• Journal of Distribution Science
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• v.15 no.8
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• pp.47-54
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• 2017

Purpose - According to agency theory, managers have incentives to adjust firm revenues to meet earnings expectations or delay bad news disclosure because of performance-based compensation and their reputation in the market. When the bad news accumulates, stock prices fail to reflect all available information. Thus, market prices of stocks are higher than their intrinsic value. After all, bad news crosses the tipping point, it comes out all at once. That results in stock crashes. Auditors can decrease stock crash risk by reducing agency costs through their informational role. Especially, stock price crash risk is expected to be lower for firms adopting high-quality audits. We focus on distribution and service industry to examine the relation between audit quality and stock price crash risk. Industry specialization and auditor size are used as proxies for auditor quality. Research design, data and methodology - Our sample contains distribution and service industry firms listed in KOSPI and KOSDAQ during a period of 2004-2011. We use a logistic regression to test whether auditor quality influences crash risk. Auditor quality was measured by industry specialist auditor and Big4 / non-Big4 dichotomy. Following the approach in prior researches, we use firm-specific weekly returns to measure crash risk. Firms experiencing at least one stock price crash in a specific week during year are classified as the high risk group. Results - The result of analyzing 429 companies in distribution and service industry is summarized as follows: Above all, it is shown that higher audit quality has a significant negative(-) effect on the crash risk. Crash risk is alleviated for firms audited by industry specialist auditors and Big 4 audit firms. Therefore, our results show that hypotheses are supported. Conclusions - This study is very meaningful as the first study which investigated the effects of high audit quality on stock price crash risk. We provide evidence that high-quality auditors reduce stock price crash risk. Our finding implies that the risk of extreme losses can be reduced through screening of high-quality auditors. Therefore investors and regulators may utilize our findings in their investment and rule making decisions.

• The Journal of Korea Assosiation for Disability and Oral Health
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• v.7 no.1
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• pp.33-37
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• 2011

The ectopic eruption is defined as abnormal eruption which gives to displacement of the teeth and abnormal root resorption of adjacent teeth. The prevalence of ectopic eruption is reported to vary 2~6%, most of them are in the maxilla. Etiologic factors include narrow maxilla, large maxillary teeth, inclined eruption path of the first molar, retruded position of the maxilla and hereditary factor. Irreversible ectopic eruption where the second primary molar is lost often causes mesial tipping and rotation of the permanent molar, unfavorable occlusion and space deficiency for the second premolar. Ectopically erupted teeth should be treated early to maintain normal development of the dentition, harmony of facial growth and occlusal support. The method of the treatment are classified as follows : appliances that is positioned at the contact point for unlocking and the distal movement, fixed appliance that is connected to more than one tooth, and occlusion guiding method after disking or extraction of the second deciduous molar. A case report of a patient with bilaterally ectopic eruption of maxilla and mandible first permanent molar was present. Also, the patient who had experienced the chronic myelogenous leukemia, show various dental developmental complications. The ectopic eruption was treated with a Halterman appliance that was a effective way of correcting of ectopic eruption of the permanent first molar.

• The Journal of Industrial Distribution & Business
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• v.9 no.7
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• pp.53-59
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• 2018

Purpose - This study examines the effect of control-ownership wedge on stock crash risk. In Korea, controlling shareholders have exclusive control rights compared to their cash flow rights. With increasing disparity, controlling shareholders abuse their power and extract private benefits at the expense of the minority shareholders. Managers who are controlling shareholders of the companies tend not to disclose critical information that would prevent them from pursuing private interests. They accumulate negative information in the firm. When the accumulated bad news crosses a tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock prices. We predict that stock price crash likelihood due to information opaqueness increases as the wedge increases. Research design, data, and methodology - 831 KOSPI-listed firm-year observations are from KisValue database from 2005 to 2011. Control-ownership wedge is measured as the ratio (UCO -UCF)/UCO where UCF(UCO) is the ultimate cash-flow(control) rights of the largest controlling shareholder. Dependent variable CRASH is a dummy variable that equals one if the firm has at least 1 crash week during a year, and zero otherwise. Logistic regression is used to examine the relationship between control-ownership wedge and stock price crash risk. Results - Using a sample of KOSPI-listed firms in KisValue database for the period 2005-2011, we find that stock price crash risk increases as the disparity increases. Specifically, we find that the coefficient of WEDGE is significantly positive, supporting our prediction. The result implies that as controlling shareholders' ownership increases, controlling shareholders tend to withhold bad news. Conclusions - Our results show that agency problems arising from the divergence between control rights and cash flow rights increase the opaqueness of accounting information. Eventually, the accumulated bad news is released all at once, leading to stock price crashes. It could be seen that companies with high control-ownership wedge are likely to experience future stock price crashes. Our study is related to a broader literature that examined the effect of the control-ownership wedge on stock markets. Our findings suggest that the disparity is a meaningful predictor for future stock price crash risk. The results are expected to provide useful implications for firms, regulators, and investors.

