• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.4 no.4
• /
• pp.45-70
• /
• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Clinical and Experimental Pediatrics
• /
• v.48 no.12
• /
• pp.1378-1384
• /
• 2005

Purpose : We hypothesized dexrazoxane(DXR) and pentoxifylline(PTX) may prevent myocardial damage in adriamycin(ADR)-induced cardiomyopathic rat model. We also investigated their effects on the myocardial apoptosis and fibrosis in ADR induced cardiomyopathy. Methods : The six-week old female Spregue-Dawley rats were divided into control group(CNT, n=4), ADR group(n=6), ADR+DXR group(DXR, n=5), ADR+PTX group(PTX, n=6), ADR+DXR+PTX group(DXPT, n=5). ADR(5 mg/week, twice) was administrated intravenously to rats except CNT group to induce cardiomyopathy. The PTX(50 mg/kg/day) was administered daily from day-0 to Day-21. The DXR(100 mg/kg) was administered 30 minutes before each ADR injection. On day 21, the rats were sacrificed and the degree of histopathologic changes of hypercontraction band necrosis, cytoplasmic vacuolar change and fibrosis were scored. Immunohistochemical staining for Bcl-2 expression and RT-PCR for $TNF-{\alpha}$ and CTGF were performed. Results : Histopathological scores of myocardial damage were significantly higher in ADR rats than CNT rats(P<0.05), and significantly lower in DXPT rats than ADR rats(P<0.01). Myocardial fibrosis was prevented in both PTX rats and DXPT rats. The expression of Bcl-2 was weaker in ADR rats than that in CNT rats(P<0.05), and stronger in both DXR and DXPT rats than that in ADR rats (P<0.05). $TNF-{\alpha}$ concentration of ADR rats was not different from that of treated groups. Conclusion : DXR prevented myocyte apoptosis with increased Bcl-2 expression, and PTX prevented myocardial fibrosis in ADR induced cardiomyopathic rats. The combination therapy of DXR and PTX showed prevention of cardiomyopathy in ADR induced cardiomyopathy rat model.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.45 no.8
• /
• pp.1090-1098
• /
• 2016

The anti-inflammatory effects of ethanol extract from Grateloupia crispata (GCEE) were investigated in lipopolysaccharide (LPS)-stimulated murine macrophages. Anti-inflammatory effects were detected by enzyme-linked immunosorbent assay, Western blotting, and immunohistochemistry. There was no cytotoxic effect on proliferation of macrophages treated with GCEE compared to the control. GCEE significantly inhibited production of pro-inflammatory cytokines [interleukin (IL)-6, tumor necrosis $factor-{\alpha}$, and $IL-1{\beta}$] as well as nitric oxide in LPS-stimulated RAW 264.7 cells. In addition, GCEE suppressed expression of inducible nitric oxide synthase, cyclooxygenase-2, and nuclear $factor-{\kappa}B$ in a dose-dependent manner. GCEE significantly reduced activation of mitogen-activated protein kinases. In the in vivo test, evaluation of anti-inflammatory activity of GCEE was performed using croton oil-induced ear edema in ICR mice. Oral administration of 10 mg/kg to 250 mg/kg of GCEE significantly reduced ear edema in a dose-dependent manner compared to croton oil-induced mice. Moreover, GCEE reduced ear thickness and the number of mast cells compared to croton oil-induced mice in the histological analysis. These data suggest that GCEE could be used as a potential source for anti-inflammatory agents.

