본 연구는 1985년부터 1995년 사이에 주식 관련 해외증권 발행을 한 127개의 한국 기업을 중심으로, 해외증권 발행 공시가 주가의 시장 조정 초과 수익률에 미치는 영향을 분석하고 있다. 해외증권의 발행 공시는 공시 바로 전 주의 초과수익률에 유의적으로 (+)의 형태로, 공시 직후에는 (-)의 형태로 영향을 미치는 것으로 나타났으며, 전체 분석 기간에서도 공시전 주가 상승, 공시 후 주가 하락의 형태로 영향을 미친다. 또한, CB보다는 BW나 DR의 발행이 보통주보다는 우선주에 연계된 증권 발행이, 소기업보다는 대기업의 해외증권 발행이 주주의 부에 보다 정(+)의 효과를 가져다 준다는 점도 발견되었다. 연구 제안으로서, 한국증시의 공시제도의 문제, 정보의 사전 유출 가능성 문제, 그리고 특히 소형주의 경우에 많이 나타나는 내부자의 사전 거래 가능성 문제들은 우리 주식시장의 효율성을 저해하는 요인으로서, 향후 정책 마련에 참고가 될 문제점으로 제시한다.

우리나라 연근해 해역에 대한 어족생물의 자원평가 및 그 관리를 위한 기초자료를 수집하기 위한 연구의 일환으로 동중국해를 대상으로 계량어군탐지기 및 트롤조업에 의해 수집된 어족생물의 음향학적 조사자료 및 수조실험자료 등을 종합적으로 분석하여 조사대상해역에 대한 어족생물의 어군반사강도를 추정한 결과를 요약하면 다음과 같다. 1. 1994년 4월에 제주도 남서방 해역에서 50kHz의 주파수에 대하여 측정한 트롤 예망층에 대한 어군의 평균체적산란강도(〈SV〉, dB)와 그 때의 트롤조업에 의해 어획한 단위체적당의 어획량(C, kg/m3)과의 사이에는 다음의 회귀직선식을 얻었다. = -32.4+10Log(C) 이 식에서 어획물 1kg당에 대한 어군의 평균반사강도의 추정치는 〈SV〉 = - 32.4dB/kg이었다. 2. 1989~1992년의 11월중에 동중국해에서 25kHz와 100kHz의 주파수에 대한 트롤 예망층의 평균체적산란강도(〈SV〉, dB)와 단위체적당의 어획량(C, kg/m3)과의 사이에는 다음의 회귀직선식을 얻었다. 25kHz : 〈SV〉 = - 29.8+10Log(C) 100kHz : 〈SV〉 = - 31.7+10Log(C) 이들 식에서 25kHz와 100kHz의 주파수에 대한 어획물 1kg당에 대한 어군의 평균반사강도의 추정치는 각각 -29.8dB/kg, -3.7dB/kg으로서, 25kHz에 대한 어군반사강도의 값이 100kHz에 대한 그 값보다 1.9dB 더 컸다. 3. 트롤조업에 의해 어획한 강달이, 말쥐치, 갈전갱이, 민태, 병어, 황돔, 민어, 고등어, 샛돔, 전갱이 등을 대상으로 25kHz와 100kHz의 주파수에서 측정한 어체의 평균반사강도와 체중과의 사이에는 다음의 회귀직선식을 얻었다. 25kHz : TS = - 34.0+10Log(W⅔) 100kHz : TS = - 37.8+10Log(W⅔) 이들 식에서 25 kHz와 100kHz의 주파수에 대한 어체의 1kg 당에 대한 평균반사강도의 측정치는 각각 -34.0dB/kg, -37.8dB/kg로서, 25kHz에 대한 어체의 평균반사강도의 값이 100kHz에 대한 그 값보다 3.8dB 더 컸다. 4. 제주도 근해에서 어획한 보구치의 부레의 등가반경(A)에 대한 체장(L)의 비솔(A/L)는 체장이 증감함에 따라 약간 감소하는 경향을 보였고, 그 평균치은 0.089이었다. 이상의 트롤조업 및 어탐조사, 또한 실험수조에서 측정한 어체의 반사강도를 종합적으로 고찰 할 때, 동중국해의 어업자원을 평가함에 있어 적용 할 수 있는 어군 1kg당에 대한 평균적인 반사강도는 25kHz와 100kHz의 주파수에 대하여 각각 -31.4dB/kg, -33.8dB/kg이라고 추정된다.

