PURPOSES : This study analyzes the estimated traffic volumes on roads and railways based on econometrics. METHODS : The accuracy of traffic forecasting was analyzed based on the average difference between predicted and actual values. This study distinguishes itself from existing literature by conducting a comparative analysis categorized by project type. In this study, econometric analyses, including bias and efficiency evaluation, were conducted for 308 projects in Korea. RESULTS : We conducted econometric analysis by dividing the data into project types. This study examines the accuracy of estimates in South Korea's road and railway projects concerning various factors, including project types (mobility-focused or accessibility-focused), implementing agencies, and the performance of preliminary feasibility studies. Notably, it identifies a tendency for overestimation, particularly in railway projects and mobility-focused road projects, such as expressways and national highways, as well as in projects executed by local governments. The mean percentage error (MPE) for the analyzed projects was -46.62%, indicating a significant overestimation bias with resulting inefficiencies. However, our analysis revealed that road projects, particularly those accompanied by preliminary feasibility studies and implemented by the central government, exhibited reduced bias and improved efficiency. The presence or absence of preliminary feasibility studies significantly influenced estimation bias. Interestingly, even when preliminary feasibility studies are conducted, the choice of the implementing agency remains a crucial factor affecting estimation bias. In addition, railway projects continue to demonstrate a notable overestimation bias, warranting further attention. CONCLUSIONS : Considering bias, efficiency, and MPE is advisable when forecasting traffic.

Dividend policy is an important business decision and is considered a channel to communicate a firm’s performance to shareholders. Given the empirical findings that earnings quality significantly affects financial analysts’ forecasting activities, it is predicted that higher earnings quality would positively influence forecast accuracy. Specifically, it is expected that financial analysts would forecast dividends more accurately for firms with higher earning quality. Unlike the research on financial analysts’ earnings forecasts was heavily conducted, there is little study about financial analysts’ dividend forecasts. This paper examines the effect of earnings quality on financial analysts’ dividend forecast accuracy. We use a sample of South Korean firms for the period of 2011–2015 for multivariate regression. Earnings quality is measured by accruals quality and performance-adjusted discretionary accruals followed by prior studies. We first compare the accuracy between dividend forecasts and earnings forecasts using t-test and Wilcoxon singed-rank test. It is confirmed that financial analysts’ dividend forecasts are more accurate than earnings forecasts in Korea. We find that financial analysts’ dividend forecasts are more accurate for firms with higher earnings quality. We also find that the result is still valid after controlling for the accuracy of financial analysts’ earnings forecasts. This confirms that earnings quality positively affects financial analysts’ dividend forecasts.

본 연구는 수력발전을 위한 저수지 관리에 있어 예측오차의 영향을 살펴보기 위해 예측오차를 Root Mean Square Error(RMSE)로 측정하였고, 이를 Generalized Maintenance Of Variance Extension (GMOVE)기법을 통하여 변화시켜보았다.변화된 예측오차의 RMSE는 천이확률을 통하여 Bayesian Stochastic Dynamic Programming (BSDP)에 고려되어졌으며, 이 BSDP 모형을 이용