• The Korean Journal of Financial Studies
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• v.6 no.1
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• pp.23-45
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• 2000

기존연구에 의하면 무상증자의 공시는 공시기간 중 정(+)의 가격효과를 초래하는 것으로 나타나고 있다. 무상증자에 대한 이러한 시장의 호의적인 반응을 설명하기 위해 여러 가설이 제기되어 왔으며, 그 중 무상증자는 좋은 내부정보를 외부에 신빙성 있게 전달하는 신호기제가 될 수 있다는 신호가설이 특히 지지를 받고 있다. 그런데 짧은 공시기간 중의 정(+)의 주가반응만을 보고 신호가설이 지지된다고 단정짓는데는 무리가 있다. 본 연구에서는 과연 신호가설이 주장하는 것처럼 무상증자가 사업기회의 확대, 미래현금흐름의 증대, 추후 차입여력의 증대를 가져오는가를 더 면밀히 검증하기 위하여 무상증자 실시기업의 장기성과를 조사하였다. 본 연구의 특징은 (1)공시기간 이후의 1년 이내의 기간에 중점을 둔 대부분의 기존연구와 달리 증자 후 36개월간의 장기성과를 측정하였으며, (2)주가수익률 자료와 회계자료를 동시에 이용하여 장기성과를 조사하였고, (3)장기 초과수익률 측정과 검증에 있어 통계적 오류가 있는 누적초과수익률(CAR)을 보완하기 위해 매입보유초과수익률(BHAR)을 사용했으며, 이를 위해 엄격한 기준을 적용하여 표본기업과 비교기업을 선정하였다는 데 있다. 실증분석 결과 신호가설을 지지하는 증거는 발견하지 못하였으며 오히려 무상증자 실시기업이 시장평균 또는 비교기업인 비증자기업에 비해 장기적으로 주가수익률 및 영업성과에 있어 저성과를 보이는 증거를 상당 수 발견하였다. 구체적으로 동일가중평균수익률로 조정한 보유기간 초과수익률의 경우 증자 후 1개월에서 24개윌까지의 BHAR이 5% 미만 수준에서 부(-)의 값을 보였으며, 비모수통계치를 사용할 경우 $1{\sim}36$개월까지의 전기간에서 유의한 부(-)의 저성과를 보이고 있다. 또한 영업성과면에서도 증자기업이 비증자기업에 비해 증자 후 수익성과 현금흐름이 저조하게 나타나고 있다.해 현물시장의 수익률, 변동성이 높은 것으로 나타났으나, 변경후에는 현물시장에 비해 선물시장의 수익률 변동성이 높은 것으로 나타났다. VAR 분석에 의하면 변경후가 변경전에 비하여 선물이 현물을 선도하는 시차가 다소 커진 것으로 나타나 현물시장과 선물시장이 동시에 가격제한폭 확대후에 비효율적으로 되었다는 의미로 판단된다.기간에서는 선물의 15분 선도효과와 현물의 1분 선도효과가 발견되어 선물의 선도효과가 지배적임을 발견하였다.적 일정하게 하는 소비행동을 목표로 삼고 소비와 투자에 대한 의사결정을 내리고 있음이 실증분석을 통하여 밝혀졌다. 투자자들은 무위험 자산과 위험성 자산을 동시에 고려하여 포트폴리오를 구성하는 투자활동을 행동에 옮기고 있다.서, Loser포트폴리오를 매수보유하는 반전거래전략이 Winner포트폴리오를 매수보유하는 계속거래전략보다 적합한 전략임을 알 수 있었다. 다섯째, Loser포트폴리오와 Winner포트폴리오를 각각 투자대상종목으로써 매수보유한 반전거래전략과 계속거래 전략에 대한 유용성을 비교검증한 Loser포트폴리오와 Winner포트폴리오 각각의 1개월 평균초과수익률에 의하면, 반전거래전략의 Loser포트폴리오가 계속거래전략의 Winner포트폴리오보다 약 5배정도의 높은 1개월 평균초과수익률을 실현하였고, 반전거래전략의 유용성을 충분히 발휘하기 위하여 장단기의 투자기간을 설정할 경우에 6개월에서 36개월로 이동함에 따라 6개월부터 24개월까지는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는 경우 주식투자기간은 24개월이하의 중단기가 적합함을 발견하였다. 이상의 행태적 측면과 투자성과측면의 실증결과를 통하여 한국주식시장에 있어서 시장수익률을 평균적으로 초과할 수 있는 거래전략은 존재하므로 이러한 전략을 개발 및 활용할 수 있으며, 특히, 한국주식시장에 적합한 거래전략은 반전거래전략이고, 이 전략의 유용성은