신문 용지용(用) 지료(紙料)의 조성조건(調成條件)에 따른 보류(保留)의 변화를 연구(硏究)한 결과 다음과 같은 사실을 알수가 있었다. 1. 온도(溫度)의 상승(上昇)에 따라 보류(保留)는 지료(紙料)의 종류 및 배합비(配合比)에 관계없이 감소(減少)하였으며 GP보다 DIP가 온도(溫度)변화에 민감(敏感)하였다. 2. pH변화에 따른 보류(保留)의 변화는 GP와 DIP 및 GP/DIP=50/50 모두 pH5에서 보류(保留)가 가장 높았으며 pH 5보다 높거나 낮으면 감소(減少)하였고 DIP가 GP보다 감소(減少)가 적었다. 3. Alum첨가(添加)에 따른 보류(保留)의 변화는 GP와 GP/DIP=50/50의 경우 2% 첨가(添加)에서 보류(保留)가 가장 높았고 DIP는 3% 첨가(添加)에서 가장 높았다. 4. 보류(保留)는 지료(紙料)의 응집작용(凝集作用)과 밀접한 관련이 있었다.

Planktonic crustaceans were collected monthly around Hamduck, northern part of Cheju Island from April 1989 to March 1990. Occurrence of mean individuals (244 rods. m^(-3)) from inner~ay stations was 2.4 times higher than that (102 rods. m^(-3)) in outer-bay stations. Mean biomass (wet weight, 18.6 mgm^(-3)) from inner-bay stations was 3.6 times higher than that(5.2 mgm^(-3)) in outer-bay ones. The estimated mean values (251.5 ㎍Cm^(-3)d^(-1)) of daily production from inner-bay, having 141.1 ㎍Cm^(-3)d^(-1) of annual mean, was 2.8 times higher than that (90 ㎍Cm^(-3)d^(-1)) in outer-bay. The ratio of daily production of biomass with average value 0.17 suggested a high turnover rate to maintain a temperate costal ecosystems, in spite of a low biomass around Cheju Island.

우리나라 고유 식품인 소양의 영양적 가치와 최적조리 조건을 제시하기 위해서, 소양 조직의 일반 영양성분과 조리방법(가열처리, 압력처리, 양과 물의 첨가비)에 따른 질소성분과 미네랄성분의 용출, 핵산관련 맛성분의 용출 및 관능검사 결과를 요약하면 다음과 같다. 1. 소양의 제 1위와 제 2위의 영양성분은 거의 차이가 없었으며 수분 약 83%, 회분 0.4~0.5%, 지방 약 3%, 단백질 약 13%, 칼슘 50~56mg%, α-amino N 75~76mg%, 인 75~76mg%였다. 소양의 상피세포층의 중량은 제 1위에서 35%, 제 2위에서 29%를 차지하였으며, 회분과 칼슘을 제외한 모든 영양성분은 상피세포층과 근육층에 균일하게 분포되어 있었으나 칼슘은 총함량의 80% 이상이 상피세포층에 함유되어 있었다. 2. 소양을 2, 4, 8, 12, 24시간 가열한 후 질소성분(총질소와 α-amino N)과 미네랄성분(칼슘과인)은 각각 8시간과 4시간 가열에 의해 plateau에 달하였으며, 맛성분인 5'-IMP는 8시간 가열에 의해 plateau에 달하였다. 관능검사 결과는 8-12시간 가열시 좋은 성적을 얻었다. 3. 소양을 압력솥에서 30분, 1, 2, 3, 4시간 가열조리한 후 질소성분과 미네랄성분은 각각 2시간과 1시간 가열에 의해 plateau에 달하였으며 5'-IMP는 2시간의 압력가열로 최대값을 나타냈다. 관능검사 결과는 1시간 이상 가열시 좋은 성적을 나타내었다. 4. 소양의 중량별 용출액 중의 영양성분을 보면, 양에 대한 물의 첨가량이 10배 이상일 때 용출량은 증가하고, 특히 칼슘은 10배 이하에서는 20배에서의 용출량의 50%로 감소되었다. 맛성분의 용출은 20배에서 가장 효과적이었으며, 관능검사 결과에는 차이가 없었다. 이상의 실험 성적에서 소양은 단백질과 칼슘의 급원 식품으로서 조리시 상피세포층을 제거하였을 때 영양적 손실이 크며, 특히 칼슘의 손실이 컸다. 영양성분의 충분한 용출과 맛을 위해서는 상압가열 조리에 있어서는 8시간의, 압력조리에 있어서는 1~2%시간의 조리시간, 양에 대한 물의 첨가량은 10배 이상이 필요하였다. 이것은 소양의 조리시 충분량의 물을 넣어 장시간 가열하는 우리나라 재래식 조리방법이 영양적, 미각적 측면에서 매우 합리적임을 시사한 것으로 본다.

