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This study examines whether family firms tend to expand their business when family successors inherit the entire business. In the specific economic environment of China, we find that second-generation successors are more likely to diversify the family business and perform better after diversification. Moreover, family successors located in provinces with low levels of development have more incentives to diversify their business, relative to successors located in provinces with high development levels. However, political connections reduce successors' incentives for diversification. Therefore, we find that the specific effects of political connections and regional levels of market development influence family successors' incentives for diversification.

Background: Transcranial color-coded sonography (TCCS) is used as a real-time tool to evaluate patients suspected of having vertebrobasilar insufficiency (VBI). However, the sonographic criteria for VBI remain inconclusive. The purpose of this study was to analyze the velocity in the vertebrobasilar system, which links the risk for posterior circulation infarction (POCI) and total ischemic stroke (TIS) in patients with VBI. Methods: Patients’ data were retrospectively reviewed if they were suspected of having VBI within a 2-year period. Baseline characteristics, brain images, and a series of sonography data were recorded and analyzed. We compared vertebrobasilar (VB) velocities in different age groups and in patients with infarctions. Results: A total of 875 patients were enrolled, with 112 and 427 candidates in the POCI and TIS groups, respectively. The mean velocity (MV)s of BA and bilateral VAs were all negatively correlated with age (all p < 0.001). The adjusted odds ratio was 2.55 (1.58–4.13, p < 0.001) in POCI and 1.75 (1.15–2.67, p = 0.009) in TIS if the mean velocity of the VB arteries was below 15 cm/s. Conclusions: Low VB velocity detected in TCCS was more commonly associated with ageing-related changes and a higher risk of both POCI and TIS. Recognition and aggressive treatment for these patients are necessary.

OBJECTIVES Patients with posterior circulation infarction are at higher risk of early recurrent stroke, especially those with vertebrobasilar stenosis or hypoplasia. The clinical presentations of this condition vary over a broad range, making diagnosis and treatment a challenge. Hemodynamic changes and stenosis detected by ultrasonography (US) are sensitive and important indicators for further evaluation. In this study, we correlated extracranial and intracranial US characteristics with brain magnetic resonance imaging (MRI) in patients with posterior circulation infarction. METHODS Inpatients with acute ischemic stroke who received both MRI and US were enrolled. Baseline characters, underlying disorders, the ischemic territory, and vascular stenosis on MRI were recorded. Series of US data, including flow volume, diameter, mean velocity, and pulsatility index, were analyzed. Patients with new infarction over the medulla, pons, midbrain, or cerebellum were enrolled as the posterior circulation infarction group. Patients with pure anterior circulation infarction were also enrolled. RESULTS A total of 210 patients with anterior circulation infarction (mean age ± SD, 66.24 ± 12.88 years) and 143 with posterior circulation infarction (mean age, 65.82 ± 11.39 years) were enrolled. Significant higher frequencies of vertebral artery hypoplasia and decreased intracranial vertebrobasilar velocity in the posterior circulation infarction group (44.75% and 64.33%, respectively) were documented (P

We investigated the impact of serum cholesterol levels on 30-day mortality after ischemic stroke in dialysis patients.From the Taiwan Stroke Registry data, we identified 46,770 ischemic stroke cases, including 1101 dialysis patients and 45,669 nondialysis patients from 2006 to 2013.Overall, the 30-day mortality was 1.46-fold greater in the dialysis group than in the nondialysis group (1.75 versus 1.20 per 1000 person-days). The mortality rates were 1.64, .62, 2.82, and 2.23 per 1000 person-days in dialysis patients with serum total cholesterol levels of 120 mg/dL, 120-159 mg/dL, 160-199 mg/dL, and ≥200 mg/dL, respectively. Compared to dialysis patients with serum total cholesterol levels of 120-159 mg/dL, the corresponding adjusted hazard ratios of mortality were 4.20 (95% confidence interval [CI] = 1.01-17.4), 8.06 (95% CI = 2.02-32.2), and 6.89 (95% CI = 1.59-29.8) for those with cholesterol levels of 120 mg/dL, 160-199 mg/dL, and ≥200 mg/dL, respectively.Dialysis patients with serum total cholesterol levels of ≥160 mg/dL or 120 mg/dL on admission are at an elevated hazard of 30-day mortality after ischemic stroke.

