• Title/Summary/Keyword: Fixed Effect Analysis

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Corporate Social Responsibility and the Pricing of Seasoned Equity Offerings: Does Executive Firm-Related Wealth Matter?

  • PHAM, Hong Chuong;NGO, Duc Anh;LE, Ha Thanh;NGUYEN, Thiet Thanh
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.8
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    • pp.297-308
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    • 2020
  • This study exemines the roles of corporate social activity (CSR) and executive compensation structure on the pricing of seasoned equity offerings (SEOs) with special focus on the role of CSR in reducing the level of information asymmetry between managers and future shareholders of issuing firms through SEOs. This study also investigates the interaction between executive compensation structure and CSR on the discounting of SEOs. We use a sample of 2,102 seasoned equity offerings of U.S. firms with CSR scores from 1995 to 2015 in our OLS fixed effect regression analysis. The results show that issuing firms with high CSR are more likely to expericence a lower degree of the SEO discount. The results also document a positive association between CSR and a high proportion of equity-based compensation of issuing firms' executives. The findings of this paper confirm that CSR attenuates the impact of information asymmetry and the pre-SEO price uncertainty on the pricing of the offers and hence the SEO discount. Furthermore, CSR reinforces the impact of executive firm-related wealth on the discounting of seasoned equity offerings. It appears that firm-related wealth motivates managers to actively engage in reducing information asymmetry activities before SEOs, thereby decreasing the SEO discount.

Analysis of Process Parameters to Improve On-Chip Linewidth Variation

  • Jang, Yun-Kyeong;Lee, Doo-Youl;Lee, Sung-Woo;Lee, Eun-Mi;Choi, Soo-Han;Kang, Yool;Yeo, Gi-Sung;Woo, Sang-Gyun;Cho, Han-Ku;Park, Jong-Rak
    • JSTS:Journal of Semiconductor Technology and Science
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    • v.4 no.2
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    • pp.100-105
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    • 2004
  • The influencing factors on the OPC (optical proximity correction) results are quantitatively analyzed using OPCed L/S patterns. ${\sigma}$ values of proximity variations are measured to be 9.3 nm and 15.2 nm for PR-A and PR-B, respectively. The effect of post exposure bake condition is assessed. 16.2 nm and 13.8 nm of variations are observed. Proximity variations of 11.6 nm and 15.2 nm are measured by changing the illumination condition. In order not to seriously deteriorate the OPC, these factors should be fixed after the OPC rules are extracted. Proximity variations of 11.4, 13.9, and 15.2 nm are observed for the mask mean-to-targets of 0, 2 and 4 nm, respectively. The decrease the OPC grid size from 1 nm to 0.5 nm enhances the correction resolution and the OCV is reduced from 14.6 nm to 11.4 nm. The enhancement amount of proximity variations are 9.2 nm corresponding to 39% improvement. The critical dimension (CD) uniformity improvement for adopting the small grid size is confirmed by measuring the CD uniformity on real SRAM pattern. CD uniformities are measured 9.9 nm and 8.7 nm for grid size of 1 nm and 0.5 nm, respectively. 22% improvement of the CD uniformity is achieved. The decrease of OPC grid size is shown to improve not only the proximity correction, but also the uniformity.

Experimental Investigation of the Motion Responses of a Moored Twin-Barge Model in Regular Waves in a Square Tank

  • Nguyen, Van Minh;Jeon, Myung-Jun;Yoon, Hyeon-Kyu
    • Journal of Navigation and Port Research
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    • v.42 no.2
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    • pp.127-136
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    • 2018
  • The motion response of floating structures is of significant concern in marine engineering. Floating structures can be disturbed by waves, winds, and currents that create undesirable motions of the vessel, therefore causing challenges to its operation. For a floating structure, mooring lines are provided in order to maintain its position; these should also produce a restoring force when the vessel is displaced. Therefore, it is important to investigate the tension of mooring lines and the motion responses of a twin barge when moored to guarantee the safety of the barge during its operation. It is essential to precisely identify the characteristics of the motion responses of a moored barge under different loading conditions. In this study, the motion responses of a moored twin barge were measured in regular waves of seven different wave directions. The experiment was performed with regular waves with different wavelengths and wave directions in order to estimate the twin-barge motions and the tension of the mooring line. In addition, the motion components of roll, pitch, and heave are completely free. In contrast, the surge, sway, and yaw components are fixed. In the succeeding step, a time-domain analysis is carried out in order to obtain the responses of the structure when moored. As a result, the Response Amplitude Operator (RAO) motion value was estimated for different wave directions. The results of the experiment show that the motion components of the twin barge have a significant effect on the tension of the mooring lines.

