• The Journal of Korean Institute of Communications and Information Sciences
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• v.27 no.8B
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• pp.752-759
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• 2002

The capacity of the cell varies with the load of the home and neighboring cells. But most call admission control (CAC) algorithms do not consider the cell loading. In this paper a dynamic call admission control is proposed in a WCDMA system with traffic asymmetry. The proposed algorithm changes the CAC thresholds of new call and handoff call based on channel condition. The blocking and dropping probabilities can be controlled by adjusting these thresholds. The proposed algorithm guarantees the Qos of call class and priority between new call and handoff call. In addition, it can minimize the grade of service (GOS) value with the system throughput maintained.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.149-158
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• 2020

The purpose of this study was to investigate the impact of corporate governance index on the cost of equity in companies listed on the Tehran Stock Exchange. This study collects data from 975 observations during the period 2012 to 2018 to test the hypotheses using multiple linear regression model for the panel data. In this research, the independent variable of corporate governance index comprises of 27 specific corporate governance attributes. The results of hypothesis testing showed that corporate governance has a negative and significant effect on the rate of capital cost. In other words, the quality of corporate governance can lower the rate of capital cost. This result suggests that, by using a powerful corporate governance system and by declining the information asymmetry (increasing transparency) and agency conflict, we would be able to enhance the quality of financial reports. It would strengthen the capital market, attract financial suppliers and investors, and absorb the required financial resources of the firm by a lower rate. The findings of the study suggest that companies are able to reduce the cost of equity by establishing strong corporate governance. This conclusion suggests the importance and effectiveness of corporate governance in the cost of equity.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.43-52
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• 2020

The paper investigates the mechanism through which corporate credit ratings affect dividend payments by decomposing the mean difference of dividends into a part that is explained by the determinants of dividends and a residual part that is contributed by the pure credit group effect, in the framework of the traditional dividend model of Fama and French (2001). Historically, better credit rated firms have shown consistently higher propensity to pay dividends especially during the economic crisis period. According to the counter-factual decomposition technique of Jann (2008), better rated firms are more responsive to the firm characteristics that have positive impact on dividends and poor rated firms are more responsive to the negative dividend predictors. As a result, good (bad) credit ratings make corporate managers become more bold (timid) in their dividend payments and they tend to pay more (less) dividends than what their firm characteristics prescribe. The degree of information asymmetry increases for the poor group firms during crisis periods and they attempt to reserve more cash in preparation for future investments. The decomposition results suggest that the credit group effect can potentially exceed the effect of firm characteristics because firms of different credit ratings can respond to the very same firm characteristics in a different manner.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.33-42
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• 2020

The paper investigates the mechanism through which corporate credit ratings affect dividend payments by decomposing the mean difference of dividends into a part that is explained by the determinants of dividends and a residual part that is contributed by the pure credit group effect, in the framework of the traditional dividend model of Fama and French (2001). Historically, better credit rated firms have shown consistently higher propensity to pay dividends especially during the economic crisis period. According to the counter-factual decomposition technique of Jann (2008), better rated firms are more responsive to the firm characteristics that have positive impact on dividends and poor rated firms are more responsive to the negative dividend predictors. As a result, good (bad) credit ratings make corporate managers become more bold (timid) in their dividend payments and they tend to pay more (less) dividends than what their firm characteristics prescribe. The degree of information asymmetry increases for the poor group firms during crisis periods and they attempt to reserve more cash in preparation for future investments. The decomposition results suggest that the credit group effect can potentially exceed the effect of firm characteristics because firms of different credit ratings can respond to the very same firm characteristics in a different manner.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.1-11
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• 2020

