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Effect of Venture Capitalists on the ChiNext IPO First-Day Return in China (중국 차이넥스트 시장의 벤처캐피탈이 IPO 첫날 수익률에 미치는 영향)

  • Kang, Kai;Ahialey, Joseph Kwaku;Kang, Ho-Jung
    • Management & Information Systems Review
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    • v.36 no.4
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    • pp.117-127
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    • 2017
  • In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

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A Study on Causes of Stress Experienced by Part Students of Dental Hygiene Department During Clinical Training (일부 치위생과 학생들의 임상실습 시 경험하는 스트레스 요인에 관한 조사)

  • Lee, Jung-Hwa;Jeon, Eun-Sook
    • Journal of dental hygiene science
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    • v.9 no.1
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    • pp.137-143
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    • 2009
  • The purpose of this study was to survey the cause factor and degree of stress experienced by second and third grade students of dental hygiene department in Gyeong-nam province and Ulsan Metropolitan city who were finished two weeks public health center training and four weeks dental hospital and local dental clinical training. It was to provide basic data and improve the problem of clinical training program. 1. In respect of their motives of choosing the hygiene department, 64.8% in second grade and 62.2% in third grade of those respondents cite guarantee of getting a job as main reason. In respect of the satisfaction for major field, 29.6% of second grade and 73.3% of third grade respondents were satisfied. 2. In the satisfaction for clinical training in public health center, 46.3% of second grade and 46.7% of third grade respondents were satisfied. In the satisfaction for clinical training in local dental clinic and hospital, 50.9% of second grade and 66.7% of third grade respondents were satisfied. 3. In the respect of major factor to feel stress in clinical training in public health center, the relation of school practice program and clinical training in public health center, 50.5% of respondents was felt stress because of the difference between school practice program and field condition was exist. 4. In the respect of major factor to feel stress in local dental clinic and hospital training, the relation of school practice program and clinical practice in public health center, 54.5% of respondents were felt stress. 62.1% of respondents were felt stress because of the difference between knowledge and practice. 58.1% of respondents were felt stress because of the difference between school practice program and field condition was exist. 50.5% of respondents were felt stress because of the lack of knowledge in related fields. As the above results, it is necessary to develop clinical practice program that is to increase satisfaction and provide motivation in oder to reduce the stress during clinical training.

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Time-lapse crosswell seismic tomography for monitoring injected $CO_2$ in an onshore aquifer, Nagaoka, Japan (일본 Nagaoka의 육상 대수층에 주입된 $CO_2$의 관찰을 위한 시간차 시추공간 탄성파 토모그래피)

  • Saito, Hideki;Nobuoka, Dai;Azuma, Hiroyuki;Xue, Ziqiu;Tanase, Daiji
    • Geophysics and Geophysical Exploration
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    • v.9 no.1
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    • pp.30-36
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    • 2006
  • Japan's first pilot-scale $CO_2$ sequestration experiment has been conducted in Nagaoka, where 10400 t of $CO_2$ have been injected in an onshore aquifer at a depth of about 1100 m. Among various measurements conducted at the site for monitoring the injected $CO_2$, we conducted time-lapse crosswell seismic tomography between two observation wells to determine the distribution of $CO_2$ in the aquifer by the change of P-wave velocities. This paper reports the results of the crosswell seismic tomography conducted at the site. The crosswell seismic tomography measurements were carried out three times; once before the injection as a baseline survey, and twice during the injection as monitoring surveys. The velocity tomograms resulting from the monitoring surveys were compared to the baseline survey tomogram, and velocity difference tomograms were generated. The velocity difference tomograms showed that velocity had decreased in a part of the aquifer around the injection well, where the injected $CO_2$ was supposed to be distributed. We also found that the area in which velocity had decreased was expanding in the formation up-dip direction, as increasing amounts of $CO_2$ were injected. The maximum velocity reductions observed were 3.0% after 3200 t of $CO_2$ had been injected, and 3.5% after injection of 6200 t of $CO_2$. Although seismic tomography could map the area of velocity decrease due to $CO_2$ injection, we observed some contradictions with the results of time-lapse sonic logging, and with the geological condition of the cap rock. To investigate these contradictions, we conducted numerical experiments simulating the test site. As a result, we found that part of the velocity distribution displayed in the tomograms was affected by artefacts or ghosts caused by the source-receiver geometry for the crosswell tomography in this particular site. The maximum velocity decrease obtained by tomography (3.5%) was much smaller than that observed by sonic logging (more than 20%). The numerical experiment results showed that only 5.5% velocity reduction might be observed, although the model was given a 20% velocity reduction zone. Judging from this result, the actual velocity reduction can be more than 3.5%, the value we obtained from the field data reconstruction. Further studies are needed to obtain more accurate velocity values that are comparable to those obtained by sonic logging.