• Journal of Korean Society of Forest Science
• /
• v.86 no.3
• /
• pp.342-351
• /
• 1997

The objective of this study was to compare acid-neutralizing and buffering capacity of four tree species against soil acidification by acid rain. About 30-year-old forests composed of Pinus rigida, Alnus hirsuta, Quercus mongolica, and Liriodendron tulipifera in a provincial experimental forest located 15km east from Banwol Industrial Complex in Kyonggido were used in this study. Incident precipitation, throughfall and stemflow, and soil samples were collected from May to September, 1996 to analyze their pH and canon concentrations. Internal leaf pH, external acid neutralizing capacity(ENC), and buffering capacity index(BCI) of leaves were also determined. The incident precipitation showed an average pH of 4.56, with the percentage of acid rain incidents being 74%. The average soil pH of the study area was 4.15. The pH of throughfall and stemflow in all four species was higher than that of precipitation except that of the stemflow of Pinus rigida which showed a pH of 3.73. The throughfall of Liriodendron tulipifera showed the highest pH of 5.38. The pH of throughfall and stemflow showed a positive correlation and no correlation, respectively, with precipitations. The most abundant cation in precipitation was Ca. The canon concentraions in throughfall and stemflow decreased in the following order of K, Na, Ca, and Mg. Cation concentrations in stemflow were highest in Lirioendron tulipifera and lowest in Pines rigida. Nutrient leaching from above ground increased with decreasing pH of precipitation. The pH of stemflow showed a positive correlation with ENC and BCI. The highest values in ENC, BCI, soil pH, and soil cation concentrations were observed in Liriodendron tulipifera, while the lowest values were obtained in Pinus rigida, It was concluded that Liriodendron tulipifera had highest neutralizing capacity against acid rain, while Pinus rigida had the lowest capacity and even promoted acidification of soil.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.37 no.11
• /
• pp.1435-1442
• /
• 2008

The purpose of this study was to identify the influence of consumption value on healthy functional food choice. Also, this study explored the role of health motivation, health concern, and food involvement as a moderating variable in the relationship between consumption value and healthy functional food choice. A total of 281 responses were collected using on-site survey (response rate 96.0%) from college students in Daegu, Gyeoungbuk Province. The questionnaire contained questions on consumption value, health motivation, health concern, food involvement, and purchasing intention of healthy functional food. The respondents rated the items using a 5-point scale from 1 (strongly disagree) to 5 (strongly agree). According to the confirmatory factor analysis, item evaluating using factor loading resulted in the retention of 25 consumption value items loading on seven factors, four health motivation items loading one factor, six health concern items loading on one factor, and four food involvement items loading on one factor with an internal consistency. Results of stepwise regression found that social value-I, emotional, functional, epistemic, and conditional values among consumption value determined the purchasing intention of healthy functional food. Results of hierarchical regression showed that health concern had a positive effect on the relationship between social value-I and purchasing intention of healthy functional food.

• Journal of the Korean Institute of Landscape Architecture
• /
• v.42 no.5
• /
• pp.22-30
• /
• 2014

The purpose of this study was to compare the Solar Radiation(SR) and the Mean Radiant Temperature(MRT) under the shades of the three landscaping trees in clear summer daytimes. The trees were Lagerstroemia indica, Quercus palustris and Ulmus parvifolia. The solar radiation, the globe temperature and the air temperature were recorded every minute from the $1^{st}$ of April to the $30^{th}$ of September 2013 at a height of 1.1m above on the four monitoring stations, with four same measuring system consisting of a solar radiation sensor, two resistance temperature detectors(Pt-100), a black brass globe (${\phi}50mm$) and data acquisition systems. At the same time, the sky view photos were taken automatically hourly by three scouting cameras(lens angle: $60^{\circ}$) fixed at each monitoring station. Based on the 258 daily sky view photos and 6,640 records of middays(10 A.M.~2 P.M.) from the $1^{st}$ of June to the $30^{th}$ of August, the time serial differences of SR and MRT under the trees were analysed and compared with those of open sky, The major findings were as follows; 1. The average ratio of sky views screened by the canopies of Quercus palustris, Lagerstroemia indica and Ulmus parvifolia were 99%, 98% and 97%, and the SR were $106W/m^2$, $163W/m^2$ and $202W/m^2$ respectively, while the SR of open sky was $823W/m^2$. Which shows the canopies blocked at least 70% of natural SR. 2. The average MRT under the canopies of Quercus palustris, Lagerstroemia indica and Ulmus parvifolia were $30.34^{\circ}C$, $33.34^{\circ}C$ and $34.77^{\circ}C$ respectively, while that of open sky was $46.0^{\circ}C$. Therefore, it can be said that the tree canopies can reduce the MRT around $10{\sim}16^{\circ}C$. 3. The regression test showed significant linear relationship between the SR and MRT. In summary, the performances of the landscaping shade trees were very good at screening the SR and reducing the MRT at the outdoor of summer middays. Therefore, it can be apparently said that the more shade trees or forest at the outdoor, the more effective in conditioning the outdoor space reducing the MRT and the useless SR for human activities in summertime.

