RISS 학술연구정보서비스

검색
다국어 입력

http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.

변환된 중국어를 복사하여 사용하시면 됩니다.

예시)
  • 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
  • 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
닫기
    인기검색어 순위 펼치기

    RISS 인기검색어

      검색결과 좁혀 보기

      선택해제
      • 좁혀본 항목 보기순서

        • 원문유무
        • 원문제공처
          펼치기
        • 등재정보
        • 학술지명
          펼치기
        • 주제분류
        • 발행연도
          펼치기
        • 작성언어
        • 저자
          펼치기

      오늘 본 자료

      • 오늘 본 자료가 없습니다.
      더보기
      • 무료
      • 기관 내 무료
      • 유료
      • KCI등재

        확률할인요인들의 이상현상 설명력 비교 연구

        손삼호 한국자료분석학회 2010 Journal of the Korean Data Analysis Society Vol.12 No.5

        '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 9시까지 원문보기가 가능합니다.

        We assess the profitability of the anomaly hedge portfolios using a stochastic discount factor approach. Under CAPM or Fama-French 3 factor model, substantial residual profitability of the hedge portfolios remain and the level of profits do not decline after the risk adjustment. Under conditional CAPM and conditional Fama-French 3 factor model, the level of profits hardly decline after the risk adjustment. Under the non-parametric model based on the basis assets of Fama-French 16 portfolios, we can fully explain the risk adjusted excess returns of the anomaly hedge portfolios. We scrutinize the properties of the stochastic discount factors using the volatility vertical distance test of Cochrane and Hansen(1992). As a result, we find that the stochastic discount factors of the conditional and unconditional parametric models do not pass the volatility bound test. We can conjecture from this result that the large abnormal profitability of the hedge portfolios are due to the unadmissible properties of the stochastic discount factors of the parametric models. 본 논문은 한국 주식시장에서 CAPM 모형과 Fama-French 3요인 모형과 같은 모수적 모형들 및 그 조건부 모형들이 설명하지 못하는 발생액, 순영업자산, 총자산증가율 등의 이상현상들을 비모수적 모형이 설명하고 있다는 사실을 발견하였다. 본 논문은 비모수적 확률할인요인이 Hansen and Jagannathan(1991)이 제시한 확률할인요인의 허용가능경계를 구성하는데 이용될 수 있다는 점에 주목하고, 비모수적 확률할인요인의 특성을 진단적 기준(diagnostic tool)으로 설정하여 모수적 확률할인요인들의 허용가능성을 검정한다. 그 구체적 방법으로 본 논문은 Cochrane and Hansen(1992)의 변동성 수직거리 검정방법을 따랐다. 검정결과, 대부분의 조건부 및 비조건부 모수적 확률할인요인들은 허용가능 변동성 경계 아래에 위치하여 허용가능하지 않은 것으로 나타났다. 한국 주식시장에서 조건부 및 비조건부 모수적 모형들의 낮은 가격설명력은 그 확률할인요인들의 변동성이 지나치게 낮다는 사실에서 부분적으로 기인한다고 볼 수 있다.

      • 변동성요인이 자산가격에 미치는 영향에 관한 연구

        손삼호,김태혁,박종해 한국금융공학회 2010 한국금융공학회 학술발표회 Vol.2010 No.2

        본 논문은 우리나라 옵션시장의 변동성요인이 주식투자자들의 선택에 영향을 미치고 있는지를 검토한다. 본 논문은 옵션상품이 경제 내에서 비여분자산 (nonredundant securities) 으로서의 기능을 담당하고 있다는 최근 연구결과에 따라 변동성 요인을 자산가격결정 모형의 조건부 변수로 도입한다. 본 논문이 사용하는 변동성요인은 KOSPI200 지수에 대한 제로베타 등가격 스트레들 수익률이다. 동 수익률 변수를 조건부변수로 사용한 결과 주식시장에서의 자산가격결정모형의 가격결정력에 상당한 개선이 나타나는 것이 확인되었다. 따라서 주식 투자자들이 주식수익률에 대한 예상을 형성하는 경우 스트레들 수익률을 도구변수로 활용하고 있다고 해석할 수 있다. 한편 변동성요인과 시장수익률을 설명변수로 설정하고 각각의 기업그룹별 수익률에 대한 시계열회귀분석을 실시한 결과, 우리나라 주식시장에서는 소형 가치주보다는 대형 성장주그룹에서 변동성 요인에 대한 계수 값이 크게 나타나고 있어 미국 주식시장에 대한 연구결과와 유사한 결과를 나타내었다. 이는 우리나라 주식시장에서도 투자자들이 경제전체의 변동성에 대한 헤지수단으로 대형 성장주를 소형 가치주에 비해 선호하고 있음을 나타낸다. 이와 같은 발견은 옵션시장의 변동성 요인이 주식투자 포트폴리오 구성과 위험관리 및 헤지전략의 구성에 중요한 의미를 갖고 있음을 의미한다.

