• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.27-34
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• 2020

The study investigates herding behavior in cryptocurrencies in different situations. This study employs daily returns of major cryptocurrencies listed in CCI30 index and sub-major cryptocurrencies and major stock returns listed in Dow-Jones Industrial Average Index, from 2015 to 2018. Quantile regression method is employed to test the herding effect in market asymmetries, inter-dependency and intra-dependency cases. Findings confirm the presence of herding in cryptocurrency in upper quantiles in bullish and high volatility periods because of overexcitement among investors, which lead to high volume trading. Major cryptocurrencies cause herding in sub-major cryptocurrencies, but it is a unidirectional relation. However, no intra-dependency effect among cryptocurrencies and equity market is observed. Results indicate that in the CKK model herding exists at upper quantile in market that may be due when the market is moving fast, continuously trading, and bullish trend are prevailing. Further analysis confirms this narrative as, at upper quantile, the beta of bullish regime is negative and significant, meaning the main source of market herding is a bullish trend in investment, which increases market turbulence and gives investors opportunity to herd. Also, we found that herding in cryptocurrencies exits in high volatility periods, but this herding mostly depends on market activity, not market movement.

• Proceeding of EDISON Challenge
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• 2015.03a
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• pp.138-146
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• 2015

액체 상태의 물질이 매우 급속하게 냉각되면 일반적으로 과냉각액체(supercooled liquid) 상태에 도달한다. 과냉각액체는 더 낮은 온도에서 유리상(glass phase)으로 상전이를 일으킨다고 알려져 있는데, 이때 나타나는 동역학적 불균일성(dynamic heterogeneity)은 상전이를 기술하는데 중요한 역할을 한다. 그러나 일반적인 액체의 상전이를 연구할 때 주로 사용되던 상관함수(correlation function)으로는 이러한 불균일성을 정량적으로 표현하기 어렵기 때문에 동역학적 민감도(dynamic susceptibility)나 multi-time correlation function 등 동역학적 성질(dynamic property)로부터 특징적인 시간 개념 및 거리 개념을 도출하려는 연구가 많이 진행되어 왔다. 본 논문에서는 일반적으로 특징적인 거리 개념을 도출해 내는데 사용되는 4점 밀도 상관함수(four-point density correlation function)인 dynamic susceptibility(${\chi}^4$)가 입자 밀도의 요동(fluctuation)의 상관관계(correlation)가 지속되는 특징적인 시간 개념에 대한 정보 또한 포함하고 있다는 점에 주목하였다. 이에 따라 ${\chi}^4$의 시간에 대한 적분인 ${\tau}_4$를 새롭게 도입하였으며 그 결과로 ${\tau}_4$는 three-time density correlation function으로부터 도출한 ${\tau}_{Dh}$와 같은 축척(scaling)을 가지는 것을 확인하였다. 과냉각액체에 대한 장난감 모형(toy model)의 일종인 "Lennard-Jones potential 하에서 운동하는 서로 다른 두 종류의 입자들"을 연구에 사용하였다.

• The Journal of Industrial Distribution & Business
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• v.6 no.4
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• pp.23-26
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• 2015

Purpose - To mislead shareholders about a firm's actual economic performance, managers frequently manage dividends. Earnings management also affects performance reviews. Managers attempt to manage reported earnings caused by current economic events to accurately reflect their current performance. Research design, data, and methodology - The sample consisted of 312 company-years from companies in the pharmaceutical distribution industry listed on the Tehran Stock Exchange. A study period from 2004 to 2014 was selected. In this study, a model for measuring the performance of the net profits to total assets of a division of Jones was used to measure earnings management. Results - This study found a negative correlation between corporate performance and earnings management. Conclusions - The results for the earnings management company indicated a significant inverse relationship. Therefore, the company's performance weakened as its earnings management activity increased. In other words, the results showed that the company's performance-based accruals earnings management, the actual management of profits, and the general level of earnings management had significant inverse relationships. Thus, as the company's profits declined, earnings management activity increased.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.233-246
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• 2020

This paper investigates the effect of the involvement of the board chairman in the audit committee (AC) on earnings management (EM). It examines Bursa Malaysia-listed companies with the lowest positive earnings for the years 2013 to 2015. The Modified Jones Model by Kasznik (1999) was used to determine discretionary accruals. An AC that includes its board chairman as an ordinary member is associated with greater discretionary accruals. However, a board chairman who is also the chairman of the AC does not seem to influence discretionary accruals. This paper supports the agency theory and policy-makers' efforts to prevent board chairmen from sitting on ACs. It is the first study that uses the agency theory to describe the association between the board chairman's involvement in the both AC and EM. This study alerts policy-makers, stakeholders and researchers to the influence of a board chairman serving on the AC in curbing EM. Furthermore, it provides empirical evidence that the majority of Malaysian companies whose board chairmen are involved in the AC appoint the chairman as an ordinary member of the AC. This indicates that executive directors may affect such actions. Hence, more policies are needed to improve AC independence.

• The Mathematical Education
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• v.51 no.3
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• pp.301-321
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• 2012

Since research has barely been done on the minority with low-achievement & low-SES in probability, this research attempted to search the change of their thinking level in the classes of probability and motivate them on the mathematical learning to feel confident in mathematics. We can say that the problems of the educational discriminations are due to the overlook on the individual conditions, situations, and environments. Therefore, in order to resolve some discrimination, 4 students who belonged to the minority group, engaged in the research, based on 10 units of the instructional materials designed for the research. As a result, for the student's thinking level, it was observed that they were improved from the 1st to the 3rd level in probability. Also, the researcher found that the adequate use of the encouragement, the praise, the direct explanation, and the scaffolding enabled them to prompt their learning motives and the increased responsibility on the learning. As time passed, the participants could share their mathematical knowledge and its concept with others, in the increased confidence.