This study investigates the relationship between directors and officers liability insurance (D&O insurance) coverage and the probability of accounting restatements. The results show that when managers are covered by relatively higher levels of D&O insurance, they are more likely to restate their financial reports. Moreover, the findings indicate that D&O insurance coverage is related to core earnings restatements and income overstatements, suggesting that managers’ accounting policies are more aggressive when they have fewer legal liability concerns. Overall, these results provide consistent evidence that reducing managerial legal liability has the effect of encouraging managers to misstate reported earnings.

Objectives Vertebrobasilar dolichoectasia (VBD) and vertebral artery hypoplasia (VAH) are known predisposing factors of posterior circulation stokes. These vascular conditions have unique hemodynamic patterns in neuroimaging studies; however, they have been presented as a single entity in some reports. The aim of this retrospective study was to clarify the relationship between these conditions with regard to ultrasound (US) findings. Methods A total of 465 patients with strokes were recruited. Brain magnetic resonance imaging of vertebrobasilar arteries and differences in extracranial side-to-side vertebral artery (VA) flow were recorded by US and compared in groups. Results The mean age of the 465 patients ± SD was 67.23 ± 12.13 years; 296 were men. The prevalence of VBD was 13.5% (n = 63), and 10.8% (n = 50) of the patients had coexisting VAH and VBD. These patients also had the highest prevalence of posterior circulation strokes (58% [n = 29]). A cutoff value of 55.65 mL/min and a ratio discrepancy of 5.28 (group median) for the side-to-side extracranial VA flow volume as detected by conventional US were also observed in the patients with both VAH and VBD. Conclusions Our study revealed a higher prevalence of posterior circulation strokes in the patients with both VBD and VAH. Chronic asymmetric hemodynamic shear force in extracranial VAs leading to deformity of the vertebrobasilar system may explain our observations. Accordingly, the blood flow volume and the ratio difference could potentially be used to detect patients at risk of VBD and reduce stroke risk factors.

OBJECTIVES Evidence reveals a pathophysiologic link between sleep apnea syndrome and cerebrovascular diseases. It is known that obstructive sleep apnea (OSA) may cause serial hemodynamic changes and structural abnormalities in the cerebral and cardiac arterial systems, but its effect on the cerebral venous system has remained unclear. The purpose of this study was to compare internal jugular vein hemodynamics between patients with OSA and healthy individuals. METHODS Patients with OSA and age-, body mass index-, and sex-matched healthy control participants were recruited for a jugular venous duplex study and neurologic examination. The luminal area of the internal jugular vein, jugular venous flow volume, time-averaged mean velocity, and presence of jugular venous reflux were recorded. These flow characteristics were obtained at different respiratory statuses, and we analyzed the differences between patients and controls. RESULTS In the OSA group, there was an increasing flow volume in total internal jugular veins at rest. The frequency of venous reflux in patients compared with controls was significantly decreased (26.7% versus 53.3%, respectively; P < .05). The internal jugular vein drainage dominance was greater on the left side in the OSA group (right versus left: 48.8% versus 51.2%), whereas it was greater on the right side in the control group (right versus left: 61.7% versus 38.3%). CONCLUSIONS Our data showed peculiar internal jugular vein hemodynamics at baseline and different respiratory statuses in patients with OSA. These characteristics imply that cerebral venous drainage conditions might be involved in the pathophysiologic mechanisms of OSA syndrome.

