• 산경연구논집
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• 제11권1호
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• pp.39-47
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• 2020

Purpose: This study investigated the effects of valuation errors on the capital market through the earnings forecasting errors of financial analysts. As a follow-up to Jensen (2005)'s study, which argued of agency cost of overvaluation, it was intended to analyze the effect of valuation errors on the earnings forecasting behavior of financial analysts. We hypothesized that if the manager tried to explain to the market that their firms are overvalued, the analysts' earnings forecasting errors would decrease. Research design, data and methodology: To this end, the analysis period was set from 2011 to 2018 of KOSPI and KOSDAQ-listed markets. For overvaluation, the study methodology of Rhodes-Kropf, Robinson, and Viswanathan (2005) was measured. The earnings forecasting errors of the financial analyst was measured by the accuracy and bias. Results: Empirical analysis shows that the accuracy and bias of analysts' forecasting errors decrease as overvaluation increase. Second, the negative relationship showed no difference, depending on the size of the auditor. Third, the results have not changed sensitively according to the listed market. Conclusions: Our results indicated that the valuation error lowered the financial analyst earnings forecasting errors. Considering that the greater overvaluation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts. This study has the following contributions when compared to prior research. First, the impact of valuation errors on the capital market was analyzed for the domestic capital market. Second, while there has been no research between valuation error and earnings forecasting by financial analysts, the results of the study suggested that valuation errors reduce financial analyst's earnings forecasting errors. Third, valuation error induced lower the earnings forecasting error of the financial analyst. The greater the valuation error, the greater the management's effort to explain the market more actively. Considering that the greater the error in valuation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts.

• 유통과학연구
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• 제18권2호
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• pp.99-108
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• 2020

Purpose: This paper investigated the relationship between market competition and firm valuation error. Furthermore, Additional analyses were made according to the quality of financial reports and the listed market. Through the process we confirm to the impact of competition on the capital market. The purpose of this study is to analyze the impact of competition on valuation errors. The preceding studies did not provide a consistent results of the effects of competing functions on the capital market. One view is that the competition could mitigate the information asymmetry, and the other is that monopolistic lessens the manager's involvement in financial reporting. This study is intended to expand the prior study by analyzing the impact of competition on the capital market and on the valuation of investors. Research design, data, and methodology: The analysis was conducted on 12,031 samples over 11 years from 2008 to 2018 using data from market in Korea. Here the valuation error was measured by the research methodology of Rhodes-Kropf, Robinson and Viswanathan (2005), and competition measured by Herfindahl-Hirschman Index multiplied by (-1), and Concentration Ratio by (-1). Results: We confirm that the positive relationship between competition and the valuation error. In addition, we also found that the positive relation between competition and valuation error was in cases of low discretionary accruals and the KOSDAQ market. This means that the net function of competition does not mitigate valuation errors. Conclusions. This study has the following contributions when compared to prior research. First, the relevance between the level of competition and the valuation of the entity was confirmed. The study by Haw, Hu and Lee (2015) suggested that monopolistic industry of analysts' forecast is more accurate due to lower the variability in earnings. This study magnified it to confirm that monopolistic lessen information uncertainty in valuation. Second, the study on valuation errors was expanded. While the study on the effect of valuation errors on the capital market is generally relatively active, it is different that competition degree has analyzed the effect on valuation errors amid the lack of research on the effect on valuation errors.

• International Journal of Advanced Culture Technology
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• 제12권1호
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• pp.293-298
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• 2024

The purpose of an internal control system is to prevent the occurrence of errors and fraud in the process of producing accounting information, thereby providing investors with reliable information. For the effective operation of an internal control system, it is necessary to secure a sufficient number of personnel and experienced staff. This study focuses on the personnel directly involved in producing accounting information, examining whether companies that invest in their internal control staff experience a mitigation in the phenomenon of valuation errors. The analysis revealed that the size and experience months of the personnel responsible for internal control have a significant negative relationship with valuation errors. This result implies that by securing sufficient personnel for the smooth operation of the internal control system and placing experienced staff within the system, investors can effectively make judgments about the intrinsic value based on quality accounting information, thereby reducing valuation errors.