      • KCI등재

        무선인식 유통정보기술 투자가 장기 주가수익률에 미치는 영향에 관한 연구

        손삼호 한국유통과학회 2019 유통과학연구 Vol.17 No.3

        '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 9시까지 원문보기가 가능합니다.

        Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm’s RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return  for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors’ interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

      • KCI등재

        Price Impact of ESG Scores: Evidence from Korean Retail Firms

        손삼호,이정환 한국유통과학회 2019 유통과학연구 Vol.17 No.7

        '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 9시까지 원문보기가 가능합니다.

        Purpose – This paper examines the value relevance of socially responsible activities in the Korean retail firms. Recent studies predict positive relationships between socially responsible activities and the value of corporation. Research design, data, and methodology – We use the environmental score, social score, governance score and the sum of these three scores to represent a fim’s effectiveness of socially responsible activities. These scores are published by the Korean Corporate Governance Service. This paper adopts a share price valuation model to evaluate the effect of socially responsible activities on a firm’s share price, which controls for the book value of assets and current earnings. The ordinary least square method is employed to examine the relationship. The sample of Korea retail firms is examined from 2011 to 2016. We also conduct sub-sample analysis based on the categorization of chaebol affiliates and non-chaebol affiliates. Results – The entire sample analysis finds neither negatively nor positively significant relationship between socially responsible activities and the value of a corporation. In contrast, our examinations find a significantly positive valuation effect of social score within non-chaebol retail firms. Conclusions – The results weakly support the positive valuation effect of socially responsible activities. The results are consistent with recent studies that highlight heterogeneous effects of socially responsible activities on corporate policies and valuation.

      • KCI등재

        지방자치단체의 관광목적지 브랜드자산에 관한 연구

        손삼호 대한관광경영학회 2006 觀光硏究 Vol.21 No.1

        '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 9시까지 원문보기가 가능합니다.

        본 연구에서는 관광객들이 지각하는 브랜드자산의 선행변수인 브랜드광고, 브랜드비용, 선택속성이 브랜드자산의 매개역할을 통해서 만족과 브랜드 가치 그리고 브랜드 애호도에 어떠한 영향을 미치는가를 연구하고자 하였다. 실증분석결과는 첫째, 브랜드자산의 선행변수인 브랜드 광고, 브랜드 비용, 선택속성은 관광목적지로서 지방자치단체의 브랜드자산에 영향을 미치는 것으로 나타났다. 둘째, 관광목적지의 브랜드자산은 결과변수인 브랜드 만족, 브랜드 가치, 브랜드 애호도에 영향을 미치는 것으로 나타났다. 셋째, 브랜드가치는 브랜드 만족에 영향을 미치는 것으로 나타났다. 넷째, 브랜드 만족과 브랜드가치는 브랜드 애호도에 영향을 미치는 것으로 나타났다. 한편 본 연구의 의의와 기여도 측면에서의 전략적 시사점은 첫째, 관광목적지인 지방자치단체를 대상으로 브랜드자산의 선행변수인 브랜드광고, 브랜드비용 및 선택속성과 브랜드자산, 그리고 브랜드자산의 결과변수인 간의 관계를 최초로 실증분석 했다는 점이다. 둘째, 변수들을 구조적 모형 분석을 통해 통합적인 관점에서 직ㆍ간접적으로 접근했다는 점이다. 셋째, 관광목적지 관광마케팅 분야에 있어서 지방자치단체를 대상으로 브랜드자산과 관련한 이론적인 틀을 제시했을 뿐만 아니라, 실무적인 측면에서도 활용 및 응용이 가능하다는 사실이다. 넷째, 관광목적지인 지방자치단체의 브랜드자산이 이것의 선행변수인 브랜드광고, 브랜드비용 및 선택속성과 결과변수인 브랜드만족, 브랜드가치 및 브랜드애호도의 매개역할을 한다는 것이 실증적으로 검증되었고, 이의 결과는 지방자치단체의 관광마케팅 및 관광개발의 방향성을 제시할 뿐만 아니라, 경쟁우위 확보를 위한 시장지향적인 경쟁전략과 전략경영의 중요성을 시사해 주고 있다. The concept of brand equity is gaining its popularity in tourism marketing field where brand equity provides a way to acquire competitive advantages. Brand equity is especially important in tourism service industry, in that service affects brand equity more than product does. This phenomenon takes places because tourism service industry regards service as more important than product. The purpose of this study is to examine how the antecedents of customer-based brand equity of tourist destination, namely brand advertisement, brand cost, and attributes of brand choice, affect consequences of the brand equity of tourist destination, namely brand satisfaction, brand value, and brand loyalty ,via the brand equity of mediating variable. Empirical results are as follows; First, brand advertisement, brand cost, and attributes of brand choice affect the brand equity of local districts as tourist destinations. Second, the brand equity of tourist destination affects brand satisfaction and brand value . Third, brand value influences brand satisfaction. Fourth, brand satisfaction and brand value influences brand loyalty.From the results above mentioned, it can be concluded that, to attract more returns of tourists, marketers of tourist destinations try to make good impressions on their brand advertisement, brand cost, and attributes of brand choice and to gain better appreciation of the factors of brand equity, brand satisfaction, and brand value. Consequently, the better evaluation of tourists on those variables means the more their intention to revisit a particular destination. It is concluded that if local districts take practical actions based on the results of this study to enhance their own brand equity, they could expect various positive outcomes on their destination marketing.