Yellow croacker, Tseudociaena manchurica Jordan et Thompson in the Yellow Sea and East China Sea are subjected to be caught by trawl nets throughout the year. First indices of population size in every period 8re calculated. Considering present status of the yellow croacker fishery and ecology of the fish, mathematical models must have been established in order to determine catchability coefficient, natural m ortali ty, fishing mortality, recrui ting coefficient of the fish ing ground, and dispersion coefficienl from the fishing ground. The results an, summmarized as follows: Catchabil i ty coefficient (C) = 2. 2628 × 10-5 Natural mortality (M)=0.3293 Population for lhe first half season(July 1st to the following January 3lst) Initial population = 14, 621 /MT Recruitment =45, 597 /MT Natural mortality = 8, 660 /MT Final population =42, 970 /MT Population for the latter 1131f scason(February 1st to June 30th) Initial population = 69, 170 /MT Dispersion =51, 688 /MT Natural mortality = 6, 082 /MT Final population = 1, 802 /MT.

In this study, sediment cores from unvegetated tidal flats in the Hampyeong Bay (west coastal wetland) and Dongdae Bay (south coastal wetland) were sampled, the blue carbon stock in the sediments was calculated, and the characteristics of the blue carbon stock were analyzed based on particle size of the sediments. The sediments in the Hampyeong Bay tidal flat had large particle size and low mud content, and the Dongdae bay tidal flat had small particle size and high mud content. The organic carbon content and blue carbon stock in the sediments were higher in the Dongdae tidal flat than in the Hampyeong Bay tidal flat. As a result of the regression function, in both the Hampyeong Bay and Dongdae Bay tidal flats, the sediments had the smaller particle size and higher mud contents the higher the organic carbon content and blue carbon stock. The sediments with smaller particle size had the larger specific surface area, so were feasible to adsorb and store more organic matters.

In this study, sediment cores were sampled from tidal flats (six sites) in the west and south coastal wetlands, the blue carbon stock in the tidal flat sediments was calculated, and the blue carbon stock characteristics and influencing factors were analyzed. The sediment particle size of the west coastal tidal flats was larger than that of the south coastal tidal flats, and the organic carbon content in the south coastal tidal flats was more than twice that of the west coastal tidal flats. Blue carbon stock per unit area was 28.4~36.8 Mg/㏊ on the west coastal tidal flats and 69.8~89.8 Mg/㏊ on the south coastal tidal flats, which was more than twice higher in the south coastal tidal flats than in the west coastal tidal flats. The total amount of blue carbon stock in the tidal flats was the highest in Suncheon Bay tidal flats at 153,626 Mg, and followed by Gomso Bay tidal flats at 141,750 Mg, Hampyeong Bay tidal flats at 58,420 Mg, Dongdae Bay tidal flats at 44,900 Mg, Cheonsu Bay tidal flats at 36,880 Mg, and Jinhae Bay tidal flats at 26,205 Mg. Blue carbon stock per unit area was higher in the south coastal tidal flats, but the total amount of blue carbon stock in the tidal flats was higher in the west coast. The slope of the regression function of blue carbon stock with respect to the organic carbon content in the tidal flat sediments was estimated to be about 0.05 to 0.07, and the slope of the regression function was higher in the west coastal tidal flats than in the south coastal tidal flats.

The purpose of this study is to analyze and test the effect of financial ratios and macroeconomics on Islamic stock returns listed in Jakarta Islamic Index (JII) other than to assess whether investment risk can be an intervening variable in this study. The type of research is explanatory in nature with a quantitative descriptive approach. The data used is based on secondary sources with a sample group of 29 companies listed on JII for a 5-year period ending 31 December 2018. The data obtained were analyzed by using SEM (Structural Equation Model) with AMOS (Analysis Moment of Structural) 21 program. The results of the study show that only financial ratios affect sharia stock returns and investment risk, while the mediation test found that investment risk does not act as a mediating variable between financial ratios and macroeconomics and Islamic stock return. These findings indicate that the role of the company’s financial health is very important. Besides affecting the rate of return obtained, the company’s financial health can also reflect the level of risk that investors will accept in the future. By improving financial performance properly, a company will have a positive impact on various interested parties and minimize the level of investor losses.

