Earnings Manipulation, Corporate Governance and Executive Stock Option Grants: Evidence from Taiwan

Ming-Cheng Wu,Yi-Ting Huang,Yi-Jing Chen 한국증권학회 2012 Asia-Pacific Journal of Financial Studies Vol.41 No.3

Executive stock options (ESOs), serving as a compensation mechanism, are widely used in business administration. ESOs link managerial wealth to firm performance and shareholder wealth. The intrinsic value of ESOs is determined by the difference between the stock price and the strike price. Executives, as a result of self-interested incentives, would therefore manipulate firms’ reported earnings for influencing stock prices. Such conduct may boost the value of ESOs and then benefit managers greatly. This study attempts to explore if earnings had been manipulated before the ESO award date to satisfy some self-interested managers. In addition, the paper attempts to reveal the cause and effect relationship between executive incentives and earnings management when compensations are linked to stock prices. The empirical results show that there is a significant downward earnings management phenomenon before the ESO award date. Furthermore, quarterly earnings management occurs frequently around the ESO grant date.

20, 30대 중국 소비자의 생명보험 가입 의도 -국가에 대한 인식 및 집단주의 성향에 따른 유형별 특성과 코로나19 불안의 조절 효과-

Ming-Yi Zhu,천혜정 한중사회과학학회 2023 한중사회과학연구 Vol.21 No.2

The purpose of this study is to categorize Chinese consumers in their 20s and 30s according to their perception of the state and their collectivism tendency, and to empirically analyze how perception of the state, collectivism tendency, attitudes toward insurance, and preparation for old age affect insurance purchasing intention. In addition, it also analyzes the moderating effect of anxiety caused by covid-19. To this end, an online survey was conducted on Chinese consumers in their 20s and 30s living in Shanghai, China, and a total of 500 questionnaires were used for analysis. The main findings are as follows. First, according to the perception of the state and the tendency of collectivism, Chinese consumers in their 20s and 30s were categorized into three groups. Specifically, the three groups are “individualist critics” who are negative and critical of the state and have the lowest collectivism tendency, “moderate neutrals” who have a moderate attitude toward the state and collectivitism, and “collectivist optimists” who are positive and optimistic about the state and have the highest collectivism tendency. Second, there were no significant demographic differences among the three groups, but significant differences were found in the attitude toward insurance, the degree of preparation for old age, and the level of anxiety about covid-19. Third, attitude toward insurance, perception of the state, and collectivism tendency were found to affect the insurance purchasing intention among 3 groups, respectively, and covid-19 anxiety has a moderating effect to attitude toward insurance, perception of the state, and collectivism tendency for each group. Based on these results, the relationship between covid-19 anxiety and insurance purchasing intention was discussed in various ways along with diversity within the Chinese consumers in their 20s and 30s. 본 연구의 목적은 국가에 대한 인식 및 집단주의 성향에 따라 20, 30대 중국 소비자를 유형화하고 집단별 보험 가입 의도에 영향을 미치는 요인을 실증적으로 살펴보고, 이 과정에서 코로나19로 인한 불안이 어떠한 조절 효과를 가지는지 분석하는 것이다. 이를 위해 중국 상하이시에 거주하는 20, 30대 중국 소비자를 대상으로 온라인 설문조사를 실시했으며 총 500부의 자료를 분석에 활용했다. 주요 연구 결과는 다음과 같다. 첫째, 국가에 대한 인식 및 집단주의 성향에 따라 20, 30대 중국 소비자를 유형화한결과 3개의 집단으로 분류되었다. 구체적으로 이 세 집단은 국가에 대해 부정적이고비판적인 태도를 가지면서 집단주의 성향도 가장 낮은 “개인주의적 비판론자”, 국가에대해 중도적인 온건한 태도를 가지면서 집단주의 성향도 중간 정도 수준을 보이는 “온건한 중립자”, 그리고 국가에 대해 긍정적이고 낙관적인 태도를 가지면서 집단주의 성향도 가장 높은 “집단주의적 낙관론자”이다. 둘째, 세 집단간 유의미한 인구통계학적차이는 나타나지 않았지만, 보험에 대한 태도, 노후 준비 정도, 그리고 코로나19 불안수준에서는 유의미한 차이가 나타났다. 셋째, 집단별 보험 가입 의도에 영향을 미치는요인과 이 과정에서 코로나19 불안의 조절 효과를 분석한 결과, 개인주의적 회의론자집단은 보험에 대한 태도, 온건한 중립자 집단은 국가에 대한 인식, 그리고 집단주의적 낙관론자는 집단주의 성향이 유의미한 요인으로 확인되었으며 각각의 독립변수와코로나19 불안과의 상호작용 또한 유의미한 것으로 나타났다. 이러한 결과를 바탕으로20, 30대 중국 소비자 집단 내부의 다양성과 함께 코로나19 불안과 보험 가입 의도와의 관계를 다각적으로 논의하였다.