This study investigates the effect of directors' and officers' (hereafter D&O) liability insurance coverage on auditor choice. Based on a sample of 671 Taiwanese listed firms with D&O legal liability insurance data, our evidence shows that companies with excess D&O liability insurance coverage are less likely to appoint Big 4 auditors. Furthermore, we find that Big 4 auditors are more likely to issue unclean opinions and to constrain the abnormal accruals and ‘beating or meeting’ earnings benchmarks for their clients with excess D&O liability insurance coverage. The findings document that a higher level of D&O liability insurance coverage increases Big 4 auditors' concerns about the credibility of financial statements. Given this, Big 4 auditors have incentive to require more conservative accounting choices for these clients in order to minimize possible litigation risk and reputation damage.

Koji is made from grains fermented with Aspergillus oryzae and is essential for the production of many traditional Japanese foods. Many previous studies have shown that koji contributes to the improvement of dyslipidemia. However, little is known regarding the underlying mechanism of this effect. Furthermore, the compound contributing to the activation of lipid metabolism is unknown. We demonstrated that rice koji extract (RKE) induces the mRNA expression of peroxisome proliferator-activated receptor alpha (PPARα) target genes, which promotes lipid metabolism in murine hepatocytes. This effect was not observed in PPARα-KO hepatocytes. We also demonstrated that RKE contained linolenic acid (LIA), oleic acid (OA), and hydroxyoctadecadienoic acids (HODEs), which activate PPARα, using LC-MS analysis. Our findings suggest that RKE, containing LIA, OA, and HODEs, could be valuable in improving dyslipidemia via PPARα activation.

SUMMARY This paper first examines whether the Big 4 audit quality is associated with auditor industry expertise, measured as both individual partner- and audit firm-level leadership. We focus on a sample of listed firms in Taiwan, where audit reports must be audited and signed by the two signing auditors as well as by an audit firm. For accruals analyses, we find that differential discretionary accruals due to industry expertise are driven by a combination of firm and partner expertise. For audit opinion analyses, we find that differential likelihood of a modified audit opinion (hereafter, MAO) is primarily attributable to signing auditor specialists. We also find that firm-level specialists alone are not associated with a higher likelihood of issuing a MAO. However, firm-level specialists, in combination with signing auditor specialists, can add something over and above the effects of the signing auditor specialists alone. Second, we further examine whether there is differential audit quality between signing auditors (i.e., lead and concurring auditors). We find that clients of lead signing auditor specialists, either alone or in conjunction with concurring auditor specialists, have smaller accruals and are more likely to receive a MAO compared to those of nonspecialists. However, concurring auditor specialists alone are not associated with higher audit quality, in terms of either smaller accruals or a higher MAO likelihood. Thus, we conclude that industry expertise is not homogeneous across individual auditors within the same audit firm in Taiwan. Data Availability: Data are available from the sources identified in the text.

This study investigates how managerial legal liability coverage, as measured by excessive managerial liability coverage, affect earnings restatements. Once managers mitigate their personal legal liability through managerial liability coverage, they may be more willing to misstate reported earnings. We test a sample of listed companies from Taiwan where D&O insurance are publicly available. We find that managers are more likely to misstate company's earnings when they are covered by relatively higher excess managerial liability coverage. Moreover, we find that excessive managerial liability coverage couldn’t mitigate management legal liability concerns about material misrepresentation (e.g., core earnings restatements). In addition, several additional analyses are conducted and the results are robust and remain unchanged.

BACKGROUND: Whole oysters (Crassostrea gigas) were processed using high-pressure (HP) treatment (150–300 MPa) to determine their shucking and biochemical properties. Subsequently, HP-treated oysters were cooked at 160 °C for 90 s, as when preparing the oyster omelette dish, to evaluate their physical and sensory characteristics as compared to raw oysters. RESULTS: The treatments of 250 and 300 MPa for 2 min and 0 min, respectively, resulted in 100% release. The pH of HP-treated oysters increased slightly from 6.50 to 6.82, and the moisture contents of the HP-treated oysters with or without further cooking were all higher than those of the control. The brightness, yellowness and cutting strength of HP-treated oysters with further cooking changed insignificantly, while the redness decreased compared to the control. Sensory evaluation showed that oysters treated at 250 and 300 MPa oysters after cooking received higher quality scores than the control. CONCLUSIONS: HP processing at 250 and 300 MPa proved to be a good method for oyster shucking. The HP-treated oysters cooked in the oyster omelette are acceptable to consumers. Overall, the application of HP as a processing method to improve the quality and acceptability of oysters and their related products would be possible. Copyright © 2009 Society of Chemical Industry

