Does Board Characteristics Constrain Real Earnings Management? Evidence From Korea

This study empirically analyzes the effect of board characteristics on real earnings management, which is measured by using three proxies including abnormal cash flows from operations, abnormal discretionary expenses, and abnormal production costs. Specifically, we will investigate how board independence (or board size) affects real earnings management. Additionally, we will investigate the relation between the board characteristics and real earnings management according to before K-IFRS mandatory adoption or after K-IFRS mandatory adoption. The empirical results of this study are as follows. First, the relation between board independence (board size) and the absolute value of abnormal cash flows from operations is statistically significant and positive (+). Second, the relation between board independence (board size) and the absolute value of abnormal production costs is statistically significant and positive (+). Third, the relation between board independence (board size) and the absolute value of abnormal discretionary expenses is statistically significant and positive (+). These findings present that the board independence (or board size) does not constrain real earnings management. Thus, these mean that board independence (or board size) does not work as a mechanism to reduce real earnings management. This study contributes to accounting research as it directly tests the relation between the board characteristics and real earnings management in Korea, providing empirical support that a board independence (board size) does not constrain real earnings management as effectively as it constrains accrual earnings management.&nbsp

Debt Maturity And Investment Efficiency Evidence From Korea

This study empirically analyzes the effect of debt maturity on investment efficiency, which is measured by using McNichols and Stubben (2008). Debt maturity is measured using current debt ratio and dummy variable. Specifically, we will investigate how short-term debt affects investment efficiency. Additionally, we will investigate the relation between the short-term debt affects investment efficiency according to debt maturity group. The results of this study are as follows. First, the short-term debt and investment efficiency were significantly positive (+) in both the total sample and the over-investment sample. Second, as a result of analyzing the maturity of debt by group according to the current debt ratio, the relationship between earnings quality and investment efficiency was significantly positive (+) in the short-term debt group. it is suggested that debt maturity and investment efficiency can be different for the total sample, over-investment sample, under-investment sample, and the relationship between earnings quality and investment efficiency can be differentiated by debt maturity group. This study has following additional contributions in comparison with domestic prior studies related to investment efficiency. First, prior studies related to investment efficiency are mainly concerned with the quality of financial reporting. This study implies that the relationship between investment efficiency and quality of financial reporting, and the relationship between debt maturity and investment efficiency among the characteristics of debt. Second, from the results of the analysis of the debt maturity and investment efficiency, it is confirmed that the debt is operating as a mechanism to monitor the investment efficiency of the corporation. Third, the analysis of debt maturity group suggests that the relationship between earnings quality and investment efficiency may be differentiated by short and long debt levels during debt financing. The limitations of this study are as follows. First, we might have not considered omitted other variables. Second, we might not have fully considered other proxies for the characteristics of the debt maturity and investment efficiency. Third, there may be a measurement error in the quality of earnings and investment efficiency. Finally, the relationship between debt maturity and investment efficiency can vary depending on the circumstances of the company. For example, specific debt contract provisions or national regulatory environment. Therefore, attention should be paid to the generalization of the results of this study

SOLiDzipper: A High Speed Encoding Method for the Next-Generation Sequencing Data

Background Next-generation sequencing (NGS) methods pose computational challenges of handling large volumes of data. Although cloud computing offers a potential solution to these challenges, transferring a large data set across the internet is the biggest obstacle, which may be overcome by efficient encoding methods. When encoding is used to facilitate data transfer to the cloud, the time factor is equally as important as the encoding efficiency. Moreover, to take advantage of parallel processing in cloud computing, a parallel technique to decode and split compressed data in the cloud is essential. Hence in this review, we present SOLiDzipper, a new encoding method for NGS data. Methods The basic strategy of SOLiDzipper is to divide and encode. NGS data files contain both the sequence and non-sequence information whose encoding efficiencies are different. In SOLiDzipper, encoded data are stored in binary data block that does not contain the characteristic information of a specific sequence platform, which means that data can be decoded according to a desired platform even in cases of Illumina, Solexa or Roche 454 data. Results The main calculation time using Crossbow was 173 minutes when 40 EC2 nodes were involved. In that case, an analysis preparation time of 464 minutes is required to encode data in the latest DNA compression method like G-SQZ and transmit it on a 183 Mbit/s bandwidth. However, it takes 194 minutes to encode and transmit data with SOLiDzipper under the same bandwidth conditions. These results indicate that the entire processing time can be reduced according to the encoding methods used, under the same network bandwidth conditions. Considering the limited network bandwidth, high-speed, high-efficiency encoding methods such as SOLiDzipper can make a significant contribution to higher productivity in labs seeking to take advantage of the cloud as an alternative to local computing. Availability http://szipper.dinfree.com . Academic/non-profit: Binary available for direct download at no cost. For-profit: Submit request for for-profit license from the web-site