• The Korean Journal of Financial Studies
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• v.9 no.1
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• pp.189-219
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• 2003

본 연구는 한국증권거래소의 현금배당락조치 폐지 이전과 1998년 7월 현금배당락 조치 폐지 이후의 표본을 이용하여 인위적인 거래소의 배당락조치 변경이 배당락일의 주가행태에 미치는 효과를 분석하였다. 실증분석 결과 현금배당락조치 폐지 이후 거래소 배당락기준가격의 오차는 예상대로 더욱 확대된 것으로 나타났다. 두 기간 모두 배당락일의 주가가 금기예상실효배당금과 거래소가 배당락조치를 위해 인위적으로 산정한 배당금과의 차이인 거래소 배당락기준가격의 오차를 반영할 수 없었다. 또한, 김성민(1997)과 일관되게 단기차익 거래의 유용성은 표본그룹에 관계없이 금기예상실효배당금에 대한 정보소유자가 연말 폐장일에 배당부종가로 구입하여 배당락일인 연초 개장일에 배당락 종가로 매도하는 것이 배당락 시가로 매도하는 것보다 더 효과적임을 알 수 있었다. 그리고, 이러한 차익거래를 통한 보유기간 세후 수익률은 현금배당락조치 폐지 이전인 1997년(4.7%)에 비해 현금배당락조치 폐지 이후 현금배당락을 시키지 않은 $1998{\sim}1999$년(8.9%) 기간에 더 증가하였다. 단기차익을 위한 차익거래가 실질적으로 이루어 졌는지 연초 배당락일 주변의 초과거래량을 분석한 결과 $1997{\sim}1998$ 회계년도의 배당락일에는 유의적인 양(+)의 초과거래량이 발생하였지만 1999 회계년도의 배당락일에는 유의적인 음(-)의 초과거래량이 발생하여 이에 대한 결론을 내릴 수 없었다. 본 연구는 금기예상현금배당에 대한 완전예측을 가정함으로써 배당락일의 주가하락과 주주총회에서 실현될 주당배당금의 괴리는 차익을 제공할 수 있으나 무위험 차익거래 기회가 아님을 밝혀 둔다.효과적인 것으로 판단되었다. 조사한 모든 일중 및 1일(overnight) 투자수익률에서 옵션 거래량의 상대적 비율에 의거한 투자전략은 통계적으로 유의한 투자수익률의 차이를 가져왔다.e 측정치에 의해 평가했을 때, 회사채가 주식보다 더 우수한 것으로 평가되었으나 Treynor 측정치에 의한 평가를 했을 때는 정기예금이 가장 우수했다. 그리고 Jensen 측정치에 따라 투자대상을 평가했을 때는 회사채와 국채가 주식보다 앞섰다. 마지막으로, 종합적인 평가를 했을 때는 회사채가 주식보다 우수했고 정기예금은 주식과 동일한 수준으로 평가되었다. 유의성은 없었다.의 선도효과가 지배적임을 발견하였다.적 일정하게 하는 소비행동을 목표로 삼고 소비와 투자에 대한 의사결정을 내리고 있음이 실증분석을 통하여 밝혀졌다. 투자자들은 무위험 자산과 위험성 자산을 동시에 고려하여 포트폴리오를 구성하는 투자활동을 행동에 옮기고 있다.서, Loser포트폴리오를 매수보유하는 반전거래전략이 Winner포트폴리오를 매수보유하는 계속거래전략보다 적합한 전략임을 알 수 있었다. 다섯째, Loser포트폴리오와 Winner포트폴리오를 각각 투자대상종목으로써 매수보유한 반전거래전략과 계속거래 전략에 대한 유용성을 비교검증한 Loser포트폴리오와 Winner포트폴리오 각각의 1개월 평균초과수익률에 의하면, 반전거래전략의 Loser포트폴리오가 계속거래전략의 Winner포트폴리오보다 약 5배정도의 높은 1개월 평균초과수익률을 실현하였고, 반전거래전략의 유용성을 충분히 발휘하기 위하여 장단기의 투자기간을 설정할 경우에 6개월에서 36개월로 이동함에 따라 6개월부터 24개월까지는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을