The more liquid the capital market, the more attractive it will be for investors to place their money in the capital market. Therefore, the purpose of this study is to investigate the factors that influence stock liquidity of manufacturing sector companies listed on the stock exchange in Indonesia. The independent variables used in this study are forward-looking information disclosure, institutional ownership, foreign ownership, and board activity with information asymmetry as an intervening variable and stock liquidity as the dependent variable. The population of this study is manufacturing sector companies listed on the Indonesian stock exchange (IDX). Samples are selected based on the random sampling method, and the number of samples is calculated based on the Slovin formula. The sample was 59 manufacturers, and data was annual reports (for 2 years) and stock transactions from 2016 to 2017. The results of the study showed that forward-looking information disclosure had a significant effect on information asymmetry. Information asymmetry and foreign ownership have a significant impact on stock liquidity, whereas information asymmetry mediates the relationship between forward-looking disclosures and stock liquidity. Furthermore, the accuracy of information about the certainty of business activity both now and in the future can instill confidence in stakeholders in interacting and cooperating.

The primary purpose of the study is to investigate the volatility spillovers from global economic policy uncertainty and macroeconomic factors to the Islamic stock market returns. The study focuses on the Islamic stock indices of emerging economies including Indonesia, Malaysia, and Turkey. The Macroeconomic factors are industrial production, consumer price index, exchange rate. EGARCH model is employed for investigation of volatility spillovers. The results show that the global economic policy uncertainty has a significant spillover effect only on the returns of Turkish Islamic stock index. Similarly, the shocks in macroeconomic factors have little influence on the volatility of Islamic indices returns. The volatility of Indonesian and the Turkish Islamic stock indices returns is not influenced from the fluctuations in macroeconomic factors. However, there is significant volatility spillover only from industrial production to the returns of Malaysian Islamic index. The results suggest that the Islamic stock markets are less likely to influence from the global economic policies and macroeconomic factors. The stability of Islamic stocks provide opportunity for diversification of portfolios, particularly in stressed market conditions. The major price factors of Islamic markets could be firms’ specific factors or investors’ behaviors. The findings are helpful for policy makers and investors in formulating policies and portfolios.

The study investigates the asymmetric effect of exchange rate changes on stock prices in Vietnam. We use the nonlinear autoregressivedistributed lag (ARDL) analysis for monthly data from 2001:01 to 2018:05, based on VN-Index stock price collected from Ho Chi Minh Stock Exchange (HOSE); the nominal exchange rate is separated into currency depreciation and appreciation through a partial sum decomposition process. Asymmetry is estimated both in the long-run relationship and the short-run error correction mechanism. The research results show that the effect of exchange rate changes on stock prices is asymmetrical, both in the short run and in long run. Accordingly, the stock prices react to different levels to depreciation and appreciation. However, the currency appreciation affects a stronger transmission of stock prices when compared to the long-run currency depreciation. In the absence of asymmetry, the exchange rate only has a short-run impact on stock prices. This implies a symmetrical assumption that underestimates the impact of exchange rate changes on stock prices in Vietnam. This study points to an important implication for regulators in Vietnam. They should consider the relationship between exchange rate changes and stock prices in both the long run and the short run to manage the stock and foreign exchange market.

The study aims to investigate the dual effects of corruption control on economic growth in relationship with the stock market and trade openness in developing countries. The study used difference S-GMM method on the dynamic panel data model in the period (2002-2017) with data collected from the World Bank. The study discovers the dominant impacts of corruption control in the relationship with the stock market on economic growth. At the same time, the study also confirms the overwhelming impact of corruption control in the relationship between trade openness and economic growth in the developing countries. In addition, the study shows that inefficient stock markets in developing countries will not promote economic growth. Meanwhile, the long-standing credit market has a positive impact on economic growth. With the strong development of stock market and trade openness in the period (2002-2017), control on corruption in developing countries does not get better in time with the increase in demand. The findings of this study suggest a number of solutions to strengthen corruption control, leading to the increased efficiency on the stock market and as well as encouraging the positive effects of trade openness to contribute to promoting economic growth in developing countries.

