Hyunjoon Shin, Jaepil Ryu
Abstract
Most of the advanced equity markets regard dividend as an important investing indicator, however, domestic market pays low attention to dividend because dividend investment is considered as the year-end capital gains. This study presents an efficient strategy for selecting portfolio by evaluating growth potential of a company based on dividend. Through preliminary experiments, we extract 4 categories to sort out prospective stocks and develop a scoring table including criteria and formulas used to calculate scores for each category. In order to show the effectiveness of the portfolio selected by scoring table, we constructed 3 portfolios for every 4 years (2007-2010) out of 927 listed companies in KRX and proved that our portfolios are superior to both Markowitz model and market portfolio in terms of rate of return. The main findings may be summarized as follows. First, portfolio selection strategy proposed in this study performs very well compared to Markowitz model as well as KOSPI by taking into account the quality of dividend. Second, the experiments using correlation analysis show that the fourth category that means inherent growth rate is most positive to rate of return among the 4 categories.
Keyword: portfolio selection, dividend, investment strategy, dividend payout ratio, Makowitz model, managerial efficiency, KRX
Abstract
The primary purpose of this study is to examine the impact of household demographic and financial characteristics, and household maturity on the demand for insurance. As methodology, Tobit Model and “McDonald-Moffit” decomposition are used in the empirical analysis of households obtained from the phone interview in 15 major provinces of Korea. This sample included 1,200 households who reported either some or no insurance expenditures during year 2010. As a result, it could be indicated that impact of household demographic and financial characteristics, et cetera on demand for insurance as follows; First, it is explicitly seen that all coefficients of household income, size of family, number of earners in the household, and age of the head of household show the positive sign of the relationship between those independent variables and insurance expenditures, and that insurance is normal good. Second, as above four variables’ quantities increase, the demand for insurance increases, but the increasing rate gradually diminishes. Third, there is negative sign of interaction variable for household income and number of earners in the household. I mean to say that the more income households earn and the more earners in the household, the marginal utility from each additional dollar spent on insurance is lower, and this leads to decrease of demand for insurance. Fourth, even though an increase in age of the head of the household has a positive influence on the demand for insurance, the increasing effect gradually diminishes as the household matures.
Keyword: demand for insurance, tobit model, household financial characteristics
Sanglae Lee, Byounguk Ko, Hankwang Kim
Abstract
This study analyze whether asset sales contributed to increase of the shareholder value of the seller and the buyer. Asset sales are the dealings which have large influence on the economical efficiency of the shareholder value of a seller and a buyer potentially, and are important subjects of research in finance. Many studies on asset sales was realized, however the motive for them to sell the assets, and the influence on the seller’s stockholder were in the mainstream. Then, it was not clear how it was distributed to the profits between seller and buyer, whether the corporate value of the company both sides are increased. As a result of event study, Although the stockholder of the seller earn positive abnormal returns at the announcement of a asset sales, most stockholders of the buyer were break even. this result consist with the M&A study of American, but is different the previous studies of the asset sales reported that both of them obtained positive abnormal returns. However, the average abnormal returns are positive on total abnormal returns, it can be conclude that asset salse make increase a shareholder value. The seller can get profits by passing control to the partner which can manage asset efficiently, removing negative synergy, and concentrating on a strategy business. Moreover, since profits have been obtained only within horizontal dealings in the case of the buyer, it can be interpreted as the market showing expectation to the synergistic effect which asset sales create. The result which measurement of the amount of money for shareholder value based on a total average abnormal returns is also same. Furthermore, we verify whether the excess return depends on the financial condition, and the managerial performance. we find that the higher internal stockholder and a debt , the more abnormal returns in seller. It suggests that discipline of the debt is effective. The market discipline for the dealings which waste free cash flow like diversification of non-related business in buyer.
Keyword: asset sales, firm value, synergy, managerial performance, leverage
Abstract
Recent economic recession and job reduction have aggravated youth unemployment which is one of the biggest social problems. Thus, this study carried out a survey on employment awareness of year 3 and year 4 university students in 4-year universities in Daejeon and Chungnam area per sex, grade and academic record. Based on the result, it attempted to figure out an employment vitalization plan that a university can take initiative. This result is expected to be used effectively for employment guidance and career counseling of universities. These are some suggestions for employment vitalization plan. First, it needs career determination and employment guidance program for year 1 and year 2 students. Second, as the most important employment preparation activities for students of business administration are “obtaining related qualification”, “enhancing language ability” and “studying major and GPA(grade point average)”, employment preparation for these areas are required to be expanded in employment supporting program. Third, by expanding employment information center(department) that provide employment related service, it should consider not only to acquire various employment information but also to set diverse plans on how to deliver such information to students rapidly and accurately. Finally, active counseling and guidance instruction with professors in the department and high quality job finding through visiting industrial places are required to encourage employment awareness.
