• 유통과학연구
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• 제19권1호
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• pp.27-35
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• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.51-58
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• 2020

The study aims to investigate the relationship between hedging with derivatives and subsequent firm-level stock price crash risk. Our sample consists of KOSPI- and KOSDAQ-listed companies from 2004 to 2014. The total firm-year observation is 4,886. We find that hedging with derivatives is related to greater possibilities of crash risk. The results suggest that the complexity of economic and financial reporting for derivatives may aggravate the company's information opacity, ultimately increasing the crash risk. We contribute to the growing body of literature on hedging with derivatives. Academics and practitioners have debated on whether or not hedging enhances transparency or rather makes the information environment more opaque. Theoretical research on the role of corporate hedging on information environment shows that hedging enhances earnings informativeness. Meanwhile, pieces of anecdotal and empirical evidence show that the economic and financial reporting complexity of derivatives can harm information transparency. Our results shed light on the question of whether and how hedging with derivatives affects information environment by examining the relationship between hedging with derivatives and crash risk. Furthermore, our findings provide useful insights for policymakers and practitioners. Specifically, our results raise a need for a more transparent disclosure on corporate hedging activities with derivatives.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.143-152
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• 2022

This paper examines the relationship between investor sentiment and the risk of a stock price crash at the firm level. Our dataset includes 131 firms listed on the Saudi stock exchange (Tadawul) from 2011 to 2019, as well as 953 firm-year observations. To evaluate crash risk, we employ two distinct proxies and propose an index for measuring firm-level sentiment which we use for the first time in our study. The average turnover rate, price-earnings ratio, and overnight return are the three sentiment proxies we utilize in our index. Our findings show that high levels of investor emotion increase managers' proclivity to withhold unfavorable news from investors, which aggravates the risk of a stock price crash. We undertake cross-sectional regressions by sector to ensure the robustness of our findings, and our findings are confirmed. After accounting for any endogeneity issues with the GMM technique, the results remain the same. Furthermore, we analyze the liquidity effect by dividing our sample into subsamples with better and worse liquidity and find that firms with worse liquidity have a considerably greater positive impact of investor mood. Overall, our findings help investors and regulators recognize the significance of this downside risk and how to manage it in the stock market.

• 한국도로학회논문집
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• 제13권2호
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• pp.49-56
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• 2011

교통사고 원인분석 및 사고예방을 위해서는 교통사고 유발요인에 대한 이해가 필요하다. 기존 연구에서는 기하구조, 운전자 특성 등의 요인을 고려하여 연구를 진행하였다. 그러나, 운전자 특성요인 분석에 사용된 자료는 검지기에서 측정된 집계된 속도로써, 속도 변화량을 이용한 사고분석연구에는 한계가 존재한다. 따라서, 본 연구에서는 차량의 속도변화 등의 수집이 용이한 센서를 이용하여 자료를 수집하였다. 가속도자료 및 기하구조 특성을 나타내는 변수를 설정하고, 사고자료와 매칭을 통해 사고개연성이 높은 잠재적 변수로의 적합성을 평가하였다. T-test, 이항 로지스틱 회귀분석을 사용했으며, T-test 결과로써 도출된 변수를 이항 로지스틱 회귀분석의 독립변수에 적용하고, 사고발생 유 무를 종속변수로 설정하였다. 분석결과, 5개의 변수가 사고발생에 영향을 주는 변수로 도출되었다. 또한, 도출된 모형은 사고발생구간의 예측에 적용할 수 있는 타당성을 확보하는 것으로 분석되었다. 본 연구에서 도출된 위험 운전행태 변수 및 모형은 프로브차량에 설치하여 활용할 수 있는 장치 등에 적용시켜 사고위험도 및 안전성 평가에 활용할 수 있을 것으로 기대된다.

• 한국방재학회:학술대회논문집
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• 한국방재학회 2008년도 정기총회 및 학술발표대회
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• pp.513-516
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• 2008

The development of crash cushions is finally completed by full-scale vehicle crash tests. Since the current development of crash cushions is achieved by numerous repeated full-scale vehicle crash tests based on empirical and irrational methods, it requires a great amount of costs. In this research, the more rational procedure based on prototype design by static tests and computer simulation is suggested and it can minimize the number of full-scale vehicle crash tests.

• 대한토목학회논문집
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• 제40권2호
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• pp.167-175
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• 2020

1979년 Herman과 Prigogine에 의해 제안된 Two-fluid Model은 도시부 네트워크의 운영성을 설명하는 거시적인 모형으로서 네트워크 내 정지차량 비율과 평균 주행속도의 관계에 기초하고 있다. 이러한 Two-fluid Model의 파라미터는 교통류 특성에 따라 변화하므로 파라미터를 통한 운영성 분석 시 교통류 상태 변화를 규명하는 단계가 수반되어야 한다. 이에 본 연구는 Two-fluid Model의 파라미터를 활용하여 강우에 따른 교통사고 위험도를 비교하였고, 이로 인한 주행 행태가 도시부 네트워크의 운영성에 영향을 미침을 확인하였다. 먼저 Two-fluid Model 파라미터 추정결과, 맑은 날 대비 비가 온 날의 네트워크 운영성이 저하된 것으로 나타났다. 이후 운전자의 교통사고 위험인지 모형 계수를 산출하고 강우 여부에 따른 교통사고 위험도와 그에 따른 주행 행태 변화를 분석하였다. 오전·오후 시간대 모두 운전자는 맑은 날과 동일한 속도를 유지하였을 때 비가 온 날의 교통사고 위험도가 높을 수 있기 때문에, 위험도를 낮추기 위해 주행속도를 감속하는 경향을 보였다. 그러나 맑은 날 보다 비가 온 날의 위험도는 여전히 높은 것으로 파악되었다. 향후에는 도시부 교통망의 거시적 운영성과 사고 위험도 간의 관계를 보다 다양한 네트워크에서 분석하고 동시에 개선할 수 있는 방안을 연구해볼 필요가 있겠다.