• Investigative Magnetic Resonance Imaging
• /
• v.4 no.2
• /
• pp.100-106
• /
• 2000

Purpose : To evaluate the usefulness of cerebral blood flow measurement applied to perfusion weighted image with short-scan time single shot gradient echo-planar technique in measuring cerebral blood volume(rCBV) of normal rabbits. Materials and methods : With 2.1-3.6 kg weighted rabbits, image is acquired when they are in supine position in children positioner. Perfusion weighted image is acquired to 44 seconds per 1 second successively. After 4 seconds later, Gd-DTPA 2ml are injected into int. jugular vein with 2 ml per second and normal saline is also injected after that. Same technique is applied 2 times per 30 minites in same rabbit. After Image is obtained in two part of cerebral cortex at vertex, convexity, in one of basal ganglia with choosing about $3-5{\textrm{mm}^2}$ areas. Curve of signal intensity changes in time sequence is drawn. After this images are transmitted by PC and software IDL, regional cerebral blood volume is measured with imaging processing program made by us. Results : With 22 of 24 rabbits, satisfactory 1-2 signal intensity versus time curve is made. Cerebral blood capacity and contrast media stay time (ST) is measured in two cerebral cortex and basal ganglia refering in parietal cerebral cortex. Mean focal cerebral blood flow capacity ratio in cortex was $0.97{\pm}0.35$ and in basal ganglia, $0.99{\pm}0.37$, mean contrast media stay time in cortex was $9.83{\pm}1.63$ sec and in basal gaiglia, $9.42{\pm}1.14$ sec, but there was no statistically significant difference between two areas ($\rho$=0.05). Conclusion : In cerebral cortex and basal ganglia, there is no difference in mean focal blood volume and mean contrast stay time. Therefore, PWI is useful in cerebral blood flow and early diagnosis, prognosis of cerebral ischemic disease. Hereafter, it is helpful in analysing cerebral blood flow changes with comparison difference in rCBV between normal tissue and ischemic tissue, and that with DWI finding in infarcted patient.

• Journal of Conservation Science
• /
• v.24
• /
• pp.23-36
• /
• 2008

The stone Buddhas and Shrine of Unjusa temple (Korea Treasure No. 797) in Hwasun formed in Koryo Dynasty are unique style which the Buddha faces each other the back parts of south and north within the stone Shrine. The stone Buddhas and Shrine are highly evaluated in historical, artistic and academic respects. But, the stone properties have been exposed in the open system various aspects of degradations weathered for a long time without specific protective facilities. The rock materials of the stone Buddhas and Shrine are about 47 blocks, and total press load is about 56.6 metric ton. The host rocks composed mainly of white grey hyaline lithic tuff and rhyolitic tuff breccia. In addition, biotite granite used as part during the restoration works. The chemical index of alteration for host tuffaceous rocks and the replacement granites range from 52.1 to 59.4 and 50.0 to 51.0, respectively. Weathering types for the stone Buddhas and Shrine were largely divided with physical, chemical and biological weathering to make a synthetic deterioration map according to aspects of damage, and estimate share as compared with surface area. Whole deterioration degrees are represented that physical weathering appeared exfoliation. Chemical weathering is black coloration and biological weathering of grey lichen, which show each lighly deterioration degrees. According to deterioration degree by direction of stone Buddhas and Shrine, physical weathering mostly appeared by 39.1% on the sorthern part, and chemical weathering is 61.2% high share on the western part. Biological weathering showed 38.3% the largest distribution on the southern part. Therefore, it is necessary to try hardening for the parts with serious cracks or exfoliations, remove secondary contaminants and organisms through regular cleaning. Also necessary to make a plan to remove moisture of the ground which causes weathering, and estimate that need established and scientific processing through clinical demonstration of conservation plan that chooses suitable treatment.

