Effect of Interfacial Segregation on Phase Decomposition of a Thin Film on a Patterned Substrate

Johnson, William C.,Wise, S.M.,Huh, J.Y.,Favergeon, J 대한금속재료학회 2003 METALS AND MATERIALS International Vol.9 No.1

Numerical simulations of phase decomposition in thin films on patterned substrates are presented for a binary alloy in order to study the influence of substrate composition on microstructural evolution. For systems with a substrate composition less than the film composition, a preferential segregation of A to the interface was observed and no phase decomposition occurred within the film. For patterned systems with a substrate composition exceeding the film composition, the B-rich phase was able to grow by a barrierless transformation for a range of film compositions outside the chemical spinodal. The number of precipitates which formed on the mesa, the dihedral angles at the three-phase trijunctions, and the resulting microstructure within the film were shown to be sensitive to the substrate composition.

Corporate Fraud and the Value of Reputations in the Product Market

William C. Johnson,Wenjuan Xie,Sangho Yi 한국재무학회 2013 한국재무학회 학술대회 Vol.2013 No.11

We examine the consequences of a damaged reputation for fraud firms in the context of product markets. We generate three direct measures of reputational damage and find evidence that customers impose significant reputational sanctions on fraud firms. Using yearly transactional data to track the business dealings of fraud firms with large customers, we show that customer reputational sanctions result in a decline in the firm’s operating performance through increased selling costs, as suggested by previous studies of corporate reputation. We further find that reputational losses estimated from an event study approach reflect the actual decrease in the revenue of a fraud firm, which suggests that the event study approach yields a reliable measure of reputational losses. Finally, we document that these findings are the result of a damaged reputation following the detection of fraud rather than an effect of adverse information revealed upon fraud detection.

Supply-Chain Spillover Effects and the Interdependence of Firm Financing Decisions

William C. Johnson,Jun-Koo Kang,Ronald Masulis,Sangho Yi 한국재무학회 2012 한국재무학회 학술대회 Vol.2012 No.05

We analyze spillover effects of supplier equity financing decisions to assess the importance of major trading relationships in creating interdependent valuation effects. We find supplier issuance decisions have important negative spillover effects for large customers, which are more pronounced as information asymmetry or economic dependence of suppliers and customers rises, relationship-specific investment increases, or more valuable product guarantees are offered. Furthermore, customer incentives to maintain supplier relationships are undercut by supplier equity financing decisions, leading to shorter post-issuance trading relationships and larger declines in relationship-specific investments. Our results provide strong evidence of financial and investment policy interdependence across major supply chain members.

X-ray detections of submillimetre galaxies: active galactic nuclei versus starburst contribution

Johnson, S. P.,Wilson, G. W.,Wang, Q. D.,Williams, C. C.,Scott, K. S.,Yun, M. S.,Pope, A.,Lowenthal, J.,Aretxaga, I.,Hughes, D. Oxford University Press 2013 Monthly notices of the Royal Astronomical Society Vol.431 No.1

Powerful CEOs and Corporate Governance: Evidence from an Analysis of CEO and Director Turnover After Fraud

이상호,William C. Johnson 한국증권학회 2014 Asia-Pacific Journal of Financial Studies Vol.43 No.6

In this paper, we investigate the consequences of fraud for CEOs and whether these conse-quences depend on CEO power. We find that CEO power can reduce the likelihood of direc-tor turnover as well as CEO turnover after fraud detection. Further, we find that CEO poweris negatively related to long-term stock performance after fraud detection and this negativerelationship is particularly strong for powerful CEOs when the board has a low overall turn-over. These results imply that powerful CEOs can entrench themselves and survive corporateturbulence by potentially working with board members who are favorable to them.

How Do Founder CEOs Create Value?

