• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.19-26
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• 2019

The paper aims to measure stock price volatility on Ho Chi Minh stock exchange (HSX). We apply symmetric models (GARCH, GARCH-M) and asymmetry (EGARCH and TGARCH) to measure stock price volatility on HSX. We used time series data including the daily closed price of VN-Index during 1/03/2001-1/03/2019 with 4375 observations. The results show that GARCH (1,1) and EGARCH (1,1) models are the most suitable models to measure both symmetry and asymmetry volatility level of VN-Index. The study also provides evidence for the existence of asymmetric effects (leverage) through the parameters of TGARCH model (1,1), showing that positive shocks have a significant effect on the conditional variance (volatility). This result implies that the volatility of stock returns has a big impact on future market movements under the impact of shocks, while asymmetric volatility increase market risk, thus increase the attractiveness of the stock market. The research results are useful reference information to help investors in forecasting the expected profit rate of the HSX, and also the risks along with market fluctuations in order to take appropriate adjust to the portfolios. From this study's results, we can see risk prediction models such as GARCH can be better used in risk forecasting especially.

• Proceedings of the KSRS Conference
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• v.2
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• pp.1019-1022
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• 2006

Satellite sea ice data from 1978 to the present reveal that the perennial ice (or ice that survives the summer) has been rapidly declining at almost 10% per decade. Warming due to increases in greenhouse gases in the atmosphere is now also being reflected in winter with drastic reductions in the maximum extent observed in 2005 and 2006. The retreat of the perennial ice also exposes more open water and has revealed an asymmetric distribution of chlorophyll a pigment concentration in the Arctic basin. Phytoplankton blooms are most dominant at high latitudes, partly on account of sea ice, but in the Arctic basin, it appears that pigment concentrations in the Eastern (Laptev Sea) Region are on the average three times higher than those in the Western (Beaufort Sea) Region. Such asymmetry suggests that despite favorable conditions provided by the melt of sea ice, there are other factors that affects the productivity of the region. The asymmetry is likely associated with much wider shelf areas in the East than in the West, with sea ice processes that inhibits the availability of nutrients near the surface in deep water regions, and river run-off that affects nutrient availability. The primary productivity in the pan-Arctic region have been estimated using the pigment concentrations and PAR derived from SeaWiFS data and the results show large seasonal as well as interannual variability during the 1998 to 2005 period. The data points towards increasing productivity for later years but with only 9 years of data it is too early to tell the overall effect of the sea ice retreat.

• Asian-Australasian Journal of Animal Sciences
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• v.20 no.4
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• pp.550-555
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• 2007

The aim of this study was to determine the effect of two lighting programs (continuous lighting (CL) 24L:0D and intermittent lighting (IL) 1L:3D) on the broiler performance, carcass traits, incidence of tibial dyschondroplasia (TD), relative asymmetry (RA), duration of induced tonic immobility (TI), heterophils-lymphocytes ratio (H/L), serum glucose, cholesterol and triglyceride levels. The chicks were randomly divided into 2 treatment groups consisting of 100 chicks per treatment, continuous lighting (CL) 24L:0D or intermittent lighting (IL) 1L:3D. Each treatment consists of 5 replicates of 20 chicks. The experimental period was 6 weeks. Use of IL decreased feed to gain ratio, improved immune response and reduced fearful. Body weight, carcass traits, TD and stress parameters (organ weights, RA, H/L, glucose, cholesterol and triglyceride levels) were not significant in different lighting groups. As a result IL was beneficial for producers and chickens than CL.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.149-158
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• 2020

The purpose of this study was to investigate the impact of corporate governance index on the cost of equity in companies listed on the Tehran Stock Exchange. This study collects data from 975 observations during the period 2012 to 2018 to test the hypotheses using multiple linear regression model for the panel data. In this research, the independent variable of corporate governance index comprises of 27 specific corporate governance attributes. The results of hypothesis testing showed that corporate governance has a negative and significant effect on the rate of capital cost. In other words, the quality of corporate governance can lower the rate of capital cost. This result suggests that, by using a powerful corporate governance system and by declining the information asymmetry (increasing transparency) and agency conflict, we would be able to enhance the quality of financial reports. It would strengthen the capital market, attract financial suppliers and investors, and absorb the required financial resources of the firm by a lower rate. The findings of the study suggest that companies are able to reduce the cost of equity by establishing strong corporate governance. This conclusion suggests the importance and effectiveness of corporate governance in the cost of equity.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.13 no.1
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• pp.56-60
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• 2001

