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Financial Disclosure and the Cost of Equity Capital: The Empirical Test of the Largest Listed Companies of Kazakhstan

  • Baimukhamedova, Aizhan;Baimukhamedova, Gulzada;Luchaninova, Albina
    • The Journal of Asian Finance, Economics and Business
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    • v.4 no.3
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    • pp.5-17
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    • 2017
  • This study extends research into whether disclosure of corporate and financial information is associated with firms' costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors' estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

An investigation of the Azimuth Error for Correlative Interferometer Direction Finding (상관형 위상비교 방향 탐지의 고도차에 대한 방위각 오차분석)

  • Kim, Young-Ho;Lim, Joong-Soo;Chae, Gyoo-Soo;Kim, Kichul
    • Journal of the Korea Convergence Society
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    • v.6 no.5
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    • pp.249-255
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    • 2015
  • In this paper, we present an azimuth error analysis for the correlative interferometer direction finding. The correlative interferometer is a direction finding method that compares the theoretical and measured phase differences. The direction of the radio transmitter can be estimated by obtaining the maximum correlation between two data sets. We used a 5-element circular array antennas arranged in a circle. To derive the correlation function between antenna elements, we assume that the incident plane wave arrives from a certain angle and the phase difference of each antenna can be derived by comparing with the reference. The suggested direction finding gives a relatively accurate result even if the radio transmitter is located in the higher altitude.

Gold-Silver Mineral Potential Mapping and Verification Using GIS and Artificial Neural Network (GIS와 인공신경망을 이용한 금-은 광물 부존적지 선정 및 검증)

  • Oh, Hyun-Joo
    • Journal of the Korean Association of Geographic Information Studies
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    • v.13 no.3
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    • pp.1-13
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    • 2010
  • The aim of this study is to analyze gold-silver mineral potential in the Taebaeksan mineralized district, Korea using a Geographic Information System(GIS) and an artificial neural network(ANN) model. A spatial database considering Au and Ag deposit, geology, fault structure and geochemical data of As, Cu, Mo, Ni, Pb and Zn was constructed for the study area using the GIS. The 46 Au and Ag mineral deposits were randomly divided into a training set to analyze mineral potential using ANN and a test set to verify mineral potential map. In the ANN model, training sets for areas with mineral deposits and without them were selected randomly from the lower 10% areas of the mineral potential index derived from existing mineral deposits using likelihood ratio. To support the reliability of the Au-Ag mineral potential map, some of rock samples were selected in the upper 5% areas of the mineral potential index without known deposits and analyzed for Au, Ag, As, Cu, Pb and Zn. As the result, No. 4 of sample exhibited more enrichments of all elements than the others.

Development of a Logistic Regression Model for Analyzing Site Characteristics of Tombs Surrounding Expressway in Aerial Photographs (항공사진에 나타난 고속국도 주변 묘지의 입지 분석을 위한 로지스틱 회귀모형의 개발)

  • Han, Hee;Seol, A-Ra;Chung, JooSang
    • Journal of the Korean Association of Geographic Information Studies
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    • v.11 no.4
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    • pp.193-202
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    • 2008
  • The objectives of this study are to analyze the spatial site characteristics of existing tombs and the change in the pattern of spatial distributions of tombs over time. The spatial distributions of tombs located in Honam province along the Honam expressway were investigated by interpreting digital aerial photographs taken in two different points of time; 1990 and 2000. According to the results of the study, the tombs newly observed in 2000 photos were located closer to roads and villages than those found in the photos of 1990. This is a finding indicating that the accessibility of tombs has been more important consideration in determining the location of tomb sites. Also found were the gentle slopes of southern aspects to be favored as tomb sites. Based on the data sets of tombs locations and their topographic site characteristics, the probability function of tombs appearance in the study area was derived using the logistic regression analysis technique. As a result, tomb sites were classified as 74.7% by logistic regression. All of six input factors (elevation, slope, aspect, distance from the roads, the town and the stream, respectively) affected the probability of tombs appearance significantly.

