• Title/Summary/Keyword: Asymmetric factors

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Determinants of Stock Liquidity: Forward-Looking Information, Corporate Governance, and Asymmetric Information

  • UTAMI, Wiwik;WAHYUNI, Putri Dwi;NUGROHO, Lucky
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.12
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    • pp.795-807
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    • 2020
  • The more liquid the capital market, the more attractive it will be for investors to place their money in the capital market. Therefore, the purpose of this study is to investigate the factors that influence stock liquidity of manufacturing sector companies listed on the stock exchange in Indonesia. The independent variables used in this study are forward-looking information disclosure, institutional ownership, foreign ownership, and board activity with information asymmetry as an intervening variable and stock liquidity as the dependent variable. The population of this study is manufacturing sector companies listed on the Indonesian stock exchange (IDX). Samples are selected based on the random sampling method, and the number of samples is calculated based on the Slovin formula. The sample was 59 manufacturers, and data was annual reports (for 2 years) and stock transactions from 2016 to 2017. The results of the study showed that forward-looking information disclosure had a significant effect on information asymmetry. Information asymmetry and foreign ownership have a significant impact on stock liquidity, whereas information asymmetry mediates the relationship between forward-looking disclosures and stock liquidity. Furthermore, the accuracy of information about the certainty of business activity both now and in the future can instill confidence in stakeholders in interacting and cooperating.

Evaluating the reliability of using the deflection amplification factor to estimate design displacements with accidental torsion effects

  • Lin, Jui-Liang;Wang, Wei-Chun;Tsai, Keh-Chyuan
    • Earthquakes and Structures
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    • v.8 no.2
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    • pp.443-462
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    • 2015
  • Some model building codes stipulate that the design displacement of a building can be computed using the elastic static analysis results multiplied by the deflection amplification factor, $C_d$. This approach for estimating the design displacement is essential and appealing in structural engineering practice when nonlinear response history analysis (NRHA) is not required. Furthermore, building codes stipulate the consideration of accidental torsion effects using accidental eccentricity, whether the buildings are symmetric-plan, or asymmetric-plan. In some model building codes, the accidental eccentricity is further amplified by the torsional amplification factor $A_x$ in order to minimize the discrepancy between statically and dynamically estimated responses. Therefore, this warrants exploration of the reliability of statically estimated design displacements in accordance with the building code requirements. This study uses the discrepancy curves as a way of assessing the reliability of the design displacement estimates resulting from the factors $C_d$ and $A_x$. The discrepancy curves show the exceedance probabilities of the differences between the statically estimated design displacements and NRHA results. The discrepancy curves of 3-story, 9-story, and 20-story example buildings are investigated in this study. The example buildings are steel special moment frames with frequency ratios equal to 0.7, 1.0, 1.3, and 1.6, as well as existing eccentricity ratios ranging from 0% to 30%.

Generation of Visual Field Considering 8 Meridians and Background Conditions of Visual Tasks (시각작업의 배경 조건과 8개 Meridian을 고려한 시각영역의 생성)

  • Kee, Do-Hyung;Kim, Hyung-Su;Jung, Eui-S.;Kang, Dong-Seok
    • Journal of Korean Institute of Industrial Engineers
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    • v.23 no.3
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    • pp.533-544
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    • 1997
  • Among numerous factors that have an effect on visual field, the effects of background condition on the size of the visual field were investigated to obtain more practical visual field that can be readily applicable to industrial settings. A visual experiment was conducted, in which the subject was instructed to search a target with distinct orientations. Size contrast, meridian, nontarget density, and subject's gender showed a significant effect on the size of the visual field at $\alpha=0.01$. The size of the visual field was linearly proportional to size contrast, and inversely proportional to density. Female's visual fields were found to be significantly larger than male subjects', The size of the visual field on horizontal axis was larger than that on vertical axis, and the size of the head & eye field on right meridian was also larger than that on left meridian. The shape was found to be horizontally oriented oval and statistically asymmetric with respect to horizontal and vertical axes. The regression equations to predict the visual fields on the given background condition were suggested. The visual fields suggested in this study would be valuable to the design of visual displays and the panel layout of various displays and controls.

