The Effect Of Chief Executive Officers Turnover On International Financial Reporting Standards Reconciliation

We investigate the impact of Chief Executive Officer (CEO) changes on International Financial Reporting Standards (IFRS) reconciliation. Since January 1st, 2011 all Korean listed companies are required to adopt IFRS in their separate and consolidated accounts. To aid investors in evaluating corporate performance over time, the companies must restate the K-GAAP financial statements for 2010 under IFRS. We find that negative IFRS reconciliation is more frequent for firms with CEO turnover in 2011. The result suggests that new CEOs have an incentive to report lower earnings through IFRS reconciliation for the purpose of big bath. Additionally, in order to examine whether new CEOs’ incentive of the negative IFRS reconciliation is existed in different corporate governance levels, we classify the companies into strong and weak corporate governance. From the test, we find that their incentive of negative IFRS reconciliation is disappeared (existed) in the companies with strong (weak) corporate governance.   This study will contribute to academics and disclosure-related practitioners by providing valuable information of the CEO incentive regarding IFRS reconciliation. We believe that our empirical evidence will be helpful to market participants when they make a business decisions in case of CEO turnover

The Influence Of Firm’s Fair Value System On Earnings Quality Under IFRS

This paper analyzes the influence of firms’ fair value system on earnings quality under IFRS. Korean firms are required to adopt IFRS in 2011. IFRS adoption was expected to increase value relevance of book value of equity and benefit information users’ decision making. However, prior Korean studies report that value relevance of book value of equity is indifferent between under K-GAAP and IFRS. We consider that the indifference in value relevance of book value of equity after IFRS adoption is due to different level of fair value system among firms. We investigate whether the different level of fair value system among firms lead to the difference in earnings quality. Furthermore, we examine how each firm’s fair value system affect earnings quality under IFRS.  This study finds following results. First, firms with weak fair value system smooth income more frequently. Second, firms with weak fair value system experience small amount of positive profit and slight increase in net income compared to prior period more frequently. Third, firms with weak fair value system make less timely loss recognition. Lastly, book value of equity and goodwill has low relative value relevance for weak fair value systemic firms, while both book value of equity and goodwill have incremental value relevance for firms with strong fair value evaluation system

Flow Characteristics Around Step-Up Street Canyons with Various Building Aspect Ratios

We investigate the flow characteristics around step-up street canyons with various building aspect ratios (ratio of along-canyon building length to street-canyon width, and upwind building height to downwind building height) using a computational fluid dynamics (CFD) model. Simulated results are validated against experimental wind-tunnel results, with the CFD simulations conducted under the same building configurations as those in the wind-tunnel experiments. The CFD model reproduces the measured in-canyon vortex, rooftop recirculation zone above the downwind building, and stagnation point position reasonably well. We analyze the flow characteristics, focusing on the structural change of the in-canyon flows and the interaction between the in- and around-canyon flows with the increase of building-length ratio. The in-canyon flows undergo development and mature stages as the building-length ratio increases. In the development stage (i.e., small building-length ratios), the position of the primary vortex wanders, and the incoming flow closely follows both the upstream and downstream building sidewalls. As a result, increasing momentum transfer from the upper layer contributes to a momentum increase in the in-canyon region, and the vorticity in the in-canyon region also increases. In the mature stage (i.e., large building-length ratios), the primary vortex stabilizes in position, and the incoming flow no longer follows the building sidewalls. This causes momentum loss through the street-canyon lateral boundaries. As the building-length ratio increases, momentum transfer from the upper layer slightly decreases, and the reverse flow, updraft, and streamwise flow in the in-canyon region also slightly decrease, resulting in vorticity reduction

Ionothermal Synthesis of Metal-Organic Framework

Ionothermal synthesis employs ionic liquids for synthesis of metal organic frameworks (MOFs) as solvent and template. The cations and anions of ionic liquids may be finely adjusted to produce a great variety of reaction environments and thus frameworks. Organisation of the structures synthesised from related ionic liquid combinations give rise to provocative chemical trends that may be used to predict future outcomes. Further analysis of their structures is possible by reducing the complex framework to its underlying topology, which by itself brings more precision to prediction. Through reduction, many seemingly different, but related classes of structures may be merged into larger groups and provide better understanding of the nanoscopic structures and synthesis conditions that gave rise to them. Ionothermal synthesis has promised to enable us to effectively plan the synthesis ahead for a given purpose. However, for its promise to be kept, several difficult limitations must be overcome, including the inseparable cations from the solvent that reside in the framework pore

Cultural Impact on National Competitiveness

Culture has become an essential factor in understanding different economic and business environments. The influence culture has on people and society has been studied, defined and categorized by scholars through various models. The framework of five cultural dimensions developed by Hofstede is the most popular cultural model, but problems still exist regarding its accuracy. In this paper, the five dimensions have been revised into three dimensions -Individualism, Uncertainty Avoidance, and Openness - and have been applied in an empirical study with a country-based perspective. Through this new cultural model, companies and governments can get a better understanding of culture and its relationship to national competitiveness and the business environment

Detection of genetic mutations associated with macrolide resistance of Mycoplasma pneumoniae

Purpose : The aim of this study was to identify mutations associated with macrolide resistance in Mycoplasma pneumoniae (MP) and to establish a cultural method to determine antimicrobial susceptibility. Methods : Nasopharyngeal aspirates (NPAs) were collected from 62 children diagnosed with MP pneumonia by a serologic method or polymerase chain reaction. The 23S rRNA and L4 ribosomal protein genes of MP were amplified and sequenced. To identify mutations in these 2 genes, their nucleotide sequences were compared to those of the reference strain M129. MP cultivation was carried out for 32 (28 frozen and 5 refrigerated) NPAs and M129 strain using Chanock’s glucose broth and agar plate in a 5% CO2 incubator at 37?#608;and examined at 2-3 day intervals for 6 weeks. Results : Among the 62 specimens, 17 had M144V mutations in ribosomal protein L4. The A2064G mutation was observed in 1 specimen&#59; its 23S rRNA gene was successfully sequenced. Culture for MP was successful from the M129 strain and 2 of the 5 NPAs that were refrigerated for no longer than 3 days. However, MP did not grow from the 28 NPAs that were kept frozen at -80?#608;since 2003. Conclusion : We found the M144V mutation of L4 protein to be common and that of domain V of 23S rRNA gene was relatively rare among MP. Studies on the prevalence of macrolide-resistant MP and the relationship between the mutations of 23S rRNA gene and ribosomal protein L4 will aid in understanding the mechanism of macrolide resistance in MP

Structural performance experiment by moving cart to mount measurement sensors

The development of a measurement system for the purpose of structural performance evaluation has been needed. This work introduces a moving cart system on which to mount measurement sensors to measure acceleration and sound pressure in the time domain and an impact hammer for external excitation. The measurement data are utilized to evaluate the structural performance based on a mixed approach to directly and indirectly collect response data by a microphone and an accelerometer, respectively. The reliability of the measurement data is improved by the utilization of multiple sensors. The structural state is investigated by the power spectral density estimate (PSE) or proper orthogonal mode (POM) of the sound pressure and acceleration data. The applicability of the system is illustrated in a field test