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Comparison of the Wind Speed from an Atmospheric Pressure Map (Na Wind) and Satellite Scatterometer­observed Wind Speed (NSCAT) over the East (Japan) Sea

  • Park, Kyung-Ae;Kim, Kyung-Ryul;Kim, Kuh;Chung, Jong-Yul;Conillor, Peter-C.
    • Journal of the korean society of oceanography
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    • v.38 no.4
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    • pp.173-184
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    • 2003
  • Major differences between wind speeds from atmospheric pressure maps (Na wind) and near­surface wind speeds derived from satellite scatterometer (NSCAT) observations over the East (Japan) Sea have been examined. The root­mean­square errors of Na wind and NSCAT wind speeds collocated with Japanese Meteorological Agency (JMA) buoy winds are about $3.84\;ms^{-1}\;and\;1.53\;ms^{-1}$, respectively. Time series of NSCAT wind speeds showed a high coherency of 0.92 with the real buoy measurements and contained higher spectral energy at low frequencies (>3 days) than the Na wind. The magnitudes of monthly Na winds are lower than NSCAT winds by up to 45%, particularly in September 1996. The spatial structures between the two are mostly coherent on basin­wide large scales; however, significant differences and energy loss are found on a spatial scale of less than 100 km. This was evidenced by the temporal EOFs (Empirical Orthogonal Functions) of the two wind speed data sets and by their two­dimensional spectra. Since the Na wind was based on the atmospheric pressures on the weather map, it overlooked small­scale features of less than 100 km. The center of the cold­air outbreak through Vladivostok, expressed by the Na wind in January 1997, was shifted towards the North Korean coast when compared with that of the NSCAT wind, whereas NSCAT winds revealed its temporal evolution as well as spatial distribution.

Examination of KGD2002 Results of the National Geodetic Network Adjustment (국가기준점망의 KGD2002성과산출과 현지검측에 의한 분석)

  • Lee, Young-Jin;Choi, Yun-Soo;Koh, Hyoung-Kon;Hwang, Byoung-Chul
    • Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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    • v.25 no.5
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    • pp.465-474
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    • 2007
  • This paper focuses on examining and evaluating results of the Korean Geodetic Datum 2002 (KGD2002) of the national horizontal network adjustment. To this end, 137 geodetic control points were independently observed by GPS technology. After processing all the observations, their results were compared with ones derived by the national network adjustment which was recently performed to determine new KGD 2002 coordinate sets over the national geodetic control points. The comparisons results showed that RMSE was ${\pm}2.7cm$ and ${pm}6.5cm$ in horizontal and vertical component in the case of GPS network, whereas RMSE was ${\pm}3.0cm$, in horizontal component in the case of EDM network.

A Study on Player's Immersion by Difference of Input Control Devices in Computer Games (컴퓨터 게임에서 조작도구의 차이가 플레이어의 몰입에 미치는 영향 연구)

  • Yang, Shin-Duk
    • Journal of Korea Game Society
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    • v.10 no.1
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    • pp.35-45
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    • 2010
  • This study sets a hypothesis on that the use of input control devices, which are similar to what we experience in real life, to control activities in games increases players' immersion rate, and compares general input control devices with dedicated input control devices in order to show appropriate results. Accordingly the process of the study is derived and the hypothesis is substantiated by understanding the relationship between game controlling activities and immersion rate. Overall satisfaction survey result on the use of dedicated devices shows that most players responded that they felt immersed enough in games when used dedicated devices and were highly satisfied. The use of the dedicated devices had positive impact on the increase of immersion rate in general. In order to increase immersion rate with controlling activities in games, the use of input control devices that are easy to handle and enable precise control is required, which shows that it will bring more fun and more increased immersion rate.

Development of a Fatigue Damage Model of Wideband Process using an Artificial Neural Network (인공 신경망을 이용한 광대역 과정의 피로 손상 모델 개발)

