Young Soo Choi

Demonstrating the effectiveness of human resources (HR) programs has been a dilemma for HR professionals for years.This study addresses that problem and takes a step in closing the gap in the lodging industry.The researchers reviewed the effects of rigorous management training programs that focused on frontline leaders and their relationship with the employees who interact with guests.Data from a 2-year period (during and after the intervention) were analyzed based on employee-related factors, p

Non-generally accepted accounting principles (non-GAAP) earnings reporting has been linked with both informative and strategic incentives. We seek to disentangle these conflicting effects by examining the association between non-GAAP earnings disclosure and transitory items in GAAP earnings, conditional on managers' reporting incentives. We report evidence of a statistically and economically significant asymmetric relation between disclosure propensity and transitory items in GAAP earnings condi

This study examined how hotel employees perceive green practices. Data was collected from 220 employees working in eight green certified hotels in Orlando, Florida. Study results from an importance–performance analysis revealed that the surveyed employees rated their hotels' performance in green practices lower than the importance levels. A positive correlation was found between the employees' organizational commitment and their perception on the company's green practices. The relationship betwe

Abstract Prior research using the residual income valuation model and linear information models has generally found that estimates of firm value are negatively biased. We argue that this could result from the way in which accounting conservatism effects are reflected in such models. We build on the conservative accounting model of Feltham and Ohlson 1995 and the Dechow, Hutton, and Sloan 1999 (DHS) methodology to propose a valuation model that includes a conservatism‐correction term, based on th

The development of positive attitudes in team-based work is important in management education. This study investigates hospitality students’ attitudes toward group projects by examining instructional factors and team problems. Specifically, we examine how the students’ perceptions of project appropriateness, instructors’ support, and evaluation fairness influence their attitudes toward group projects. Also the effect of students’ team problems on their attitudes toward group projects is examined

This paper presents a new methodology to approximate the yield and duration of a bond portfolio. We demonstrate that the duration-weighted average yield consistently underestimates the exact yield on a bond portfolio having positive convexity. By considering the convexity, we present a new approximation formula for calculating the bond portfolio yield that can significantly reduce approximation errors. In addition, we find the value-weighted portfolio duration causes approximation errors that ar

영국의 회계전문가제도는 흔히 접하는 미국이나 우리나라의 회계전문가제도와 큰 차이를 보인다. 영국은 국가주도 또는 회계협회 주도의 단일 회계전문가 제도를 운영하는 것이 아니라 다수의 회계전문기관이 회계전문가를 교육·육성하고 있으며 회계기관마다 고유한 명칭을 회계전문가에게 부여하고 있다. 산업혁명과 더불어 회계전문가의 필요성이 대두되면서 1800년대 중반부터 회계전문기관들이 설립되었으며, 모든 회계영역을 담당하는 회계전문가 육성기관뿐만 아니라 기업회계와 공공기관회계에 특화된 회계전문가 육성기관까지 다양한 회계전문기관이 존재한다. 최근 회계기준의 국제화가 진행되면서 많은 국가들이 국제회계기준(IFRS: International Financial Reporting Standards)을 이미 도입했거나, 조만간 도입할 계획이다. 회계기준의 국제화가 진행되면서 회계전문가의 교류 역시 활발해질 것으로 예상되는데, 본 연구에서는 많은 국가(특히 영연방 국가)에서 인정되고 있는 영국의 회계전문가를

One of the most widely used option‐valuation models among practitioners is the ad hoc Black‐Scholes (AHBS) model. The main contribution of this study is methodological. We carefully consider three dividend strategies (No dividend, Implied‐forward dividend, and Actual dividend) for the AHBS model to investigate their effect on pricing errors. We suggest a new dividend strategy, implied‐forward dividend, which incorporates expectational information on dividends embedded in option prices. We demons

Abstract One of the most widely used option valuation models among practitioners is the ad hoc Black–Scholes (AHBS) model. The main contribution of this study is methodological. We carefully consider two rollover strategies (nearest‐to‐next strategy and next‐to‐next) used in the AHBS model to investigate their effect on pricing errors. We suggest a new rollover strategy, next‐to‐next strategy, and demonstrate that our rollover strategy produces more consistent estimates between in‐sample market

We examine disagreement between management and Thomson Datastream over the persistence of earnings components. Using income statement and footnote disclosures, we identify the source and properties of disputed items. Disagreements typically reflect opaque reporting practices (for example, in the case of discontinued operations). Incremental and relative value relevance tests suggest that the majority of management-specific adjustments reflect appropriate classification of earnings components by

Abstract This paper examines whether two well‐known cognitive biases, disposition effect and skew preference, may reflect a common feature of certain investors. On the basis of a unique proprietary dataset that provides the details of all transactions in the Korean equity‐linked warrant (ELW) market between 2009 and 2011, we find that investors who realize gains faster than losses are also more likely to trade out‐of‐the‐money ELWs. Investors who are less (more) subject to both biases exhibit th

본 연구는 2003년 1월 3일부터 2007년 6월 29일 동안의 실현변동성 측정방법에 따른 KOSPI200 지수의 변동성 예측성과를 비교 분석하였다. 또한 VKOSPI 선물이 상장되면 기초자산인 VKOSPI의 예측이 중요한 이슈가 되므로 어떤 변동성이 VKOSPI를 잘 예측할 수 있는지에 대한 분석도 실시하였다. 본 연구에서는 고빈도 자료를 사용하여 실현변동성을 산출할 때, 우리나라 주식거래의 특성인 동시호가제도를 반영할 수 있는 방법과 야간변동성과 주간변동성의 차이를 고려해주기 위하여 기존의 연구에서는 일간수익률(daily return)을 사용한 것과는 달리 일중수익률(intradaily return)을 사용하여 조정해주는 방법을 제시하였다. 새롭게 제시된 실현변동성은 기존의 실현변동성 측정방법과는 t-검증과 F-검증에서 0.01% 이하 유의수준에서 차이가 있고 기초통계량측면에서 보다 안정적(stable)인 것으로 나타났다. 변동성 측정 방법에 VKOSPI의 예측성과를 상관분석,