Keyword: employment awareness, business administration affiliation, employment vitalization plan
Youngsook Kim, Soowon Mo, Juyoun Kim
Abstract
There has been relatively abundant academic research undertaken on child care center or its children. However, most studies have focused on the teacher’s recognition of child care accreditation system or the effect of accreditation system on child care centers. This paper, hence, aims at analysing the technical efficiency, the productivity of child care centers and its determinants in the sixteen metropolitan cities and provinces utilizing the DEA, the Malmquist index, and Tobit model. This paper utilizes data for the period 2002-09. The DEA framework uses one input to produce one output. The DEA indicates that the efficiency not only tends to decline but most of DMUs have the decreasing returns to scale as time passes. It also shows that the efficiencies of metropolitan cities are lower than those of provinces. The Malmquist index finds that the declining productivity is caused by the technical retrogression, which means the socioeconomic environment gets worse. This paper employs heteroscedastic Tobit model to show the effect of the explanatory variables on the efficiencies. The Tobit models reveal that the number of children has a positive effect on efficiency, while the number of child care centers influences efficiency negatively, regardless of the type of the model. The number of population has also negative relations with efficiency, confirming that something should be done to improve the efficiencies of child care centers in the metropolitan cities.
Keyword: DEA, Tobit, Malmquist, Child Care Center
Misuk Lee, Nakhwan Choi
Abstract
This study explored the factors that influence self-regulated learning of institute academy students by using 194 questionnaire copies from fifth-grade, sixth-grade of elementary students and middle school students. Firstly, self-efficacy and active consultation participation were adopted to give influence to self-regulated learning behavior. Secondly, past achievement experience and modeling were effected but teacher’s expectancy and support were not effected to give a cause. Teacher shouldn’t give excessive expectancy and a high goal to the school students. Lastly, teacher’s trust and parents’ recommendation were adopted to give influence in active consultation participation. Active counsel participation was affected by teacher’s high profession and parents’ recommendation. Until now, self-regulated learning becomes known impossibility in institute academy. However self-efficacy and active counsel participation gives a possibility of self-regulated learning to the institute academy students. At the end, self-regulated learning can be the beginning of the study for a part of marking. But the critical points of research about the factors that influence self-regulated learning of institute academy students have to be done by using the samples of various school year students.
Keyword: self-regulated learning, active consultation participation, self-efficacy
Sangman Lee, Guowei Zhang, Hyunchul Choi
Abstract
The purpose of this study is to see if business morality affects the competitive advantage of the firms. It distinguishes itself from most of the previous studies in that it focuses on the case of small and medium-sized businesses as unit of analysis, rather than large businesses. Another distinction is it uses the competitive advantage of the firms as dependent variable instead of management performance. The result of the empirical research are as follows. All the three independent variables such as individual factors, organizational factors and social factors, which compose the business moral dimension, have significant effects on cost advantage. In case of differentiation advantage as dependent variable, individual factors and organizational factors significantly affect the differentiation advantage in a positive way, whereas social factors show no significance in relationship with differentiation advantage.
Keyword: business morality, competitive advantage, cost advantage, differentiation advantage, management performance
Sinuk Park, Yongjae Shin
Abstract
We examine the relation of financial market and economic growth in both advanced countries and developing countries of Asia. For these analysis. We used empirical data of GDP, capital market based financial total amount (market capitalization), and bank based financial total amount (banking credits). We employed Panel Cointegration Test, Granger Causality Test, Impulse-Response Analysis, and Variance Decomposition. The results of this study are as follows. (ⅰ) Advanced countries and developing countries of Asia has long-term equilibrium in financial market growth and economic growth. (ⅱ) There is one-way causality between financial market growth and economic growth in Advanced countries while there is both-way causality between them in developing countries of Asia. (ⅲ) Stock market size has overwhelming effect than bank credits in advanced countries while there is no evidence in developing countries. This implicates that the effects of financial development on economic growth are different in countries.
Keyword: Economic Growth, Financial Development, Panel Cointegration Test, VAR, Granger Causality Test