• Journal of Yeungnam Medical Science
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• v.14 no.1
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• pp.175-182
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• 1997

Forty-two preoperative CT scans with renal cell carcinoma were reviewed and compared with pathologic findings to evaluate the differential points between stage I and II. Regardless of whole body staging, perirenal fat infiltrations were seen in 9 cases and the other 33 cases showed no infiltration onto perirenal fat tissue. We retrospectively reviewed them by comparing tumor size and CT findings, following three view points, lobulating contour of tumor margin, thickening of Gerota's fascia and strands in perirenal fat tissue. The size of them was 2-15 cm, size of the stage I tumors was 2-15 cm and that of stage II was 6-15 cm. In stage I(n=33), 25 cases(76%) showed smooth margin, and the others(n=8) showed lobulating contours. Thickening of Gerota's fascia was observed in 7 cases(21%) and strands in perirenal fat tissue in 14(42%). Of these, only one positive finding was seen in 7 cases(21%), 2 findings in 6(18%), 3 findings in 3 (9%) and nothing in 17cases(51%). In stage II(n=9), 3 cases(34%) showed smooth margin, and the others(n=6) showed lobulating contours. Thickening of Gerota's fascia were observed in 5 cases(55%) and strands in perirenal fat tissue in 9(100%). Of these, one finding was seen in 2 cases(22%), 2 findings in 3(33%), 3 findings in 4 (44%). In conclusion, it is insufficient to evaluate the perirenal fat infiltration in renal cell carcinoma with only one positive finding of 3 view points; lobulation of tumor margin, thickening of Gerota's fascia, strands in perirenal fat tissue. But if all these findings are shown, it is helpful to determinate perirenal fat infiltration of renal cell carcinoma.

• Journal of Industrial Convergence
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• v.19 no.5
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• pp.21-34
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• 2021

The purpose of this study is to find out what the investment efficiency of BW is from an investor's point of view and to suggest an efficient investment plan to investors. The research method is to investigate the coupon interest rate, maturity interest rate, issuance date, right exercise start and end date, maturity date, exercise price, etc. for BW issued from 2014 to July 2021. By connecting them, it was attempted to quantitatively understand the efficiency of investment in BW and the effect of new stock acquisitions. As a result of the study, the ratio of the number of days in excess of the exercise price was 41.3% of the available days for new stocks, so it was analyzed that the investment efficiency of bonds with warrants was not high. The return on the exercise start date was 24.8% on average and the return on the end date was 52.6% on average, showing a positive return on average, so it was derived in line with investor expectations. The number of stocks with negative returns on the exercise start date was 1.47 times higher than the number of stocks with positive returns, and the number of stocks with negative returns on the end date was 1.16 times higher than the number of positive stocks.

• The Korean Journal of Financial Management
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• v.17 no.1
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• pp.111-136
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• 2000

본고는 기업 내부의 경영자와 일단 투자자들 사이에 정보 비대칭이 존재하는 기업 공개 시장에서 신주의 저평가 현상을 완화하는 제3자의 보증 역할에 관한 연구이다. 일찍이 Megginson and Weiss(1991), Hamao, Packer and Ritter(1998) 등의 연구에 의하면 미국, 일본 등의 경우 벤처 캐피탈의 지원을 받는 벤처 기업이 그렇지 않은 경우에 비해 신주 저평가 현상이 비교적 적게 나타나 벤처 캐피탈이 일정한 명성 효과를 발휘하는 것으로 보고되고 있다. 그러나 남명수(1993), 이기환, 임병균, 최해술(1998) 등의 실증 분석에 의하면 국내 벤처 기업의 경우에는 그렇지 않은 것으로 보고되고 있어 벤처 캐피탈의 보증 역할이 미미한 것으로 나타난 바 있으나 이들의 연구는 KSE 시장의 신규 벤처 기업들을 대상으로 하였기 때문에 최근 KOSDAQ 시장에서의 벤처 기업의 신규 등록이 활발해지면서 벤처 캐피탈의 보증 역할에 관한 연구는 재검토를 요구하고 있는 실정이다. 본 연구는 96년 7월 이후 KOSDAQ 시장에 등록되어 있는 기업 중 벤처 캐피탈의 지원을 받은 34개의 벤처 기업과 그렇지 않은 34개의 벤처 기업을 대응 추출하여 구성한 표본에 대해 신주의 등록 초기의 시장초과 수익률을 분석하여 신주 저평가 현상을 살펴보고 각 기업의 수익률과 공모 잔량에 대한 회귀분석을 통하여 벤처 캐피탈의 보증역할을 규명하였다. 본 연구 결과는 현재 KOSDAQ 시장에서 벤처 캐피탈의 보증 역할은 거의 나타나지 않았으며 상장 직전의 세후이익과 전체적인 시장 상황만이 수익률과 공모 잔량에 영향을 주는 것으로 나타났다. 이러한 연구 결과는 기존의 KSE 시장에서의 벤처 캐피탈의 보증 역할에 대한 연구 결과와 유사한 것으로 미국 등 선진 시장의 연구 결과와는 달리 국내 벤처 캐피탈의 KOSDAQ 시장에서의 미미한 역할을 입증하는 실증 결과라고 할 수 있다.