• 산경연구논집
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• 제10권12호
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• pp.35-42
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• 2019

Purpose : This study examines The impact of human resource investment in internal control on stock price crash risk. Effective internal control ensures that information provided is complete and accurate, financial statements are reliable. By overseeing management, internal control systems can reduce agency costs between management and outside parties. In Korea, firms have to disclose information about internal control systems. The working experience of human resources in internal control systems is also provided for interested parties. If a firm hires more experienced internal control personnel, it can better facilitate the disclosure of information. Prior studies reported that information asymmetry between managers and investors increases future stock price crash risk. Therefore, the longer working experience internal control personnel have, the lower probability stock crashes have. Research design, data and methodology : This study analyzed the association between the working experience of internal control personnel and crash risk using regression analysis on KOSPI listed companies for fiscal years 2016 through 2017. The sample consists of 1,034 firm-years of non-financial firms whose fiscal year end on December 31. Career spanning data of internal control personnel was collected from internal control reports. The professionalism(IC_EXP) was measured as the logarithm of the average working experience of internal control personnel in months. Negative conditional skewness(NSKEW) and down-to-up volatility (DUVOL) are used to measure firm-specific crash risk. Both measures are based on firm-specific weekly returns derived from the expanded market model. Results : We find that work experience in internal control environment is negatively related to stock price crashes. Specifically, skewness(NSKEW) and volatility (DUVOL) are reduced when firms have longer tenure of human resources in internal control division. The results imply that firms with experienced internal control personnel are less likely to experience stock price crashes. Conclusions : Stock price crashes occur when investors realize that stock prices have been inflated due to information asymmetry. There is a learning effect when internal control processes are done repetitively. Thus, firms with more experienced internal control personnel could manage their internal control more effectively. The results of this study suggest that firms could decrease information asymmetry by investing in human resources for their internal control system.

• 한국자동차공학회논문집
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• 제21권2호
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• pp.63-71
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• 2013

The estimation of occupant injury risk at crash accident is one of the most important assessments for the vehicle crashworthiness performance. The design of safety devices such as occupant restraining system also depend on the kinematics of occupant and its injury risk. The real world in-depth accident investigation provides detailed and realistic information of vehicle damage and occupant injury as well as the accident conditions. This paper introduces a statistical analysis of NASS/CDS database and domestic accident data to correlate speed change, vehicle damage extend, and occupant injury at frontal crash. The maximum crush extend shows a linear relationship with the effective impact speed. The injury risks of the occupant with and without restraining were also respectively quantified with the crush extend. This result can be effectively used for the emergent rescue of crash victims with automatic crash notification system.

• 한국자동차공학회논문집
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• 제21권5호
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• pp.130-135
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• 2013

Until now, passenger airbag design is based on the referred car design and many repetitive crash tests have been done to meet the crash performance. In this paper, it was suggested a new design process of passenger airbag. First, key performance factors were determined by analyzing the injury risk effectiveness of each performance factor. And it was made a relationship between injury risk and performance factor by using the response surface model. By using this one, it can be predicted the injury risk of head and neck. Predicted injury risk of optimal design was obtained through this injury risk prediction model and it was verified by FE analysis result within 18% error of head and 9% error of neck. It was shown that a target crash performance can be met by controlling the key performance factors only.

• 산경연구논집
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• 제9권7호
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• pp.53-59
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• 2018

Purpose - This study examines the effect of control-ownership wedge on stock crash risk. In Korea, controlling shareholders have exclusive control rights compared to their cash flow rights. With increasing disparity, controlling shareholders abuse their power and extract private benefits at the expense of the minority shareholders. Managers who are controlling shareholders of the companies tend not to disclose critical information that would prevent them from pursuing private interests. They accumulate negative information in the firm. When the accumulated bad news crosses a tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock prices. We predict that stock price crash likelihood due to information opaqueness increases as the wedge increases. Research design, data, and methodology - 831 KOSPI-listed firm-year observations are from KisValue database from 2005 to 2011. Control-ownership wedge is measured as the ratio (UCO -UCF)/UCO where UCF(UCO) is the ultimate cash-flow(control) rights of the largest controlling shareholder. Dependent variable CRASH is a dummy variable that equals one if the firm has at least 1 crash week during a year, and zero otherwise. Logistic regression is used to examine the relationship between control-ownership wedge and stock price crash risk. Results - Using a sample of KOSPI-listed firms in KisValue database for the period 2005-2011, we find that stock price crash risk increases as the disparity increases. Specifically, we find that the coefficient of WEDGE is significantly positive, supporting our prediction. The result implies that as controlling shareholders' ownership increases, controlling shareholders tend to withhold bad news. Conclusions - Our results show that agency problems arising from the divergence between control rights and cash flow rights increase the opaqueness of accounting information. Eventually, the accumulated bad news is released all at once, leading to stock price crashes. It could be seen that companies with high control-ownership wedge are likely to experience future stock price crashes. Our study is related to a broader literature that examined the effect of the control-ownership wedge on stock markets. Our findings suggest that the disparity is a meaningful predictor for future stock price crash risk. The results are expected to provide useful implications for firms, regulators, and investors.