Micro-Structure and Magnetic Properties of Electroless Co-W-P Alloy Deposits Formed (무전해 Co-W-P 합금 도금 층의 미세구조와 자기적 특성)

  • Yun, Seong-Ryeol;Han, Seung-Hui;Kim, Chang-Uk
    • Korean Journal of Materials Research
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    • v.10 no.1
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    • pp.97-106
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    • 2000
  • In these respects the purpose of this research is manufacturing Co-W-P alloy thin film on the corning glass 2948 by electroless plating method using $NaH_2PO_2H_2O$ (sodium hypophosphite) as a reductant, and analyzing deposition rate, alloy composition, microstructure, and magnetic characteristics at various pH's and temperatures. For Co-P alloy thin film, the reductive deposition reaction occurred only in basic condition, not in acidic condition. The deposition rate increased as the pH and temperature increased, and the optimum condition was found at the pH of 10 and the temperature of 8$0^{\circ}C$. Also magnetic characteristics was found to be most excellent at the pH of 9 and the temperature of 7$0^{\circ}C$, resulting in the coercive force of 870Oe and the squareness of 0.78. At this condition, the contents of P was 2.54% and the thickness of the film was 0.216$\mu\textrm{m}$. For crystal orientation, we could not observe fcc for $\beta$-Co. On the other hand, (1010), (0002), (1011) orientation of hcp for $\alpha$-Co was observed. We could confirm the formation of longitudinal magnetization from dominant (1010) and (1011) orientation of Co-P alloy. For Co-W-P alloy thin film, coercive force was 500Oe and squareness was 0.6. For crystal orientation, (0002) orientation of $\alpha$-Co was dominatly found. Then we could confirm the formation of perpendicular magnetization. The content of P was constant at 0.8$\pm$0.2% and the content of W increased as the concentration of Na$_2$WO$_4$increased. When the concentration of Na$_2$WO$_4$was 0.1mol/L, the composition of W was 20%. We observed the changes of magnetic characteristics and microstructure of thin film depositions of Co-W-P by the heat treatment. For heat treatment, the temperature was increased step by step to 10$0^{\circ}C$, 20$0^{\circ}C$, 30$0^{\circ}C$, and 40$0^{\circ}C$ and it took 1 hour at each step in the reductive condition of hydrogen gas. By the heat treatment, flatness of surface was improved, but there were no changes on the magnetic characteristics and the microstructures.

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Surgical Treatment of Pulmonary Atresia with Intact Ventricular Septum -Effect of the size of tricuspid valve annulus on the surgical outcome- (영아기에 발견된 심실중격이 온전한 폐동맥 폐쇄증의 외과적 수술요법 술전 삼첨판륜 크기 가 수술 결과에 미치는 영향)

