• Structural Engineering and Mechanics
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• v.27 no.4
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• pp.425-438
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• 2007

Large changes in stiffness associated with cracking and yielding of reinforced concrete sections may be expected to occur during the dynamic response of reinforced concrete frames to earthquake ground shaking. These changes in stiffness in stories that experience cracking might be expected to cause relatively large peak interstory drift ratios. If so, accounting for such changes would add complexity to seismic design procedures. This study evaluates changes in an index parameter to establish whether this effect is significant. The index, known as the coefficient of distortion (COD), is defined as the ratio of peak interstory drift ratio and peak roof drift ratio. The sensitivity of the COD is evaluated statistically for five- and nine-story reinforced concrete frames having either uniform story heights or a tall first story. A suite of ten ground motion records was used; this suite was scaled to five intensity levels to cause varied degrees of damage to the concrete frame elements. Ground motion intensity was found to cause relatively small changes in mean CODs; the changes were most pronounced for changes in suite scale factor from 0.5 to 1 and from 1 to 4. While these changes were statistically significant in several cases, the magnitude of the change was sufficiently small that values of COD may be suggested for use in preliminary design that are independent of shaking intensity. Consequently, design limits on interstory drift ratio may be implemented by limiting the peak roof drift in preliminary design.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.95-107
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• 2020

This study analyzes the effect of corporate social responsibility (CSR) activity on investors' heterogeneous beliefs. The hypothesis of this study is based on the conflicting effects of CSR activities on firm value and earning's quality. Investors' heterogeneous beliefs used in the empirical analysis of this study are trading volume, and CSR activity is measured by the KEJI Index (Korea Economic Justice Institute Index). This study performs an empirical analysis using regression analysis including control variables. CSR activities are found to have a positive relationship with trading volume. This is consistent regardless of the low and high accounting information (earning's quality). It can be interpreted that Korea's CSR activity acts as an incentive to increase investors' heterogeneous beliefs about target companies. In other words, it implies that the investor judges CSR activities negatively when evaluating firm value. This study could have a policy implication in that it analyzes how CSR activities affect investors' decision-making. In other words, this study analyzed CSR activities from the perspective of shareholders. Therefore, this study is expected to provide useful information for policymaking by regulatory agencies. In particular, its contribution is to presents data that CSR activities can be a negative factor in evaluating firm values.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.303-314
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• 2019

Indonesia's most eastern provinces enjoy special autonomy status but still suffer from the highest poverty level in the entire nation. Using the Williamson index to test the Simon Kuznets theory, this study examines development equality at pre-and post-special autonomy in the provinces of Papua and West Papua. It uses gross domestic products per capita and population from 29 regencies/cities in Papua and 13 regencies/cities in West Papua to measure the Williamson index in addition to in-depth interviews with legislative members and document analysis to validate the findings. The study found that the regional development gap before special autonomy is relatively smaller than that existing after special autonomy. The Kuznets' curve is not proven in the special autonomy era, meaning that the imposition of autonomy status has led to the creation of a higher development gap in these provinces. Although the special autonomy status has prompted an increased opportunity for political participation by the indigenous people, greater challenges are posed by the lack of human resources, poor government administration, difficult geographical access and the issue of land acquisition. Continuous development initiatives followed up with adequate supervision, greater transparency and law enforcement from government bureaucrats and legislatures are recommended to reduce the inequality.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.127-137
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• 2021

Mainland China area has been a long-term, major trade rival and partner of Taiwan, accounting for more than 40% of Taiwan's total annual trade exports, and so Sino-US trade friction is expected to have a significant impact on Taiwan's economy in the future. This study focuses on major bad news of Sino-US trade frictions and how it generates short-term shocks for Taiwan's equity market and fear sentiment. It further explores the mutual interpretation relationship between price changes such as VIX, Taiwan's stock market index, and the VIX ETF to identify which factors have information leadership as leading indicators. The study period covers 750 trading days from 2017/1/3 to 2020/1/31. This study finds that, when a policy news is announced, the stock market index falls significantly, the change in the trading price (net value) of the VIX ETF rises significantly, and the overprice rate significantly drops, but VIX does not, showing that fear sentiment exists in the Taiwan's market. The net value of the VIX ETF shows an information advantage as a leading indicator. This study suggests that, when the world's two largest economies clash over trade, the impact on Taiwan's equity market is inevitable, and that short-term fear effects will arise.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.143-152
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• 2022

This paper examines the relationship between investor sentiment and the risk of a stock price crash at the firm level. Our dataset includes 131 firms listed on the Saudi stock exchange (Tadawul) from 2011 to 2019, as well as 953 firm-year observations. To evaluate crash risk, we employ two distinct proxies and propose an index for measuring firm-level sentiment which we use for the first time in our study. The average turnover rate, price-earnings ratio, and overnight return are the three sentiment proxies we utilize in our index. Our findings show that high levels of investor emotion increase managers' proclivity to withhold unfavorable news from investors, which aggravates the risk of a stock price crash. We undertake cross-sectional regressions by sector to ensure the robustness of our findings, and our findings are confirmed. After accounting for any endogeneity issues with the GMM technique, the results remain the same. Furthermore, we analyze the liquidity effect by dividing our sample into subsamples with better and worse liquidity and find that firms with worse liquidity have a considerably greater positive impact of investor mood. Overall, our findings help investors and regulators recognize the significance of this downside risk and how to manage it in the stock market.