      • KCI등재

        한국에서 유통정보기술 투자가 주가에 미치는 영향에 관한 연구 : RFID 사례를 중심으로

        손삼호 한국유통과학회 2018 유통과학연구 Vol.16 No.10

        Purpose - This paper investigates how the market value of the firms are impacted by distribution information technology investment in Korea over time and across markets, industries and project characteristics. This is the first empirical study on the market payoffs from the RFID investment in Korea. The purpose of this study is to provide a appropriate guideline for investors and practitioners with respect to the announcement representing RFID adoption in Korea. This reaction guideline will stimulate the practitioners to monitor and evaluate the benefits and costs of the innovative RFID technology. Research design, data, and methodology - This paper employs event study methodology to analyze the payoffs from distribution information technology investment announcements over a fifteen-year period from 2003 to 2017. Event study method is based on the assumptions such as market efficiency, unanticipated RFID invest announcements and no confounding effects in the data. This study collected the information on RFID investment announcements by using a full text search engine Bigkinds provided by Korea Press Foundation over a fifteen-year period from January 2003 through December 2017. This paper selected 88 announcements representing RFID adoption by 46 firms. This paper estimated the payoffs from RFID investment announcement through events windows by using the market model of Mcwilliams and Siegel (1997) and calculated the Z-values. Using this test statistics we could infer if RFID adoption make large differences in abnormal returns across various classifications of the firms. Results - There is significant positive market returns from the announcement representing distribution information technology investment in the pre-2009 time period, the significances of payoffs disappear in the post-2009 time period. For this reason investors or practitioners can understand the importance of market entry time and the fact that the greater rewards may belong to early innovators while late imitators cannot reap such a rewards. This paper also find that there is a large differences in the payoffs from the announcement across markets, industries and project characteristics. Conclusions - Analysing the selected sample of 88 announcements representing RFID Adoption over fifteen-year period from 2003 to 2017, this study find that there is not only significant abnormal excess returns from RFID investment announcements but also there is great differences in the abnormal returns over time and across firm sizes or affiliated markets, industries, and project characteristics. This means that there are considerable values for the investors across various firm classifications. The findings of this paper provide useful implications for the practitioners to make judicious decisions whether to adopt the innovative technologies in general or not considering the various concrete circumstances in Korea.

      • KCI등재

        유통 상장기업의 현금정책에 관한 연구

        손삼호 한국유통과학회 2015 유통과학연구 Vol.13 No.3

        '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 9시까지 원문보기가 가능합니다.

        Purpose – The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology – To explain a firm’s cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin’s q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study’s methodology has its origin in Keynes’s simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results – Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions – The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

      • KCI등재
      • KCI등재

        A Legal and Policy Analysis of KRW Internationalization from the Perspective of Offshore Circulation

        손삼호 한국유통과학회 2013 유통과학연구 Vol.11 No.3

        Purpose – Recently, the Korean government is seeking to internationalize KRW and reduce its heavy reliance on the U.S. dollar and better cope with risks from external turbulence. However, there has been too little study on this subject in comparision with its importance. The main objective of the paper is to distinguish the descrete stages of the KRW internationalization and recognize the costs and benefits of each stage. Research design, data, methodology – In order to achieve its goal, this study accomplishes a formal policy analysis based on potential factors of currency internationalization and an examination of legal practices in relation to Foreign Exchange Transaction Regulation (the Regulation). Results – This study found that securing monetary policy may not be easy under liberalized capital account for a small open economy like Korea in view of the trillema. In addition, the inherent ambiguity of the Regulation may increase the costs of KRW internationalization. Conclusions–This study revealed the negative system for the control of foreign exchange of the Korean government. The excessive regulatory restrictions on foreign exchange may hinder the process of KRW internationalization. Some legal and policy reforms are needed to improve related regulation and infrastructure.

      연관 검색어 추천

      이 검색어로 많이 본 자료

      활용도 높은 자료

      해외이동버튼