• Title/Summary/Keyword: 고든

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A Study on Industries's Leading at the Stock Market in Korea - Gradual Diffusion of Information and Cross-Asset Return Predictability- (산업의 주식시장 선행성에 관한 실증분석 - 자산간 수익률 예측 가능성 -)

  • Kim Jong-Kwon
    • Proceedings of the Safety Management and Science Conference
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    • 2004.11a
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    • pp.355-380
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    • 2004
  • I test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. Using thirty-six industry portfolios and the broad market index as our test assets, I establish several key results. First, a number of industries such as semiconductor, electronics, metal, and petroleum lead the stock market by up to one month. In contrast, the market, which is widely followed, only leads a few industries. Importantly, an industry's ability to lead the market is correlated with its propensity to forecast various indicators of economic activity such as industrial production growth. Consistent with our hypothesis, these findings indicate that the market reacts with a delay to information in industry returns about its fundamentals because information diffuses only gradually across asset markets. Traditional theories of asset pricing assume that investors have unlimited information-processing capacity. However, this assumption does not hold for many traders, even the most sophisticated ones. Many economists recognize that investors are better characterized as being only boundedly rational(see Shiller(2000), Sims(2201)). Even from casual observation, few traders can pay attention to all sources of information much less understand their impact on the prices of assets that they trade. Indeed, a large literature in psychology documents the extent to which even attention is a precious cognitive resource(see, eg., Kahneman(1973), Nisbett and Ross(1980), Fiske and Taylor(1991)). A number of papers have explored the implications of limited information- processing capacity for asset prices. I will review this literature in Section II. For instance, Merton(1987) develops a static model of multiple stocks in which investors only have information about a limited number of stocks and only trade those that they have information about. Related models of limited market participation include brennan(1975) and Allen and Gale(1994). As a result, stocks that are less recognized by investors have a smaller investor base(neglected stocks) and trade at a greater discount because of limited risk sharing. More recently, Hong and Stein(1999) develop a dynamic model of a single asset in which information gradually diffuses across the investment public and investors are unable to perform the rational expectations trick of extracting information from prices. Hong and Stein(1999). My hypothesis is that the gradual diffusion of information across asset markets leads to cross-asset return predictability. This hypothesis relies on two key assumptions. The first is that valuable information that originates in one asset reaches investors in other markets only with a lag, i.e. news travels slowly across markets. The second assumption is that because of limited information-processing capacity, many (though not necessarily all) investors may not pay attention or be able to extract the information from the asset prices of markets that they do not participate in. These two assumptions taken together leads to cross-asset return predictability. My hypothesis would appear to be a very plausible one for a few reasons. To begin with, as pointed out by Merton(1987) and the subsequent literature on segmented markets and limited market participation, few investors trade all assets. Put another way, limited participation is a pervasive feature of financial markets. Indeed, even among equity money managers, there is specialization along industries such as sector or market timing funds. Some reasons for this limited market participation include tax, regulatory or liquidity constraints. More plausibly, investors have to specialize because they have their hands full trying to understand the markets that they do participate in

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Studies on the Improvement of the Cropping System (I) (작부체계(作付體系) 개선(改善)에 관(關)한 조사연구(調査硏究)(I))