This paper examines whether the likelihood of accounting restatements is associated with the Big 4 industry auditor specialists, measured at both the partner–level and audit firm-level leadership. We focus on a sample of listed firms in Taiwan where audit reports must be audited and signed by the two signing auditors as well as by an audit firm. Extending previous studies (e.g., Francis, Reichelt, and Wang 2005, 2006), we classify industry specialists into three groups: (1) auditors that are industry specialists at both the individual partner-level (i.e. the lead signing auditors) and the firm-level; (2) auditors that are industry specialists at the individual partner-level, but not at the firm-level; and (3) auditors that are industry specialists at the firm-level, but not at the individual partner-level. The results reveal that clients of signing auditor specialists, either alone or in conjunction with firm-level specialists, are less likely to make accounting restatements relative to those of other auditors. We find no evidence that firm-level auditor specialists alone are associated with a smaller likelihood of accounting restatements. However, a firm-level industry expert does matter in the presence of the lead auditor being an expert. The results suggest that differential likelihood of accounting restatements due to the Big 4 industry expertise is primarily attributable to the signing partner specialists rather than to auditor specialists at the firm level. We also find that differential restatement likelihood due to signing auditors’ expertise is driven by the lead auditor’s expertise, rather than by the concurring auditor’s expertise.

Effects of high pressure processing (300–500 MPa/25 °C/10 min) on microbial inactivation and processing qualities of tomato juices during refrigerated storage at 4 °C for 28 days were investigated to compare with those of conventionally thermal processing. Conventionally, thermal processing almost inactivated all the microorganisms and pectolytic enzymes and produced microbially and consistency stable tomato juices; however, they also reduced the color, extractable carotenoids and lycopene and vitamin C compared with fresh juice. During storage, all the pressure processing could improve the extractable carotenoids and lycopene contents compared with fresh juice, and they also retained more vitamin C contents than thermal processing. Although 300- and 400-MPa processing could retain a/b values of tomato juices as fresh juice during storage for 21 and 28 days, 500-MPa processing could improve the color of juices even after storage. Syneresis occurred in the 300- and 400-MPa processing juices by storing for 7 and 14 days; however, viscosity stable juice was produced by 500-MPa processing. Moreover, 400- and 500-MPa processing significantly inactivated microorganisms and the juices were microbially stable during storage. This study demonstrated that 500-MPa processing would be an alternative for conventionally thermal processing for tomato juice with improvement of some processing quality attributes.

This paper examines the association between the quality of voluntary earnings forecasts, as measured by forecast bias and accuracy reviewed by an incumbent CPAs, and the purchase of non-audit services (NAS) from the incumbent auditor. In the context of this study, we focus primarily on the Taiwanese market. Unlike in the UK and US, management forecasts must be reviewed by the incumbent CPA in Taiwan. Besides, enforcement of rules with regard to the provision of review-level assurance for management earnings forecasts tends to be less stringent than one of audit-level assurance for financial reporting. Using panel data of audit and non-audit fees available for Taiwanese firms, we find that firms with a high ratio of NAS tend to issue more optimistically biased and inaccurate forecasts under a lower auditor liability regime. These results provide some support for concerns expressed about the potential impact of unusually high levels of NAS on auditor independence and ultimately, the quality of audited financial reports. The findings also suggest that examining the auditor, and in particular, the provision of non-audit services, in isolation of an institutional environment provides an incomplete analysis of financial reporting.

