2,711 research outputs found
Price Deviation Supported by Arbitrage: Evidence from Family Business Groups
No full textThis paper examines how arbitrage may contribute to, rather than remove, temporary price deviation between two related securities. Based on a unique sample of stock-for-stock tender offers by a member firm for another member firm within Korean family business groups, we find that arbitrage opportunity exists in more than three quarters of the sample, which is consistent with Lamont and Thaler (2003). Outside investors' tendering decisions and institutions' short-selling are consistent with exploiting potential arbitrage opportunities, but not large enough to eliminate them. The prices of the two securities tend to diverge leading up to the tender offer, which may be impacted by the controlling families. This deviation, reflected in the exchange ratio of the two securities, is more likely to be sustained when there is more short-selling during the possible arbitrage period. Our results suggest that arbitrage may support temporary deviations in the relative prices of two related securities under certain circumstances.N
Formigrams: Clustering summaries of dynamic data
No full textWhen studying flocking/swarming behaviors in animals one is interested in quantifying and comparing the dynamics of the clustering induced by the coalescence and disbanding of animals in different groups. Motivated by this, we propose a summarization of time-dependent metric data which captures their timedependent clustering features which we call formigrams.These set-valued functions generalize the notion of dendrogram, a prevalent object in the context of hierarchical clustering. Also, we define a metric on formigrams for quantifying the degree of structural difference between any two given formigrams. In particular, the restriction of this metric to the collection of dendrograms recovers twice the Gromov-Hausdorff distance between the ultrametric spaces associated to the dendrograms. This fact enables us to show that constant factor approximations to the metric on formigrams cannot be obtained in polynomial time. Finally, we investigate a sufficient condition for timedependent metric spaces to be summarized into formigrams. In addition, we prove that this summarization process is stable under perturbations in the input timedependent metric data
Internalized Misogyny dalam Cyber Fans di Twitter: Studi Kasus pada Berita Kim Garam dan Kim Woojin
Full text linkArtikel ini mengangkat fenomena internalized misogyny pada berita Kim Garam dan Kim Woojin yang terjadi dalam fandom K-Pop yang sebagian besar terdiri dari perempuan. Anggapan awal sesama perempuan akan saling membela, terutama jika menyangkut relasi fans dan idol. Pemberitaan dari media melahirkan dikotomi akan kelompok penerimaan berita idola terkait berita idola perempuan dan laki-laki. Tujuan penelitian untuk melihat dan menganalisis internalized misogyny yang lahir sebagai dampak dari hasil pemberitaan idola yang diterima oleh fans. Artikel ini menggunakan metode digital etnografi dan wawancara mendalam sebagai teknik pengambilan data primer. Sebagai penguat teoritis, artikel ini menggunakan konsep menggunakan studi budaya, serta budaya fans digital yang mengacu kepada karakteristik platform Twitter, dan konsep utama mengenai internalized misogyny. Temuan dari artikel ini adalah dalam pergerakan serta kultur yang berkembang dalam fandom K-Pop terdapat internalized misogyny. Konteks tersebut juga berdampak pada cyber bullying dari fans terhadap idola perempuan yang berkembang akibat pemberitaan media. Meskipun sebagian besar dari anggota fandom adalah perempuan, fans memiliki love-and-hate relationship terhadap idola perempuan, berbeda ketika mereka mendukung idola laki-laki, yang menunjukkan sisi kesukaan (love) dengan cukup besar
A Survey of Research on the Corporate Governance of Korean Firms
No full text© 2022, Korean Finance Association. All rights reserved.This article reviews research conducted from 2011-2020 on the corporate governance of Korean firms. The purpose is to promote academic interest in Korean corporate governance research especially among non-Korean scholars and to provide guidance to young Korean scholars who are working in this area. We begin with the institutional features that are unique to Korea. We explain how they allowed researcherswww.earticle.net to develop interesting hypotheses that cannot be studied elsewhere, to establish causality that is not possible in other country settings, or to obtain data that are not available elsewhere. Then, we review the studies that examine the control (ownership) and governance structures of Korean firms. We pay attention to their determinants and their consequences. Lastly, we raise methodological concerns in existing studies and also discuss research topics for future research.N
Extracting Persistent Clusters in Dynamic Data via Mobius Inversion
No full textIdentifying and representing clusters in time-varying network data is of particular importance when studying collective behaviors emerging in nature, in mobile device networks or in social networks. Based on combinatorial, categorical, and persistence theoretic viewpoints, we establish a stable functorial pipeline for the summarization of the evolution of clusters in a time-varying network. We first construct a complete summary of the evolution of clusters in a given time-varying network over a set of entities X of which takes the form of a formigram. This formigram can be understood as a certain Reeb graph R which is labeled by subsets of X. By applying Mobius inversion to the formigram in two different manners, we obtain two dual notions of diagram: the maximal group diagram and the persistence clustergram, both of which are in the form of an 'annotated' barcode. The maximal group diagram consists of time intervals annotated by their corresponding maximal groups-a notion due to Buchin et al., implying that we recognize the notion of maximal groups as a special instance of generalized persistence diagram by Patel. On the other hand, the persistence clustergram is mostly obtained by annotating the intervals in the zigzag barcode of the Reeb graph R with certain merging/disbanding events in the given time-varying network. We show that both diagrams are complete invariants of formigrams (or equivalently of trajectory grouping structure by Buchin et al.) and thus contain more information than the Reeb graph R.
Effects of the extractor height on the multiplexed grooved nozzles electrospraying
Full text linkThis work was supported by the Brain Korea 21
Program of the Ministry of Education
Corporate executives' incentives and ESG performance
No full textThis study investigates the effect of managers' manipulative tendencies on firms' environmental, social, and governance (ESG) performance using the share pledging and earnings management data from FY2015 to FY2020. We find that corporate executives' share pledging activities negatively affect firms' ESG performance. The effect is salient for the environmental and social but governance criteria. Furthermore, we find weak evidence for the relationship between earnings management and ESG performance. The results imply that the managers who manage earnings in order to increase their monetary income may care less about ESG performance that is not strongly aligned to their compensation.N
Replication Data for: "Bottlenecks for Evidence Adoption"
No full textThis is the replication package for "Bottlenecks for Evidence Adoption" accepted in 2023 by the Journal of Political Economy
Multi-jet electrospinning with high-throughput using a coaxial grooved nozzle and two fluids
No full text- …