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The Design of Electronic Payment Protocol Using Dual Signature based on Cardholder's Secret Number (카드사용자의 비밀번호 기반 이중서명을 이용한 전자 지불 프로토콜의 설계)

  • 김성열;이옥빈;배용근
    • Journal of the Korea Institute of Information and Communication Engineering
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    • v.3 no.2
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    • pp.411-420
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    • 1999
  • The topic of electronic commerce is a hot issue in computer technology. There are many kinds of risks associated with electronic commerce which performs financial transactions by exchanging electronic information over public networks. Therefore, security factors such as confidentiality, integrity, authentication and non-repudiation should be required to construct secure electronic commerce systems. In this paper, the credit card-based payment protocol applying dual signature is presented. It provides payment information to the bank a cardholder pays to, but conceals ordering information. It also offers ordering information to a merchant, but hides payment information including the card number. Thus, cardholder's private information can be protected. In order to accomplish this, dual signature is performed employing both symmetric method utilizing cardholder's secret number as an encryption key and asymmetric method.

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A Case of Posterior Reversible Leukoencephalopathy Syndrome Following Poststreptococcal Glomerulonephritis (A군 사슬알균 감염 후 사구체신염 환아에서 발생한 가역적 후두부 뇌병증 증후군 1례)

  • Lee, Eun Kyoung;Kang, Jin Han;Ma, Sang Hyuk
    • Pediatric Infection and Vaccine
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    • v.22 no.2
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    • pp.113-116
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    • 2015
  • Posterior reversible leukoencephalopathy syndrome is a clinical radiographic syndrome of many causative factors. Sudden onset headache, vomiting, altered mental status, blurred vision and seizures are main symptoms shown in posterior reversible leukoencephalopathy syndrome. In addition, it typically shows radiological findings of edema in the white matter of posterior cerebrum, being in commonly bilateral but asymmetric. We report a case of poststreptococcal glomerulonephritis (PSGN) presenting as posterior reversible leukoencephalopathy syndrome. Immediate control of hypertension resulted in rapid and complete neurological recovery.

A New method for the Calculation of Leakage Reactance in Power Transformers

  • Dawood, Kamran;Alboyaci, Bora;Cinar, Mehmet Aytac;Sonmez, Olus
    • Journal of Electrical Engineering and Technology
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    • v.12 no.5
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    • pp.1883-1890
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    • 2017
  • Transformers are one of the most precious elements of the electric power system. Stability and reliability of the electric power network mainly depend on the working of the transformer. Leakage reactance of the transformer is one of the important factors and accurate calculation of the leakage reactance is necessary for the transformer designers and electric distributors. Leakage reactance of the transformer depends on the geometry of the transformer. There are many different methods for the calculations of the leakage reactance however mostly are usable when the axial heights of the high voltage and low voltage windings are equal. When the axial heights of high voltage and low voltage windings are asymmetric most of the analytical methods are not reliable. In this study, a new analytical method is introduced for the calculation of the leakage reactance. Fourteen different transformers are investigated in this study and four of them are presented in this paper. The results of the new analytical method are compared with the experimental results. Other analytical and numerical methods are also compared with this new method. Results show that this method is more reliable and accurate as compared to the other analytical methods. The maximum relative error between short-circuit test and proposed method for these fourteen transformers was less than 2.8%.

Use of Androgenesis in Haploid Breeding

  • Yi, Gihwan;Kim, Kyung-Min;Sohn, Jae-Keun
    • Current Research on Agriculture and Life Sciences
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    • v.31 no.2
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    • pp.75-82
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    • 2013
  • Haploids are plants with a gametophytic number of chromosomes in their sporophytes. Androgenesis occurs from asymmetric division of pollen grains into generative cells and vegetative cells, followed by re-entry of the vegetative cell during S-phase, which causes microspores progress into G2/M transition in culture. One of the most interesting features of haploids is the possibility to produce doubled haploid (DH) individuals. Doubled haploidy is extremely useful to plant breeders because it enables shortened breeding periods and efficiency in selection of useful recessive agronomic traits. Doubled-haploid technology is not only applicable to breeding, but also to transformation programs of desired genes. In addition to practical breeding programs, DH lines provide useful materials of fundamental genetics including exploitation of QTLs and genes conferred with various agronomic traits by establishing DH populations. This paper provides historical overviews on androgenesis and describes several mechanisms associated with pollen embryogenesis, including mode of actions in pollen embryogenesis, mechanisms of chromosome doubling and factors affecting androgenesis. We also discuss recent progress in application of haploids to breeding, genes associated with in vitro response and drawbacks to anther culture for application of doubled haploids in crop breeding.