This study investigates the problem of outlier detection based on discrete wavelet transform in the context of time series data where the identification and treatment of outliers constitute an important component. An outlier is defined as a data point that deviates so much from the rest of observations within a data sample. In this work we focus on the application of the traditional method suggested by Tukey (1977) for detecting outliers in the closed price series of the Saudi Arabia stock market (Tadawul) between Oct. 2011 and Dec. 2019. The method is applied to the details obtained from the MODWT (Maximal-Overlap Discrete Wavelet Transform) of the original series. The result show that the suggested methodology was successful in detecting all of the outliers in the series. The findings of this study suggest that we can model and forecast the volatility of returns from the reconstructed series without outliers using GARCH models. The estimated GARCH volatility model was compared to other asymmetric GARCH models using standard forecast error metrics. It is found that the performance of the standard GARCH model were as good as that of the gjrGARCH model over the out-of-sample forecasts for returns among other GARCH specifications.

The purpose of the article is to evaluate the factors that affect the degree of environmental accounting information disclosure. Data are collected from 87 industry companies listed on the Vietnamese stock market from 2009 to 2019. I focus on the effect of factors such as the Firm size, Profitability, Leverage, Firm age, and Independent auditors. To explain the causal relationship between factors, I construct the regression model and then test it by using different statistical method approaches, including the pooled OLS, the fixed effects model, and the random effects model. Then I conduct testing of model defects: White Test, Wooldridge Test, Hausman Test, and Wald Test. The Feasible Generalized Least Squares (FGLS) method is used to analyze the image factors that affect environmental accounting information disclosure. The results show that the extent of environmental accounting information disclosure is influenced by factors: firm size, uptime and independent audit. These factors positively affect the level of environmental accounting information disclosure; independent audit has the greatest influence. Based on the research results, the author gives recommendations to improve the disclosure of environmental accounting information for industrial enterprises listed on the Vietnamese stock market, increasing the competitiveness of the public company in terms of global integration.

The aim of this article is to determine the influence of factors on the capital structure of construction companies listed on the Hanoi Stock Exchange. The data of the article were collected and calculated from the financial statements of 54 construction companies listed on Hanoi Stock Exchange from 2012 to 2019. With the application of E-view software in quantitative analysis to build panel data regression model (panel data), the article has built a regression model to determine the relationship of intrinsic factors affecting the capital structure of construction companies listed on Hanoi Stock Exchange. In the study, dependent variable is capital structure, determined by the debt-toequity ratio. Profitability, coefficient of solvency, size, loan interest rate, structure of tangible assets, and growth are independent variables. The results showed that the two factors of growth and firm size positively affect the capital structure, the profitability factor has the opposite effect on capital structure. Factors of short-term debt solvency, average loan interest rate and tangible asset structure have no correlation with capital structure. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to make capital structure decisions in their own conditions.

This study is concerned with the relationship between firm’s ownership structure and the co-movement of the stock return with the market return. Four different types of firm ownership, including managerial ownership, state ownership, foreign ownership, and concentrated ownership, are among the main features of the company’s governance mechanism and have been separately documemented in the previous research to understand their impact on stock price synchronicity. We constructed the regression model, using stock price synchronicity as the dependent variable and the above four components of ownership structure as explanantory variables. The pooled OLS, the fixed effects model, and the random effects are employed to investigate the outcome of the study. Data used in the reserch are of public firms listed on the Ho Chi Minh City Stock Exchange (HOSE) during the five-year period term from 2015 to 2019. The data sample contains 235 companies from 10 industries with 1135 observations. The results revealed by the fixed effects model, the large ownership and the managerial ownership are found to have adverse effect on the stock price synchronicity, whereas the foreign ownership model is revealed to have positive influence on the stock return co-movement. The effect of the state ownership on the stock price synchronicity is not confirmed.

This empirical research aims to modeling and improving the forecasting accuracy of the volatility pattern by employing the Saudi Arabia stock market (Tadawul)by studying daily closed price index data from October 2011 to December 2019 with a number of observations being 2048. In order to achieve significant results, this study employs many mathematical functions which are non-linear spectral model Maximum overlapping Discrete Wavelet Transform (MODWT) based on the best localized function (Bl14), autoregressive integrated moving average (ARIMA) model and generalized autoregressive conditional heteroskedasticity (GARCH) models. Therefore, the major findings of this study show that all the previous events during the mentioned period of time will be explained and a new forecasting model will be suggested by combining the best MODWT function (Bl14 function) and the fitted GARCH model. Therefore, the results show that the ability of MODWT in decomposition the stock market data, highlighting the significant events which have the most highly volatile data and improving the forecasting accuracy will be showed based on some mathematical criteria such as Mean Absolute Percentage Error (MAPE), Mean Absolute Scaled Error (MASE), Root Means Squared Error (RMSE), Akaike information criterion. These results will be implemented using MATLAB software and R- software.