• 신재생에너지
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• 제10권1호
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• pp.41-49
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• 2014

For a proper valuation of wind power project, it is necessary to consider volatilities of key parameters such as annual energy production, electricity sales price, and long term interest rate. Real option methodology allows to calculate option values of these parameters. Volatilities to be considered in wind project valuation are 1) annual energy production (AEP) estimation due to meteorological variation and estimation errors in wind speed distribution, 2) changes in system marginal price (SMP), and 3) interest rate fluctuation of project financing which provides refinancing option to be exercised during a loan tenor for commercial scale projects. Real option valuation turns out to be more than half of the sales value based on a case study for a FIT scheme wind project that was sold to a financial investor.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.83-90
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• 2019

The purpose of this study is to test the effect of business strategy on valuation error. Business strategy includes managerial decision making and managerial tendency. In previous research, there is a negative relationship between business strategy and accounting quality. In this study, we try to confirm whether strategy tendencies affected valuation errors. In order to confirm empirically between business strategy and overvaluation, we use 8,117 firms that between 2006 and 2017 and listed in KSE and KOSDAQ. We calculated business strategy which is introduced by Bentley, Omer, and Sharp (2013). We also used the overvaluation method introduced in Rhodes-Kropf, Robinson, and Viswanathan (2005). The results show that the more the leading business strategy is, the greater the value error becomes. In the case of dividing into leading and defensive companies, the lead firms showed a significant positive correlation with the valuation errors, while the defensive firms showed the negative relationship with overvaluation. This study examined the business strategy and the overvaluation. we confirmed whether the management strategy deepens the evaluation error caused by the firm characteristics. The results are meaningful that we extended the study on the quality of financial reporting of leading strategic firms.

• 한국환경복원기술학회지
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• 제18권1호
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• pp.127-133
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• 2015

Interests in ecosystem services have increased and a number of attempts to perform a quantitative valuation on them have been undertaken. To classify the ecosystem types landcover classification maps are generally used. However, some forest types on landcover classification maps have a number of errors. The purpose of this study is to verify the forest types on the landcover map by using a variety of field survey data and to suggest an improved method for forest type classifications. Forest types are compared by overlaying the landcover classification map with the 4th forest type map, and then they are verified by using National Forest Inventory, 3rd National Ecosystem Survey and field survey data. Misclassifications of forest types are found on the forest on the forest type map and farm and other grassland on the landcover map. Some errors of forest types occur at Daegu, Busan and Ulsan metropolitan cities and Gangwon province. The results of accuracy in comprehensive classification show that deciduous forest is 76.1%; coniferous forest is 54.0%; and mixed forest is 22.2%. In order to increase the classification accuracy of forest types a number of remote sensing images during various time periods should be used and the survey period of NFI and the National Forest Inventory and National Ecosystem Survey should be consistent. Also, examining areas with wide forest patch should be prioritized during the field survey in order to decrease any errors.

• 한국기계가공학회지
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• 제9권1호
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• pp.87-92
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• 2010

Micromachining technology using a ultra-precision micromachining system is widely applied in the fields of optics, biotechnology and analytical chemistry, etc. specially in microfabrication of fresnel lens, light guide panels of TFT-LED and PDP ribs with micro-patterns, machining errors have an effect on the performance of those products. The deflection of tool and tool holder is known to be one of the very important factors that is due to machining errors in micromachining. The deflections of diamond tool and tool holder used in micro-grooving are analysed by FEM. We analysed by FEM. With an linearity valuation of FEM, deflection of tool and tool holder is calculated by using the data of cutting force which is acquired from micro-V groove machining experiments in micromachining system.

