http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
Conditional Relationship between Disress Risk and Stock Returns
윤수희,김정민 사람과세계경영학회 2022 Global Business and Finance Review Vol.27 No.1
Purpose: Previous research on the relationship between a firm’s distress risk and future stock returns produces inconsistent results. This study attempts to explain the conflicting results of earlier studies by showing that systematic distress risk leads to positive rewards, while unsystematic distress risk leads to low stock returns. In addition, this study intends to elucidate the factors of systematic distress risk and unsystematic distress risk, respectively. In this way, this study informs the rational investor what kind of distress risk they should take. Design/methodology/approach: This study considers two distress-predictor sets to show a possibility between distress risk and stock returns in both directions. The first set includes profitability ratio, excess returns, and volatility, and the second consists of leverage, firm size, and book-to-market ratio. Similar to the methodology proposed in Campbell et al. (2008), this study measures the distress risk using a dynamic logit model. Depending on which explanatory variables predict the distress risk, the relationship between distress risk and future stock returns could be in both ways. Findings: This study first shows that systematic and unsystematic distress risk factors are significant in predicting failures. However, the effects of the two distress risk factors on stock returns appear in opposite directions. Precisely, the systematic distress risk is estimated by the debt ratio, company size, and book-to-market ratio. The common factors of Fama and French (1993) explain the positive risk premium due to the systematic distress risk. In contrast, the unsystematic distress risk is predicted by profitability, momentum effect, and firm-specific volatility. The Fama-French common factors do not explain low stock returns due to unsystematic distress risk. Research limitations/implications: Because of the two different attributes of distress risk, investors must assume systematic distress risk and avoid unsystematic distress risk. Although the results of this study are based on the analysis of the Korean stock market, the main hypotheses can be tested in other countries’ stock markets as well. Originality/value: This study is the first to compromise the inconsistent results of existing studies, and it explicitly shows the factors of systematic and unsystematic distress risk.
Various biogenic amines in Doenjang and changes in concentration depending on boiling and roasting
윤수희,김민주,문보경 한국응용생명화학회 2017 Applied Biological Chemistry (Appl Biol Chem) Vol.60 No.3
Biogenic amines are formed by microorganisms during fermentation. Major biogenic amines found in food are histamine, tryptamine, 2-phenylethylamine, putrescine, cadaverine, tyramine, spermidine, and spermine. Doenjang is a traditional fermented food made of soybean and is widely used for cooking of various foods in Korea. During fermentation, harmful substances such as biogenic amines could be produced in Doenjang. In this study, we examined the types and quantities of biogenic amines in commercial Doenjang and analyzed the destructive effects of cooking on biogenic amines in Doenjang. Biogenic amines were identified by high-performance liquid chromatography with a fluorescence detector (HPLC-FLD). The concentrations of biogenic amines in commercial Doenjang depended on the manufacturer and ranged from none detected to 415.08 mg/kg. Putrescine and tryptamine were the most abundant biogenic amines in Doenjang samples, whereas cadaverine was not detected in any commercial samples. For all cooking conditions, tryptamine, 2-phenylethylamine, putrescine, and tyramine were detected in Doenjang, and their concentrations decreased significantly after 10 min of roasting. The total concentration of biogenic amines in Doenjang soup was not changed significantly by boiling. Therefore, roasting, unlike boiling, can be considered more effective at reducing the amount of biogenic amines in Doenjang.