• The Korean Journal of Financial Management
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• v.15 no.2
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• pp.81-105
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• 1998

본 연구는 우리나라 주거래은행이 거래기업의 재무곤경감소나 채무조정방법의 선택에 어떤 영향을 미치는 가를 검증해 보기 위한 것이다. 만성적 재무곤경상태에 빠져 있는 52개의 상장 기업을 대상으로 7년간의 누적투자율이나 매출액증가율 및 이익증가율을 조사해 본 결과 주거래은행관계의 척도라 할 수 있는 최대대출비율이나 주식소유 비율이 누적투자율이나 누적매출액증가율에 거의 영향을 미치지 못하는 것으로 드러났다. 그러나 대그룹소속기업들은 재무곤경기간에도 지속적인 투자나 매출액증대를 보여 그룹간의 내부금융이나 신뢰성이 중요한 역할을 하는 것으로 보여진다. 한편 재무곤경비용의 감소를 누적이익증가율이라고 간주한 경우는 주거래은행의 주식보유비율이 누적이익증가율에 (-)의 영향을 미치는 것으로 나타났다. 이는 부도공시기업의 검증결과와도 일치한다. 주거래은행관계의 유효성은 채무조정방법의 선택에서 잘 나타난다. 최대대출비율과 금융기관의 주식소유비율이 높은 기업일수록 사적협상에 성공할 확률이 높은 것으로 나타나 주거래은행을 위시한 주요 채권단들이 채무조정을 주도적으로 이끌어 워크아웃을 성공시킬 가능성이 높으며, 기업자체의 성장성이나 경영지배권 등의 소유구조는 그리 큰 영향을 미치지 못하는 것으로 나타났다.

• Management & Information Systems Review
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• v.32 no.1
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• pp.63-85
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• 2013

This study tries to investigate the fundamental implications inherent in inventory asset information(specifically, unexpected inventory investment) by analyzing how the relationship between unexpected inventory investment and future operating performance. And we study how is the response of the stock market participants to the fundamental implications inherent in inventory asset information. Prior papers often assume the efficient market and they view the significant relation between stock prices and financial indicators as evidence of the contribution of such indicators to future earnings. Leading indicators are attracting the market's attention for equity valuation. We study whether one leading indicator (unexpected Inventories) forecasts future earnings, and whether market participants fully reflect the predictive ability when they sets share prices(Mishkin test, 1983). Our empirical results of the study are summarized as follows. Current unexpected inventory investment is negatively associated with future operating performance. Also, our evidence is that the stock market participants overprice the contribution of unexpected inventory investment when predicting future earnings. Furthermore, a hedge strategy that uses the overpricing gives significant future abnormal returns. The overall results help the users of financial reports, researchers of accounting, and the accounting principle setting body.

• The Journal of the Convergence on Culture Technology
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• v.7 no.4
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• pp.807-814
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• 2021

As economic activities decrease, and the stock market decline due to COVID-19, many people are jumping into stock investment as an alternative source of income. As people's interest increases, many stock price analysis studies are underway to earn more profits. Due to the variance observed in the stock markets, it is necessary to analyze each stock independently and consistently. To solve this problem, we designed and implemented models and services that analyze stock prices using a reinforcement learning technique called Asynchronous Advantage Actor-Critic(A3C). Stock market data reflected external factors such as government bonds and KOSPI (Korea Composite Stock Price Index) as well as stock prices. Our proposed work provides a web service with a visual representation of predictions of stocks and stock information through which directions are given to investors to make safe investments without analyzing domestic and foreign stock market trends.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.1
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• pp.216-221
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• 2011

After the year of 2000, the Korean government has abolished the limit on foreign investments. Foreign investments in the domestic market have been thriving since. In domestic stock market, the proportion of market value held by foreign investors reaches over 40%. There are many followers in the markets, asking about what kinds of the firm that foreign investors prefer. Prior researches show that foreign investors in the American and European markets prefer stocks of the firm which are well known and are geographically closer. In this paper, we attempt to define the financial characteristics of the firms in which foreigners invest in the Korean market. The result shows that foreign investors in the domestic market tend to prefer firms with high market value of capital and dividend yield. It also shows that foreign investors in the Korean market choose firms with high book value to market value over others, while the firms with high debt ratio and the portion of the largest stock holders are shunned. This research suggests that foreign portfolio investments in the Korean market have contributed to liquidity of stock market and changed the governance structure of domestic firms in a positive way.

• Management & Information Systems Review
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• v.30 no.4
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• pp.23-44
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• 2011

In this paper we examines the relation between net purchase of foreign and institution investors and stock returns in Korean stock market. For this study, KOSPI returns are classified into three parts: close to close, close to open and open to close returns. Close to close returns is measured by the closing price of t-1 day and the closing price of t day. Close to open returns is measured by the closing price of t-1 day and the opening price of t day. Open to close returns is measured by the opening price of t day and the closing price of the day. Empirically major findings are as follows. First, the previous day both foreign and institution investors' behavior have an statistically significant negative effect on the close to close returns. However, the current day their behavior positively affect close to close returns. Second, the previous day both foreign and institution investors' net purchase have a significantly positive effect on the open to close returns. Finally, the previous day foreign behavior has little effect on open to close returns, but institution investors negatively affect open to close.

