Foreign Ownership and Exchange Rate Risks

Ai Lian Bian,Jin Wan Cho 한국경영학회 2012 經營學硏究 Vol.41 No.5

In this paper, we estimate several measures of a firm`s ``exposure to exchange rate risks`` -hereafter ``F/X exposure``-, and analyze how these exposures are affected by different firm characteristics including foreign ownership. By using the foreign ownership and stock return data of 571 Korean firms from 2000 to 2006, we find that foreign ownership is an important factor affecting the F/X exposures. In particular, during a month of home currency depreciation, the stock returns of firms with a higher ownership experience a greater negative shock, but during a month of increased exchange rate volatility, those firms with a lower ownership that experience a greater negative shock. Overall, various firm characteristics are found to affect F/X exposures in different directions, weakening the statistical significance of the exposure measures. This finding helps explain the previously documented weak association between exchange rates and stock returns.

외환위기 전,후 한국기업의 환노출 비교 분석

변애련 ( Ai Lian Bian ),박경인 ( Kyung In Park ),조진완 ( Jin Wan Cho ) 韓國國際經營學會 2006 國際經營硏究 Vol.17 No.3

본 연구는 1994년부터 2002년을 표본기간으로 한국 증권시장에 상장되어 있는 기업 중 제조업의 환노출 정도와 환노출의 결정요인에 관한 내용을 실증분석 하였다. 또 자유변동환율 제도를 시행한 1997년 12월을 기준으로 표본기간을 두 개의 하위 표본기간으로 나누어 외환위기 전과 후 환노출과 환노출의 결정요인을 비교 분석하였다. 본 연구에서는 환노출의 정도를 측정하기 위하여 한국과의 교역량이 많은 국가들의 가중평균환율을 나타내는 JP morgan index를 사용하였다. 본 연구는 일본 기업들의 환노출을 분석한 Jia He와 K. Ng(1998)의 모형을 기초로 한국 기업들의 환위험에 대한 민감도를 분석하였다. 그 결과 첫째, 자유변동환율제도 도입 전ㆍ후로 환위험에 대한 민감도가 다르게 나타났다. 즉 외환위기 이후에는 외환위기 전에 비해서 오히려 환위험에 대한 민감도가 작게 나타났다. 둘째, 환노출의 결정요인에 대한 실증분석에서도 각기 다른 결과가 나타났다. 우선 전체 표본기간을 대상으로 한 경우에는 기업규모만이 유의한 음(-)의 영향을 주는 것으로 나타났다. 그러나 외환위기를 기점으로 하위표본으로 구분하여 실증분석을 한 결과 외환위기 전 기간을 대상으로 한 경우에는 환노출과 회사 규모(Size), 성장성(BM), 배당률(DIV)과는 유의한 음(-)의 관계를 당좌비율(QR)과는 유의한 양(+)의 관계를 나타냄으로써 많은 변수들이 환노출에 영향을 주는 것으로 나타났으나 외환위기 이후 기간을 대상으로 한 경우에는 모든 변수들에서 유의한 값을 찾을 수 없어 모형에서 설정된 변수들이 더 이상 설명력을 지니지 못하는 것으로 나타났다. 이것은 외환위기 이후 변동환율 제도가 도입됨에 따라 기업들이 당면하는 환위험은 증가할 수 있으나 기업들이 이에 맞추어 환위험 관리를 적절하게 하고 있는 것이 하나의 이유인 것으로 보인다. 본 논문은 기업의 환노출 정도를 나타낼 뿐 아니라 여러 변수들이 환노출에 어떤 영향을 미치는가를 실증분석 함으로써 기업들의 환위험 관리에 도움을 줄 수 있다고 생각된다. In this paper, we analyze the currency risk exposure borne by the Korean manufacturing firms that are listed in Stock Market at Korea Exchange. More specifically, we use the data from 1994 to 2002 to measure the extent of currency risk exposure, and investigate the factors that are known to affect the degree of exposure. Note that after the currency crisis that occurred around December 1997, the exchange rate regime for Korean Won changed from the managed float to the free float. Therefore, the data provide a natural experimental ground to investigate whether the firms react to the fundamental changes in the international monetary system. One of the features of this paper is that we use the trade-weighted exchange rates, namely JP Morgan Index of Korean Won to measure the currency risk more accurately. In order to measure the exposure, we estimate the sensitivity of stock returns to the changes in the local currency value. In order to do so, we base our analyses on the empirical model developed by He and Ng (1998). First we find that the currency beta actually decreases after the free float is adopted. This is surprising in that the exchange rate volatility actually increased dramatically after the flexible exchange rate regime was adopted. Second, when we conduct the cross-sectional analysis of the estimated currency beta against firm characteristics, we find that prior to the currency crisis, the currency beta is negatively related to the firm size, Book- to-Market ratio, dividend yield, and positively related to the quick ratio, but none of these factors become statistically significant after the free float was adopted. These findings imply that even though the exchange rate volatility increased with the introduction of flexible exchange rate regime, the currency risk exposure actually decreased at the firm level. Whether the reduction of the risk exposure results from the improved skills in managing risks is an interesting question, but we believe that this is beyond the scope of this paper and left for future research.

