• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.95-107
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• 2020

The study investigates the asymmetric effect of exchange rate changes on stock prices in Vietnam. We use the nonlinear autoregressive-distributed 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 Journal of Asian Finance, Economics and Business
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• 제6권1호
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• pp.21-31
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• 2019

This paper examines how corporate social responsibility is related to the degree of asymmetric information in the Korean financial market. Recent theory argues that there is a negative relationship between a firm's corporate social responsibility and its information asymmetry. To test this hypothesis, we use the environment, social and governance (ESG) score, published by the Korean Corporate Governance Service, to proxy a firm's management practices toward socially responsible activities. In the entire sample of the Korean firms, we find contrasting results; the ESG score shows negative relationships with the price impact measure but statistically insignificant relationships with the dispersion of analyst forecasts. However, the ESG score shows negative relationships with both measures when we exclude chaebol affiliates from the sample. These findings are robust when we examine environmental, social and corporate governance scores separately. This set of results argues for the extant theory, expecting a negative relationship between a firm's engagement in corporate social responsibility and asymmetric information. It further argues for the importance of firm characteristics in determining the influence of socially responsible activities.

• 자원ㆍ환경경제연구
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• 제22권4호
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• pp.671-689
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• 2013

Transmission mechanisms of volatility between two crude oil markets (WTI and Brent markets) have drawn the attention of numerous academics and practitioners because they both play crucial roles in portfolio and risk management in crude oil markets. In this context, we examined the volatility linkages between two representative crude oil markets using a VECM and an asymmetric bivariate GARCH model. First, looking at the return transmission through the VECM test, we found a long-run equilibrium and bidirectional relationship between two crude oil markets. However, the estimation results of the GARCH-BEKK model suggest that there is unidirectional volatility spillover from the WTI market to the Brent market, implying that the WTI market tends to exert influence over the Brent market and not vice versa. Regarding asymmetric volatility transmission, we also found that bad news volatility in the WTI market increases the volatility of the Brent market. Thus, WTI information is transmitted into the Brent market, indicating that the prices of the WTI market seem to lead the prices of the Brent market.

• 산업경영시스템학회지
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• 제35권2호
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• pp.30-36
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• 2012

This study is aimed to show that an asymmetric load in the frontal plane leads to an increase in low back loading and fatigue in comparison with a symmetric load when workers lift an external weight by investigating previous studies and verifying the phenomenon with an experiment. Ten male subjects are required to lift and hold an given external load at 70cm height during 50sec, then the EMG amplitude and median frequency on bilateral low back muscle groups (Longissimus, Iliocostalis, and Multifidus) are recorded and analyzed. Independent variables are two-level load weight (13kg, 20kg) and three-level LCG (Center, 6.5cm to the right, and 13cm to the right), and dependent variables are EMG amplitude average, difference, and Fatigue Index (FI). Results show that load weight increases significantly amplitude average and FI, but LCG does significantly amplitude difference and FI significantly (P-value < 0.05). Also the correlation coefficient between amplitude difference and FI is over 0.99. These implies that trunk loading should be explained by not EMG amplitude but muscle fatigue aspect since the association between an external load and amplitude is linear, but the relationship between an external load and median frequency as muscle fatigue index is almost exponential.

• Journal of Contemporary Eastern Asia
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• 제20권2호
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• pp.210-236
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• 2021

China's Belt and Road Initiative infrastructure connectivity and other projects are presented in much of the discourse as a grand strategy to trap developing nations in debt, to exert asymmetric power and construct a new world economic order. The asymmetric relationship between China and Myanmar might therefore be expected to generate a range of political risks for stakeholders. Myanmar itself presents a "perfect storm" of problems, with dysfunctional governance, civil conflict, under-development and growing economic dependence on China. The Kyaukphyu port project and associated Special Economic Zone in Myanmar's troubled Rakhine state is investigated as a case study of risks on the Belt and Road. While worst case fears China might seize military control of the port appear unlikely, at least in current conditions, empirical observation indicates the complexity on the ground generates an array of other risks - as well as opportunities, should conditions allow. Further, despite challenges and constrained capacity, Myanmar governments have demonstrated agency, including by re-negotiating control and costs of the Kyaukphyu project. The case underlines that conditions are more complicated than simply China's asymmetric power. A sceptical approach is taken to normative discourses in order to build inductive understanding of how stakeholders and local experts perceive dynamics underway. A political risk approach is deployed to develop a framework to identify, analyse and assess risks for actors in relation to the Kyaukphyu project. The research findings are presented on an interim basis, given current constraints on field interviews due to the current crisis.