  • 이정렬;윤태진
    • Journal of Chest Surgery
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    • v.29 no.10
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    • pp.1081-1089
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    • 1996
  • Pulmonary atresia with intact ventricular septum has continued to have a high surgical mortality and morbidity. This mAy attribute to the non-uniformity of the anomaly. We reviewed a total of 34 infants with pulmonary atresla and intact ventricular septum managed in this hospital between 1987 and 1995. Mean age and body weight were 57.2 (range, 3-208) days and 4.1 (range, B.3∼6.8) kg. The preoperative Z-value of the diameter of the tricuspid valve was less than -2 in 85.2% of patients and less than -4 in 33. 3% . It is well correlated w th right ventricular cavity size (n=27. r10.68, p< 0.05). Coronary artery-right ventricular fistulas were identified in 3 patients, and right ventricular dependency was suspected in 1 Over All hospital mortality was 23.5%(8/34), although it decreased to 16.6%(4124) in 1990s. Subsequent procedures were performed in 6 patients between 3 days and 58 months after Initial palliation : one bidirectional cavopulmonary shunt and 1 Fontan operation after systemic-pulmonary shunt, 3 transannular patch + atrial septal defect closure and 1 additional systemic-pulmonary shunt after polmonary valvectomy or valvotomy. Changes of Z-values of the diameter of tricuspid valve have been followed up in 11 patients between 1 and 66 months postoperatively. Z-values were increased In 5 out of 8 transannular right ventriculAr outflow tract enlargement group and in 1 out of 3 pulmonary valvectomy or valvotomy group. Our data suggest that tailoring a treatment to right ventricular cavity size and coronary anom lies may improve the surgical outcome. A Z-value of the tricuspid valve diameter could be used.

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Relation of Expression Levels of Melanin Synthesis Genes according to the MC1R Genotypes with the Coat Color Patterns in Hanwoo, Jeju Black Cattle and Holstein (한우와 제주흑우, 홀스타인에서 MC1R 유전자형에 따른 melanin 생합성 유전자들의 발현수준과 모색 출현양상의 관계)

  • Lee, Sung-Soo;Yang, Young-Hoon;Cho, In-Cheol;Kim, Nam-Young;Ko, Moon-Suck;Jung, Ha-Yeon;Han, Sang-Hyun
    • Journal of Life Science
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    • v.19 no.3
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    • pp.384-389
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    • 2009
  • This study was carried out to elucidate the relation between expression levels of three melanin synthesis genes (Tyrosinase, Tyrosinase-related protein 1 and Dopachrome tautomerase) according to the Melanocortin-1 receptor genotypes with coat color patterns in Hanwoo cattle, Jeju black cattle and Holsteins. Using real-time semiquantitative reverse transcription-PCR assay (RT-PCR), the expression levels of these three genes were analyzed in skin tissues from four representative coat colored areas: yellowish-brown from MC1R e/e Hanwoo, wild type black from $E^+/E^+$ Jeju black cattle (JBC), and dominant black and white pied regions from $E^D/E^D$ Holstein. The TYR, TYRP1 and DCT genes showed higher expression levels of 4.5, 2.3 and 2.5 times higher in the black skin area of Holsteins than those of from JBC, respectively (p<0.001). In addition, the expression levels of these three genes from JBC were significantly higher than those from Hanwoo cattle (p<0.001). These results show that coat color phenotypes in Hanwoo cattle, JBC and Holsteins is directly correlated with TRY, TYRP1 and DCT transcription levels, which probably reflected involvement with MC1R genotypes; e/e in Hanwoo, $E^+/E^+$ in JBC and $E^D/E^D$ in Holsteins. Consequently, this study suggested that the status of MC1R protein may not only induce the transcription activities of a series of TYR and its related genes responsible for melanin synthesis, but also determine the levels of total melanin contents in bovine skin.

THE FISSURE PENETRATION AND MICROLEAKAGE OF PIT AND FISSURE SEALANT WITH MECHANICAL PREPARATION (기계적 삭제방법을 이용한 치면열구전색제의 열구 침투도 및 미세누출)

