여행업의 주가와 거래량의 인과성 분석

초록

Granger causality test is used to examine the dynamic relation between stock price(stock returns) and stock trading volume(percentage change) on traveling business in Korea Securities Market(Stock and KOSDAQ markets). The study also briefly evaluates the financial statements of the business. The financial ratio analysis reveals that there are an increase in total assets turnover and debt to equity ratio, but a decrease in net profit to sales after listing. It can be an important cause for the decrease of return on equity(ROE) composed of three ratios because the decrease of net profit to sales by increasing in operating expenses is larger than that of the others. The results of Granger causality test also show that there is generally no relationship between stock price and volume in Stock market and KOSDAQ market except that the result for the total period in KOSDAQ market shows a significant bidirectional causality. Thus, it is not evident that the volume is a leading indicator of the stock price.

키워드