Tidal asymmetry which is generated at the mouth of an estuary tends to be more serious toward the upper stream due to the growth of shallow tides. Thus careful observations and applications for the shallow tides are needed if studies related to sediment or pollutant transport are carried on. An aim of the present study was to clarify the characteristics of generation and propagation of shallow tides by various numerical experiments including the effect of inter-tidal zone. The results of the present study will give a fundamental guide for the analysis of tidal envirorunental changes and for the design of a numerical model if coastal constructions are conducted.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.51-61
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• 2020

The study aims to compare whether using Earnings Response Coefficient (ERC) is better than using the new concept of Accounting Earnings Response Coefficient (AERC) in determining the earnings quality response coefficient value. Also, the study seeks to explain the effect of company characteristics and corporate governance on AERC through voluntary disclosure and information asymmetry. Research samples include 69 manufacturing companies listed on the Indonesian Stock Exchange over the period 2014-2017. The data come from annual reports, stock market prices, CSPI, EPS, stock returns and market returns. The research model is tested using the structural equation model (SEM) with partial least square (PLS). The results showed the value of the earnings response coefficient produced by AERC and ERC was different. Earnings quality resulting from AERC regression by adding CFO values better reflects the actual earnings quality. These results are consistent with the concept built from the proposition about earnings quality at AERC, that quality earnings are informative accounting earnings. The theoretical findings of this study provide an explanation that operational cash flow plays a role in evaluating earnings quality, while providing reinforcement that the ERC regression model fails to detect stock market reactions to information relevant to the aggregated values of accounting earnings.

• Journal of Convergence for Information Technology
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• v.11 no.1
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• pp.80-90
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• 2021

This study examines whether, when, and how sellers with low-quality products can instantly enhance profitability by fully disclosing quality information. Our analytic model has found that a low-quality seller can increase demand even in the short run by voluntarily sharing the information about its quality, if he can sufficiently reduce perceived risk of buyers. Moreover, a low-quality seller's information disclosure may increase both the market's and the competitor's demand, depending on the level of perceived risk. The finding of this study is expected to provide meaningful implications to managers and policy makers on solving market dilemmas under information asymmetry.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.833-843
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• 2021

This research examines the impact of audit quality on the extent to which firm-specific information is integrated with a firm's share price - which is determined inversely using stock price synchronicity. The study sample consists of non-financial companies listed on the Amman Stock Exchange i.e., the Jordanian Stock Market, from 2014-2018. After examining 810 firm-year observations from Jordanian industrial companies listed on the ASE, during the study period, we find that the companies using one of the BIG4 audit firms for auditing have less synchronous and more informative stock prices, suggesting high-quality audit improved governance and reduce information asymmetry between firms' insiders and investors which enhances the capitalization of firm's specific information into the stock price, thus less synchronous and more informative stock return. The findings remain consistent over 2 separate measurements of stock price synchronicity (Market and Industry model and Market Model) and show robustness for fixed effect tests. Our multivariate regression results are also robust after controlling for a number of features at the firm level with potential associations with stock price synchronicity. These include the firm size, leverage, return on assets (ROA), and market to book value (MBV).

• Proceedings of the Korean Society of Precision Engineering Conference
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• 2013.05a
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• pp.1429-1430
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• 2013

• Proceedings of the KSPS conference
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• 2005.11a
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• pp.189-192
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• 2005

This study investigates the asymmetry effect between acoustics and perception. The examined cues are closure duration, closure voicing, VOT, release, pre-vowel duration, post-vowel duration. Five native speakers of English and 30 Korean college students participated in the present study. The results showed that high level Korean English learners parallels native speakers in their responses, while mid and low level Korean learners are substantially different from natives.