  • Kim, Ji-Yeon;Lee, Jae-Ho;Park, Ki-Tae;Kim, Seong-Oh;Choi, Byung-Jai;Son, Heung-Kyu
    • Journal of the korean academy of Pediatric Dentistry
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    • v.32 no.1
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    • pp.164-173
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    • 2005
  • Mechanical preparation has been introduced to provide the sealant retention. The objective of this study was to compare the fissure penetration and the microleakage of pit and fissure sealant using mechanical preparation(mechanical preparation + acid etching) and acid etching only. An additional objective of this study was to compare the fissure penetration and the microleakage of unfilled and filled sealant in both methods. Sixty human premolars extracted for orthodontic purpose were selected. Thirty teeth were acid etched alone and remaining thirty teeth were prepared with a $\frac{1}{4}$ round bur and then acid etched. One-half of teeth in each surface treatment method were sealed with unfilled sealant and the other half were sealed with filled sealant. All of the teeth were thermocycled for 1200 cycles at $5^{\circ}C\;and\;55^{\circ}C$ and immersed in 5% methylene blue for 24 hours. Each tooth was sectioned bucco-lingually at mesial pit and distal pit and examined under a Measurescope. In the case of mechanical preparation, fissure penetration of sealant was significantly increased compared with the case of acid etching only(P < 0.05). The filled and unfilled sealant using mechanical preparation showed significantly decreased microleakage when compared with the unfilled sealant using acid etching only(P < 0.05). No differences were found in fissure penetration and microleakage between unfilled and filled sealant in both methods. Taken together, the results of this study suggest that mechanical preparation and filled sealant are recommended when placing pit and fissure sealant. However, further clinical studies should be performed in regard to microleakage.

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Age Variation in Extractive Nitrogenous Constituents of the Cultured Ascidian, Halocynthia roretzi Muscle (양식산 우렁쉥이, Halocynthia roretzi 함질소 엑스성분의 연령차)

  • PARK Choon-Kyu
    • Journal of Aquaculture
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    • v.5 no.1
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    • pp.69-79
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    • 1992
  • The muscle extracts of the ascidian, Halocynthia roretzi cultured for two and three years old on the southern coast near Chungmu and the eastern coast near Pohang of Korea, were analyzed for extractive nitrogen (EN), free amino acids (FAA), combined amino acids (CAA), nucleotides and related compounds (NRC), quaternary ammonium bases and guanidino compounds using specimens collected in February 1989 and in April 1989, and compared for those contents with each other. As for the amount of EN, no remarkable difference was found between two- and three-year-old samples collected at St. 1 in the spring and winter seasons, while at St. 2 in the spring season the two-year-old sample was distinctly lower than the three-year-old one. Taurine, proline, glutamic acid, glycine and alanine were the major FAA in every sample. The amount of taurine, the most prominent FAA, was higher in three-year-old sample than in two-year-old one regardless of sampling station and season. Most of the other major FAA showed a similar tendency to EN at both sampling stations in both seasons. Adenosine 5'-triphosphate (ATP), adenosine 5'-diphosphate (ADP), adenosine 5'-monophosphate (AMP), inosine 5'-monophosphate (IMP), inosine (Ino) and hypoxanthine (Hyp) were detected in all the samples and ATP, ADP and AMP were the major ingredients. The amounts of total NRC were in parallel with those of EN and total FAA. As for the contents of betaines, two- and three-year-old samples collected in the winter season exhibited a great discrepancy each other, the former being clearly lower than the latter, but no remarkable difference was observed between two samples of two groups in the spring season. In proximate composition of the muscles, the two-year-old sample was considerably higher in moisture content and lower in protein and glycogen contents than the three-year-old one at St. 2 in the spring season. The large discrepancies observed between two- and three-year-old samples from St. 2 seems to be attributable to the difference in size of samples rather than to the difference in age.

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Jejunal Pouch Interposition (JPI) after Distal Gastrectomy in Patients with Gastric Cancer (위암 환자에서 원위부 위절제 후 공장낭 간치술)