이상호,William C. Johnson 한국증권학회 2013 Asia-Pacific Journal of Financial Studies Vol.42 No.5

We examine the value impact of founder CEOs and explore possible mechanisms whereby founder CEOs’ unique characteristics affect their firms’ value and long-term market performance. We find that founder CEOs’ status is positively related to market valuation and longterm stock performance of firms. Furthermore, a lower likelihood of involuntary turnover for founder CEOs is positively associated with market valuation. We also find that CEOs are most likely to generate positive abnormal returns when protected from takeover markets. Our paper suggests that founder CEOs create value by strengthening a firm’s stakeholder relationships and alleviating information asymmetry in financial markets, when other certifying entities do not participate in initial public offerings.

THE SEGUE K GIANT SURVEY. III. QUANTIFYING GALACTIC HALO SUBSTRUCTURE

Janesh, William,Morrison, Heather L.,Ma, Zhibo,Rockosi, Constance,Starkenburg, Else,Xue, Xiang Xiang,Rix, Hans-Walter,Harding, Paul,Beers, Timothy C.,Johnson, Jennifer,Lee, Young Sun,Schneider, Donald American Astronomical Society 2016 The Astrophysical journal Vol.816 No.2

<P>We statistically quantify the amount of substructure in the Milky Way stellar halo using a sample of 4568 halo K giant stars at Galactocentric distances ranging over 5-125 kpc. These stars have been selected photometrically and confirmed spectroscopically as K giants from the Sloan Digital Sky Survey's Sloan Extension for Galactic Understanding and Exploration project. Using a position-velocity clustering estimator (the 4distance) and a model of a smooth stellar halo, we quantify the amount of substructure in the halo, divided by distance and metallicity. Overall, we find that the halo as a whole is highly structured. We also confirm earlier work using blue horizontal branch (BHB) stars which showed that there is an increasing amount of substructure with increasing Galactocentric radius, and additionally find that the amount of substructure in the halo increases with increasing metallicity. Comparing to resampled BHB stars, we find that K giants and BHBs have similar amounts of substructure over equivalent ranges of Galactocentric radius. Using a friends-of-friends algorithm to identify members of individual groups, we find that a large fraction (similar to 33%) of grouped stars are associated with Sgr, and identify stars belonging to other halo star streams: the Orphan Stream, the Cetus Polar Stream, and others, including previously unknown substructures. A large fraction of sample K giants (more than 50%) are not grouped into any substructure. We find also that the Sgr stream strongly dominates groups in the outer halo for all except the most metal-poor stars, and suggest that this is the source of the increase of substructure with Galactocentric radius and metallicity.</P>

석출물이 탄성변형과 탄성변형 에너지

이종길,Johnson, William C.,엄윤용 대한금속재료학회(대한금속학회) 1978 대한금속·재료학회지 Vol.16 No.5

석출물과 관련되는 탄성변형과 탄성변형에너지를 요약 재검토하였다. 약 20년 전에 Eshelby의 획기적인 연구 결과가 발표된 후 이 문제에 관한 많은 진보가, 특히 이방성결정체를 중심으로 이루어져 왔다. 제일 먼저 이방성 결정고체내에 함유되고 있는 타원형의 석출물과 관련되는 탄성변형 에너지를 몇개의 대표적인 결과를 예를 들어 검토하고, 다음으로 정육면체와 같은 다른 형상을 갖는 석출물의 탄성변형이 어떻게 다른가를 고찰하였다. 두개의 구형상 석출물간에 작용하는 에너지를 실험적으로 관찰되고 있는 석출물의 질서적인 배열형상과 비교 논의하였다. 마지막으로 핵형성과정에서 어떻게 탄성변형 에너지가 영향을 주는가와 탄성변형이 소성적으로 이완이 가능할 때 어떻게 달라지는가를 검토하였다. The elastic strains and strain energies associated with precipitates are reviewed. Since the classical works of Eshelby were published almost two decades ago. there has been a rapid progress in understanding this interesting problem, especially in the anisotropic case. The elastic strain energy of inhomogenous ellipsoidal precipitates in anisotropic crystalline solids is discussed with some representative numerical results. The nature of the elastic strains associated with a non-ellipsoidal precipitate such as a cuboid is also described. The elastic interaction energy of two spherical precipitates in an anisotropic matrix is discussed in connection with some experimental observations of precipitate alignments. Finally, some of the results are applied to the homogeneous nucleation theory and plastic relaxation of the transformation stress is also briefly discussed.