  • Choi, Chang Yeol
    • Korean Journal of Agricultural Science
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    • v.10 no.1
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    • pp.61-73
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    • 1983
  • This study was conducted to obtain fundamental informations on the improvement of cropping system to increase in land utilization rate and crop production. In order to group the characteristics of areas, Chungnam province was classified into 4 classes: Suburb (Daedeog Gun, Cheonwon Gun), Plain (Nonsan Gun, Dangjin Gun) Coastal (Seosan Gun, Boryeong Gun) and Hilly region (Gongju Gun, Cheongyang Gun). 100 farm households were sampled from each region, and cropping system and utilization state of paddy and upland in 1982 were surveyed. The results obtained were summarized as follows: 1. Average utilization rate of upland was 161.9 % The utilization rate of upland at plain was highest (188.9 %), and that at suburb showed lowest value (152.0%). 2. Number of crops cultivated at upland was 32 kinds. Among the rate of planting area of each crop. soybean showed highest rate of 18.8%, barley 15.4%, red-pepper 13.1% and chinese' cabbage 10.1% respectively, but the red pepper showed highest rate of planting area at suburb, the barley at hilly region and the soybean at plain and coastal region. 3. Average utilization rate of paddy was 115.6% and the utilization rate of paddy at suburb showed the highest value (140.0%) and that at coastal region the lowest value (108.2%). 4. 12 kinds of crops were cultivated at paddy before or after rice cultivation. Among the crops cultivated at paddy before or after rice cultivation, barley showed the highest area rate (5.0%) of cultivation and strawberry the next but the strawberry showed the highest area rate of cultivation at suburb and barley at other regions. 5. The cropping systems at upland were divided into single cropping and double cropping. Types of double cropping at upland were classified into 38 types by the combinations of crops. Among the types of double cropping, the rate of cultivation area of soybean after barley combination was 35.0%, but at suburb the rate of this type of cropping system was low and the double cropping of vegetable combinations showed high rate. 6. Types of double cropping at paddy were classified into 6 types. As a whole, double cropping of barley after rice combination showed highest rate of cultivation area (42.8%) among crop combinations but at suburb, the area rate of this type cropping was low and cultivation of fruit vegetable after rice showed highest rate. The area rate of post - cropping to rice was 76.3% of whole double cropping area at paddy and significantly higher than the rate of precropping to rice. 7. Some kinds of crop combinations were consisted of same family or closely related crops and the characteristics of the crop rotation between those crops are almost same. The area cultivated those unreasonable crop combinations were 19.09 ha. 8. At upland, planting area of the cereal crops, vegetale crops and industrial crops crops and industrial crops was 88.92ha, 93.70ha and 21.80ha respectively. The Planting area of cereal crops was significantly less than that of vegetable crops. 9. Most of all the research reports on the cropping system from 1910 to 1980 were about the post cropping after rice harvest. The objectives of researches could be classified into 14 kinds and the important objectives of researches were the planting time, the amounting of manuring, the quantity of seeding, the transplanting time, the ridging method, the sowing method and the variety test.

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Study for Treatment Effects and Prognostic Factors of Bronchial Asthma -Follow Up Over 2 Years- (2년 이상 관찰중인 성안 기관지 천식환자의 치료 효과 및 예후인자에 관한 연구)

  • Choung, Bo-Young;Park, Jung-Won;Kim, Sung-Kyu;Hong, Chein-Soo
    • Tuberculosis and Respiratory Diseases
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    • v.44 no.3
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    • pp.559-573
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    • 1997
  • Background : Asthma causes recurrent episodes of wheezing, breathlessness, chest tightness, and cough. These symptoms are usually associated with widespread but variable airflow limitation that is partly reversible either spontaneously or with treatment. The inflammation also causes an associated increase in airway responsiveness to a variety of stimuli. Method : Of the 403 adult bronchial asthma patients enrolled from March 1992 to March 1994 in Allergy Clinics of Severance Hospital in Yonsei University, this study reviewed the 97 cases to evaluate the treatment effects and to analyse prognostic factors. The patients were classified to five groups according to treatment responses ; group 1 (non control group) : patients who were not controlled during following up, group 2 (high step treatment group) : patients who were controlled longer than 3 months by step 3 or 4 treatment of "Global initiative for asthma, Global strategy for asthma management and prevention" (NHLBI/WHO) with PFR(%) larger than 80%, group 3 (short term control group) : patients who were controlled less than 1 year by step 1 or 2 treatment of NHLBI/WHO, group 4 (intermediate term control group) : patients who were controlled for more than 1 year but less than 2 years by step 1 or 2 treatment of NHLBI/WHO, group 5 (long term control group) : patients who were controlled for more than 2 years by step 1 or 2 treatment of NHLBI/WHO. Especially the patients who were controlled more than 1 year with negatively converted methacholine test and no eosinophil in sputum were classified to methacholine negative conversion group. We reviewed patients' history, atopy score, total IgE, specific IgE, methacholine PC20 and peripheral blood eosinophil count, pulmonary function test, steroid doses and aggrevation numbers after treatment. Results : On analysis of 98 patients, 20 cases(20.6%) were classified to group 1, 26 cases(26.8%) to group 2, 23 cases(23.7%) to group 3, 15 cases(15.5%) to group 4, and 13 cases(13.4%) to groups 5. There were no differences of sex, asthma type, family history, smoking history, allergic rhinitis and aspirin allergy among the groups. In long term control group, asthma onset age was younger, symptom duration was shorter, and initial pulmonary function was better. The long term control group required lower amounts of oral steroid. had less aggrevation during first 3months after starting treatment and shorter duration from enrollment to control Atopy, allergic skin test, sputum and blood eosinophil, total IgE, nonspecific bronchial responsiveness was not significantly different among the groups. Seven out of 28 patients who were controlled more than 1 years showed negatively converted methachloine test and no eosinophils in the sputum. The mean control duration was $20.3{\pm}9.7$ months and relapse did not occur. Conclusion : Patients who had asthma of onset age younger, shorter symptom duration, better PFT, lower treatment initial steps, lower amounts of steroid needs and less aggravation numbers after starting treatment were classified in the long term control groups compared to the others.

