in Seoul area than in Kyung-ki or Chung-chong area. 7. Their yearly bonus .ate is 400%-600% (69.2%) in almost general hospitals, 100%-300% (57.8%) in th. clinics. 8. Danger allowance is paid with the monthly salary in 62.8% of the general hospitals or 19.2% of clinics and license allowance is paid in 44.7% of general hospitals or in 12.8% of clinics. 9. Their initial salary (except bonus) is about 200,000 won (in 76.8% of general hospitals, in 67.8% of clinics). 10. Their salary is raised regulary every year in 52.6% of general hospitals, but it is irregulary in 73.4% of clinics. 11. Promotion system is managed in 48.4% of the general hospitals or in 14.7% of clinics. 12. Retirement allowance is assured in 96.9% of the general hospitals or in 63.3% of clinics. 13. Main cause of their retirement is moving to more paid hospitals, better hospitals in working condition or facilities, moving to another cities, to the hospitals with more opportunities of promotion or choosing other jobs etc. 14. Human relationship with doctors, nurses or co-worker technologists as a member of medical team appeared almost intimate and good.

전문대학(專門大學) 방사선과(放射線科)의 수업년한(修業年限) 연장(延長)에 관한 연구(硏究)

최종학,이상석,김영일,전만진,권달관,박영선,임한영,강세식,Choi, Jong-Hak,Lee, Sang-Suk,Kim, Young-Il,Jeon, Man-Jin,Kwon, Dal-Gwan,Park, Young-Sun,Lim, Han-Young,Kang, Se-Sik 대한방사선과학회 1990 방사선기술과학 Vol.13 No.2

As the institute of education teaching radiologic technology in Korea, different from others, junior college is the only institute which has been managed for it as a two-year educational course for 27 years since 1963 when it was established for the first time in our country irrespective of the needs of the times. But according to the development of medical equipment, variety of medical skill, increase of medical demands now a days, the supply of radiologic technology in modern medicine not only makes it advance as an inevitable factor but also broadens the area of its business systematically. Therefore, we got the following results after we had considered the necessity to lengthen the term of education and searched for the most reasonable way. 1. The term of study of the radiologic technologists in junior college must be lengthened to 3 years from 2 or 3 years regulated in the law of education. 2. In three-year curriculum, the subjects like basic medical science, science and engineering and ultramodern science, etc., which are lated to the new radiologic science must be taught in the junior colleges, and hospital practice also must be a compulsory subject in curriculum. 3. As the school years becomes longer, a lot of programs to make the study effective must be searched, researched and propelled forward.

[샘터광장] 인간 수업

최종학,임영범,남영걸,남경화,임용진 샘터사 1989 월간 샘터 Vol.20 No.7

Synthesis of Silver Coated Carbon Nanotubes Using Electroless Plating for Polymer Composites

최종학,윤호규 한국고분자학회 2009 한국고분자학회 학술대회 연구논문 초록집 Vol.2009 No.4

내시경 점막절제술로 치료한 십이지장 유암종

최종학,송인도,오인수,김범진,오형철,김정욱,김재규 대한소화기내시경학회 2010 Clinical Endoscopy Vol.40 No.1

Duodenal carcinoid tumors are rare, and they represent only 2.0∼8.9% of all gastrointestinal carcinoid tumors in the western countries. Duodenal carcinoid tumors have previously been treated by surgical resection. The recently recommended treatment for a carcinoid tumor smaller than 1 cm in diameter is endoscopic resection. We experienced a case of a duodenal carcinoid tumor in a 56 year-old man who presented with upper abdominal pain. On the endoscopic examination, a 6 mm sized polypoid lesion with a central depression was noticed on the duodenal bulb. The biopsy confirmed the diagnosis of carcinoid tumor. The endoscopic ultrasound probe showed a hypoechoic tumor that was confined to the submocosal layer. The tumor was completely resected by an endoscopic mucosal resection technique and using a transparent cap. 유암종은 매우 드문 질환으로 발생위치 중 위장관이 가장 흔하다. 그 중 십이지장은 3번째로, 서구의 경우 위장관에서 발생한 유암종의 2.0∼8.9%의 비율을 보인다. 과거에는 십이지장 유암종은 외과적 절제술로 치료하였으나, 현재는 점막하층에 국한되어 있고 전이가 없으며, 크기가 10 mm 미만의 유암종에서는 내시경 절제를 시행할 수 있다. 저자들은 상복부 통증을 주소로 내원한 56세 남자에서 십이지장 구부에 중심부의 함몰이 있는 6 mm의 용종성 병변을 발견하였다. 조직검사에서 유암종으로 진단되었으며, 내시경 초음파 검사에서 저에코소견을 보이고 점막하층에 국한된 양상을 보였다. 투명캡을 이용한 내시경 점막절제술을 시행하였으며 출혈, 천공 등의 합병증없이 완전히 절제되었다.

