A Literature Review On Chief Executive Officer Hubris And Related Constructs: Is The Theory Of Chief Executive Officer Hubris An Antecedents Or Consequences?

This paper reviews the theory of Chief Executive Officer hubris and related constructs. It is to identify the area of Chief Executive Officer hubris clearly and to clarify the confusion of related constructs which includes: overconfidence, Chief Executive Officer celebrity, and narcissism. We examined the four related constructs comprehensively and evaluated Chief Executive Officer hubris construct as an antecedent or consequence. Throughout the research mainstream, these research related constructs often use the word hubris interchangeably. Many researchers are confused whether Chief Executive Officer hubris is an antecedent or consequence? We will attempt to resolve this issue by examining antecedents and consequences of Chief Executive Officer hubris and related constructs. Furthermore, suggestions and implications for future research based on Chief Executive Officer hubris will be assessed.

The Effect Of Credit Rating Categories On Analysts' Information Environment: Evidence From The Korean Market

Credit ratings have been widely utilized for their ability to convey information to investors easily and quickly. Credit ratings agencies have prospered due to their superior positions in the information-gathering process in the business world. However, recent news about grade reversals, abrupt downgrades, and unanticipated bankruptcy suggests that the market value of credit ratings may have been overstated. Hence, in this study, we evaluate the legitimacy of the suggestion that credit rating categories may provide analysts with useful information.In order to measure the variables in the information environment, we use analyst forecasts. Differences between forecasts in the various rating categories are found to be statistically significant. Furthermore, a comparative analysis of information intensity for ungraded firms with that of other firms demonstrates that overestimates of ungraded firms create problems of the same nature as those in the information environment of firms with speculative grades.In the inter- and intra-category analyses, various factors determine the transparency of the information environment for firms of investment grade, including accruals quality, conservatism, the interest coverage ratio, and the proportion of intangible assets. However, for less credible firms, such as speculative or ungraded firms, these determinants do not function as expected. We find that the interest coverage ratio may be used to provide detailed differentiation between less credible firms. This paper introduces a new approach to credit rating categories and related strategies, emphasizing the importance of the ability to repay debt

The Informational Content Of Changes In Stock Recommendation: Chaebol Vs. Non-Chaebol Affiliated Analysts

Accurate analysts’ reports alleviate information asymmetry between companies and investors by providing accounting information that is useful in investment decision-making for market participants. Investors evaluate the credibility of stock recommendations based on the accuracy of the earnings forecasts of analysts, applying them in the decision-making process. Studies of stock recommendations have focused on their informational content, systematically analyzing the characteristics of recommendations and, to a lesser degree, decision-making factors. For most analysts, when stock recommendations and forecast changes are simultaneously disclosed, a large bias results if analysts fail to consider the magnitude of the market reaction relative to the earnings forecast and stock recommendations. In most previous studies, the informational content of both individual stock recommendations and changes in stock recommendations was investigated. In this study, we examine differences in the informational content depending on the stock recommendations of the report released immediately previous to the current report for the same recommendation. An upgraded (or downgraded) revision within the same recommendation category is associated with a greater (lower) stock price return. Even the same recommendation in the market may cause different reactions depending on both the recommendation itself and on the direction of change of the recommendation. Affiliated analysts have more access to inside information of the companies they analyze. The stock returns after revisions of Chaebol-affiliated analysts are significantly higher than those of non-Chaebol-affiliated analysts

No Response Instead Of Stock Recommendations: Evidence From Korea

The objectives of this study are to confirm the theories and findings of empirical research related to stock recommendations in analysts reports and to examine from various angles the significance of stock recommendation revisions in the Korean capital market. In a considerable number of analysts reports, no stock recommendations are made; this area of the report remains blank. In this study, the blank is labeled No Response. We analyze the factors related to the decision to omit stock recommendations and the informational content of analysts reports in which no stock recommendations are made. There is no previous research on this phenomenon in Korea or other countries. Under the assumptions that the optimum portfolio of investors is affected by the trading of stocks, and that analysts reports reflect market expectations, we investigate the informational content of reports in which no stock recommendations are made by observing the abnormal returns on the day of disclosure