HMGB1 regulates autophagy through increasing transcriptional activities of JNK and ERK in human myeloid Leukemia cells

( Ming Yi Zhao ),( Ming Hua Yang ),( Liang Chun Yang ),( Yan Yu ),( Min Xie ),( Shan Zhu ),( Rui Kang ),( Dao Lin Tang ),( Zhi Gang Jiang ),( Wu Zhou Yuan ),( Xiu Shan Wu ),( Li Zhi Cao ) 생화학분자생물학회(구 한국생화학분자생물학회) 2011 BMB Reports Vol.44 No.9

HMGB1 is associated with human cancers and is an activator of autophagy which mediates chemotherapy resistance. We here show that the mRNA levels of HMGB1 are high in leukemia cells and it is involved in the progression of childhood chronic myeloid leukemia (CML). HMGB1 decreases the sensitivity of human myeloid leukemia cells K562 to anti-cancer drug induced death through up-regulating the autophagy pathway, which is confirmed by the observation with an increase in fusion of autophagosomes and autophagolysosomes. When overexpressing HMGB1, both mRNA levels of Beclin-1, VSP34 and UVRAG which are key genes involved in mammalian autophagy and protein levels of p-Bcl-2 and LC3-II are increased. Luciferase assays document that over-expression of HMGB1 increases the transcriptional activity of JNK and ERK, which may be silenced by siRNA. The results suggest that HMGB1 regulates JNK and ERK required for autophagy, which provides a potential drug target for therapeutic interventions in childhood CML. [BMB reports 2011; 44(9): 601-606]

Differentially Expressed Genes under Cold Acclimation in Physcomitrella patens

( Ming Ming Sun ),( Lin Hui Li ),( Hua Xie ),( Rong Cai Ma ),( Yi Kun He ) 생화학분자생물학회 2007 BMB Reports Vol.40 No.6

Effect of Hierarchical Microstructures of Lath Martensite on the Transitional Behavior of Fatigue Crack Growth Rate

Ming Yang,Yi Zhong,Yi‑long Liang 대한금속·재료학회 2018 METALS AND MATERIALS International Vol.24 No.5

In this study, the fatigue-crack growth (FCG) behavior of 20CrMTiH steel with different substructure sizes was investigated. The results showed that coarsen microstructures exhibit excellent growth resistance. Moreover, two transitional behaviorswere observed in the FCG curves of all specimens. The fi rst transition point occurs in the near-threshold regime, whereasthe second transition point occurs in the Paris regime. A comparison of substructure size to cyclic plastic size showed thatthe block size is almost equal to cyclic plastic size at ΔK T1 , indicating that block size is an effective grain size to controlthe fi rst transitional behavior of fatigue-crack propagation, whereas the second transitional behavior is related to the packetwidth or grain size. According to the fracture morphology, the fracture mechanism above and below the transition pointresponsible for the above phenomenon were distinguished. In addition, two prediction models based on microstructure sizewere established for lath martensite to evaluate the threshold and stress intensity factor range at the transition point.