흉부(胸部) 정면(正面)X선사진(線寫眞)의 화질(畵質)에 관한 검사(檢討)

최종학,전만진,이창엽,Choi, Jong-Hak,Jeon, Man-Jin,Lee, Chang-Yup 대한방사선과학회 1985 방사선기술과학 Vol.8 No.2

The author came to analize and get the following problems after researched radiographic quality in order to find out the necessary factors to improve in radiographs of frontal projection of the chest selected at random of the adult patients (1545 male, 1520 female) who had been examined in 4 departments of radiology of the general hospitals in Seoul and Kyungki area. 1. Problems of x-ray film or of radiographic cassette appeared in 2.97% radiographs on account of selection of the film size (except costophrenic sinus) (1.79%), poor screen-film contact (0.85%), light leakage of cassette (0,33%). 2. Problems of patients' positioning or breathing appeared in 16.57% radiographs of all because of overlapping of lung apex and clavicle (6.98%), overlapping of scapula and lung field (5.87%), asymmetrical projection of clavicles (1.76%), errors in positioning and breathing of the patient (1.96%). 3. Problems of x-ray exposure factors or film processing appeared in 22.25% radiographs because of over-density (2.64%), under-density (3.95%), fog (0.59%), demonstration density under clavicles or lung marking unsharply (3.82%), not clear of lung marking from breast region (0.94%), not clear the lung marking from the part overlapped of heart and lungs (3.92%), not clear the lung marking from the part overlapped of liver and lung (6.49%).

유유아(乳幼兒)의 흉부X선검사(胸部X線檢査)에 대(對)한 통계학적(統計學的) 고찰(考察)

최종학,전만진,김영일,Choi, Jong-Hak,Jeon, Man-Jin,Kim, Yong-Ill 대한방사선과학회 1979 방사선기술과학 Vol.2 No.1

For this study, 2,712 sheets of the chest x-ray films of neonatuses, infants and early children were observed statistically and then the following results were obtained: 1. Seasonal increment of patients was overwhelming in spring and summer in compare with in autumn and winter. 2. Males was majority in distribution by sex. Neonatal and infancy group was the largest in number by forming 29.46% in distribution by age group and then follows six-years group(14.75%), one-year group(13.64%) and five-years group(12.61%) 3. In radiographical projection for chest, a great proportion was P-A projection as 53.72%. But, almost all the neonatal and infancy group and emergency patients were by A-P projection 4. As for x-ray findings, 78.47% was normality while 21.53% was abnormality. Tuberculosis(176 cases), was the largest in number in abnormal cases and next in rank was pneumonia(128 cases)and then congenital heart disease(82 cases). 5. Adequacy of exposure was disclosed as follows: 57.01% in correct-exposure 29.20% in over-exposure, 13.79% in under-exposure. 6. The x-ray beam was not restricted in 77.10% of total films. 7. "Good" formed 30.01% in position immobilizing of the patient and "ordinary" formed 38.02%, "bad" 31.97%. Especially, "Bad" formed high percentage in neonatal and infancy group.

III급 부정교합을 가진 구순구개열 환자에 대한 두개계측학적 연구

최종학,황웅,유선열 대한악안면성형재건외과학회 2004 Maxillofacial Plastic Reconstructive Surgery Vol.26 No.6

The Impact of the Sarbanes-Oxley Act on Clients’ Audit Opinion Shopping Behavior

최종학,정희선,선우혜정,장윤석 한국회계학회 2016 會計學硏究 Vol.41 No.3

This study investigates whether the tendency for audit clients to engage in opinion shopping becomes weaker after the enforcement of the Sarbanes-Oxley Act (SOX). While Lennox (2000) provides evidence that U.K. firms successfully engage in opinion shopping, there is limited evidence on the mitigating effect of SOX on opinion shopping. Using observations collected from the period before and after the enforcement of SOX (year 2001, 2004 and 2005), we find that, for our sample period, firms are likely to switch (retain) their incumbent auditors when the likelihood of receiving a going concern opinion is lower (higher) from a successor auditor, suggesting evidence of opinion shopping. More importantly, we find that firms are less likely to engage in opinion shopping after the enforcement of SOX. These findings suggest that more stringent legal and audit environment in the post-SOX period, at least partially, restricts firms’ opportunistic behavior of shopping for a better audit opinion and enhances auditor independence. These findings provide valuable implications to regulators as well as academicians and practitioners.