  • Kim, Hosoung;Ahn, In-Gyu;Kim, Yooil
    • Journal of the Society of Naval Architects of Korea
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    • v.52 no.1
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    • pp.88-95
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    • 2015
  • For the frequency-domain spectral fatigue analysis, the probability density function of stress range needs to be estimated based on the stress spectrum only, which is a frequency domain representation of the response. The probability distribution of the stress range of the narrow-band spectrum is known to follow the Rayleigh distribution, however the PDF of wide-band spectrum is difficult to define with clarity due to the complicated fluctuation pattern of spectrum. In this paper, efforts have been made to figure out the links between the probability density function of stress range to the structural response of wide-band Gaussian random process. An artificial neural network scheme, known as one of the most powerful system identification methods, was used to identify the multivariate functional relationship between the idealized wide-band spectrums and resulting probability density functions. To achieve this, the spectrums were idealized as a superposition of two triangles with arbitrary location, height and width, targeting to comprise wide-band spectrum, and the probability density functions were represented by the linear combination of equally spaced Gaussian basis functions. To train the network under supervision, varieties of different wide-band spectrums were assumed and the converged probability density function of the stress range was derived using the rainflow counting method and all these data sets were fed into the three layer perceptron model. This nonlinear least square problem was solved using Levenberg-Marquardt algorithm with regularization term included. It was proven that the network trained using the given data set could reproduce the probability density function of arbitrary wide-band spectrum of two triangles with great success.

Plant RNA Virus Sequences Identified in Kimchi by Microbial Metatranscriptome Analysis

  • Kim, Dong Seon;Jung, Ji Young;Wang, Yao;Oh, Hye Ji;Choi, Dongjin;Jeon, Che Ok;Hahn, Yoonsoo
    • Journal of Microbiology and Biotechnology
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    • v.24 no.7
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    • pp.979-986
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    • 2014
  • Plant pathogenic RNA viruses are present in a variety of plant-based foods. When ingested by humans, these viruses can survive the passage through the digestive tract, and are frequently detected in human feces. Kimchi is a traditional fermented Korean food made from cabbage or vegetables, with a variety of other plant-based ingredients, including ground red pepper and garlic paste. We analyzed microbial metatranscriptome data from kimchi at five fermentation stages to identify plant RNA virus-derived sequences. We successfully identified a substantial amount of plant RNA virus sequences, especially during the early stages of fermentation: 23.47% and 16.45% of total clean reads on days 7 and 13, respectively. The most abundant plant RNA virus sequences were from pepper mild mottle virus, a major pathogen of red peppers; this constituted 95% of the total RNA virus sequences identified throughout the fermentation period. We observed distinct sequencing read-depth distributions for plant RNA virus genomes, possibly implying intrinsic and/or technical biases during the metatranscriptome generation procedure. We also identified RNA virus sequences in publicly available microbial metatranscriptome data sets. We propose that metatranscriptome data may serve as a valuable resource for RNA virus detection, and a systematic screening of the ingredients may help prevent the use of virus-infected low-quality materials for food production.

Development of SSR markers for genetic mapping of Korean ginseng and authentication of Korean ginseng cultivars

  • Kim, Nam-Hoon;Choi, Hong-Il;Jung, Ju-Yeon;Choi, Beom-Soon;Ahn, In-Ok;Lee, Joon-Soo;Yang, Tae-Jin
    • Proceedings of the Plant Resources Society of Korea Conference
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    • 2010.10a
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    • pp.11-11
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    • 2010
  • The Korean ginseng, Panax ginseng C. A. Meyer is a popular medicinal herb in Araliaceae. Genetic map in crops provides valuable information for breeding, genetic and genomic researches. However, little information is available for construction of genetic map in ginseng. Up to now, we have produced large amounts of expressed sequence tags (ESTs) from four ginseng cultivars (37Mb, 49Mb, 39Mb, 47Mb from Gopoong, Gumpoong, Chunpoong and Yunpoong respectively using pyrosequencing technique and 5Mb from normalized full-length cDNA library of Chunpoong) to obtain comprehensive information of gene expression, and constructed EST database including ESTs from public database. Till now, we designed 261 SSR primer sets using EST sequences and identified 106 intergenic polymorphic markers. And 44 of the 106 showed polymorphisms among panax ginseng cultivars. Among 44 markers, 27 SSR polymorphic markers were inspected to 51 $F_2$ population from Yunpoong x Chunpoong, which showed good at the fitness of Mendellian segregation ratio 1:2:1. To enrich the number of markers, and thus construct high resolution genetic map which can be used as frame map for further genome sequencing. we are planning to develop large scale EST-derived SNP markers which are available in the F2 population. This study provides genetic information as well as foundation for ginseng researches such as genetics, genomics, breeding, and the final goal for whole genome sequencing. This study was supported by Technology Development Program for Agriculture and Forestry, Ministry for Food, Agriculture, Forestry and Fisheries, Republic of Korea (Grant No. 609001-051SB210).

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