• Journal of the Korea Institute of Building Construction
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• v.9 no.4
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• pp.103-109
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• 2009

The construction industry has the highest death rate related to safety accidents of any industry. Furthermore, in contrast to other industries, where the death rate related to safety accidents has been steadily declining, both the death toll and the number of accidents in the construction industry have been on the rise. Construction accidents occur when various risks increase in an intertwined way to reach a tipping point; a moment when such factors cannot be tolerated any longer Conventional safety management methods have restrictions in terms of their ability to fully prevent all types of safety accidents. This research considers ways in which USN technology can be applied to safety management on a construction site, and derives a method of applying USN technology for safety management monitoring. The tasks related to safety management on construction sites, as well as the occurrence of accidents, are first analyzed. By analyzing the characteristics of construction accidents, the factors that must be a priority and the factors that can be a lower priority are derived. Finally, the configuration of a monitoring system for safety management on a construction site to which USN technology is applied is presented. It is expected that safety accidents can be prevented from occurring on construction sites by applying this cutting-edge USN technology.

• The korean journal of orthodontics
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• v.31 no.1 s.84
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• pp.25-38
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• 2001

The purpose of this study was to compare the force, the displacement and the stress distribution on the maxillary first molars altered by the application of various asymmetric head-gear. For this study, the finite element models of unilateral Cl II maxillary dental arch was made. Also, the finite element models of asymmetric face-bow was made. Three types of asymmetric face-bow were made : each of the right side 15mm, 25mm and 35mm shorter than the left side. We compared the forces, the displacement and the distribution of stress that were generated by application of various asymmetric head-gear, The results were as follows. 1. The total forces that both maxillary first molars received were similar in all groups. But the forces that mesially positioned tooth received were increased as the length of the outer-bow shortened, and the forces that normally positioned tooth received were decreased as the length of the outer-bow shortened. 2. In lateral force comparison, the buccal forces that normally positioned tooth received were increased as the length of the outer-bow shortened, and the buccal fortes that mesially positioned tooth received were decreased as the length of the outer-bow shortened. Though the net lateral force moved to the buccal side of normally positioned tooth as the length of the outer-bow shortened, both maxillary first molars received the buccal force. That showed 'Avchiai Expansion Effect' 3. The distal forces, the extrusion forces and the magnitudes of the crown distal tipping that mesially positioned tooth received were increased as the length of the outer-bow shortened, and the forces that normally positioned tooth received were decreased as the length of the outer-bow was shortened. 4. The magnitude of the distal-in rotation that normally positioned tooth received were increased as the length of the outer-bow was shortened. But, mesially positioned tooth show two different results. For the outer-bow 15mm shortened, mesially positioned tooth showed the distal-in rotation, hut for the outer-bow 25mm and 35mn shortened, mesially positioned tooth showed the distal-out rotation. Thus, the turning point exists between 15mm and 25mm. 5. This study of the initial stress distribution of the periodontal ligament at slightly inferior of the furcation area revealed that the compressive stress in the distobuccal root of the normally positioned tooth moved from the palatal side to the distal side and the buccal side successively as the length of the outer-bow shortened. 6. This study of the initial stress distribution of the periodontal ligament at slightly inferior of the furcation area revealed that the magnitudes of stress were altered but the total stress distributions were not altered in the mesiobuccal root and the palatal root of normally positioned tooth, and also three roots of mesially positioned tooth as the length of the outer-bow shortened.

• The korean journal of orthodontics
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• v.34 no.2 s.103
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• pp.165-175
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• 2004

Information on the limits of treatment could allow for more rational treatment Planning and better results after treatment. From this point of view, this article has attempted to discuss the limits of orthodontic tooth movement. A relatively wider range of tooth movement is expected after Class III surgical-orthodontics than after conventional orthodontic treatment in general. The purposes of this Paper were: first, to evaluate the reliability of teeth position measuring gauge; and second, to elucidate the limits of orthodontic tooth movement. Dental casts of fifty-fine subjects were analyzed by using Set-up model checker (InVisitec Co., Korea) before and aster the Class III surgical-orthodontic treatment. The changes of maxillary and mandibular dental arch widths were also measured from the canines to the second molars. To test the inter-examiner reliability, randomly selected casts were measured by another examiner. Descriptive statistics and paired t tests were used to explain the tooth movement during treatment. The results showed a relatively good reliability of measuring instruments and a very diverse range of tooth movement. Collective changes by the orthodontic tooth movement evaluated in Class III surgical-orthodontics allowed for a suggestive interpretation of specific treatment patterns. Arch width changes during the inter-arch coordination were mainly the result of tipping in both buccal segments. Based on the results of this study, the possibility of a change in dentition as a result of orthodontic treatment should be understood in order to launch a well-organized plan of treatment.