A Study on the Characteristics of the Electric Field and Electromagnetic Loss according to Bus Bar Size for a cost-effective 24kV High Voltage Switchgear (비용 효율이 높은 24kV급 고압배전반 개발을 위한 Bus Bar 사이즈에 따른 전·자기 손실 특성 분석)

  • Hong, Jonggi;Heo, Jeong Il;Nam, Seokho;Kang, Hyoungku
    • The Transactions of the Korean Institute of Electrical Engineers P
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    • v.61 no.4
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    • pp.220-224
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    • 2012
  • The analysis on the bus bar effect is conducted to develop a cost effective 24kV/2,000A switchgear. The temperature enclosures and bus bars could rise due to several heat sources such as eddy current losses and copper losses. Therefore, a study on the characteristics of the electric field intensity and electromagnetic loss according to the bus bar size in a bus bar compartment is essential to design a electrically reliable high voltage switchgear. It is investigated that the electromagnetic influence to the temperature rising and the dielectric stability according to various bus bar sizes by using finite element method(FEM). The electric field intensity and electromagnetic loss according to various bus bar sizes are calculated to design a reliable and a high voltage switchgear. As results, it is found that the electromagnetic loss and the dielectric stability of bus bar could be determined by a bus bar size. It means that a cost effective 24kV/2,000A high voltage switchgear could be developed by selecting the proper size of a bus bar. Also, it is recognized that the electromagnetic characteristics according to various bus bar sizes in order to design an electrically stable high voltage switchgear when the enclosure size is determined as a fixed value. Futhermore, studies on the various nominal voltage class and bus bar sizes will be conducted to develop a cost effective high voltage switchgear.

A Study on the Aesthetic Characteristics of the Dance Costume of Jean Paul Gaultier (장 폴 고티에 무용의상의 조형성에 관한 연구)

  • Han, Kyeng-Ha;Geum, Key-Sook
    • Journal of the Korean Society of Costume
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    • v.60 no.9
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    • pp.1-15
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    • 2010
  • Fashion designer Jean Paul Gaultier incorporated his own boundless and unique artistic Into his design of dance costumes, presenting an unobstructed imaginary world that was filled with freedom, which is no less than one would expect from the one-time enfant t${\'{e}}$rrible of Paris fashion. This creativity of Gaultier was made possible only through the fantastic partnership he formed with the French modern dancer, R${\'{e}}$gine Chopinot. Gaultier and Chopinot shared a deep-rooted sympathy that enabled their own artistic worlds to fully mingle and cross over, resulting in a doubled synergy of their talent and their fame. This study analyzed 11 dancing costumes created through the collaborated efforts of those two enfants t${\'{e}}$rribles, one from the fashion industry and the other from the world of dance. The following are the results of my analysis. Gaultier's dance costumes served as a artistic venue for experimenting with a number of creative inspirations lurking in his mind, which were sometimes expressed in pr${\^{e}}$t-${\`{a}}$-porter collections. Instead of the decorative and expressive features of conventional dance costumes, his was the revival of the dancer's persona as a human being, ablaze with individuality and uniqueness. He pointed out that there is no good in the distorted turturro's fixed point of view, and the great joy of an opposing way of thinking that overturned the established. Leotard material was used as a second skin by transforming it into various styles and delivering his message. In addition, obscene and sexual expressions were delivered in a direct narrative. His eccentric ideas provided entertainment while showing his oppositional way of thinking. In the dance, the effect of the costumes was doubled by the use of cumbersome and exaggerated accessories, which is generally forbidden in modern dance.