Development of Automatic Mold Shot Measurement and Management System for Smart Factory

Many small- and medium-sized car-part manufacturers are either still managing their mold manually or rarely managing it, and therefore, experience significant manufacturing cost and loss in time. In such a situation, a module has been developed in the present work which can count the number of mold used. Such a module is extremely important for small and medium-sized enterprises (SMEs) applying which in the production line they will be able to manage the mold life cycle and improve product quality. This is expected to have both direct and indirect effects on their business activities. The developed system uses a photo sensor, distance measurement sensor, Atmega128 MCU, tablet pc and Bluetooth communication module. The actual module developed in this study was set up on a molding equipment for test and data were collected using an existing tablet PC. The test showed that the number of shots increased when the upper mold touched the lower mold. The maximum and minimum value between the upper and lower molds could be adjusted with the automatic mold shot measurement and management system. Therefore, any molding equipment with various upper-lower gaps will be able to apply the newly developed system

Benefit Transfer for Water Management along the Han River in South Korea Using Meta-Regression Analysis

This study estimates the magnitude of economic benefits that are justified in transfer from downstream users to upstream users for the use of the Han River in South Korea in terms of foregone economic benefits by regulations. Based on the existing non-market valuation studies associated with water management issues in South Korea from 1997 to 2014, a meta-regression analysis was performed to provide alternatives for regional benefit sharing of water resource use. The benefits from the use of water resource along the Han River are estimated on average to be KRW 7,728 (US $7.7) per household per month. The total net benefits are estimated to be about KRW449 billion (US$449 million) per year. Following the principle regarding equal distribution of benefits, the stakeholders who received more net benefits than others should return their extra net benefits to other stakeholders through a policy tool such as tradable development rights. The results of our study provide economic indicators useful for the establishment of common resource policy and to consider stakeholders' rights within the framework of regional benefits. This study also provides practical solutions that could be used as a valid policy instrument to mediate the conflicts and disputes associated with water resource use.Kangwon National UniversityUniversity of Bayreut

Automatic 3D Registration of Dental CBCT and Face Scan Data using 2D Projection images

This paper presents a fully automatic registration method of dental cone-beam computed tomography (CBCT) and face scan data. It can be used for a digital platform of 3D jaw-teeth-face models in a variety of applications, including 3D digital treatment planning and orthognathic surgery. Difficulties in accurately merging facial scans and CBCT images are due to the different image acquisition methods and limited area of correspondence between the two facial surfaces. In addition, it is difficult to use machine learning techniques because they use face-related 3D medical data with radiation exposure, which are difficult to obtain for training. The proposed method addresses these problems by reusing an existing machine-learning-based 2D landmark detection algorithm in an open-source library and developing a novel mathematical algorithm that identifies paired 3D landmarks from knowledge of the corresponding 2D landmarks. A main contribution of this study is that the proposed method does not require annotated training data of facial landmarks because it uses a pre-trained facial landmark detection algorithm that is known to be robust and generalized to various 2D face image models. Note that this reduces a 3D landmark detection problem to a 2D problem of identifying the corresponding landmarks on two 2D projection images generated from two different projection angles. Here, the 3D landmarks for registration were selected from the sub-surfaces with the least geometric change under the CBCT and face scan environments. For the final fine-tuning of the registration, the Iterative Closest Point method was applied, which utilizes geometrical information around the 3D landmarks. The experimental results show that the proposed method achieved an averaged surface distance error of 0.74 mm for three pairs of CBCT and face scan datasets.Comment: 8 pages, 6 figures, 2 table

