Accounting Characteristics Of Corporations By Bonds Issuing Methods: Focused On Public Corporations In South Korea

Public corporations of Korea may opt for either online auction or offline issue of bonds, the latter being a more traditional method using investment banks. These two methods have distinct advantages and disadvantages. Corporations that adopt the online issue method tend to have lower earnings management, use more conservative accounting, and enjoy superior scores on the government's assessment of management performance. This means that corporations that choose online, the more transparent issuance method, are more transparent in their accounting practices

Earnings Management by Financing Purposes

An objective of this study is to investigate the difference of earnings management before financing by capital financing purposes. Two main methods of financing directly in capital markets are seasoned equity offerings (hereafter ‘SEO’) and issuing bonds (hereafter ‘BOND’). The purposes of financing are largely classified into working capital and investment capital. This study investigates whether the firms that need to finance for working capital are more motivated for earnings management than the firms that need to finance for investment capital. The results show that discretionary accruals before financing for working capital are greater than financing for investment capital for both SEO and BOND.

The Effect Of Debt Choice On Firm Value

This study aims to verify the effects of different methods of debt financing on firm value. The most common methods used by firms to finance its operations are directly issuing corporate bonds in the capital market and borrowing through financial institutions such as banks. From the accounting perspective, there is no difference between corporate bonds and bank loans. However, from the economic perspective, corporate bonds and bank loans are different in terms of their characteristics. This study conducts with the assumption that the attributes of the type of debt selected determine its impact on firm value. The results indicate that firms that use corporate bonds more frequently than bank loans have a higher value.

A Study On Accounting Conservatism Of Capital-Raising Corporations

Various factors affect conservative accounting of corporations. Most of all, this paper focuses on the factor of corporate capital raising. One of the important roles of conservatism is that companies conduct conservative accounting to cut the agency costs due to information asymmetry. Managers may desire excellent management performance and stable financial condition. Depending on circumstances, they seek to improve management performance and financial condition by choosing a proper accounting method. That is, they have incentives to carry out less conservative accounting. Companies that raise capital may have stronger incentives to take such an accounting method. On the contrary, if a capital market monitoring system works properly, corporations would conduct conservative accounting to reduce the agency costs. The results of the empirical analysis reveals that the Korean listed companies raising capital choose less conservative accounting than those that do not raise capital. This indicates companies without financing conduct conservative accounting more than those with

Effect Of Corporate Governance On The Association Between Book-Tax Differences And Audit Quality: Evidence From Korea

We investigate whether auditors input additional audit hours according to the sizes of book-tax differences (hereinafter BTD) and request additional audit fees for additional audit hours. In addition, the interaction effects of corporate governance on the relationships between BTD and audit hours/audit fees are examined using the total corporate governance (TCG) scores, data from the Korea Corporate Governance Service (KCGS). We predict that since auditors have the incentive and ability to consider BTD, audit hours and audit fees will increase when BTD are larger. Empirical results of our study are as follows. First, BTD and audit hours (LnAH) show a negative (-) association that is not statistically significant. Second, audit fees (LnAF) were shown to increase along with BTD. This can be interpreted as a result of requests for additional audit fees for increased audit risks due to individual firms' BTD. Third, the interaction effect of corporate governance on the relationship between BTD and audit hours (LnAH) showed a positive (+) association, but the association was not statistically significant. Fourth, the interaction effect of corporate governance on the relationship between BTD and audit fees (LnAF) showed a statistically significant positive (+) association. This be understood as meaning that firms with better governance make more efforts for financial reporting in order to maintain their reliability in the market. This study contributes to the literature in several important aspects. First, it empirically demonstrates whether auditors properly reflect BTD on audit risks. Next, our study is analyzes the effects of corporate governance on the relationship between BTD and audit hours/audit fees using the total corporate governance (TCG) scores presented by the Korea Corporate Governance Service (KCGS). Finally, our findings empirically showed social proof function of accounting audits as a strategy to reduce information risks.

Clinical characteristics of myelin oligodendrocyte glycoprotein antibody-associated disease according to their epitopes

BackgroundThe detection of myelin oligodendrocyte glycoprotein autoantibodies (MOG-Ab) is essential for the diagnosis of MOG-Ab-associated disease (MOGAD). The clinical implications of different epitopes recognized by MOG-Ab are largely unknown. In this study, we established an in-house cell-based immunoassay for detecting MOG-Ab epitopes and examined the clinical characteristics of patients with MOG-Ab according to their epitopes.MethodsWe conducted a retrospective review of patients with MOG-Ab-associated disease (MOGAD) in our single center registry, and collected serum samples from enrolled patients. Human MOG variants were generated to detect epitopes recognized by MOG-Ab. The differences in clinical characteristics according to the presence of reactivity to MOG Proline42 (P42) were evaluated.ResultsFifty five patients with MOGAD were enrolled. Optic neuritis was the most common presenting syndrome. The P42 position of MOG was a major epitope of MOG-Ab. The patients with a monophasic clinical course and childhood-onset patients were only observed in the group that showed reactivity to the P42 epitope.ConclusionWe developed an in-house cell-based immunoassay to analyze the epitopes of MOG-Ab. The P42 position of MOG is the primary target of MOG-Ab in Korean patients with MOGAD. Further studies are needed to determine the predictive value of MOG-Ab and its epitopes