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Triptolide-induced Transrepression of IL-8 NF-${\kappa}B$ in Lung Epithelial Cells (폐상피세포에서 Triptolide에 의한 NF-${\kappa}B$ 의존성 IL-8 유전자 전사활성 억제기전)

  • Jee, Young-Koo;Kim, Yoon-Seup;Yun, Se-Young;Kim, Yong-Ho;Choi, Eun-Kyoung;Park, Jae-Seuk;Kim, Keu-Youl;Chea, Gi-Nam;Kwak, Sahng-June;Lee, Kye-Young
    • Tuberculosis and Respiratory Diseases
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    • v.50 no.1
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    • pp.52-66
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    • 2001
  • Background : NF-${\kappa}B$ is the most important transcriptional factor in IL-8 gene expression. Triptolide is a new compound that recently has been shown to inhibit NF-${\kappa}B$ activation. The purpose of this study is to investigate how triptolide inhibits NF-${\kappa}B$-dependent IL-8 gene transcription in lung epithelial cells and to pilot the potential for the clinical application of triptolide in inflammatory lung diseases. Methods : A549 cells were used and triptolide was provided from Pharmagenesis Company (Palo Alto, CA). In order to examine NF-${\kappa}B$-dependent IL-8 transcriptional activity, we established stable A549 IL-8-NF-${\kappa}B$-luc. cells and performed luciferase assays. IL-8 gene expression was measured by RT-PCR and ELISA. A Western blot was done for the study of $I{\kappa}B{\alpha}$ degradation and an electromobility shift assay was done to analyze NF-${\kappa}B$ DNA binding. p65 specific transactivation was analyzed by a cotransfection study using a Gal4-p65 fusion protein expression system. To investigate the involvement of transcriptional coactivators, we perfomed a transfection study with CBP and SRC-1 expression vectors. Results : We observed that triptolide significantly suppresses NF-${\kappa}B$-dependent IL-8 transcriptional activity induced by IL-$1{\beta}$ and PMA. RT-PCR showed that triptolide represses both IL-$1{\beta}$ and PMA-induced IL-8 mRNA expression and ELISA confirmed this triptolide-mediated IL-8 suppression at the protein level. However, triptolide did not affect $I{\kappa}B{\alpha}$ degradation and NF-$_{\kappa}B$ DNA binding. In a p65-specific transactivation study, triptolide significantly suppressed Gal4-p65T Al and Gal4-p65T A2 activity suggesting that triptolide inhibits NF-${\kappa}B$ activation by inhibiting p65 transactivation. However, this triptolide-mediated inhibition of p65 transactivation was not rescued by the overexpression of CBP or SRC-1, thereby excluding the role of transcriptional coactivators. Conclusions : Triptolide is a new compound that inhibits NF-${\kappa}B$-dependent IL-8 transcriptional activation by inhibiting p65 transactivation, but not by an $I{\kappa}B{\alpha}$-dependent mechanism. This suggests that triptolide may have a therapeutic potential for inflammatory lung diseases.

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Clinical Applications and Efficacy of Korean Ginseng (고려인삼의 주요 효능과 그 임상적 응용)