Formative Application Using Korean Traditional Paper (한지패션소재의 조형적 활용)

  • Kim, Young-Eun
    • Fashion & Textile Research Journal
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    • v.7 no.5
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    • pp.472-480
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    • 2005
  • It was proved the practical use of the unique traditional Korean paper through the previous researches. The purpose of this study was to suggest the adequate application which is making various applied patterns in the fashion products so as to contribute to textile, fashion, and Korean paper industry. Six kinds of vests with the same fashion material using the Korean traditional paper were manufactured in order to investigate the images of materials in case of wearing them on the actual human bodies. As the results of image assessment for the materials and the factor analysis, 'classical', 'natural', 'Korean traditional', 'rural' and 'luxury' images were presented as the representative image of the Korean traditional paper material. Making repeated patterns of stripes and zigzag by sewing-machine stitches showed the natural effect on Korean traditional paper. Well-matched harmony was shown between holes made by the needle in sewing and slits torn by the tension to the needle and the thread. Especially, transparency by irregular holes formed by artificial frictional washing could shown special formative arts harmoniously with semi-transparency of Korea traditional paper and touch of sewing yarn. After the unripe persimmon dyeing, holes made by the needle became more hard and tight. The changes were no longer shown by the artificial frictional washing and then fixed. As the result of applying the Korean traditional paper fashion materials with various patterns for the basic formed garments, it was shown that the common and simple garments were changed the garments with special formation which could be found on the art garments due to the creative touch and formative arts using the Korea traditional paper fashion material. A variety of formative application by means of the developed samples was suggested to enlarge the practicality. As the result of this study, it was discovered that the possibility and application of fashion goods through the developed samples made of Korean traditional paper.

A Basic Study on the Effect of the Wind Pressure according to Form on the Flat Roof mounted PV System (평지붕 PV거치 시스템의 형태에 따른 풍압영향에 관한 기초연구)

  • Yun, Doo-Young;Lee, Eung-Jik
    • Journal of the Korean Solar Energy Society
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    • v.33 no.5
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    • pp.105-112
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    • 2013
  • The new renewable energy became popular as a clean and sustainable alternative energy under the circumstances that the entire world is facing severe abnormal climate due to the use of fossil fuel, and among which, solar energy can be obtained anywhere and is not difficult to apply it into the existing buildings, which makes it possible to be widely distributed. However, as PV module is installed into a single plate system, it shows structural weaknesses which are vulnerable to wind load and give loss to design elements in external appearance. Accordingly, this study planned one-step parallel system to complement the problems occurring from a single plate system and used STAR-CCM+ V.8 made by CD-Adapco, a computational fluid dynamics(CFD) simulation tool to measure wind load stability and support based on the design standards for a single plate system and one-step parallel system. Building height was limited to less than 10m and wind speed was given when increasing from 35m/s to 50m/s by 5m/s on PV system installed into the flat roof. In this case, our analysis suggested that step-one parallel system was in class 7-9 according to Beaufort's wind power classification, which did not have an impact on the fixed PV system, and the single plate system is considered to cause risks in designing wind speed in central districts because it is more than wind power class 12.

Bone Healing Properties of Autoclaved Autogenous Bone Grafts Incorporating Recombinant Human Bone Morphogenetic Protein-2 and Comparison of Two Delivery Systems in a Segmental Rabbit Radius Defect

