• Management & Information Systems Review
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• v.28 no.4
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• pp.155-174
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• 2009

The purpose of this paper is to analyze the stock market performances CAR of reorganized firms and study the disclosure effect of completion of reorganization to examine whether there exists significant economic merit for the institutionalized continuation of unprofitable firms. The main results of this paper can be summarized as follows. First, the average stock market performances for +12 months after the completion of reorganization compared to those for -6 months before the proposal of reorganization show consistently negative returns. Second, to see whether there exist significant differences between the stock market performances of reorganized firms and those of normal firms with similar characteristics, CAR's measured from -6 months before the proposal of reorganization to +12 months after the completion of reorganization are statistically tested, which results in significantly negative values starting +5 months after the completion of reorganization. Finally, to see the disclosure effect of the news of completion of reorganization, daily CAR's are measured and tested, which shows positive values only for -20 days and -19 days before the disclosure, and shows negative values for the whole periods up to +20 days after the disclosure. The results of the paper imply consistently that the reorganized firms have no better performances compared to the similar normal firms, and the performances do not improve even after the completion of reorganization, which casts serious doubts upon the current forms of the institutionalized continuation of unprofitable firms.

• Management & Information Systems Review
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• v.31 no.3
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• pp.161-184
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• 2012

This paper is intended to compare the stock market performances of the reorganized firms of South Korea with those of the United States and to analyze the relationship between the performances and the accounting informations of those firms. This paper derives two major implications. First, the stock performances of the reorganized firms of the two countries show very different time profiles. As time goes by after completion of reorganization, the reorganized firms of the US shows significant improvements in stock performances, whereas those of South Korea deteriorates, which means that the institution of reorganization of South Korea has serious problems in sustainablity. Second, in the long-run, any accounting variable cannot affect significantly the stock performances in both countries. Inspite that this paper is limited to the comparison of only two countries, still it can be concluded that the institution of reorganization of South Korea has serious problems in sustainability, and accounting improvements of the reorganized firms cannot provide full credibility in the stock market.

• Korean Journal of Cognitive Science
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• v.24 no.2
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• pp.173-201
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• 2013

This study aimed to investigate the differential effects of individual's cultural disposition (individualism-collectivism or horizontal-vertical thinking) and need for cognitive closure(NFC) on framing effects. For this purpose, the participants were divided into 4 different cultural disposition groups based on Singelis et al.'s[1] INDCOL scale, and 2 different NFC groups based on Lee's[2] NFC Scale, and then asked to respond on 5 decision making scenarios. The results can be summarized as followings. First, participants preferred risk-avoidant option in gain frame, whereas risk-seeking option in loss frame. Second, there are no difference of cultural disposition on framing effects, but high NFC group showed larger framing effects than low NFC group in loss frame. Third, collectivism and vertical thinking in high NFC condition showed larger framing effects than low NFC condition.

• The Journal of Natural Sciences
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• v.14 no.1
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• pp.25-37
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• 2004

T7 RNA polymerase also recognize intrinsic, hairpin-independent termination signal, a conserved 7-base pair sequence (ATCTGTT in the non-template stand) and U-rich sequence downstream of it. These intrinsic, hairpin-independent termination signal were commonly found in PTH and CJ termination sequences. There are two types of mutant T7 RNA polymerases recognizing sensitively(X3, X19, BG8) of insensitively (R173C) the intrinsic termination signals. We determined the T7 transcription activities of these mutants. Compared to wild-type, mutants X4, 19 and BG8 show highly reduced transcription activities (8%, 33%, 34%). On the other hand mutant R173C shows comparable transcription activity of wild-type (112%). Also transcription termination efficiencies at the PTH or CJ termination signals were determined by using mutant RNA polymerases. Temination of mutnats X4, X19 and BG8 are increased compared to wild-type. On the other hadn mutant R173C proceeds through PTH and CJ termination signals.

• Korean Journal of Construction Engineering and Management
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• v.21 no.2
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• pp.70-78
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• 2020

Construction program management requires more systematic management than traditional management methods due to the complexity of the project and various stakeholders. In particular, the systematization of closure phase of the process is in urgent need as there is a difference between the owner's expectations and the contractor's deliverables, resulting in delayed handovers, conflicts, frictions, and increased legal disputes. This study identified the process and activities of closure phase through domestic and international literature and case studies for the successful closure of the construction program. Further, the proposed processes and activities were verified through expert verification for appropriateness and the possibility of application to the site. By utilizing the processes and activities proposed in this study, the project aims to overcome the limits of closure phase and improve the satisfaction of the owner, as well as to enhance the global competitiveness of domestic construction companies.