  • Nam, Ki-Yeul
    • Journal of Ginseng Research
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    • v.26 no.3
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    • pp.111-131
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    • 2002
  • Korean ginseng (Panax ginseng C.A. Meyer) received a great deal of attention from the Orient and West as a tonic agent, health food and/or alternative herbal therapeutic agent. However, controversy with respect to scientific evidence on pharmacological effects especially, evaluation of clinical efficacy and the methodological approach still remains to be solved. Author reviewed those articles published since 1980 when pharmacodynamic studies on ginseng have intensively started. Special concern was paid on metabolic disorders including diabetes mellitus, circulatory disorders, malignant tumor, sexual dysfunction, and physical and mental performance to give clear information to those who are interested in pharmacological study of ginseng and to promote its clinical use. With respect to chronic diseases such as diabetes mellitus, atherosclerosis, high blood pressure, malignant disorders, and sexual disorders, it seems that ginseng plays preventive and restorative role rather than therapeutics. Particularly, ginseng plays a significant role in ameliorating subjective symptoms and preventing quality of life from deteriorating by long term exposure of chemical therapeutic agents. Also it seems that the potency of ginseng is mild, therefore it could be more effective when used concomitantly with conventional therapy. Clinical studies on the tonic effect of ginseng on work performance demonstrated that physical and mental dysfunction induced by various stresses are improved by increasing adaptability of physical condition. However, the results obtained from clinical studies cannot be mentioned in the indication, which are variable upon the scientist who performed those studies. In this respect, standardized ginseng product and providing planning of the systematic clinical research in double-blind randomized controlled trials are needed to assess the real efficacy for proposing ginseng indication. Pharmacological mode of action of ginseng has not yet been fully elucidated. Pharmacodynamic and pharmacokinetic researches reveal that the role of ginseng not seem to be confined to a given single organ. It has been known that ginseng plays a beneficial role in such general organs as central nervous, endocrine, metabolic, immune systems, which means ginseng improves general physical and mental conditons. Such multivalent effect of ginseng can be attributed to the main active component of ginseng,ginsenosides or non-saponin compounds which are also recently suggested to be another active ingredients. As is generally the similar case with other herbal medicines, effects of ginseng cannot be attributed as a given single compound or group of components. Diversified ingredients play synergistic or antagonistic role each other and act in harmonized manner. A few cases of adverse effect in clinical uses are reported, however, it is not observed when standardized ginseng products are used and recommended dose was administered. Unfavorable interaction with other drugs has also been suggested, which the information on the products and administered dosage are not available. However, efficacy, safety, interaction or contraindication with other medicines has to be more intensively investigated in order to promote clinical application of ginseng. For example, daily recommended doses per day are not agreement as 1-2g in the West and 3-6 g in the Orient. Duration of administration also seems variable according to the purpose. Two to three months are generally recommended to feel the benefit but time- and dose-dependent effects of ginseng still need to be solved from now on. Furthermore, the effect of ginsenosides transformed by the intestinal microflora, and differential effect associated with ginsenosides content and its composition also should be clinically evaluated in the future. In conclusion, the more wide-spread use of ginseng as a herbal medicine or nutraceutical supplement warrants the more rigorous investigations to assess its effacy and safety. In addition, a careful quality control of ginseng preparations should be done to ensure an acceptable standardization of commercial products.

Comparison of the Forage Quality and Productivity According to Varieties and Plant Parts of Imported Silage Corn (Zea mays, L) (도입 사일리지용 옥수수의 품종과 식물체 부위에 대한 사료가치와 생산성 비교)

  • Kim, Jong Geun;Li, Yan Feng;Wei, Sheng Nan;Jeong, Eun Chan;Kim, Hak Jin
    • Journal of The Korean Society of Grassland and Forage Science
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    • v.40 no.2
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    • pp.98-105
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    • 2020
  • This experiment was conducted to a comparison of the productivity according to variety and forage quality by plant parts of imported silage corn (Zea mays, L) in Pyeongchang. The corns evaluated in this experiment were 8 varieties (P1184, P1151, P1194, P1543, P1345, P1429, P1443, and P2105) introduced from the United States, Pioneer Hybrid Co. The harvested corn was divided into 5 plant parts (leaf, stem, cob, husk, and grain), and the ratio of each part was calculated using dry weight and the feed value was analyzed. The emergence rate of corn was generally good except for the P1151 and P2105 varieties. The average tasseling date was July 24th and the silking date was July 27th, but the P2105 variety was late to July 28th and August 1st, and the remaining varieties were similar. P1345 was the highest (289 and 123 cm), and P1151 varieties were the lowest (267 and 101 cm) in the plant and ear height. Disease resistance was low in P1184, P1443 and P1429, and P1197 and P1345 were high. In the case of stover, the dry matter (DM) content was the lowest at 19.6% in the P1151 and the highest at 24.9% in the P1429. DM content of ear was the highest in the P2105 (55.5%), and P1184 (54.2%) and P1345 (54.3%) were also significantly higher (p<0.05). The DM yield of stover of P2105, P1429 and P1194 varieties was significantly higher (p<0.05), and ear yield of P2105, P1345 and P1443 was higher. The proportions of each part of plants (leaf, stem, cob, husk, and grain) divided by 5 was high, with 50-60% of the ear(grain+cob) ratio. The ratio of husk and cob was roughly similar, and the leaf and stem part showed a ratio of about 20%. The crude protein (CP) content was highest in leaf, followed by grain. The CP content of the stem was the lowest, and the husk was not significantly different among the varieties (p>0.05). The acid detergent fiber (ADF) content was similar to the rest parts except grain, but the leaf part tended to be lower, and other parts except the stem and leaf showed no significant difference between varieties (p>0.05). There was no significant difference in NDF (neutral detergent fiber) content in husk, but there was a difference between varieties in other parts (p<0.05). In addition, there was a special difference by plant parts for each variety, P2015 on the stem, P1197 on the leaf, P1151 on the cob, P1197 on the husk, and P1197 on the grains with high NDF content. IVDMD (in vitro dry matter digestibility) was not significantly different between stems and grains, but there was a difference between varieties in cobs and husks. According to the results, DM yield of P2105 variety was the best in the experiment, and the ratio of grain was excellent in P1543 and P1345. In addition, it was found that the feed value was higher in the leaves and grains, and the leaf and stem had higher feed values than husk or cob.