Improvement Of Competitiveness In Small And Medium-Sized Enterprises

While SMEs (small and medium-sized enterprises) contribute much to the economy, their competitiveness compared to that of large enterprises is negligible. Periodic evaluation of the overall competitiveness of SMEs is important to determine the reasons behind their relatively low growth rate. In order to maximize the effects of support for SMEs through government policies, determining the best means of providing support and enhancing competitiveness is necessary. Government funds or other sources of support for SMEs must be supplied according to the circumstances surrounding each enterprise. For instance, if the government invests in tangible assets, SMEs must be the target, because their size guarantees that despite their lower flexibility, competitiveness will improve. If investment is made in research and development, the firm’s long-term capacity for growth must be evaluated rather than its profitability, since there is an immediate increase in costs. There are differences in the effects of investment on flexibility, immaterial capital, and the ability to compete according to the size of the firm and the number of years it has been in business; these factors must be taken into account. Also, in allocating supporting funds to SMEs, the sites at which the funds are to be used must be examined. Active use of funds in areas where SMEs cannot invest in themselves is encouraged, rather than investment in general

Financial Reporting Quality And Acquisition Profitability: Evidence From Korea

In this paper, we examine the association between financial reporting quality and acquisition profitability in a sample of 282 acquisitions in South Korea between 2001 and 2011. Using the accruals quality measure developed by Dechow and Dichev (2002) and McNichols (2002), we find that firms with high-quality financial reporting make more profitable acquisitions, as measured by the bidder's announcement returns. In addition, we find that the importance of financial reporting quality increases in firms with poor information environments

Non-Financial Environmental Responsibility Information, Information Environment, and Credit Ratings: Evidence from South Korea

The purpose of this study was to analyze which dimensions of non-financial environmental responsibility information are more reflected in credit ratings. The non-financial environmental responsibility information used in this study was environmental strategy, environmental organization, environmental management, environmental performance, and stakeholder communication. Based on 1085 companies listed on the Korean capital market from 2013 to 2018, this study reports that the more companies engage in environmental responsibility activities, the better their credit ratings are. Specifically, it found that companies with higher environmental performance and stakeholder communication activities received better credit ratings, while higher environmental management and environmental strategy scores had a relatively weak influence. This indicates that among the corporate environmental responsibilities, the more activities requiring relatively little discretion from managers are performed, the more the reputation capital that is accumulated through corporate environmental responsibility (CER) activities, which leads to higher credit ratings. These associations were found to be strengthened in an information environment where there is a higher degree of information asymmetry and the lifecycle of a firm is at a maturity stage

Electrochemical Dealloying of Ni-Rich Pt–Ni Nanoparticle Network for Robust Oxygen-Reduction Electrocatalysts

Increasing the electrochemically active surface area (ECSA) and alloying Pt with transition metals (TMs) are well-known strategies for enhancing the oxygen reduction reaction (ORR) catalytic activities. Herein, we introduce a strategy to produce highly active ORR electrocatalysts with a large ECSA using an electrochemical dealloying process involving leaching of Ni from a Ni-rich Pt–Ni nanoparticle network. The dealloying process yielded a dealloyed Pt–Ni nanoparticle network with rugged surfaces from the Ni-rich Pt–Ni nanoparticle network, resulting in a large ECSA. We also increased the mass activity and utilization efficiency of Pt by modulating the interactions between Pt and Ni. The dealloyed nanoparticle network exhibited a high ORR mass activity, six times higher than that of commercial Pt/C. Moreover, the dealloyed Pt–Ni nanoparticle network exhibited better catalytic stability than the Pt/C after 10000 potential cycles, even without carbon support. The reduced binding energy of the O intermediate due to the effects of Ni (ligand and strain effects) enhanced the ORR activity of the dealloyed nanoparticle network, according to the results of a mechanistic study performed using density functional theory. This study opens new avenues for designing TM-alloy catalysts with high ORR activity for various applications

The growth of brain tumors can be suppressed by multiple transplantation of mesenchymal stem cells expressing cytosine deaminase