  • Jeon, Hae-Myung;Kim, Wook;Hur, Hoon;Lee, Joon-Hyun;Won, Jong-Man
    • Journal of Gastric Cancer
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    • v.4 no.4
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    • pp.242-251
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    • 2004
  • Purpose: Recently, because of the increasing numbers of early gastric cancer patients and improvements in their survivals, greater attention has been directed towards the quality of life and nutritional status of gastric cancer patients after surgery. However, conventional reconstructions, Billroth- I, -II (B-I and B-II) or Roux-en-Y, have proven to have certain limitations, such as a small reservoir, and a malabsorption for iron, fat, calcium, and carotene. To overcome these limitations, we used a jejunal pouch interposition(JPI) after a distal gastrectomy not only to substitute for the small reservoir but also to maintain a physiologic pathway for ingested foods. Materials and Methods: A total of 196 gastric cancer patients who underwent a distal gastrectomy between March 2001 and February 2004 were divided into 3 groups: JPI group (n=100), B-I group (n=29), and B-II group (n=67). We assessed the patient's nutritional status, gastric emptying time, and gastrofiberscopic findings. Results: The percents of body weight loss at 6 months, 1 year, and 2 years postoperatively in the JPI group ($5.14\%,\;3.01\%,\;2.37\%$) were significantly less than those of the conventional B-I ($8.41\%,\;6.69\%,\;5.90\%$) and B-II groups ($7.50\%,\;7.65\%,\;5.86\%$) (P=0.011, 0.000, 0.013). The laboratory findings showed no significant differences between the 3 groups, except for a higher total protein level in the JPI group after 6 months postoperatively. Especially, stage I and II cancers in the JPI group showed much higher total protein levels after 1 year postoperatively. The gastric emptying times in the $\^{99m}$Tc- semisolid scans at 6 months, 1 year, and 2 years postoperatively were 102.5, 83.1, and 58.1 minutes in the JPI group, 95.5, 92.0, and 58.5 minutes in the B-I group, and 53.9, 69.1, and 50.2 minutes in the B-II group, respectively. Also, the symptomatic gastric stasis detected with a gastrofiberscope during the early postoperative period (6 months) was gradually improved. Conclusion: From a nutritional aspect, a jejunal pouch interposition after a distal gastrectomy could be an alternative reconstruction method, especially in stage I and II gastric cancer patients, in spite of the longer operation time and the probable delayed gastric emptying.

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A Comparison of Segmental Gastrectomy and Distal Gastrectomy with Billroth I Reconstruction for Early Gastric Cancer That's Developed on the Gastric Body (위체부에 발생한 조기위암에서 위구획절제술과 Billroth I 재건술식의 비교)

  • Song, Min-Sang;Lee, Sang-Il;Sul, Ji-Young;Noh, Seung-Moo
    • Journal of Gastric Cancer
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    • v.9 no.4
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    • pp.207-214
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    • 2009
  • Purpose: Subtotal distal gastrectomy has been accepted as the standard treatment for early gastric cancer that's developed on the gastric body. EMR and ESD have been introduced to minimize the incidence of postgastrectomy syndrome, but these procedures can not detect lymph node metastasis and they have a risk for gastric perforation. Segmental gastrectomy has recently been applied for treating early gastric cancer, but its usefulness has not been clarified. The aim of this study was to compare segmental gastrectomy and distal gastrectomy with Billroth I reconstruction for treating early gastric cancer that's developed on the gastric body. Materials and Methods: We performed a retrospective review of all the patients who were diagnosed as having early gastric cancer that developed on the gastric body at Chungnam National University Hospital from January 2004 through July 2007. During this period, 41 patients received segmental gastrectomy and 40 patients underwent subtotal distal gastrectomy. All the patients were studied via a biannual review of the body systems, a physical examination, endoscopy, computed tomography and the laboratory findings. Results: There were no significantly differences of the clinicopathologic characteristics between the two groups. The changes of the nutritional status (Hb, TP, Alb and TC) and the body weight change were not significantly different between the 2 groups. There were significantly more residual food in the SG group than that in the SDG group (RGB classification, Residual>Grade 2), but there were no differences for epigastric discomfort (P>0.05). Esophagitis developed at a similar rate for both two groups (LA classification, >Grade A), and bile reflux was found in only one patient of each group. Conclusion: We expected the reduction of esophagitis and gastritis and the improvement of nutritional status according to the type of procedure. Yet the results of our study showed no significant differences between the two study groups. More patients and a longer follow up time are needed for determining the advantage sand disadvantages of segmental gastrectomy.

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