• Proceedings of the Safety Management and Science Conference
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• 2012.11a
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• pp.493-497
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• 2012

개인투자자들은 자신이 지지한 정당이 집권을 하였을 경우 경제상황이 좋아질 것이라는 기대감(expectation)을 갖게 된다. 이에 따라 개인투자자들은 지지한 정당이 집권하였을 때, 경제의 불확실성(uncertainty)이 줄어들고 주가도 상승할 것이라고 믿는 경향이 있다. 이러한 개인투자자들은 실제로 주식투자 규모를 늘려가는 상황을 만들며, 소형주(small cap)를 비롯하여 가치주(value stocks), 경기민감주 등에 대한 투자규모를 늘리는 경우가 흔히 발생하고 있다. 이와 같은 새로운 정부에 대한 기대감이 반영되면서 새로운 정부의 집권 초기에 이들 개인투자자들은 주식보유기간을 보다 길게 가져가려는 경향도 보인다. 반면에 개인투자자들의 경우 자신이 지지하지 않는 집권정부가 들어섰을 때 경제의 불확실성(uncertainty)이 증가한다고 판단하여 보유주식을 처분하려는 경향이 증대되고 있다. 한국의 경우 개인투자자들의 투표성향이 체감 소득수준 및 집권정부별 경제정책에 따라 영향을 받을 수 있는 것으로 나타나 주가수익률 등의 움직임에 주목할 필요가 있다고 판단된다.

• Proceedings of the Korea Information Processing Society Conference
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• 2012.04a
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• pp.1396-1399
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• 2012

본 논문은 주식 투자 포트폴리오를 구성하기 위해 클러스터링 기법을 이용하는 방법을 제안한다. 클러스터링 기법은 패턴 공간 상의 특징 벡터로 표현된 패턴 데이터를 몇 개의 부분집합으로 나누는 작업을 의미한다. 본 연구에서는 주식시장 네트워크에 클러스터링 기법을 적용하여 안정성과 수익률이 높은 포트폴리오를 구성하는 방법을 제안한다. 그리고 추천 클러스터의 투자 적합여부를 데이터를 통해 확인한다. 2007년 주식 데이터를 대상으로 실험한 결과, 추천 클러스터의 수익률이 전체 수익률을 상회함을 확인할 수 있었다.

• International Area Studies Review
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• v.12 no.3
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• pp.195-216
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• 2008

It is generally accepted that the momentum strategies are effective in the short-term, and the contrarian strategies are profitable in the long run in major stock markets in the world. In Korean market, however, the contrarian is considered effective investment strategy both in the short- and long-term. We investigate whether this is true after 1999, and try to find out the reasons for this phenomena. We found that the contrarian strategies are still effective. Foreign investors showed consistent investment behavior both in Korean and abroad: they followed momentum in the short-tem, and contrarian in the longer-term. The individual investors, who are thought to be noise trader, showed different behavior. They followed contrarian strategies both in the short-and long-term. The reason that the contrarian is observed in Korean market regardless of the investment horizon is thought to be the irrtional behavior of individual investors.

• The Journal of Society for e-Business Studies
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• v.20 no.2
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• pp.1-14
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• 2015

In this paper, we investigate the relationship between Internet search trends and stock market. Under the assumption that investors may use Internet search engine to obtain information for companies of their interests before taking actual investment actions, the relationship between the changes on Internet search volume and the fluctuation of trading volume as well as stock price of a company is analyzed with actual market data. A search trend investment strategy that reflects the changes on Internet search volume is applied to large enterprises' group and to small and medium enterprises' (SMEs) group, and the correlation between profit rate and trading volume is analyzed for each company group. Our search trend investment strategy has outperformed average stock market returns in both KOSPI and KOSDAQ markets during the seven-year study period (2007~2013). It is also shown that search trend investment strategy is more effective to SMEs than to large enterprises. The relationship between changes on Internet search volume and stock trading volume is stronger at SMEs than at large enterprises.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.135-164
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• 2005

We analyze trade and balance records of 10,000 stock investment accounts of individual investors for the period of 1998 to 2003. Individual investors em an annual gross return of 12.3% while the KOSPI and the value weighted composite including KOSDAQ stocks yield 13.6% and 9.7% respectively during the same period. Net return performance is 8.3%, a drop of 5.3% mainly due to heavy trading. Individual investors' annual turnover amounts to over 270 percent. In an analysis of groups formed on the month's end position value, the performance of the top quintile is found comparable to the market while the rest yield significantly lower risk-adjusted returns than the market. We also find evidence rejecting the rational expectation model while supporting the overconfidence hypothesis which states overconfidence leads to a higher level of trading, resulting in poor performance. Individuals tilt their stock investment toward high-beta, small, and value stocks.