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ENHANCED ARCTIC PRIMARY PRODUCTIVITY FOLLOWING SEA ICE RAPID DECLINE

  • Comiso, Josefino C.
    • Proceedings of the KSRS Conference
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    • v.2
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    • pp.1019-1022
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    • 2006
  • Satellite sea ice data from 1978 to the present reveal that the perennial ice (or ice that survives the summer) has been rapidly declining at almost 10% per decade. Warming due to increases in greenhouse gases in the atmosphere is now also being reflected in winter with drastic reductions in the maximum extent observed in 2005 and 2006. The retreat of the perennial ice also exposes more open water and has revealed an asymmetric distribution of chlorophyll a pigment concentration in the Arctic basin. Phytoplankton blooms are most dominant at high latitudes, partly on account of sea ice, but in the Arctic basin, it appears that pigment concentrations in the Eastern (Laptev Sea) Region are on the average three times higher than those in the Western (Beaufort Sea) Region. Such asymmetry suggests that despite favorable conditions provided by the melt of sea ice, there are other factors that affects the productivity of the region. The asymmetry is likely associated with much wider shelf areas in the East than in the West, with sea ice processes that inhibits the availability of nutrients near the surface in deep water regions, and river run-off that affects nutrient availability. The primary productivity in the pan-Arctic region have been estimated using the pigment concentrations and PAR derived from SeaWiFS data and the results show large seasonal as well as interannual variability during the 1998 to 2005 period. The data points towards increasing productivity for later years but with only 9 years of data it is too early to tell the overall effect of the sea ice retreat.

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Synthesis and Membrane Preparation of Polyimides for Non-aqueous System (비수계용 폴리이미드 합성 및 분리막 제조)

  • 전종영;탁태문
    • Proceedings of the Membrane Society of Korea Conference
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    • 1997.10a
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    • pp.39-45
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    • 1997
  • Introduction : Polyimides are one of the most important classes of the high performance polymers due to their excellent electrical, thermal, and high-temperature mechanical properties. But their uses are limited because of their poor solubility. Most polyimide derivatives are processed in the form of polyamic acids, which are subsequently converted into the imide structures.Recently, it has been found that the soluble polyimides with large molecular weight sufficient to application. For enhancing processability, the majority of approaches have involved the following factors. As much as, the separation of the imide ring along the back-bone, that is to say, reducing the density of imide ring in the repeat structure. The introduction of bulky substituents along the back-bone, in order to enhance the free volume of main-chain. The incorporation of flexible or thermally stable linkages in the main-chain, reducing the packing force. The disruption of symmetry or recurrence regularity through copolymerization in order to reduce crystallnity.The objectives of this investigation are the synthesis and characterization of soluble polyimides as membrane materials by the single-step polymerization and the preparation of the asymmetric polyimide membrane by using phase inversion technique. In the present study, three series of polyimide derivatives are synthesized; H series is homopolyimides, A series is prepared from single dianhydride and two diamines, B series is yielded from two dianhydrides and a diamine. The dope solution was directly prepared from the PI solution via one step polymerization from monomers.

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Relationship between Ownership Structures and Earnings Management Behavior in Vietnamese Commercial Banks

  • TRAN, Thinh Quoc;LY, Anh Hoang;NGUYEN, Dung Khanh Ngoc
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.9
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    • pp.401-407
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    • 2020
  • Earnings management behavior is the use of accounting procedures, through accounting policies, to intentionally purposeful control in the provision of information to users. The purpose of this paper is to examine the relationship between ownership structure factors and earnings management behavior of 30 Vietnamese commercial banks. The paper uses the ordinary least square method to examine this relationship and employs time series data of 15 years from 2005 to 2019. The study also uses agency theory an asymmetric information theory. The authors examined six independent variables related to the ownership structure and these variables are typical of Vietnamese commercial banks. The results of the study show that the foreign ownership ratio is an opposite effect, while the ownership concentration variable has a positive effect on earnings management behavior of Vietnamese commercial banks. Based on that, the article proposes a number of policy suggestions for the State bank of Vietnam and Board of directors of commercial banks as well as investors to identify and to limit the earnings management behaviors of Vietnamese commercial banks. This contributes to ensuring information transparency as well as improving the quality of accounting information of Vietnamese commercial banks in the coming years.