기업의 사회적 책임활동과 재무성과

변애련(Ai-lian Bian),박경인(Kyung-In Park),문하영(Ha-young Moon) 한국무역연구원 2014 무역연구 Vol.10 No.4

This paper studies the relationship between corporate social responsibility and financial performance with a focus on the experience of CSR reporting in Korea. The sample size for this study consisted of 183 firms in Korea during the period covering 2006-2009, using the KEJI index as CSR performance proxy. Specifically, this study examined the effect of CSR performance on subsequent financial performance and the effect of subsequent financial performance on CSR performance in Korean firms. The next phase of the study looked into the differences between firms that do CSR reporting and those that do not. In conclusion, the findings suggest that CSR performance is positively associated with some aspects of subsequent financial performance In addition, results showed that: (1) there is no effect in expediency of CSR reporting; (2) CSR performance is positively associated with prior financial performance more thus strongly supporting the slack resource theory.

『조선어문』과 『국어』 읽기 텍스트 어휘의 계량 비교 연구

원애련(Yuan, Ai-lian) 전남대학교 한국어문학연구소 2011 전남대학교 한국어문학연구소 학술지 어문논총 Vol.- No.22

Lack of Effects of Dietary Folate Intake on Risk of Breast Cancer: An Updated Meta-analysis of Prospective Studies

Liu, Meng,Cui, Lian-Hua,Ma, Ai-Guo,Li, Na,Piao, Jin-Mei Asian Pacific Journal of Cancer Prevention 2014 Asian Pacific journal of cancer prevention Vol.15 No.5

Background: Epidemiological findings are controversial relating to the relationship between dietary folate intake and the risk of breast cancer. We therefore conducted a meta-analysis of prospective cohort studies to clarify this association. Materials and Methods: PUBMED, EMBASE, and MEDLINE databases were searched for all relevant literature published in English from January 1, 1966 to August 2013. Summary relative risk (RR) and 95% confidence intervals (CIs) were calculated using a fixed or random effects model. Results: Dietary folate intake was not significantly associated with the risk of breast cancer. The combined RR with 95%CI for the highest vs. lowest category dietary intake of folate [fifteen studies; 1,836,566 participants and 24,083 patients with breast cancer] was 0.98 (0.90-1.05). Among subgroup analysis by menstrual status, hormonal status and the consumption of alcohol, methionine and vitamin B12, no significant association was observed for the dietary intake of folate and the risk of breast cancer. Dose-response analysis showed that a 220 ${\mu}g/day$ increment in dietary folate intake was not associated with the risk of breast cancer. Conclusions: Our findings indicate that dietary folate intake has no significant effect on the risk of breast cancer.

Virtual Non-Contrast Computer Tomography (CT) with Spectral CT as an Alternative to Conventional Unenhanced CT in the Assessment of Gastric Cancer

Tian, Shi-Feng,Liu, Ai-Lian,Wang, He-Qing,Liu, Jing-Hong,Sun, Mei-Yu,Liu, Yi-Jun Asian Pacific Journal of Cancer Prevention 2015 Asian Pacific journal of cancer prevention Vol.16 No.6

Objective: The purpose of this study was to evaluate computed tomography (CT) virtual non-contrast (VNC) spectral imaging for gastric carcinoma. Materials and Methods: Fifty-two patients with histologically proven gastric carcinomas underwent gemstone spectral imaging (GSI) including non-contrast and contrast-enhanced hepatic arterial, portal venous, and equilibrium phase acquisitions prior to surgery. VNC arterial phase (VNCa), VNC venous phase (VNCv), and VNC equilibrium phase (VNCe) images were obtained by subtracting iodine from iodine/water images. Images were analyzed with respect to image quality, gastric carcinoma-intragastric water contrast-to-noise ratio (CNR), gastric carcinoma-perigastric fat CNR, serosal invasion, and enlarged lymph nodes around the lesions. Results: Carcinoma-water CNR values were significantly higher in VNCa, VNCv, and VNCe images than in normal CT images (2.72, 2.60, 2.61, respectively, vs 2.35, $p{\leq}0.008$). Carcinoma-perigastric fat CNR values were significantly lower in VNCa, VNCv, and VNCe images than in normal CT images (7.63, 7.49, 7.32, respectively, vs 8.48, p< 0.001). There were no significant differences of carcinoma-water CNR and carcinoma-perigastric fat CNR among VNCa, VNCv, and VNCe images. There was no difference in the determination of invasion or enlarged lymph nodes between normal CT and VNCa images. Conclusions: VNC arterial phase images may be a surrogate for conventional non-contrast CT images in gastric carcinoma evaluation.

