Foreign ownership and investment: evidence from Korea

This study examines whether an increase in foreign ownership affects investment in Korea. Many studies have shown that in an imperfect financial market, a firm's investment depends on the availability of internal funds. If high foreigners' shareholding is a sign of a firm's good financial position, and if foreign investors demand better corporate governance to protect their investments, then cash-flow sensitivity of investment decreases with the level of foreign ownership. Using data from Korean firms, it is found that cash-flow sensitivity of investment is lower in firms with high foreign ownership than in those with low foreign ownership. This finding is regarded as evidence for a potential benefit of open financial markets.

Structures for Communication-Efficient Public Key Revocation in Ubiquitous Sensor Network

Abstract. In this paper we discuss the uprising problem of public key revocation. The main problem in key revocation includes the relatively large memory and communication required to store and transmit the revoked list of keys. This problem becomes serious as the sensor network is subjected to several constraints. In this paper, we introduce several efficient representation mechanisms for representing a set of revoked identifiers of keys. We discuss several network and revocation scenarios and introduce the corresponding solution for each. To demonstrate the value of our proposed approaches, practical simulation results and several comparisons with the current used revocation mechanism are included