Cultural Practices of In vitro Tuber of Pinellia ternata(Thunb.) Breit I. Effects of Planting Time on Growth, Tuber Formation and Yield (기내(器內) 대량(大量) 생산(生産) 반하(半夏) 종구(種球)의 포장(圃場) 재배기술(裁培技術) 연구(硏究) I. 파종시기(播種詩期)가 생육(生育)과 괴경형성(塊莖形成) 및 수량(收量)에 미치는 영향(影響))

  • Park, Ho-Ki;Kim, Tai-Soo;Park, Moon-Soo;Choi, In-Leok;Jang, Yeong-Sun;Park, Keun-Yong
    • Korean Journal of Medicinal Crop Science
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    • v.1 no.2
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    • pp.109-114
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    • 1993
  • This study was carried out to determine the optimum planting time for in vitromultiplied tuber of Pinellia ternata(Thunb.) Breit. The tubers were planted on April 20, May 20, June 20, July 20, August 20 and September 20 in 1990. Emergence ratios were 68 to 87% in any planting time except planting on July 20. The number of tubers per $m^2$ at harvest in plantings on May 20 and June 20 were significantly higher with 1,110 and 1,021, respectively, while in plantings after July 20, those were drastically decreased. As compared with fresh yield of planting on April 20(352kg /10a), that of May 20 was 109% and June 20 was 103%, while those of after July 20 were from 41% to 19%. There was a highly positive correlation between dry tuber yield and the number of tubers per $m^2(r=0.991^{**})$. Tuber yields for commercial use(diameter over 7.1mm) were high in planting on May 20(322kg /10a) and on June 20(299kg /10a). It was suggested that optimum field planting time for in vitro multiplied tuber of Pinellia ternata(Thunb.) Breit was from May 20 to June May 20.

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Nature of Suppressiveness and Conduciveness of Some plant pathogens in Soils (토양내(土壤內) 식물(植物) 병원균(病原菌)의 발병억제(發病抑制) 및 유발성질(誘發性質))