The Dynamic Relationship between the NFT Index and Macroeconomic Factors in Korea

Ke-Qin Liu,Ai-Lian Bian 한국무역연구원 2023 무역연구 Vol.19 No.3

Purpose – This study attempts to analyze the dynamic relationship between the NFT index and macroeconomic factors, and make effective suggestions using research methods in the field of management finance. Design/Methodology/Approach – The study sample was from January 2020 to March 2023. The variables used in the analysis were based on monthly time series data, measured on the basis of the Metaverse–NFT Index (MVNX) index released by Wavebridge Limited in Korea to reflect the growth trend of the NFT market, money supply, US dollar–won exchange rate, gross domestic product, consumer price index, and other macroeconomic indicators. The analytical tools in this study included a unit root test based on the VAR model, the Johansen cointegration Test, Granger causality test, impulse response analysis, and variance decomposition. These methods are very effective in analyzing time series data. Findings – The results of the analysis show that macroeconomic factors, such as money supply, exchange rate, GDP, and consumer price index are important sources of information in predicting the NFT index. Research Implications – The results of this study are expected to provide practical information for NFT users, virtual asset trading platforms, investors, and policymakers related to NFT ecology. Furthermore, this study’s findings are of great significance, being the first global study to explore the relationship between NFTs and macroeconomic factors.

Intensity-Modulated Radiotherapy for Nasopharyngeal Carcinoma: Penang General Hospital Experience

Phua, Chee Ee,Tan, Boon Seang,Tan, Ai Lian,Eng, Kae Yann,Ng, Bong Seng,Malik, Rozita Abdul,Ishak, Wan Zamaniah Wan Asian Pacific Journal of Cancer Prevention 2012 Asian Pacific journal of cancer prevention Vol.13 No.7

Purpose: To study the overall treatment time (OTT) and acute toxicity of intensity-modulated radiotherapy (IMRT) treatment for nasopharyngeal carcinoma (NPC). Methods: This retrospective study covered all NPC patients who underwent radical IMRT treatment at the Penang General Hospital from June 2011 to February 2012. Patients of any age and stage of disease with histologically proven diagnosis were included. Information was collected on patient demographics, clinical stage, treatment received, including any neoadjuvant and/or concurrent chemotherapy, acute toxity and completion of IMRT within the OTT. Results: A total of 26 NPC patients were treated with IMRT during the study period; 88.5% had stage III/IV disease. 45.2% received neo-adjuvant chemotherapy while 50.0% were given concurrent chemo-irradiation. All patients completed the treatment and 92.3% within the 7 weeks OTT. Xerostomia was present in all patients with 92.3% having grade 2. Severe grade III/IV acute toxicity occurred in 73.1% of patients, the commonest of which was oral mucositis (57.6%). This was followed by dysphagia which occurred in 53.8%, skin reactions in 42.3% and weight loss in 19.2%. However, haematological toxicity was mild with only one patient having leucopaenia. Conclusion: IMRT treatment for NPC is feasible in our center. More importantly, it can be delivered within the 7 weeks OTT in the majority of patients. Severe grade 3/4 toxicity is very common (73.1%) and thus maximal nutritional and analgesic support is required throughout the treatment.

외환위기와 환노출

조진완 ( Jin Wan Cho ),변애련 ( Ai Lian Bian ),박경인 ( Kyung In Park ) 한국파생상품학회 2013 선물연구 Vol.21 No.1

Identification of a Lead small-molecule inhibitor of anthrax Lethal toxin by using fluorescence-based high-throughput screening

( Dong Wei ),( Zhao Yun Bu ),( Ai Lian Yu ),( Feng Li ) 생화학분자생물학회(구 한국생화학분자생물학회) 2011 BMB Reports Vol.44 No.12

Inhalational anthrax is caused by B. anthracis, a virulent spore- forming bacterium which secretes anthrax toxins consisting of protective antigen (PA), lethal factor (LF) and edema factor (EF). LF is a Zn-dependent metalloprotease and is the main determinant in the pathogenesis of anthrax. Here we report the identification of a lead small-molecule inhibitor of anthrax lethal factor by screening an available synthetic small-molecule inhibitor library using fluorescence-based high-throughput screening (HTS) approach. Seven small molecules were found to have inhibitory effect against LF activity, among which SM157 had the highest inhibitory activity. All theses small molecule inhibitors inhibited LF in a noncompetitive inhibition mode. SM157 and SM167 are from the same family, both having an identical group complex, which is predicted to insert into S1` pocket of LF. More potent small-molecule inhibitors could be developed by modifying SM157 based on this identical group complex. [BMB reports 2011; 44(12): 811-815]