• 한국소프트웨어감정평가학회 논문지
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• 제15권2호
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• pp.95-100
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• 2019

본 논문에서는 리눅스 OS의 소프트-RAID 시스템에서 발생된 오류를 간단한 하드웨어를 이용해 보고하는 방법을 제시하였다. 제시한 방법은 다른 보고 방법들에 비해 로그-인 과정이나 홈-페이지 접속 등과 같은 별도의 액세스 과정 없이 직관적으로 오류상태를 표시하며, 특히 서버에서 오류상태를 능동적으로 표시함에 따라 관리자가 즉시 조치를 취할 수 있는 특징을 지니고 있다. 제시한 방법의 효과를 확인하기 위해 실험 장치를 구성하고 실험한 결과 저장장치에서 이상이 발생한 경우 능동적으로 오류사실을 표시함을 확인하였다. 이와 같이 소프트-RAID 시스템이 하드웨어 RAID 시스템과 거의 유사한 기능을 수행할 수 있으므로 저렴한 가격으로 서버의 데이터 안정성을 확보할 수 있다.

• 대한환경공학회지
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• 제28권1호
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• pp.74-80
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• 2006

편익전환기법은 다른 지역에서 이미 수행하였던 비시장성 재화의 가치 평가 사례를 분석하여 주어진 지역(정책집행 대상지역)에서의 유사한 재화의 경제적 가치 추정치를 구하는 방법이다. 본 연구의 목적은 우리나라 댐상류지역의 수계에서 하수도시설 확충사업에 대한 편익전환 가치를 추정하는 것이다. 본 연구에서 종합자료분석을 위해 5개 모형을 가정하였다. 5개 모형 중에서 모형 2의 경우 남강 합천 대청댐을 연구지역으로 하여 조건부가치측정법을 사용하여 추정한 지불의사액과 소양댐을 정책집행 대상지역으로 예측한 지불의사액 추정치를 비교한 절대오차는 $6{\sim}7%$로 좋은 결과가 나타났다. 그러나, 모형 1의 경우 안동 임하댐의 조건부가치측정법을 사용하여 추정한 지불의사액과 비교하였을 때 예측된 지불의사액 추정치의 절대오차는 $42{\sim}47%$로 나타났다. 안동 임하댐의 주민들은 인근 지역에 2개의 댐이 만들어졌고, 이들 댐상류지역이 상수원 보호구역으로 지정되어 경제적 활동에서 피해를 받고 있다고 생각하기 때문이다.

• 한국콘텐츠학회논문지
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• 제13권12호
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• pp.369-378
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• 2013

원-달러 장외 외환 시장은 1990년말 외환위기 및 2008년 서브프라임 위기때 극심한 변동성을 보였으므로 변동성 연구에 적합한 특성을 띤다. 본고는 ARCH 모형에 기반해 옵션 가격 결정 모형을 제시한 Duan, Heston and Nandi의 GARCH 모형으로 외환 옵션 시장에서 변동성의 특성이 옵션 가격에 반영되는 정도를 분석해 보았다. 2006년 5월부터 2013년 1월까지 원-달러 장외시장에서 거래되는 옵션 자료에 대해 본고는 세 가지 모형(Black and Scholes, Duan, Heston and Nandi)간의 설명력을 비교했다. 최우추정법으로 계산된 모수를 고정하고 전일 내재 변동성을 이용하여 당일의 이론 가격을 구해 오차를 계산하면 Duan 및 Black and Scholes 모형 모두 약 0.1% 수준을 보인다. 다만 Heston and Nandi는 상기 두 모형에 비해 큰 오차값을 가지며 또한 만기가 길어지면 설명력이 약해진다. 따라서 원-달러 외환 옵션시장의 경우 Duan 또는 Black and Scholes 모형을 이용하여 가치를 측정하는 것이 유용할 것으로 사료된다. 또한 정책적 시사점으로는 외환 현물 시장의 과거 변동성 평균이 14% 전후에서 형성되었으므로 내재 변동성 5%전후에서 외환 옵션 등을 매매하는 것은 매도자에게 대규모 손실을 초래할 수 있다.