CEO characteristics, CEO contracting and the value impact of antitakeover practices

Sangho Yi(이상호),William C. Johnson 연세대학교 경영연구소 2013 연세경영연구 Vol.50 No.2

본 연구는 기업의 경영권 방어수단(antitakeover provision) 선택이 CEO 특성과 CEO 고용계약에 의해 어떻게 영향을 받는가 하는 문제에 대해 살펴보기로 한다. 기존연구에 따르면 기업은 주어진 자신의 이해 당사자 관계(stakeholder relationship), CEO 고용계약과 관련된 계약환경 그리고 CEO 특성에 맞추어 최적의 수준에서 경영권 방어수단을 결정한다고 제시하였다. 본연구는 CEO 특성 및 기업의 계약환경이 기업의 경영권 방어수단(antitakeover provision) 선택으로 이어질 수 있는 잠재적인 경로들을 두가지 가설들로써 제시하고 이를 실증분석해 보기로 한다. 그 하나는 효율계약 가설(the Efficient Contracting Hypothesis)이고 다른 하나는 특유 CEO 가설(the Specific CEO Hypothesis)이다. 본 연구는 실증분석 결과 이 두 가설들을 뒷받침하는 결과들을 얻을 수 있었다. 첫째, CEO 연령이나 창립자 CEO 여부 같은 CEO 특성은 기업의 경영권 방어수단 선택 및 경영권 방어수단의 가치효과와 통계적으로 유의한 관계에 있는 것으로 나타났다. 둘째, 사이닝보너스와 계약해지약관 등 특정조항이 들어 있는 CEO 고용계약을 가지고 있는 기업들은 더 많은 수의 경영권 방어수단을 채택하는 것으로 나타났다. 셋째, 전통적인 대리인 이론의 예측과는 정반대로 더 많은 수의 경영권 방어수단을 선택하고 있는 IPO 기업들은 더 높은 기업가치를 가지는 것으로 나타났다. 이 결과들은 기업이 자신이 처한 CEO 특성과 CEO 고용계약 환경에 비추어 최적 수준의 경영권 방어수단을 선택함을 시사한다. In this paper, we examine how a firm’s adoption of antitakeover provisions (ATPs) is associated with important CEO contractual terms and certain CEO characteristics. Previous studies suggest that a firm adopts its ATPs at the optimal level to enhance the firm value given its stakeholder relationships, CEO contracting environment and certain CEO characteristics.We propose two hypotheses to explain the relationships between firm value and antitakeover practices and their interactions with the CEO characteristics and the contracting environment: the Efficient Contracting Hypothesis and the Specific CEO Hypothesis. We find evidence which is consistent with these two hypotheses. First, we find that CEO characteristics including CEO age and founder CEO status are associated with both a firm’s antitakeover practices and the valuation effects of ATP adoption. Second, we find that firms with certain contracting characteristics with the CEO such as signing bonuses and termination agreements also tend to adopt higher levels of antitakeover provisions.Finally, we find that IPO firms with more ATPs are associated with higher firm values, contrary to the agency view of ATPs. Our results appear that ATPs are set optimally to enhance firm value, depending on CEO characteristics and the CEO contracting environment.

Particle Size Effects on the Coherent Phase Equilibria of Binary Nanoparticles

J. Y. Huh,H. Lee,William C. Johnson 대한금속학회 2005 METALS AND MATERIALS International Vol.11 No.5