• 대한공업교육학회지
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• v.40 no.1
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• pp.40-63
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• 2015

The purpose of this research is to identify internal and external factors that affect specialized technical high school students' career decision status. It then uses career decision types to predict the variables which have the impact on emotional aspects of specialized technical high school student who feel comfortable or uncomfortable after career decision in order to help specialized technical high school students choose their career. The subject of this study consist a total of 809 male and female students attending specialized technical high school located in South Korea. Data were analyzed to investigate the types of career decision status of specialized technical high school students using the SPSS 21.0 program. The results obtained through the study were as follows. Types of career decision status of specialized technical high school students were divided into four groups based on career decision status and types of emotional state. Results showed the decision-comfort(51.3%), decision-discomfort(25.6%), indecision- discomfort(15.3%), indecision-comfort(1.3%) in order. Social support were selected as variables affecting the comfort and discomfort of two groups and the determining factor which distinguished four groups. Result of the analysis showed that social support has statistically significant impact on whether it was decision or not and comfort or not. But career decision-making self-efficacy has no big impact on career decision types. Taking all results of this study together, we can see that specialized technical high school students feel comfortable and they decide the career, but still many students feel uncomfortable on their decision after deciding their career. It suggests the need of development and operation of program about emotional status of career decision which can help specialized technical high school students prepare their career comfortably after they decide on the career, and the need of segmented career counseling approach including social support group.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.11
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• pp.259-272
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• 2019

Steel-concrete single-leaf blast-resistant doors are protective structures consisting of a steel box and reinforced concrete slab. By the domestic blast-resistant doors, the structure is not designed efficiently because few studies have examined the effects of variables, such as the blast pressure, rebar ratio, and steel plate thickness on the structural behavior. In this study, the structural behavior of the doors was analyzed using the FE method, and the support rotation and ductility ratio used to classify the structural performance were reviewed. The results showed that the deflection changes more significantly when the plate thickness increases than when the rebar spacing is a variable. This is because the strain energy absorbed by the door is reduced considerably when the plate thickness increases, and as a result, the maximum deflection becomes smaller. According to a comparison of the calculated values of the support rotation and the ductility ratio, the structural performance of the doors could be classified based on the support rotation of one degree and ductility ratio of three. On the other hand, more explosion tests and analytical studies will be needed to classify the damage level.

• The KIPS Transactions:PartD
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• v.10D no.5
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• pp.859-872
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• 2003

Class hierarchies often constitute the backbone of object-oriented software. Their quality is therefore quite crucial. Building class hierarchies with good qualify is a very important and common tasks on the object oriented software development, but such hierarchies are not so easy to build. Moreover, the class hierarchy structure under construction is frequently restructured and refined until it becomes suitable for the requirement on the iterative and incremental development lifecycle. Therefore, there has been renewal of interest in all methodologies and tools to assist the object oriented developers in this task. In this paper, we define a set of quantitative metrics which provide a wav of capturing features of a rough estimation of complexity of class hierarchy structure. In addition to, we suggest a set of algorithms that transform a original class hierarchy structure into reorganized one based on the proposed metrics for class hierarchy structure. Furthermore, we also prove that each algorithm is "object-preserving". That is, we prove that the set of objects are never changed before and after applying the algorithm on a class hierarchy. The technique presented in this paper can be used as a guidelines of the construction, restructuring and refinement of class hierarchies. Moreover, the proposed set of algorithms based on metrics can be helpful for developers as an useful instrument for the object-oriented software development.velopment.

• The KIPS Transactions:PartC
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• v.17C no.3
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• pp.251-258
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• 2010

In an indoor localization method taking the lateration-based approach, the location of a target is estimated with the location of anchor points (APs) and the approximated distances between the target and APs using received signal strength (RSS) measurements. The accuracy of distance estimation affects the localization accuracy of a lateration-based method. Since a radio propagation environment varies randomly in time and space, the highest RSSs do not necessarily give the best estimation of the distances between a target and APs. Thus, all APs hearing a target have been used for localization. However, the accuracy of a lateration-based method degrades if more APs beyond a certain threshold are used because the area of polygon with the APs increases. In this paper, we focus on reducing the size of the polygon to further increase the localization accuracy. We use the centroid of the polygon as a reference point to estimate the relative location of a target in the polygon. Once the relative location is estimated, only the APs which are closest to the target are used for localization to reduce the area of the polygon with the APs. We validate the proposed method by implementing an indoor localization system and evaluating the accuracy of the proposed method in the various experimental environments.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.3
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• pp.276-282
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• 2016