• Membrane Journal
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• v.24 no.5
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• pp.375-385
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• 2014

NaA zeolite/${\alpha}$-alumina composite membranes were hydrothermally synthesized at $100^{\circ}C$ for 24 hr by using nanosize seed of 100 nm in diameter and an ${\alpha}$-alumina support of $0.1{\mu}m$ in pore diameter, and then effect of seed coating layer on the microstructure of NaA zeolite separation layer was systematically investigated. In cases when nanosize seed was coated with a monolayer, increment in seed coverage induced small grained and thick NaA zeolite separation layer. On the other hand, in case when nanosize seed was coated with a multilayer, much small grained and thick separation layer was formed. It was clear that an uniform monolayer seed coating is required to grow hydrothermally a thin and defect-free NaA zeolite separation layer. In the present study, it was clearly announced that seed coating layer is a key factor to determine the microstructure of NaA zeolite layer, secondary grown on a porous support.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.141-176
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• 2008

This study provides an analysis of ex post efficient outcome, which can be said an objective of distressed restructurings, using the stock return of listed companies. The findings of this study are as follows: First, upon completing the distressed restructurings, reorganization and workout cases showed positive announcement effects, which was statistically significant. Also, composition cases displayed a positive value, but it was not statistically significant. Second, with respect to post-restructuring long-run stock performance, reorganization and composition showed underperformance after completion. However, workout cases showed overperformance after the completion. Third, multiple regression analysis to find factors affecting post-restructuring long-run stock performance suggests that higher asset decrease(ASSETCH), shareholder concentration (OWNCEN), largest shareholders' stake(OWN) have more positive impacts on long-run performance. However, change of the largest shareholder(OWNERCH) has negative impacts on long-run performance. Finally, change of the largest shareholder is a negative factor in the performance of the distressed restructurings. Therefore, this study implies that if M&A is used as a way of early completing the distressed restructurings, prudent judgment is required on whether a firm can recover its competitiveness and is likely to be economically viable again.

• Korean Journal of Construction Engineering and Management
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• v.21 no.4
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• pp.62-71
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• 2020

Various studies on program management have been attempted due to recent changes in the environment of the construction market, and the importance of closure phase in each phase of the construction program is increasing. However, the reality is that the related research is insufficient and the field has been managed in a rule of thumb according to individual capabilities. Therefore, in order to successfully close the construction program and enhance satisfaction of stakeholders in the closure phase of the construction program, the key stakeholders were identified using the Power and Interest Matrix. The relative importance of the closure phase process was analyzed using AHP analysis method. It was also verified through on-site surveys and interviews about the proposed importance of the closure stakeholder and the relative importance of the process. It is expected that this study will increase the satisfaction of stakeholders and contribute to a successful closure if the user puts a lot of resources into the process that has a high priority in the closure phase of the construction program proposed in this study.

• Trans-
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• v.13
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• pp.91-116
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• 2022

Web series, as one of the products in the network era, are different from traditional TV dramas, With the contents preferred by youngsters, wed series, as a form of fast food culture, are increasingly gaining popularity, such as being uploaded on online video platforms like Naver TV and Youtube. This study aims to examine the characteristics of narrative closure and continuing serial form of Youth Web Series through the youth web series production company "playlist original" in Korea and analyze the narrative structure caused by narrative closure and continuing serial form and nonlinear narratives.

• Membrane Journal
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• v.29 no.5
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• pp.263-275
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• 2019

In the present study, thickness of MOR zeolite membranes was controlled by changing seed size, seeding amount, and aging time of hydrothermal solution, and then effect of membrane thickness on pervaporative ethanol dehydration for 90 wt.% ethanol-water mixture was investigated. First, nanosize MOR zeolite seeds with a diameter of 20 to 30 nm was successfully prepared by planetary milling a laboratory synthesized MOR zeolites and the coating amount was controlled by seed concentration and infiltration volume of coating solution during vacuum-assisted seeding. As seeding amount decreased, membrane thickness was reduced up to around $4{\mu}m$. The MOR zeolite membrane having a thickness of $4{\mu}m$ showed a water/ethanol separation factor of 760 and water flux of $1.0kg/m^2h$. The excellent water flux was due to the reduced membrane thickness which was derived from the nanosize seed. Therefore, it could be concluded that membrane thickness control by using nanosize seed can be a crucial factor to improve pervaporative water flux of MOR zeolite membrane.