• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.49-55
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• 2018

Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.

• Journal of Communications and Networks
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• v.10 no.4
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• pp.455-464
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• 2008

To provide network services consistently under various network failures, enterprise networks increasingly utilize path diversity through multi-homing. As a result, multi-homed non-transit autonomous systems become to surpass single-homed networks in number. In this paper, we address an inevitable problem that occurs when networks with multiple entry points deploy firewalls in their borders. The majority of today's firewalls use stateful inspection that exploits connection state for fine-grained control. However, stateful inspection has a topological restriction such that outgoing and incoming traffic of a connection should pass through a single firewall to execute desired packet filtering operation. Multi-homed networking environments suffer from this restriction and BGP policies provide only coarse control over communication paths. Due to these features and the characteristics of datagram routing, there exists a real possibility of asymmetric routing. This mismatch between the exit and entry firewalls for a connection causes connection establishment failures. In this paper, we formulate this phenomenon into a state-sharing problem among multiple fire walls under asymmetric routing condition. To solve this problem, we propose a stateful inspection protocol that requires very low processing and messaging overhead. Our protocol consists of the following two phases: 1) Generation of a TCP SYN cookie marked with the firewall identification number upon a SYN packet arrival, and 2) state sharing triggered by a SYN/ACK packet arrival in the absence of the trail of its initial SYN packet. We demonstrate that our protocol is scalable, robust, and simple enough to be deployed for high speed networks. It also transparently works under any client-server configurations. Last but not least, we present experimental results through a prototype implementation.

• Journal of Audiology & Otology
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• v.25 no.2
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• pp.98-103
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• 2021

Background and Objectives: The aim of the study was to compare effects of tone-burst (TB) and narrow-band (NB) Claus Elberling (CE)-chirp stimuli on amplitude, latency and interaural asymmetry ratio (IAR) of cervical vestibular evoked myogenic potentials (cVEMP) in healthy individuals. Subjects and Methods: The study included 50 healthy volunteers. cVEMP procedure was carried out using 500 Hz TB and NB-CE-chirp stimulus (360-720 Hz, up-chirp) in random order. cVEMP were recorded at 100 dB nHL. For each ear and each stimulus, P1 latency, N1 latency and P1N1 amplitude were measured. IAR was also calculated. Results: Mean age was 26.66±9.48 years. cVEMP's in response to both TB and NB CE-chirp stimuli were obtained in all subjects. No statistically significant difference in P1 latency, N1 latency, and P1N1 amplitude was found between the right and left ears for both TB and NB CE-chirp stimuli (p>0.05). In both sides, P1 and N1 latencies were significantly shorter in NB CE-chirp stimulation compared to TB stimulation (p=0.000). In both sides, no statistically significant difference was found in P1N1 amplitude between two types of stimuli (p>0.05). Conclusions: The chirp stimulus produces robust but earlier cVEMP than TB does. This largest series study on NB chirp cVEMP shows that NB chirp is a good and new reliable alternative.

• Korean Journal of Audiology
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• v.25 no.2
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• pp.98-103
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• 2021

Background and Objectives: The aim of the study was to compare effects of tone-burst (TB) and narrow-band (NB) Claus Elberling (CE)-chirp stimuli on amplitude, latency and interaural asymmetry ratio (IAR) of cervical vestibular evoked myogenic potentials (cVEMP) in healthy individuals. Subjects and Methods: The study included 50 healthy volunteers. cVEMP procedure was carried out using 500 Hz TB and NB-CE-chirp stimulus (360-720 Hz, up-chirp) in random order. cVEMP were recorded at 100 dB nHL. For each ear and each stimulus, P1 latency, N1 latency and P1N1 amplitude were measured. IAR was also calculated. Results: Mean age was 26.66±9.48 years. cVEMP's in response to both TB and NB CE-chirp stimuli were obtained in all subjects. No statistically significant difference in P1 latency, N1 latency, and P1N1 amplitude was found between the right and left ears for both TB and NB CE-chirp stimuli (p>0.05). In both sides, P1 and N1 latencies were significantly shorter in NB CE-chirp stimulation compared to TB stimulation (p=0.000). In both sides, no statistically significant difference was found in P1N1 amplitude between two types of stimuli (p>0.05). Conclusions: The chirp stimulus produces robust but earlier cVEMP than TB does. This largest series study on NB chirp cVEMP shows that NB chirp is a good and new reliable alternative.