This study examined the effects of 8-weeks hip muscle training on the hip joint abductor muscle isokinetic strength and foot pressure distribution in elite players with chronic ankle instability (N=19). A total of 19 subjects had chronic ankle instability from at least 2 ankle sprains, and were given 8-weeks hip muscle training exercise. The hip muscle strength of the elite players with chronic ankle instability increased significantly, but the foot pressure distribution and ratio of the foot pressure distribution of the elite players with chronic ankle instability did not reach statistical significance and the ratio of the foot pressure distribution showed a similar trend. These results suggest that the strength and foot pressure distribution of the affected-side might increase to that of the unaffected-side. The 8-weeks hip muscle training helped improve the chronic ankle instability of the elite players. Therefore, the hip muscle strength and foot pressure distribution are the primary factors of a rehabilitation program on ankle sprains.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.3
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• pp.79-85
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• 2016

In today's fast-paced capitalistic society, a primary concern is whether to invest capital in any way to increase profits. In recent years, many companies have emphasized ethics and practiced corporate social responsibility activities. These activities are not only required to have at the end of the company. Bringing the ultimate goal of profit maximization is one way to contribute to the development of society and the economy. Investors are aware of corporate social responsibility activities and have begun to reflect this in their investments. We studied the behavior of a newly incorporated company's stock price on the KRX SRI Index using a scale that indicates the level of social responsibility for companies in the domestic stock market. Socially responsible investment involves an excellent company that looks out and looks for additional effects on the stock price of imports and improves the reliability of investors through an event study. The results show that the company we examined has a positive impact on the market. This study confirms the hypothesis that additional stock market reaction will occur when superior companies are newly incorporated in the KRX SRI Index and gain investors' trust. The results demonstrate that becoming a newly incorporated corporation in the KRX SRI Index is positive information to investors.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.1
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• pp.165-172
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• 2015

The purpose of this study was to identify the effect of Genibo program robot-based learning(R-Learning) on a pre-schooler's mental state. To achieve above study purpose, the subject of this study was selected 46(teacher 2, five years old pre-schooler 44) from pre-school childrens in Kyongki Y city(R-Learning activity participants group 21: boys 10, girls 11. non-participants 25: boys 13, girls 12). R-Learning program is consist of 5 field about 20 contents using Genibo robot, were applied to the experimental group and the pre-post test was conducted using the EQ assessment tool and observations. The data were analyzed by t-test using the SPSS(ver 18.0) program. The results were as follows: First, the exposure of robots to pre-schoolers in practical situation has shown positive influence to the children's emotional well-being. Positive improvements were observed in the four sub categories of the EQ assessment after exposure. Second, the Genibo used for this study, is a biomimetic AI based robot mimicking the behavior of a pet dog. This is related more or less to the specifications of a pre-school education where animals are used as a 'friendly medium' to facilitate the learning process. Third, the robot exposure gave benefit to all the ones in the sample, regardless of sex. Furthermore, It is suggested that promising potential for robots to be utilized as a new educational media plus facilitator, R-Learning is related more or less to the specifications of a pre-school education where animals are used as a 'friendly medium' to facilitate the learning process, and when applying them for education, stereotyping the likes of sex is overrated - instead, the focus should be more on the pre-schoolers' / childrens' individual traits, learning curve differences and alike.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.9
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• pp.4119-4125
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• 2012

The purpose of this study was to identify the validity, reliability, and discriminative index of the Korean version of Modified Barthel Index (K-MBI). For this, two hundreds twenty-thee stroke patients participated. Activities of daily living were measured through using K-MBI. Factor analysis was performed for identifying the construct validity and internal consistent and discriminative index were calculated. The result of factor analysis was that the 10 items of K-MBI have communality above .50, and was constructed one factor. Explained variance was 72.184%. The order of factor loading value was toileting, personal hygiene, transfer from bed to chair and back, ambulation/wheelchair, dressing, feeding, bowel control, bathing, bladder control, and stair climbing. Cronbach ${\alpha}$ of K-MBI was .994. The range of discriminative index was .783~.909, and was acceptable. One factor of K-MBI was identified through factor analysis, and reliability and discriminative index was also identified. Various psychometric properties of K-MBI should be investigated in further studies for valid assessment of activities of daily living in stroke patients.