Neural Architecture of Hunger-Dependent Multisensory Decision Making in C. elegans

Little is known about how animals integrate multiple sensory inputs in natural environments to balance avoidance of danger with approach to things of value. Furthermore, the mechanistic link between internal physiological state and threat-reward decision making remains poorly understood. Here we confronted C. elegans worms with the decision whether to cross a hyperosmotic barrier presenting the threat of desiccation to reach a source of food odor. We identified a specific interneuron that controls this decision via top-down extrasynaptic aminergic potentiation of the primary osmosensory neurons to increase their sensitivity to the barrier. We also establish that food deprivation increases the worm's willingness to cross the dangerous barrier by suppressing this pathway. These studies reveal a potentially general neural circuit architecture for internal state control of threat-reward decision making

Chaebol Firms’ Donation Activities and Firm Values

This paper aims to investigate the effects of donation activities of chaebol firms on their firm values. The firm values will vary depending on capital market participants’ view on the donation activities of chaebol firms. To verify this hypothesis, data of firms listed in the Korea Composite Stock Price Index (KOSPI) from 2001 to 2017 are empirically analyzed. Whether a firm is a chaebol firm or not is assessed by whether the firm has been designated as a firm in one of the large business groups announced by the Korea Fair Trade Commission, and firm values are measured by Tobin’s Q and market-to-book value ratio (MTB). The results of analysis indicated that donation activities of chaebol firms were negatively related to firm values. The donation activities of chaebol firms seem to be not positively evaluated in the capital market. This paper is meaningful in that it verified how capital market participants evaluate the donation activities of chaebol firms, which account for a large portion of the South Korean economy. To gain public support, chaebol firms should strive to truly fulfill their social responsibilities

Characterization Of Hemodynamic Phenotypes In Young Patients With Isolated Diastolic Hypertension And Systolic Diastolic Hypertension

The purpose of this study was to investigate the different hemodynamic mechanisms underlying isolated diastolic hypertension (IDH) and systolic-diastolic hypertension (SDH) in a population of young healthy adults. We analyzed de-identified data from 207 subjects with diastolic hypertension from the ENIGMA study, a long-term prospective study of 1,668 young adults from university campuses in the United Kingdom. This dataset included age, gender, height, weight, waist size, body mass index (BMI), body surface area (BSA), peripheral and central blood pressure measurements and pulse pressures (PP), augmentation pressure (AP), augmentation index (AIx), ejection duration (ED), cardiac index (CI), stroke volume (SV), peripheral vascular resistance (PVR) and pulse wave velocities. After removing subjects who were taking vasotonic medications and those with incomplete hemodynamic information, we identified 49 subjects with IDH, defined as peripheral diastolic blood pressure (PDBP) ≥90 mmHg and peripheral systolic blood pressures (PSBP) \u3c140 mmHg and 103 subjects with SDH defined as PDBP ≥90 mmHg and PSBP ≥140 mmHg. We performed multiple logistic regression and stepwise linear regression to determine what demographic, hemodynamic, and lab variables were associated with an increased likelihood that a subject would have IDH or increased PDBP respectively. Subjects were then grouped into tertiles of cardiac index (CI), indexed peripheral vascular resistance (PVRI), and carotid-femoral pulse wave velocity (PWVCF). Mean values of all hemodynamic measurements were compared across tertiles to elucidate different hemodynamic mechanisms underlying IDH and SDH. Compared to individuals with IDH, we found that subjects with SDH were significantly older (p=0.0176), taller (p=0.0079), and heavier (p=0.0025). Most subjects with IDH were female (33 out of 49 or 67% were female). In contrast, most subjects with SDH were male (66/103 or 64% were male). There were statistically significant differences in peripheral and central pressures, peripheral and central PP, CI, indexed stroke volume (SVI), PVRI, and pulse wave velocities between the two groups (p\u3c0.01 for all comparisons). In our analysis of the entire cohort of 152 subjects we found statistically significant increases in peripheral PP (p=0.003) from the lowest to highest tertiles of CI, statistically significant decreases in peripheral PP (p\u3c0.0001) between the lowest and highest tertiles of PVRI, and statistically significant increases in PSBP (p\u3c0.0001), PDBP (p=0.0122), peripheral PP (p=0.0031), central systolic blood pressure (p\u3c0.0001), central diastolic blood pressure (p=0.0062), and central PP (p=0.0056) going from the lowest to highest tertiles of PWVCF. We have demonstrated that IDH and SDH in young healthy individuals have significantly different hemodynamic characteristics, and that brachial blood pressure phenotypes encompass a heterogeneous set of hemodynamic features. Systolic hypertension was found to associate with increased CI and increased aortic stiffness, diastolic hypertension was associated with increases in peripheral vascular resistance, increased CI is associated with increased peripheral pulse pressure, and increased aortic stiffness is associated with both increased peripheral and central pulse pressure