• Childhood Kidney Diseases
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• v.7 no.1
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• pp.44-51
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• 2003

Purpose : Acute pyelonephritis in children may result in permanant renal damage which later in life may lead to hypertension and renal failure. The purpose of this study was to evaluate the factors that might be useful for predicting the development of renal scar in children with urinary tract infection(UTI). Methods : We retrospectively reviewed 442 patients with UTI who were admitted to the Department of Pediatrics of Chonbuk National University Hospital, during the period from April 1992 to March 2002. The patients were divided into two groups according to the presence of renal scar on the follow-up DMSA renal scan, and we compared the factors associated with renal scarring between the two groups. Results : There were no significant differences in sex, causative organism and acute phase reactants between the groups with and without renal scar. The age at diagnosis was significantly higher in the renal scar group compared to that without scar. Of the 60 patients with renal scar, 78% had vesicoureteral reflux(VUR), but 13% of patients without scar had VUR. Furthermore, the severity of VUR was significantly correlated with renal scar formation. 53% showed multiple cortical defects on the initial DMSA renal scan, compared to 32% in the non-scar group. In addition, 76% of patients showing multiple cortical defects on the initial DMSA renal scan with VUR had renal scar. Conclusion : The presence and grade of VUR, and findings on the initial DMSA renal scan would contribute to predict risk of renal scar formation in children with UTI.

• Journal of Korean Medical classics
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• v.18 no.3 s.30
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• pp.17-26
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• 2005

음양오행설시한의학적기본원리(陰陽五行說是韓醫學的基本原理). 오행포괄목(五行包括木), 화(火), 토(土), 금(金), 수(水), 기상호간구유상생여상극적관계(其相互間具有相生與相克的關係), 인기유불급이보지(因其有不及而補之), 태과이억지적작용(太過而抑之的作用), 고상능유지평형(故常能維持平衡), 인체의차원리(人體依此原理), 역능불급이보지(亦能不及而補之), 태과이억지(太過而抑之). 재차문중주요연구(在此文中主要硏究), 화과성시유수래억제이조절평형적원리(火過盛時由水來抑制而調節平衡的原理). 오행중수배속어신(五行中水配屬於腎), 신주전신지수액(腎主全身之水液). 이신지수액(而腎之水液), 우분화위오종부동형태적오액(又分化爲五種不同形態的五液), 분별배속어오장(分別配屬於五臟). 인차(因此), 연구신수분화위부동형태지오액적과정화분별배속어오장적원리(硏究腎水分化爲不同形態之五液的過程和分別配屬於五臟的原理), 기능설명해제인체중과성적열이유지평형적도리(旣能說明解除人體中過盛的熱而維持平衡的道理).

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Air Cleaning Technology
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• v.15 no.3 s.58
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• pp.47-71
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• 2002

• Korean Architects
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• no.11 s.295
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• pp.126-130
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• 1993

• The Korean Publising Journal, Monthly
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• s.320
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• pp.14-14
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• 2002

• 정보화사회
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• s.150
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• pp.20-25
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• 2001