Suicide genes have recently emerged as an attractive alternative therapy for the treatment of various types of intractable cancers. The efficacy of suicide gene therapy relies on efficient gene delivery to target tissues and the localized concentration of final gene products. Here, we showed a potential ex vivo therapy that used mesenchymal stem cells (MSCs) as cellular vehicles to deliver a bacterial suicide gene, cytosine deaminase (CD) to brain tumors. MSCs were engineered to produce CD enzymes at various levels using different promoters. When co-cultured, CD-expressing MSCs had a bystander, anti-cancer effect on neighboring C6 glioma cells in proportion to the levels of CD enzymes that could convert a nontoxic prodrug, 5-fluorocytosine (5-FC) into cytotoxic 5-fluorouracil (5-FU) in vitro. Consistent with the in vitro results, for early stage brain tumors induced by intracranial inoculation of C6 cells, transplantation of CD-expressing MSCs reduced tumor mass in proportion to 5-FC dosages. However, for later stage, established tumors, a single treatment was insufficient, but only multiple transplantations were able to successfully repress tumor growth. Our findings indicate that the level of total CD enzyme activity is a critical parameter that is likely to affect the clinical efficacy for CD gene therapy. Our results also highlight the potential advantages of autograftable MSCs compared with other types of allogeneic stem cells for the treatment of recurrent glioblastomas through repetitive treatments.Grant sponsor: Korea Health 21 R&D Project; Grant number: A040018-0923-0000400; Grant sponsor: the National Cancer Control Planning Board; Grant number: 0520130; Grant sponsor: the 21st Century Frontier Research Program; Grant number: 2009K001245; Grant sponsor: the National Research Foundation of Korea at Ajou University; Grant number: 2009-0093826Kim SM, 2008, CANCER RES, V68, P9614, DOI 10.1158/0008-5472.CAN-08-0451Kucerova L, 2008, J GENE MED, V10, P1071, DOI 10.1002/jgm.1239Kim SW, 2008, MOL CELLS, V26, P26Lazennec G, 2008, STEM CELLS, V26, P1387, DOI 10.1634/stemcells.2007-1006Kendall SE, 2008, STEM CELLS, V26, P1575, DOI 10.1634/stemcells.2007-0887Jordan JT, 2008, CANCER IMMUNOL IMMUN, V57, P123, DOI 10.1007/s00262-007-0336-xKIM Y, 2008, ROUT ADV INTER MED S, V1, P27Kucerova L, 2007, CANCER RES, V67, P6304, DOI 10.1158/0008-5472.CAN-06-4024Birnbaum T, 2007, J NEURO-ONCOL, V83, P241, DOI 10.1007/s11060-007-9332-4Kaliberov SA, 2007, GENE THER, V14, P1111, DOI 10.1038/sj.gt.3302965Portsmouth D, 2007, MOL ASPECTS MED, V28, P4, DOI 10.1016/j.mam.2006.12.001Ramasamy R, 2007, LEUKEMIA, V21, P304, DOI 10.1038/sj.leu.2404489Malhi H, 2006, ONCOGENE, V25, P7333, DOI 10.1038/sj.onc.1209765Djouad F, 2006, TRANSPLANTATION, V82, P1060, DOI 10.1097/01.tp.0000236098.13804.0bKim SK, 2006, CLIN CANCER RES, V12, P5550, DOI 10.1158/1078-0432.CCR-05-2508Khakoo AY, 2006, J EXP MED, V203, P1235, DOI 10.1084/jem.20051921Kim SS, 2005, NEUROREPORT, V16, P1357Watters JJ, 2005, J NEUROSCI RES, V81, P447, DOI 10.1002/jnr.20485Lucas ML, 2005, BLOOD, V106, P51Schmidt NO, 2005, NEOPLASIA, V7, P623, DOI 10.1593/neo.04781Nakamizo A, 2005, CANCER RES, V65, P3307Imitola J, 2004, P NATL ACAD SCI USA, V101, P18117, DOI 10.1073/pnas.0408258102Nakamura K, 2004, GENE THER, V11, P1155, DOI 10.1038/sj.gt.3302276Lee OK, 2004, BLOOD, V103, P1669KIM SS, 2004, KOREAN J ANATOMY, V37, P509Akbulut H, 2003, CANCER GENE THER, V10, P388, DOI 10.1038/sj.cgt.7700579Ohnishi N, 2002, GENE THER, V9, P303, DOI 10.1038/sj/gt/3301655Kaneko S, 2001, HUM GENE THER, V12, P35Aboody KS, 2000, P NATL ACAD SCI USA, V97, P12846Alvarez RD, 2000, MOL THER, V2, P524, DOI 10.1006/mthe.2000.0194Erbs P, 2000, CANCER RES, V60, P3813Erices A, 2000, BRIT J HAEMATOL, V109, P235Legler JM, 1999, J NATL CANCER I, V91, P1382Pittenger MF, 1999, SCIENCE, V284, P143Surawicz TS, 1998, J NEURO-ONCOL, V40, P151BAUM C, 1995, J VIROL, V69, P7541TRINH QT, 1995, CANCER RES, V55, P4808KURATSU J, 1993, J NATL CANCER I, V85, P1836MULLEN CA, 1992, P NATL ACAD SCI USA, V89, P33GREZ M, 1990, P NATL ACAD SCI USA, V87, P92021

Dual Roles of a Variable Number of Tandem Repeat Polymorphism in TERT Gene in Lung Cancer

Introduction: This study was conducted to determine the impact of a functional tandem repeat minisatellite (MNS16A) polymorphism in the telomerase reverse transcriptase (TERT) gene on the risk of lung cancer, as well as on survival of patients with non-small cell lung cancer (NSCLC).