• Economic and Environmental Geology
• /
• v.43 no.2
• /
• pp.123-136
• /
• 2010

In order to remediate heavy metal contaminated Nong island, Maehyang-ri shooting range soils through the batch reactor scale washing were evaluated. The experiment texture soil of N3 in the Nong island at north side incline was (g)mS containing 12.9% gravel, 47.0% sand, 35.1% silt and 5.0% clay. And the N3 soil area was contaminated with Cd($22.5\pm1.9$ ppm), Cu($35.5\pm4.0$ ppm), Pb($1,279.0\pm5.1$ ppm) and Zn($403.4\pm9.8$ ppm). The EDTA(ethylene diamine tetra acetic acid, $C_{10}H_{16}N_2O_8$) in the N3 soil was observed as most effective extractants among the 5 extractants(citric acid, EDTA, phosphoric acid, potassium phosphate and oxalic acid) tested. And chemical partitioning of heavy metals after washing N3 soil with EDTA was evaluated. Removal efficiency of residual fractions was higher than that of non-residual fractions. To choose EDTA extractant which is the most effective in soil washing technology using batch reactor process cleaning Pb and Zn contaminated sits; Pb and Zn removal rates were investigated 92.4%, 94.0% removal(1,000 mM, soil:solution=5, $20^{\circ}C$, 24 hour shaking, pH=2, 200 RPM), respectively. The results of the batch test showed that the removal efficiency curve was logarithmic in soil was removal. Thus, EDTA washing process can be applied to remediate the Pb and Zn contaminated soil used in this study.

• Journal of Animal Science and Technology
• /
• v.45 no.3
• /
• pp.343-354
• /
• 2003

Simulation studies were carried out to investigate the responses of selection for three carcass traits (longissimus muscle area: EMA, fat thickness: BF, and marbling score: MS) based on either adjusted phenotypes (APH) or estimated breeding values (EBV) in multivariate animal model with different breeding schemes. Selection responses were estimated and compared on six different models with respect to breeding schemes using either carcass measurements or real time ultrasonic (RTU) scans generated by Monte Carlo computer simulation supporting closed breeding population. From the base population with 100 sires and 2000 dams, 20 sires and 1000 dams by each generation were selected by either APH or EBV for 10 generations. Relative economic weights were equal of three traits as EMA(1): BF(－1) : MS(1) for standardized either APH or EBV. For first two models which were similarly designed with current progeny-test program in Korean cattle, three carcass traits with records either only on male progenies (Model 1) or on male and female progenies (Model 2) were used for selecting breeding stocks. Subsequently, generation intervals on males were assumed as 6${\sim}$10 years in these two models. The other two models were designed with tools of selection by RTU rather than carcass measurements with genetic correlations of 0.81${\sim}$0.97 between RTU and corresponding carcass traits in addition to whether with records (Model 4) or without records (Model 3) on female. In these cases, generation intervals on males were assumed as 2${\sim}$4 years. The remaining last two models were designed as similar with Models 3 and 4 except genetic correlations of 0.63${\sim}$0.68 between RTU and corresponding carcass traits with records (Model 6) and without records (Model 5) on females. The results from 10 replicates on each model and selecting methods suggested that responses indirect selection for carcass traits in Model 4 were 1.66${\sim}$2.44 times efficient rather than those in Model 1. Otherwise, in Model 6 with assuming moderate genetic correlations, those efficiencies were 1.18${\sim}$2.08 times with comparing to responses in Model 1. However, selection response for marbling score was the smallest among three carcass traits because of small variation of measurements. From these results, this study suggested that indirect selection using RTU technology for improving high meat qualities in Korean cattle would be valuable with modifying measuring rules of marbling score forward to large variation or modifying relative economic weight for selection.