• The Korean Journal of Applied Statistics
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• v.29 no.4
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• pp.753-771
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• 2016

Value at Risk (VaR) is widely used as an important tool for risk management of financial institutions. In this paper we discuss estimation and back testing for VaR of the portfolio composed of KOSPI, Dow Jones, Shanghai, Nikkei indexes. The copula functions are adopted to construct the multivariate distributions of portfolio components from marginal distributions that combine extreme value theory and GARCH models. Volatility models with t distribution of the error terms using Gaussian, t, Clayton and Frank copula functions are shown to be more appropriate than the other models, in particular the model using the Frank copula is shown to be the best.

• Bulletin of the Korean Chemical Society
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• v.9 no.1
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• pp.32-36
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• 1988

The isotherms of oxygen chemisorption on polycrystaline nickel surface are obtained at various temperatures between 298K and 523K from intensity measurernent of O 1s xps peaks, and the activation energy of the chemisorption is estimated as a function of the coverage. The activation energy extrapolated to zero coverage is found to be -5.9 kJ/mol. The negative activation energy can be taken as a strong implication of the propriety of a currently accepted chemisorption model, in which molecularly adsorbed precursor state is assumed to exist. The residence time of this precursor state is estimated by assuming a molecularly physisorbed state for the precursor state and assuming a pairwise interaction energy of Lennard-Jones 12-6 potential between an admolecule and each substrate nickel atom. The sticking coefficients are also calculated from the isotherms. The calculated results agree well with those obtained by others with different methods.

• Asian Journal of Business Environment
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• v.11 no.4
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• pp.5-16
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• 2021

Purpose: This study aims to investigate the impact of auditor-client traffic convenience on accrual -based and real earnings management of the client firms. Research design, data and methodology: Using a sample of firms listed in Shanghai and Shenzhen Stock Exchanges over the period of 2007 to 2018, this paper empirically investigates the association between auditor-client traffic convenience and earnings management. We use three measures of auditor-client traffic convenience: railway traffic convenience, expressway traffic convenience, and air traffic convenience. The accrual-based earnings management is measured by abnormal accruals estimated by industry and year using the Modified Jones Model. Results: Findings indicate that traffic convenience is conducive to detecting and restraining positive accrual earnings management and real earnings management. After changing the measurement of independent variable and dependent variable, including potential omitted variables, the results are statistically unchanged. Further, the research shows that traffic convenience can not only improve audit quality, but also lead to higher fee premiums. Auditors didn't share with clients the cost reduction benefits caused by traffic convenience. Conclusions: Traffic convenience provides auditors with easy access to the client firms, alleviating the information asymmetry and improving corporate earnings quality. The findings have implications for regulators, audit practitioners and stakeholders.

• Geomechanics and Engineering
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• v.25 no.2
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• pp.111-121
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• 2021

Large deformation and rapid pressure propagation take place inside the rock mass under the dynamic loads caused by the explosives, on quarry faces in order to extract aggregate material. The complexity of the science of rock blasting is due to a number of factors that affect the phenomenon. However, blasting engineering computations could be facilitated by innovative software algorithms in order to determine the results of the violent explosion, since field experiments are particularly difficult to be conducted. The present research focuses on the design of a Finite Element Analysis (FEA) code, for investigating in detail the behavior of limestone under the blasting effect of Ammonium Nitrate & Fuel Oil (ANFO). Specifically, the manuscript presents the FEA models and the relevant transient analysis results, simulating the blasting process for three types of limestone, ranging from poor to very good quality. The Finite Element code was developed by applying the Jones-Wilkins-Lee (JWL) equation of state to describe the thermodynamic state of ANFO and the pressure dependent Drucker-Prager failure criterion to define the limestone plasticity behavior, under blasting induced, high rate stress. A progressive damage model was also used in order to define the stiffness degradation and destruction of the material. This paper performs a comparative analysis and quantifies the phenomena regarding pressure, stress distribution and energy balance, for three types of limestone. The ultimate goal of this research is to provide an answer for a number of scientific questions, considering various phenomena taking place during the explosion event, using advanced computational tools.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.105-112
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• 2021

This study aims to find empirical evidence of the effect of increasing income on the potential transfer of wealth from manufacturing companies that go public to stakeholders. Earnings management with an accrual approach with the Modified Jones model is an identifier of the availability of earnings management practices, without paying attention to both positive and negative symbols. The interpretation of the results of the discretionary accrual measurement between positive and negative symbols has different meanings. Positive discretionary accruals indicate that management uses income-increasing techniques. Meanwhile, negative discretionary accruals indicate that management uses income-reducing techniques. Income-increasing techniques tend to be viewed as opportunistic behavior of managers. This study used 111 data from manufacturing companies listed on the IDX (Indonesia Stock Exchange) from 2015-2018. Path analysis is used to test the hypothesis. The results of this study are in line with the point of view of management strategy, increasing income is used as a way to transfer potential welfare from the company to stakeholders. Social welfare (tax) and managerial remuneration are proven to be mediators in increasing the effect of increasing income on future company value. Further research can complete the potential welfare transfer against the shareholders related to income-increasing strategy.