• Proceedings of the Korea Information Processing Society Conference
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• 2003.11b
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• pp.1077-1080
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• 2003

본 연구는 룰들의 각 필드들을 index하여 곱한 cross-product 테이블을 이용한 packet classification 알고리즘에 대해 연구하고 그 것의 성능을 평가하고 분석한다. 현재 Packet Classification은 Packet Filtering, Policy Routing, Accounting & Billing, Traffic Rate Limiting, Traffic Shaping, 등등의 서비스를 위한 가장 핵심적인 작업이다. 그러나 이들을 빠르게 서비스하는 알고리즘은 아직 존재하지 않는다. 단지 하드웨어 TCAM 을 이용해서 작은 룰들에 대한 처리만이 어느 정도 가능한 실정이다. 이에 본 연구는 소프트웨어를 이용한 cross-product 알고리즘의 효용성을 가늠하고자 연구하고 이를 실제 구현해 평가하고자 한다.

• Steel and Composite Structures
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• v.13 no.2
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• pp.109-122
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• 2012

An efficient and accurate algorithm is proposed to evaluate the reliability of cable-stayed bridges accounting for soil-pile interaction. The proposed algorithm integrates the finite-element method and the response surface method. The finite-element method is used to model the cable-stayed bridge including soil-pile interaction. The reliability index is evaluated based on the response surface method. Uncertainties in the superstructure, the substructure and load parameters are incorporated in the proposed algorithm. A long span steel cable-stayed bridge with a main span length of 1088 m built in China is considered as an illustrative example. The reliability of the bridge is evaluated for the strength and serviceability performance functions. Results of the study show that when strength limit states for both girder and tower are considered, soil-pile interaction has significant effects on the reliability of steel cable-stayed bridges. Further, a detailed sensitivity study shows that the modulus of subgrade reaction is the most important soil-pile interaction-related parameter influencing the reliability of steel cable-stayed bridges.

• Language and Information
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• v.2 no.1
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• pp.116-156
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• 1998

This paper is an HPSG approach to agreement phenomena involving the Korean honorific expressions. it is shown that the theoretical devices developed by the constraint-based theory of HPSG can be fruitfully used to capture the interactions between syntactic constraints and semantic of pragmatic factors in Korean honorific agreement. The HPSG's semantic feature 'referential index' plays a key rele in discribing the multiple interaction. The constraint-based theory of agreement proves successful in accounting for the phenomenon that may be called 'inconsistent' honorific agreement as well as 'consistent' regular honorific usages. However, this paper acknowledges its limit. Recognizing an important distinction between basic and 'coercive' honorific expressions, it is argued that a systactic-semantic-pragmatic approach such as the present one can only be applied to basic honorific agreement. Being sociolinguistic in nature, coercive honorific agreement is perhaps not amenable to formal linguistic investigation.

• Asian Journal of Business Environment
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• v.11 no.4
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• pp.39-45
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• 2021

Purpose: This study is designed to investigate the extent and nature of climate change disclosure of listed pharmaceutical companies of Bangladesh. Research design, data and methodology: In order to perform this research, a content analysis methodology is used. A climate change disclosure index is constructed to examine 12 different climate change disclosure issues. Information is collected from the annual reports of 29 pharmaceutical companies listed on the Dhaka Stock Exchange for the year 2019. Results: This study finds that only 48.28% of the sample companies provided disclosure on at least one issue regarding climate change. 'Energy savings' is the mostly disclosed issue whereas 'Pollution control expenditure', 'Biodiversity conservation initiatives' are the least disclosed issues. Research implication: This study concludes 64.29% of the companies examined, use less than five sentences for climate change disclosure, which depicts unsatisfactory disclosure practices regarding climate change issues. Study findings would be helpful for different industries of Bangladesh to implement efficient climate change reporting Practice. Future studies can be conducted on other industries to obtain more comprehensive result.

• Journal of Distribution Science
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• v.18 no.2
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• pp.99-108
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• 2020

Purpose: This paper investigated the relationship between market competition and firm valuation error. Furthermore, Additional analyses were made according to the quality of financial reports and the listed market. Through the process we confirm to the impact of competition on the capital market. The purpose of this study is to analyze the impact of competition on valuation errors. The preceding studies did not provide a consistent results of the effects of competing functions on the capital market. One view is that the competition could mitigate the information asymmetry, and the other is that monopolistic lessens the manager's involvement in financial reporting. This study is intended to expand the prior study by analyzing the impact of competition on the capital market and on the valuation of investors. Research design, data, and methodology: The analysis was conducted on 12,031 samples over 11 years from 2008 to 2018 using data from market in Korea. Here the valuation error was measured by the research methodology of Rhodes-Kropf, Robinson and Viswanathan (2005), and competition measured by Herfindahl-Hirschman Index multiplied by (-1), and Concentration Ratio by (-1). Results: We confirm that the positive relationship between competition and the valuation error. In addition, we also found that the positive relation between competition and valuation error was in cases of low discretionary accruals and the KOSDAQ market. This means that the net function of competition does not mitigate valuation errors. Conclusions. This study has the following contributions when compared to prior research. First, the relevance between the level of competition and the valuation of the entity was confirmed. The study by Haw, Hu and Lee (2015) suggested that monopolistic industry of analysts' forecast is more accurate due to lower the variability in earnings. This study magnified it to confirm that monopolistic lessen information uncertainty in valuation. Second, the study on valuation errors was expanded. While the study on the effect of valuation errors on the capital market is generally relatively active, it is different that competition degree has analyzed the effect on valuation errors amid the lack of research on the effect on valuation errors.