This study aims to investigate whether Corporate Social Responsibility (CSR) performance can help companies gain more bank unsecured loans. Additionally, this study analyzes the moderating effect of firm size and industry characteristics. Data was collected through the case of companies listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China between 2009 and 2018 with 5373 firm-year observations. The results of multivariable regression analysis show that good CSR performance exhibits a strong positive impact on unsecured debt, including short-term, long-term, and total unsecured debt, which indicates that corporate with good CSR performance can borrow more unsecured debt. further research shows that this effect is more pronounced for small enterprises and firms operating in heavy-polluting industries. Additionally, research on the impact mechanism finds that good CSR performance can help mitigate information asymmetry between borrower and lender, reduce moral hazard of borrower, and obtain support from key stakeholders, and therefore reduces the risk of default. The findings of this study suggest that firms with good CSR performance exhibit a preference for unsecured debt, but decline to provide collateral for debt. Overall, we emphasize and illustrate the important role of corporate CSR in bank credit financing.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.25 no.9A
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• pp.1306-1312
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• 2000

The quality loss of a X-band transmitter has been derived by means of MC simulation. The transmitter as a payload of LEO(Low Earth Orbit) satellite is capable of the down transmission the image data of hundreds Mbps generated from the Electro-Optical Instrument in real time. The parameters such as data asymmetry amplitude unbalance,phase unbalance, wave shaping and channel interference are included in the quality loss simulation Assuming that normally distributed gaussian noise is simply added to the channel, the quality loss of 0.7 dB has been obtained through this simulation based on a 95% confidence interval. The obtained quality loss can be applied to the link budgets as an additional loss item.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.38B no.3
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• pp.172-179
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• 2013

In this paper, we consider network-coded bi-directional relaying (NCBR) schemes over an asymmetric channel, in which bi-directional links have the different channel quality, as well as the asymmetric traffic load. In order to deal with asymmetric nature, two different types of NCBR schemes are considered: network coding after padding (NaP) and network coding after fragmentation (NaF). Even if NaP has been known as only a useful means of dealing with the asymmetry in traffic load up to now, our analysis shows that its gain can be significantly lost by the asymmetry in channel quality, under the given bit error performance constraint. Furthermore, it is shown that NaF always outperforms NaP, as well as traditional bi-directional relaying scheme.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• The Journal of Society for e-Business Studies
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• v.27 no.1
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• pp.95-109
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• 2022

A blockchain based platform can ensure data integrity, reliability, and security by applying distributed processing and encryption technology for transaction records. In the existing knowledge sharing platform, the created knowledge could not be shared or utilized sufficiently due to information asymmetry and centralization. However little research has been done so far on this area. In this study, we will examine case studies and development potentials for blockchain based knowledge sharing platforms based on previous studies of blockchain technology, token economy, knowledge sharing, motivation theory, and social exchange theory. Blockchain based platforms can contribute to the activation of knowledge sharing, by resolving information asymmetry, simplifying unnecessary work procedures through unified knowledge sharing flow and excluded centralization of authority by decentralization, and strengthening access and utilization of the knowledge produced by the platform.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.133-142
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• 2022

This study examines the relationship between debt maturity structure and bankruptcy risk. There are various studies of leverage's effect on bankruptcy risk. Debt maturity, however, has not received the attention it deserves, especially in emerging markets with a high degree of information asymmetry. Using Vietnamese listed company data and various estimations, we find that leverage is positively associated with the likelihood of default. Importantly, short-term leverage shows a significantly positive effect on bankruptcy risk, while long-term leverage does not show significant results. The findings highlight that rollover risk firms are exposed to when using short-term debt increases bankruptcy risk. Meanwhile, firms do not cope with this risk in case of long-term debt adoption. High information asymmetry in emerging markets may be the main reason for the difference. The result is robust for subsamples of firms in different financial conditions, in concentrated and competitive industries, as well as for manufacturing and non-manufacturing companies. We also find that firms in a better financial situation and concentrated industries experience a higher short-term leverage effect than their counterparts. We, however, do not find a significant difference in the impact between manufacturing and non-manufacturing companies. This paper is among the first to examine the relation between debt maturity and bankruptcy risk in Vietnam.