Modified Blumgart Method for Pancreaticoduodenectomy

Yi-Ming Shyr,Shin-E Wang 한국간담췌외과학회 2017 한국간담췌외과학회 학술대회지 Vol.2017 No.3

Transarterial Chemoembolization Using Gelatin Sponges or Microspheres Plus Lipiodol-Doxorubicin versus Doxorubicin-Loaded Beads for the Treatment of Hepatocellular Carcinoma

Yi-Sheng Liu,Ming-Ching Ou,Yi-Shan Tsai,Xi-Zhang Lin,Chien-Kuo Wang,Hong-Ming Tsai,Ming-Tsung Chuang 대한영상의학회 2015 Korean Journal of Radiology Vol.16 No.1

To retrospectively compare treatment of hepatocellular carcinoma (HCC) with transarterial chemoembolization (TACE) using gelatin sponges or microspheres plus lipiodol-doxorubicin vs. doxorubicin-loaded drug-eluting beads (DEB). A total of 158 patients with HCC received TACE from November 2010 to November 2011 were enrolled in this study, including 64 (40.5%) received TACE with lipiodol-doxorubicin and gelatin sponges (group A), 41 (25.9%) received TACE with lipiodol-doxorubicin and microspheres (group B), and 53 (33.5%) received TACE with doxorubicin-loaded DEB (group C). Tumor response and adverse events (AEs) were evaluated. No significant difference was found at baseline among the three groups. The doxorubicin dosage in group C wassignificantly (p < 0.001) higher compared to the dose used in groups A or B (median, 50 mg vs. 31 mg or 25 mg). Significantly (p < 0.001) more patients in group C achieved complete response compared to those in groups A or B (32.1% vs. 6.3% or 2.4%). Significantly (p < 0.001) less patients in group C had progressive disease compared to those in groups A or B (34.0% vs. 57.8% or 68.3%). Minor AEs were more common in groups A and B compared to group C, with rates of 54.7%, 34.1%, and 5.7%, respectively. In patients with HCC, TACE with DEB offers better safety and efficacy profiles compared to either TACE with gelatin sponges or TACE with microspheres.

Run related probability function and their application to start-up demonstration tests

Yi-Ming Bi,오정택,조교영 한국데이터정보과학회 2016 한국데이터정보과학회지 Vol.27 No.4

A start-up demonstration test is a mechanism that is usually used to determine the reliability of equipment, for example water pumps, car batteries and power generators. The simplest and oldest start-up demonstration tests are called CS (consecutive suc- cesses) which have been studied by Hahn and Gage (1983), Viveros and Balakrishnan (1993). At first Hahn and Gage (1983) discussed the start-up demonstration test. It was based on i.i.d (independently and identically distributed) binary outcomes with the specified number of consecutive successful start-ups. Oh (2016) studied CSNCF (consecutive successful, but not consecutive failures). In this paper, we investigated the CS and CSNCF models, also their applications to start-up demonstration tests. The numerical results showed that the expectations and variances of the total number of attempted start-ups until the acceptance of the unit are gradually increasing in all of the specified number of successes as the p (probability of a successful start-up in any single trial) decreases from 0.99 to 0.90. The difference between means of the CS model and CSNCF model is small, but variances of the CS and CSNCF are big.

Scrotal Sparganosis Mimicking Scrotal Teratoma in an Infant

Yi-Ming Zhao,Hao-Chuan Zhang,Zhong-Rong Li,Hai-Yan Zhang 대한기생충학열대의학회 2014 The Korean Journal of Parasitology Vol.52 No.5

A Beacon-Based Trust Management System for Enhancing User Centric Location Privacy in VANETs

Yi-Ming Chen,Yu-Chih Wei 한국통신학회 2013 Journal of communications and networks Vol.15 No.2

In recent years, more and more researches have been focusing on trust management of vehicle ad-hoc networks (VANETs)for improving the safety of vehicles. However, in these researches,little attention has been paid to the location privacy due to the natural conflict between trust and anonymity, which is the basic protection of privacy. Although traffic safety remains the most crucial issue in VANETs, location privacy can be just as important for drivers, and neither can be ignored. In this paper, we propose a beacon-based trust management system, called BTM, that aims to thwart internal attackers from sending false messages in privacy-enhanced VANETs. To evaluate the reliability and performance of the proposed system, we conducted a set of simulations under alteration attacks, bogus message attacks, and message suppression attacks. The simulation results show that the proposed system is highly resilient to adversarial attacks, whether it is under a fixed silent period or random silent period location privacyenhancement scheme.