• 아태비즈니스연구
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• 제15권2호
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• pp.223-236
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• 2024

Purpose - The purpose of the paper is to empirically investigate the asymmetric adjustment of loan and deposit interest rates among banks and non-bank depository institutions. Design/methodology/approach - We construct a VAR model using time series data comprising loan and deposit interest rates of banks and non-bank depository institutions, along with the call rate. Based on this model, we conduct impulse-response analysis and variance decomposition to investigate the dynamic relationship between the interest rates. Findings - In the case of banks and credit unions, the responses of deposit rates to the call rate are larger than the responses of loan rates, and we cannot find evidence of non-linear responses. In the case of savings banks, the responses of loan rates to the call rate are larger than the responses of deposit rates. The responses of loan rates to a positive call rate shock are statistically significant, while the responses of loan rates to a negative call rate shock are not statistically significant. Research implications or Originality - This study differs from previous research in that it examines the asymmetric response of loan and deposit rates of both banks and non-bank financial institutions to changes in the call rate. The implications for the impact of these findings on the financial system and income inequality are presented.

• Earthquakes and Structures
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• 제11권6호
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• pp.1027-1041
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• 2016

Different incident angles of ground motions have been considered to evaluate the relationship between floor rotation and torsional irregularity coefficient. The issues specifically addressed are (1) variability in torsional irregularity coefficient and floor rotations with varying incident angles of ground motion (2) contradictory relationship between floor rotation and torsional irregularity coefficient. To explore the stated issues, an evaluation based on relative variation in seismic response quantities of linear asymmetric structure under the influence of horizontal bi-directional excitation with varying seismic orientations has been carried out using response history analysis. Several typical earthquake records are applied to the structure to demonstrate the relative variations of floor rotation and torsional irregularity coefficient for different seismic orientations. It is demonstrated that (1) Torsional irregularity coefficient (TIC) increases as the story number decreases when the ground motion is considered along reference axes of the structure. For incident angles other than structure's reference axes, TIC either decreases as the story number decreases or there is no specific trend for TIC. Floor rotation increases in proportion to the story number when the ground motion is considered along reference axes of structure. For incident angles other than structure's reference axes, floor rotation either decreases as the story number increases or there is no specific trend for floor rotation and (2) TIC and floor rotation seems to be approximately inversely proportional to each other when the ground motion is considered along reference axes of the structure. For incident angles other than structure's reference axes, the relationship can even become directly proportional instead of inversely proportional.

• 대한산업공학회지
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• 제33권1호
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• pp.44-51
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• 2007

The purpose of this study was to identify the relationship between the cumulative fatigue of trunk muscles andthe period of recovery time during repetitive lifting and lowering tasks with symmetric and asymmetric postures.Ten subjects participated in the experiment. Subjects had 1, 2, 3, 4 and 5 minutes recovery time respectivelywhile they were performing the lifting and lowering task repeatedly for 3 minutes with the weight equivalent to25% level of MVC. EMG signals from ten trunk muscles were collected and the fatigue level was analyzedquantitatively. In results, the local muscle fatigue was no longer accumulated when 5 minutes recovery time wasgiven in symmetric position. For asymmetric position, it took longer minutes to prevent the fatigue accumul-ation. Different trunk muscles indicated slightly different recovery patterns in terms of MPF (Mean Powerfrequency) value.This result would help ergonomist design the length of recovery time to control the cumulative fatigue of trunkmuscles in industry with repetitive lifting and lowering task.

• Management Science and Financial Engineering
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• 제14권2호
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• pp.105-118
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• 2008

There are many debates on the topic of the relationship between oil prices and economic growth. Through the repeated processes of conformations and contractions on the subject, two main issues are developed; one is how to define and drive oil shocks from oil prices, and the other is how to specify an econometric model to reflect the asymmetric relations between oil prices and output growth. The study, thus, introduces the unobserved component model to pick up the oil shocks and a first-order Markov switching model to reflect the asymmetric features. We finally employ unique oil shock variables from the stochastic trend components of oil prices and adapt four lags of the mean growth Markov Switching model. The results indicate that oil shocks exert more impact to recessionary state than expansionary state and the supply-side oil shocks are more persistent and significant than the demand-side shocks.

• International Journal of Air-Conditioning and Refrigeration
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• 제16권3호
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• pp.83-88
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• 2008

A geometrically asymmetric trapezoidal fin is analyzed using the one-dimensional analytic method. Heat loss and thermal resistance are represented as a function of the fin base thickness, base height, fm shape factor, inside fluid convection characteristic number, convection characteristic numbers ratio, fm length and ambient convection characteristic number. The relationship between the fin base height and the shape factor for equal amounts of heat loss is presented. One of the results shows that the variations of the fm base thickness and the inside fluid convection characteristic number give no effect on the thermal resistance.