3D bioprinting of dECM-incorporated hepatocyte spheroid for simultaneous promotion of cell-cell and -ECM interactions

The cell spheroid technology, which greatly enhances cell-cell interactions, has gained significant attention in the development of in vitro liver models. However, existing cell spheroid technologies still have limitations in improving hepatocyte-extracellular matrix (ECM) interaction, which have a significant impact on hepatic function. In this study, we have developed a novel bioprinting technology for decellularized ECM (dECM)-incorporated hepatocyte spheroids that could enhance both cell-cell and -ECM interactions simultaneously. To provide a biomimetic environment, a porcine liver dECM-based cell bio-ink was developed, and a spheroid printing process using this bio-ink was established. As a result, we precisely printed the dECM-incorporated hepatocyte spheroids with a diameter of approximately 160–220 μm using primary mouse hepatocyte (PMHs). The dECM materials were uniformly distributed within the bio-printed spheroids, and even after more than 2 weeks of culture, the spheroids maintained their spherical shape and high viability. The incorporation of dECM also significantly improved the hepatic function of hepatocyte spheroids. Compared to hepatocyte-only spheroids, dECM-incorporated hepatocyte spheroids showed approximately 4.3- and 2.5-fold increased levels of albumin and urea secretion, respectively, and a 2.0-fold increase in CYP enzyme activity. These characteristics were also reflected in the hepatic gene expression levels of ALB, HNF4A, CPS1, and others. Furthermore, the dECM-incorporated hepatocyte spheroids exhibited up to a 1.8-fold enhanced drug responsiveness to representative hepatotoxic drugs such as acetaminophen, celecoxib, and amiodarone. Based on these results, it can be concluded that the dECM-incorporated spheroid printing technology has great potential for the development of highly functional in vitro liver tissue models for drug toxicity assessment

ALTERATIONS IN JOINT KINEMATICS AND KINETICS DURING DOWNHILL RUNNING

The purpose of this investigation was to find how joint kinematics and kinetics during downhill running change compared to level running. Fifteen recreational runners ran on a force plate imbedded treadmill with three different slopes (0 º, -6º, and -9º) at a controlled speed of 3.2 m/s. Ten steps on each slope were selected for analysis. Increased knee flexion with decreased ankle plantar-flexion and hip flexion was found during downhill running compared to level running. Decreased peak propulsive ground reaction force and posterior impulse were found during downhill running compared to level running. Additionally, increased extension moment with increased negative joint power at the knee and decreased plantar-flexion moment with decreased negative joint power at the ankle were found during downhill running compared to level running

Biosynthesis of poly(3-hydroxybutyrate-co-3-hydroxyhexanoate) (P(HB-co-HHx)) from butyrate using engineered Ralstonia eutropha

Polyhydroxyalkanoates (PHAs), a promising family of bio-based polymers, are considered to be alternatives to traditional petroleum-based plastics. Copolymers like poly(3-hydroxybutyrate-co-3-hydroxyhexanoate) (P(HB-co-HHx)) have been shown to exhibit favorable physical and mechanical properties, due to decreased crystallinity resulting from the presence of medium-chain-length 3-hydroxyhexanoate (3HHx) monomers. In this study, we produced P(HB-co-HHx) using engineered Ralstonia eutropha strains containing deletions of the acetoacetyl-CoA reductase (phaB) genes and replacing the native PHA synthase with phaC2 from Rhodococcus aetherivorans I24 and by using butyrate, a short-chain organic acid, as the carbon source. Although the wild-type R. eutropha did not produce P(HB-co-HHx) when grown on mixed acids or on butyrate as the sole carbon source, we are able to produce polymer containing up to 40 wt% 3HHx monomer with the aforementioned engineered R. eutropha strains using various concentrations of just butyrate as the sole carbon source. This is the first report for the production of P(HB-co-HHx) copolymer in R. eutropha using butyrate.Korea Polar Research Institute. Polar Academic Program (PAP, PD13010)Korea (South). Rural Development Administration (Project No. 010205022014