3,149 research outputs found
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
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. 
Thermoelectric properties of nanoporous three-dimensional graphene networks
We propose three dimensional-graphene nanonetworks (3D-GN) with pores in the range of 10 similar to 20 nm as a potential candidate for thermoelectric materials. The 3D-GN has a low thermal conductivity of 0.90 W/mK @773 K and a maximum electrical conductivity of 6660 S/m @773 K. Our results suggest a straightforward way to individually control two interdependent parameters, sigma and kappa, in the nanoporous graphene structures to ultimately improve the figure of merit value.open
Application of Artificial Neural Network to Search for Gravitational-Wave Signals Associated with Short Gamma-Ray Bursts
We apply a machine learning algorithm, the artificial neural network, to the
search for gravitational-wave signals associated with short gamma-ray bursts.
The multi-dimensional samples consisting of data corresponding to the
statistical and physical quantities from the coherent search pipeline are fed
into the artificial neural network to distinguish simulated gravitational-wave
signals from background noise artifacts. Our result shows that the data
classification efficiency at a fixed false alarm probability is improved by the
artificial neural network in comparison to the conventional detection
statistic. Therefore, this algorithm increases the distance at which a
gravitational-wave signal could be observed in coincidence with a gamma-ray
burst. In order to demonstrate the performance, we also evaluate a few seconds
of gravitational-wave data segment using the trained networks and obtain the
false alarm probability. We suggest that the artificial neural network can be a
complementary method to the conventional detection statistic for identifying
gravitational-wave signals related to the short gamma-ray bursts.Comment: 30 pages, 10 figure
Short Term Effect and Safety of Antidiuretic Hormone in the Patients with Nocturia
Purpose To investigate the short-term safety of antidiuretic hormone in elderly patients with nocturnal polyuria, focus on hyponatremia and others electrolytes disturbances and to assess short-term effects on nocturnal urine output and number of nocturnal voids. Methods Between June 2005 and August 2006, a total of 34 patients with nocturnal polyuria were orally administered 0.2 mg desmopressin tablet at bedtime for two weeks. Serum sodium, others electrolytes, urine sodium and urine osmolarity were assessed in the third days, one week and two weeks after treatment with desmopressin and compared adult group (<65 years of age) with elderly group (≥65 years of age). We assessed the effect of desmopressin using a frequency-volume charts and analysed. Results In total 34 patients (20 adult, 14 elderly) were analyzed. Desmopressin treatment did not significantly change serum and urine electrolytes include soduim concentration in elderly patients comparied with adult patients. Serum sodium concentration below normal range was recorded in 2 patients in elderly group, but no serious adverse events occurred and recovered without sequelae. The mean number of nocturnal voids decresed (54% reduction) and nocturnal urine output decreased (57% reduction) after using desmopressin. Conclusions Desmopressin was well tolerated and effective in elderly patients with nocturnal polyuria without clinically significant hyponatremia
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
IRT5 Probiotics Changes Immune Modulatory Protein Expression in the Extraorbital Lacrimal Glands of an Autoimmune Dry Eye Mouse Model
PURPOSE. While the association between the gut microbiome and the immune system has been studied in autoimmune disorders, little is known about ocular disease. Previously we reported that IRT5, a mixture of five probiotic strains, could suppress autoimmune dry eye. In this study, we investigated the mechanism by which IRT5 performs its immunomodulatory function in a mouse model of autoimmune dry eye. METHODS. NOD.B10.H2b mice were used as an autoimmune dry eye model. Either IRT5 or PBS was gavaged orally for 3 weeks, with or without 5 days of antibiotic pretreatment. The effects on clinical features, extraorbital lacrimal gland and spleen proteins, and fecal microbiota were analyzed. RESULTS. The ocular staining score was lower, and tear secretion was higher, in the IRT5-treated groups than in the PBS-treated groups. After IRT5 treatment, the downregulated lacrimal gland proteins were enriched in the biological processes of defense response and immune system process. The relative abundances of 33 operational taxonomic units were higher, and 53 were lower, in the feces of the IRT5-treated groups than in those of the PBS-treated groups. IRT5 administration without antibiotic pretreatment also showed immunomodulatory functions with increases in the Lactobacillus helveticus group and Lactobacillus hamsteri. Additional proteomic assays revealed a decrease of proteins related to antigen-presenting processes in the CD11b(+) and CD11c(+) cells of spleen in the IRT5-treated groups. CONCLUSIONS. Changes in the gut microbiome after IRT5 treatment improved clinical manifestations in the autoimmune dry eye model via the downregulation of antigen-presenting processes in immune networks.11Ysciescopu
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