The Effect Of Affiliate Loan Guarantees On Cost Of Debt: Evidence From Korea

A loan guarantee occurs when a company guarantees payment of an affiliate’s loan. Conflicting arguments regarding loan guarantees provided to affiliates have prevailed. First, some suggest that loan guarantees provided to affiliates would decrease firm value because they are contingent liabilities (Shim, 1996; Berkman, Cole & Fu, 2009). Second, others suggest firm value is high when the amount of loan guarantees provided to affiliates is large because loan guarantees would be regarded as a positive indicator of future cash flow (Lee, 2005). The purpose of this study was to present additional empirical evidence of these arguments. The result of this study showed that cost of debt is high when the amount of loan guarantees provided to affiliates is large. This result indicates that creditors demand higher risk premiums when the amount of loan guarantees provided to affiliates is large because they regard loan guarantees as contingent liabilities. Therefore, this result supports the assertion that loan guarantees decrease firm value

Periodic shedding of vortex dipoles from a moving penetrable obstacle in a Bose-Einstein condensate

We investigate vortex shedding from a moving penetrable obstacle in a highly oblate Bose-Einstein condensate. The penetrable obstacle is formed by a repulsive Gaussian laser beam that has the potential barrier height lower than the chemical potential of the condensate. The moving obstacle periodically generates vortex dipoles and the vortex shedding frequency $f_v$ linearly increases with the obstacle velocity $v$ as $f_v=a(v-v_c)$, where $v_c$ is a critical velocity. Based on periodic shedding behavior, we demonstrate deterministic generation of a single vortex dipole by applying a short linear sweep of a laser beam. This method will allow further controlled vortex experiments such as dipole-dipole collisions.Comment: 6 pages, 7 figure

Critical Velocity for Vortex Shedding in a Bose-Einstein Condensate

We present measurements of the critical velocity for vortex shedding in a highly oblate Bose-Einstein condensate with a moving repulsive Gaussian laser beam. As a function of the barrier height $V_0$, the critical velocity $v_c$ shows a dip structure having a minimum at $V_0 \approx \mu$, where $\mu$ is the chemical potential of the condensate. At fixed $V_0\approx 7\mu$, we observe that the ratio of $v_c$ to the speed of sound $c_s$ monotonically increases for decreasing $\sigma/\xi$, where $\sigma$ is the beam width and $\xi$ is the condensate healing length. The measured upper bound for $v_c/c_s$ is about 0.4, which is in good agreement with theoretical predictions for a two-dimensional superflow past a circular cylinder. We explain our results with the density reduction effect of the soft boundary of the Gaussian obstacle, based on the local Landau criterion for superfluidity.Comment: 5 pages, 4 figure

Relaxation of superfluid turbulence in highly oblate Bose-Einstein condensates

We investigate thermal relaxation of superfluid turbulence in a highly oblate Bose-Einstein condensate. We generate turbulent flow in the condensate by sweeping the center region of the condensate with a repulsive optical potential. The turbulent condensate shows a spatially disordered distribution of quantized vortices and the vortex number of the condensate exhibits nonexponential decay behavior which we attribute to the vortex pair annihilation. The vortex-antivortex collisions in the condensate are identified with crescent-shaped, coalesced vortex cores. We observe that the nonexponential decay of the vortex number is quantitatively well described by a rate equation consisting of one-body and two-body decay terms. In our measurement, we find that the local two-body decay rate is closely proportional to $T^2/\mu$, where $T$ is the temperature and $\mu$ is the chemical potential.Comment: 7 pages, 9 figure

Synthesis and characterization of novel cardo-containing copolyimide membranes for gas separation and effect of bulky site in the polymer backbone

A significant issue in environmental science is the climate change caused by global warming. The increase in the global temperature could lead to a range of negative effects that include rising sea levels, changes in ecosystems, loss of biodiversity, and reduction in crop yields. Currently, it is generally accepted that greenhouse gases such as carbon dioxide, methane, nitrous oxide, and fluorinated gases from fossil fuels and industrial wastes are primarily responsible for global warming. One method of slowing the rate of global warming is to reduce carbon dioxide emission into the air and to substitute fossil fuel for alternative energy sources. There are many methods of reducing greenhouse gas emissions, including improvements of energy efficiency, use of non-fossil fuel power sources, improved soil management, and the geological sequestration of carbon dioxide from significant greenhouse gas producing point sources. However, the most feasible and practical method at this moment is to capture the greenhouse gases from the fossil fuel combustion using amine absorption, physical adsorption, and membranes, etc. Membrane technology has been used for more than 50 years, and gas separation using membranes is used in several industrial processes such as the production of nitrogen from air, the separation of CO2 and H2O from natural gas, the purification of H2, and the recovery of vapors from vent gases, because it has various advantages such as low capital investment, ease of operation, and low energy consumption. To overcome the disadvantage of polyimide based materials in manufacturing and processing, researchers have developed various methods such as the introduction of flexible monomers, or chemical and thermal post-modification. One method to improve the properties of the membrane is the post-fabrication and thermal process, i.e. the thermally rearranged (TR) PBO membranes that exhibit excellent separation properties and superior thermal and chemical properties compared with commercialized engineering plastics. TR polymer membranes can be obtained from soluble polyimide containing functional groups such as –OH and –SH. The microcavity structure and distribution of soluble polyimide membranes are evolved during thermal treatment. In this study, we focus on the polyimide syntheses using both strategies of the introduction of bulky monomers and post-thermal treatments, yielding . synthesized 2,2-bis(3,4-dicarboxyphenyl) hexafluoropropane dianhydride (6FDA)-based copolyimide and hydroxyl monomer via polycondensation. In order to improve the gas separation properties and processability, we used highly CO2 permeable and selective monomers in the synthesis, and then evaluated the effect of the mole ratio monomers of the polymer on the gas separation performance. Finally, the copolyimide membrane was converted to a PBO structure via a thermal treatment in order to increase the rigidity and free volume of the polymer backbone. The degree of thermal conversion was controlled through varying the composition of the copolyimide. Then, the performances of the TR membranes were evaluated regarding their change in chemical structure, mechanical and thermal stability, and gas separation properties