  • Shim, Jae-Ouk;Lee, Min-Woong
    • The Korean Journal of Mycology
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    • v.18 no.3
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    • pp.164-177
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    • 1990
  • This study was carried out to obtain some useful data for increasing an effective ginseng production. There was a direct relationship (r=0.2645) between spore germination of Fusarium solani and soil pH, and (r=0.315) between Cylindrocarpon destructans and soil pH. On the other hand, there was a direct relationship (r=0.19) between relative hyphal growth of Rhizoctonia solani and soil pH. There was a direct relationship (r=0.21) between number of total bacteria and F. solani, (r=0.37) between actinomycetes and F. solani and (r=0.20) between celluloytic bacteria and F. solani. However, there was an inverse relationship (r=-0.20) between number of total fungi and F. solani. There was a direct relationship (r=0.24) between number of actinomycetes and R. solani. Each ginseng pathogen-suppressive soil screened was 40 in F. solani, 20 in C. destructans and 9 soil samples in R. solani among 146 soil samples, respectively. The mean contents of K, Ca and Mg were fairly lower in each ginseng pathogen-suppressive soil than conducive soil, whereas Na were somewhat lower. The mean contents of organic matter were over 2 times higher in each ginseng pathogen-suppressive soil than conducive soil. The mean contents of phosphate were fairly lower in F. solani and R. solani-suppressive soil than conducive soil and, on the other hand, were somewhat higher in C. destructans-suppressive soil than conducive soil. The mean soil pH was somewhat lower in each ginseng pathogen-suppressive soil than conducive soil. The mean contents of sand were about 2 times higher in each ginseng pathogen­suppressive soil than conducive soil, whereas silt and clay were somewhat lower. The microbial numbers of total bacteria, total fungi and celluloytic fungi were higher in F. solani-suppressive soil than conducive soil, whereas actinomycetes and celluloytic bacteria were lower. Each microbial number of total bacteria or total fungi indicated a significant difference (p=0.05) between F. solani­suppressive and conducive soil, and the microbial number of actinomycetes was a highly significant difference (p=0.01) between F. solani-suppressive and conducive soil. The microbial numbers of total bacteria, total fungi, actinomycetes and celluloytic fungi were higher in C. destructans-suppressive soil than conducive soil, whereas celluloytic bacteria were about 2 times lower. On the other hand, the microbial numbers of total fungi were higher in R. solani-suppressive soil than conducive soil, whereas total bacteria, actinomycetes, celluloytic bacteria and celluloytic fungi were lower. Fourteen of 16 F. solani-suppressive soils tested were suppressive to ginseng root rot, whereas fifteen of 16 C. destructans-suppressive soils were suppressive. Ginseng root rots of ginseng disease-suppressive soils were in the range of 1.0-17.4% in F. solani-suppressive soil and 0.2-20.4% in C. destructans-suppressive soil, respectively.

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Performance of Korean State-owned Enterprises Following Executive Turnover and Executive Resignation During the Term of Office (공기업의 임원교체와 중도퇴임이 경영성과에 미치는 영향)

  • Yu, Seungwon;Kim, Suhee
    • KDI Journal of Economic Policy
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    • v.34 no.3
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    • pp.95-131
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    • 2012
  • This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

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A study on the second edition of Koryo Dae-Jang-Mock-Lock (고려재조대장목록고)