Firm performance is, among other factors, a function of tangible and intangible assets that the firm possesses and utilizes to maximize value. While research has examined the impact of advertising and R&D on firm performance, in this chapter we, in addition, examine the extent of innovation as measured by patents granted on firm performance. Our findings indicate that overall, innovative activity as measured by number of patents granted, significantly influences firm performance as measured by Tobin's q. Hence patenting activity is value relevant to investors. Further, this relationship is more pronounced when the patents are granted in the United States. We conclude that markets tend to give greater credence to innovative activity when patents are granted to foreign firms by the U.S. Patenting Office. Finally, the stage of the product in the industry chain moderates the influence of patenting activity on firm performance. When patents are granted in the design stage the impact on firm performance is stronger relative to when patents are granted in the manufacturing and packaging and testing stages. The evidence indicates that patents by companies in the manufacturing end of the chain have a more pronounced impact on firm performance relative to patents granted in the packaging and testing stage.

Although prior research has examined the effect of patent citations on Tobin's Q in a variety of environments, in this study we examine whether the parameters are affected by stage of a company in the value chain. Unlike other national semiconductor firms, Taiwanese semiconductor firms typically specialize in one of the value-added activities, namely, either design or manufacturing or packaging and testing. Our finding is that the effect of patent citation on Tobin's Q is accentuated when the firm is at the front end of the value chain and diminishes as we proceed to the back end. This finding is novel in the literature. We also find that frequency of patent citations and R&D spillover are positive and significant in relation to Tobin's Q. In addition, the effect of R&D spillover on Tobin's Q is more pronounced for firms in the design sector relative to other sectors.

This study investigates how directors’ and officers’ liability insurance (hereafter D&O insurance) affects corporate diversification and post-diversification performance. Using a sample of 671 Taiwanese listed firms, we find that excessive D&O liability insurance is positively associated with corporate diversification, particularly unrelated diversification. In addition, we find that when diversification does occur, excessive D&O liability insurance worsens the shareholder value destroyed a firm’s diversification. These results are consistent with our hypothesis that excessive D&O liability insurance induces value-destroying empire building. Our results are robust to different model specifications and alternative measures of firm performance.

Whole oysters (Crassostrea gigas) were processed using high-pressure (HP) treatment (150-300 MPa) to determine their shucking and biochemical properties. Subsequently, HP-treated oysters were cooked at 160 degrees C for 90 s, as when preparing the oyster omelette dish, to evaluate their physical and sensory characteristics as compared to raw oysters.The treatments of 250 and 300 MPa for 2 min and 0 min, respectively, resulted in 100% release. The pH of HP-treated oysters increased slightly from 6.50 to 6.82, and the moisture contents of the HP-treated oysters with or without further cooking were all higher than those of the control. The brightness, yellowness and cutting strength of HP-treated oysters with further cooking changed insignificantly, while the redness decreased compared to the control. Sensory evaluation showed that oysters treated at 250 and 300 MPa oysters after cooking received higher quality scores than the control.HP processing at 250 and 300 MPa proved to be a good method for oyster shucking. The HP-treated oysters cooked in the oyster omelette are acceptable to consumers. Overall, the application of HP as a processing method to improve the quality and acceptability of oysters and their related products would be possible.

Whole oysters were processed using high-pressure (HP) treatment at 250 and 300 MPa for 0 to 10 min and stored at 4 degrees Celsius for up to 28 days. HP-treated oysters and untreated oysters were evaluated for lipid oxidation, growth of microorganisms, and sensory characteristics after cooking at 160 degrees Celsius for 90 s. Microbial counts after HP treatment revealed that the bacterial load was initially reduced at all pressures. HP-treated oysters had significantly higher pH and moisture (P0.05) relative to control (untreated) oysters during storage. HP treatment increased lipid oxidation with unpleasant odor during storage compared with the control. HP treatment decreased redness but did not significantly affect the brightness and yellowness of cooked oysters. From tests of mechanical properties, 300 MPa-treated oysters after cooking had significantly increased toughness as measured by cutting force. HP-treated oysters after cooking received higher quality scores than did the control during the storage trial. Results indicated that 300 MPa for 2 min is the optimum HP treatment that results in oysters most acceptable for oyster omelets during storage at 4 degrees Celsius, and this treatment may extend the shelf life of these oysters to 21 days.