  • Choi, Eun Joo;Kang, Sang-Hoon;Kwon, Hyun-Jin;Cho, Sung-Won;Kim, Hyung Jun
    • Maxillofacial Plastic and Reconstructive Surgery
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    • v.36 no.3
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    • pp.94-102
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    • 2014
  • Purpose: This study aims to validate the effect of autoclaved autogenous bone (AAB), incorporating Escherichia coli-derived recombinant human bone morphogenetic protein-2 (ErhBMP-2), on critical-sized, segmental radius defects in rabbits. Delivery systems using absorbable collagen sponge (ACS) and fibrin glue (FG) were also evaluated. Methods: Radius defects were made in 12 New Zealand white rabbits. After autoclaving, the resected bone was reinserted and fixed. The animals were classified into three groups: only AAB reinserted (group 1, control), and AAB and ErhBMP-2 inserted using an ACS (group 2) or FG (group 3) as a carrier. Animals were sacrificed six or 12 weeks after surgery. Specimens were evaluated using radiology and histology. Results: Micro-computed tomography images showed the best bony union in group 2 at six and 12 weeks after operation. Quantitative analysis showed all indices except trabecular thickness were the highest in group 2 and the lowest in group 1 at twelve weeks. Histologic results showed the greatest bony union between AAB and radial bone at twelve weeks, indicating the highest degree of engraftment. Conclusion: ErhBMP-2 increases bony healing when applied on AAB graft sites. In addition, the ACS was reconfirmed as a useful delivery system for ErhBMP-2.

An Analysis of the Fashion Trends Expressed on the Korean Men´s Golfwears (우리나라 남성 골프웨어에 나타난 패션 경향 분석)

  • 이효진
    • The Research Journal of the Costume Culture
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    • v.10 no.6
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    • pp.748-762
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    • 2002
  • The purpose of this study was to analyze the fashion trends of Korean men's golfwears and furnished the researchers of same major with reliable data base. Lately, Korean men were concerned about their appearance rather than social position. Moreover, they tried to express the needs of youthfulness with free lift through clothings. These trend had been showed itself not only development of golfwears, but also change of esthetic tastes of men's golfwears. First of all, the development of men's golfwears was affected by the major three factors out of many various factors. That is, popularization of golf by the international activities of Korean progolfers, appearance of young consumers after IMF and the casualization of the men's formal dress, the making an everyday dress of men's sportswears. The results of analyzing of fashion trends of the men's golfwears is as follow: 1. The characteristics with naturalness, comfort of men's golfwears was manifested casualization trends by the factors of downward tendency of golfer's age, 5-days working, men's biz casual preference, individual ism after IMF. 2. Men's character golfwears was showed by the ageless as a youthfulness expression, the Sportism as an international trend, 2002 world cup, etc. 3. All of golfwears have to be functional characteristics because the golf is an active sports spending long time in golf course. Unconstruction style was an important fashion trends of men's golfwears by using functional materials to meet the needs of consumers. 4. The men's clothing was deviated from a fixed idea called masculine after IMF. Moreover, this trend was increased by the appearance of lovely man, genderlessness and had an effect on men's golfwears. Consequently. men's golfwears was showed feminization characteristics as a feminine, sensitive style. In the future, Korean men will try to express their character and thought freely through golfwears, men's golfwears will be continued ‘beyond the golf course’ image reflecting in the future fashion trends.

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Performance Analysis of Hybrid DS/SFH Spread Spectrum System using BFSK Modulations over Nakagami-m Fading Channel with Multitone Jamming (다중톤 재밍이 존재하는 나카가미-­m 페이딩 환경에서 BFSK 변조방식을 이용한 Hybrid DS/SFH 확산대역 시스템의 성능분석)

  • 정근열;박진수
    • Journal of the Korea Institute of Information and Communication Engineering
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    • v.7 no.8
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    • pp.1629-1637
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    • 2003
  • In this paper, we analyzed the performance of a hybird DS/SFH(Direct­Sequency­Slow Frequency­Hopping) Spread Spectrum system with BFSK modulation over Nakagami­m fading channel with multitone jamming. The performance of the system was improved when a frequency bowing rate increased. In case that process gain of hybrid DS/SFH Spread Spectrum system to be fixed, the hybrid DS/SFH Spread Spectrum takes the low bit error probability than a DS Spread Spectrum system. Also, when the fading index m increases, the fading effect decrease, when the JSR(jamming to signal power ratio) increases ,the performance of a hybrid DS/SFH Spread Spectrum system improved than DS Spread Spectrum system. The result, we have been proved that performance of a hybrid DS/SFH Spread Spectrum was superior to DS Spend Spectrum system over Nakagami­m fading with tome jamming.