  • Jeong Pil-mo
    • Journal of the Korean Society for Library and Information Science
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    • v.17
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    • pp.11-47
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    • 1989
  • This study intends to examine the background and the procedure of the carving of the tablets of the second edition of Dae-Jang-Mock­Lock(재조대장목록). the time and the route of the moving of the tablets. into Haein-sa, and the contents and the system of it. This study is mainly based on the second edition of Dae-Jang-Mock-Lock. But the other closely related materials such as restored first. edition of the Dae- Jang-Mock-Lock, Koryo Sin-Jo-Dae-Jang-Byeol-Lock (고려신조대장교정별록). Kae-Won-Seok-Kyo-Lock (개원석교록). Sok-Kae­Won-Seok-Kyo-Lock (속개원석교록). Jeong-Won-Sin-Jeong-Seok-Kyo­Lock(정원신정석교록), Sok-Jeong-Won-Seok-Kyo-Lock(속정원석교록), Dea-Jung-Sang-Bu-Beob-Bo-Lock(대중상부법보록), and Kyeong-Woo-Sin-Su-Beob-Bo-Lock(경우신수법보록), are also analysed and closely examined. The results of this study can be summarized as follows: 1. The second edition of Tripitaka Koreana(고려대장경) was carved for the purpose of defending the country from Mongolia with the power of Buddhism, after the tablets of the first edition in Buin-sa(부이사) was destroyed by fire. 2. In 1236. Dae-Jang-Do-Gam(대장도감) was established, and the preparation for the recarving of the tablets such as comparison between the content, of the first edition of Tripitalk Koreana, Gal-Bo-Chik-Pan-Dae­Jang-Kyeong and Kitan Dae- Jang-Kyeong, transcription of the original copy and the preparation of the wood, etc. was started. 3. In 1237 after the announcement of Dae-Jang-Gyeong-Gak-Pan-Gun­Sin-Gi-Go-Mun(대장경핵판군신석고문), the carving was started on a full scale. And seven years later (1243), Bun-Sa-Dae-Jang-Do-Gam(분사대장도감) was established in the area of the South to expand and hasten the work. And a large number of the tablets were carved in there. 4. It took 16 years to carve the main text and the supplements of the second edition of Tripitaka Koreana, the main text being carved from 1237 to 1248 and the supplement from 1244 to 1251. 5. It can be supposed that the tablets of the second edition of Tripitaka Koreana, stored in Seon-Won-Sa(선원사), Kang-Wha(강화), for about 140 years, was moved to Ji-Cheon-Sa(지천사), Yong-San(용산), and to Hae-In-Sa(해인사) again, through the west and the south sea and Jang-Gyeong-Po(장경포), Go-Ryeong(고령), in the autumn of the same year. 6. The second edition of Tripitaka Koreana was carved mainly based on the first edition, comparing with Gae-Bo-Chik-Pan-Dae-Jang-Kyeong(개보판대장경) and Kitan Dae-Jang-Kyeong(계단대장경). And the second edition of Dae-Jang-Mock-Lock also compiled mainly based on the first edition with the reference to Kae-Won-Seok-Kyo-Lock and Sok-Jeong-Won-Seok-Kyo-Lock. 7. Comparing with the first edition of Dae-Jang-Mock-Lock, in the second edition 7 items of 9 volumes of Kitan text such as Weol-Deung­Sam-Mae-Gyeong-Ron(월증삼매경론) are added and 3 items of 60 volumes such as Dae-Jong-Ji-Hyeon-Mun-Ron(대종지현문논) are substituted into others from Cheon chest(천함) to Kaeng chest(경함), and 92 items of 601 volumes such as Beob-Won-Ju-Rim-Jeon(법원주임전) are added after Kaeng chest. And 4 items of 50 volumes such as Yuk-Ja-Sin-Ju-Wang-Kyeong(육자신주왕경) are ommitted in the second edition. 8. Comparing with Kae-Won-Seok-Kyo-Lock, Cheon chest to Young chest (영함) of the second edition is compiled according to Ib-Jang-Lock(입장록) of Kae-Won-Seok-Kyo-Lock. But 15 items of 43 vol­umes such as Bul-Seol-Ban-Ju-Sam-Mae-Kyeong(불설반주삼매경) are ;added and 7 items of 35 volumes such as Dae-Bang-Deung-Dae-Jib-Il­Jang-Kyeong(대방등대집일장경) are ommitted. 9. Comparing with Sok-Jeong-Won-Seok-Kyo-Lock, 3 items of the 47 volumes (or 49 volumes) are ommitted and 4 items of 96 volumes are ;added in Caek chest(책함) to Mil chest(밀함) of the second edition. But the items are arranged in the same order. 10. Comparing with Dae- Jung-Sang-Bo-Beob-Bo-Lock, the arrangement of the second edition is entirely different from it. But 170 items of 329 volumes are also included in Doo chest(두함) to Kyeong chest(경함) of the second edition, and 53 items of 125 volumes in Jun chest(존함) to Jeong chest(정함). And 10 items of 108 volumes in the last part of Dae-Jung-Sang-Bo-Beob-Bo-Lock are ommitted and 3 items of 131 volumes such as Beob-Won-Ju-Rim-Jeon(법원주임전) are added in the second edition. 11. Comparing with Kyeong-Woo-Sin-Su-Beob-Bo-Lock, all of the items (21 items of 161 volumes) are included in the second edition without ;any classificatory system. And 22 items of 172 volumes in the Seong­Hyeon-Jib-Jeon(성현집전) part such as Myo-Gak-Bi-Cheon(묘각비전) are ommitted. 12. The last part of the second edition, Joo chest(주함) to Dong chest (동함), includes 14 items of 237 volumes. But these items cannot be found in any other former Buddhist catalog. So it might be supposed as the Kitan texts. 13. Besides including almost all items in Kae-Won-Seok-Kyo-Lock and all items in Sok-Jeong-Won-Seok-Kyo-Lock, Dae-Jung-Sang-Bo­Beob-Bo-Lock, and Kyeong-Woo-Sin-Su-Beob-Bo-Lock, the second edition of Dae-Jang-Mock-Lock includes more items, at least 20 items of about 300 volumes of Kitan Tripitaka and 15 items of 43 volumes of traditional Korean Tripitake that cannot be found any others. Therefore, Tripitaka Koreana can be said as a comprehensive Tripitaka covering all items of Tripitakas translated in Chinese character.

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