Observation of a Geometric Hall Effect in a Spinor Bose-Einstein Condensate with a Skyrmion Spin Texture

For a spin-carrying particle moving in a spatially varying magnetic field, effective electromagnetic forces can arise due to the geometric phase associated with adiabatic spin rotation of the particle. We report the observation of a geometric Hall effect in a spinor Bose-Einstein condensate with a skyrmion spin texture. Under translational oscillations of the spin texture, the condensate resonantly develops a circular motion in a harmonic trap, demonstrating the existence of an effective Lorentz force. When the condensate circulates, quantized vortices are nucleated in the boundary region of the condensate and the vortex number increases over 100 without significant heating. We attribute the vortex nucleation to the shearing effect of the effective Lorentz force from the inhomogeneous effective magnetic field.Comment: 9 pages, 11 figure

Properties of CLC According to Replacement Ratio of Cao-CSA Expansive Additive

According to the National Statistical Office\u27s 2019 Population and Housing Survey in August 2020, the number of apartments, including apartments, was about 14 million last year, accounting for 77.2% of all houses, of which 11.287 million were 80.6% of apartments. Based on this change in housing trends, researchers have developed and studied cellular light-weight concrete (CLC) that can be cured at room temperature and normal pressure with advantages such as light weight, insulation, and construction. There have been several studies in Korea, including state-run projects, but they have not been commercialized, but the biggest reason is that stability has not been secured. Therefore, to improve the reliability of CLC that can be cured at normal temperature and pressure, this study attempts to analyze the properties of CLC by incorporating CaO-CSA expansive additive. Based on the drying density of 0.55-0.65 kg/m3, cement, blast furnace slag, animal foaming additive and fiber are utilized to analyze the properties of CLC with CaO-CSA expansive and the results are as follows. By using the CaO-CSA expansive additive, it is determined that the formation of calcium hydroxide and ettringite fills the CLC between the tobermorite layers and the internal structure becomes dense. Currently, based on KS F 2701, the compression strength based on 0.6 items is more than 4.9 MPa, and the strength is about twice as strong as that of the existing CLC, and durability of the CLC are improved by incorporating CaO-CSA expansive additive

Determinants Of Enforcement Action By The Financial Supervisory Service Of Korea From The Perspective Of Audit Firms

In this study, we examine the determinants of enforcement action by the Financial Supervisory Service of Korea from the perspective of audit firms. Enforcement action is an indication of audit failure. Both client- and audit firm-specific factors are involved in its occurrence. Most published studies of enforcement after audit failure focus on client characteristics because details about audit firms from financial statements and information about organizational structure are not publicly available. However, examining the issues surrounding enforcement from the perspective of audit firms may also be valuable in elucidating the potential determinants of audit failure resulting in enforcement action. Utilizing publicly available data from audit firms in South Korea, we identify several audit firm characteristics as determinants of enforcement action. The results of our empirical analysis reveal that the likelihood of audit failure is positively associated with the ratio of accounts receivable to total assets, the ratio of audit fees to total revenue, the ratio of partners to the total number of CPAs, CEO ownership, and age of audit firms. In addition, the likelihood of audit failure is negatively associated with ownership concentration and profitability. These associations are more pronounced in non-affiliated audit firms than affiliated audit firms. Several useful implications for regulators are described for improving audit quality by means of enforcement action

Development and characterization of polymeric hollow fiber membrane with high CO2 separation performance

In this study, we prepared the polyimide based hollow fiber membrane with High CO2 permeance property. In other to prepare high permeable gas separation membrane, we synthesized novel polyimide material using 6FDA, Durene and PEG monomers. And then general property of the polyimide membrane is characterized using flat sheet type of membrane. The membranes were prepared under various controlled conditions such as retention time and concentration of the polymer. And then the hollow fiber membrane is also prepared and then characterized for confirmation of their potential. The Ionic liquid mainchain polymer is also developed to investigate the gas permeability and potential for utilization to coating materials of hollow fiber membrane. Polyimide with pendant ionic liquid (Im-PpC) membrane showed the high α(CO2/N2) value and the main chain polymer prepared by UV crosslinking with PEG & ILMP crosslinker also showed high α(CO2/N2). Please click Additional Files below to see the full abstract