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노인주간보호시설에 대한 잠재이용자의 이용욕구 및 발전방향 (A potential user' Need of Utilization and Development Direction of Day Care Center)

  • 정지나
    • 디지털융복합연구
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    • 제18권4호
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    • pp.479-487
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    • 2020
  • 본 연구의 목적은 노인주간보호시설에 대한 잠재이용자들이 지각하는 이용욕구와 운영 현황을 파악하여 문제점과 발전방향을 제안하는 것이다. 자료수집은 J도에 거주하는 일반인 320명을 대상으로 기관 인식과 이용욕구를 설문지로 조사하였으며, 6개 시설의 기관장 및 종사자에 대한 심층인터뷰, 기관의 운영 현황을 파악하고자 하였다. 분석결과 잠재이용자들은 주간보호시설의 기능 및 구체적인 역할에 대해 많이 인지하고 있지 않았으며, 시설비용 부담은 국가에서 부담하며, 시설을 이용 시 중요한 요인은 시설 및 환경인 것으로 나타났다. 심층인터뷰에서는 지금의 정책이나 제도는 현실과 괴리가 커 종사자들의 지위나 역할 그리고 기관의 운영 상태와 맞지 않는 것으로 나타나, 현장형 시스템의 재정립이 요구되고 있다. 연구결과를 바탕으로 주간보호시설의 발전방향은 국가차원에서 시민들에게 주간보호시설의 인식 개선 및 제고를 위한 적극적인 홍보와 가족지원강화가 필요하다. 둘째, 이용자의 욕구를 반영한 시설과 환경의 개선을 통한 요양서비스의 질을 높여야 한다. 셋째, 종사자의 열악한 고용 여건과 처우를 현실에 맞게 개선해 요양서비스의 질을 높여 나가야 한다.

재가노인을 위한 지역사회 중심의 집중건강관리프로그램의 개발과 적용 (Development of community-based intensive health care program for the community dwelling elderly)

  • 송미숙;송현종
    • 한국노년학
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    • 제29권1호
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    • pp.37-50
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    • 2009
  • 본 연구는 노인의 질병과 기능상태가 악화되는 것을 예방하기 위해 재가노인을 대상으로 이들의 건강문제를 집중적으로 관리하는 프로그램을 개발하는 것을 목적으로 하였다. 경기도 G시에 거주하는 재가노인을 대상으로 4주간 프로그램을 실시하였으며 실시 전후에 대상자의 건강상태를 비교하였고 프로그램에 대한 주관적인 만족도를 조사하였다. 집중 건강관리 프로그램은 만성질환 관리를 위한 진료와 간호 및 상담, 근력강화와 균형 감각증진 및 관절가동범위 증진을 위한 운동, 통증관리를 위한 물리치료, 미세운동과 인지기능을 강화하기 위한 작업치료, 영양관리, 사회성 증진을 위한 치료레크레이션, 그리고 주 1회 의사의 검진으로 구성하였다. 신경정신과전문의, 재활의학과전문의, 가정의학과전문의에 의해 각각의 세부 중재 내용에 대한 검토를 받아 프로그램의 내용타당도를 확보하였다. 최종 연구대상자는 69명이었으며 대상자의 기능 및 건강수준을 영역별로 판단하기 위하여 동경도 노인종합연구소에서 개발하여 검증된 Otasha-Kensin도구를 한국보건사회연구원에서 한국어로 번역한 도구를 사용하였다. 본 연구팀이 개발한 집중 건강관리 프로그램은 노년증후군의 진행을 억제하는데 부분적으로 효과가 있었다. 특히 허약, 낙상, 영양부족 영역에서는 프로그램 중재 전에 위험군이었던 대상자가 프로그램 중재 후에 정상군으로 이동하였으나 요실금, 경증 인지기능장애 영역은 통계학적으로 유의한 차이를 보이지 않아 중재효과가 상대적으로 적었다.

조기퇴원 수술환자의 병원중심 가정간호 효과 및 비용분석에 관한 연구 (A Study on Effectiveness of the Hospital-based Home Nursing Care of the Early Discharged Surgical Patients and its Cost Analysis)

  • 박경숙;정연강
    • 대한간호학회지
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    • 제24권4호
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    • pp.545-556
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    • 1994
  • Medical insurance and health care delivery system enabled Korean people to get the necessary medical service, but it caused increased needs for medical service, and resulted in the occurence of some problems such as a lack of manpower and medical facilities. In order to solve these problems, many countries, which already had medical insurance system had developed home care system and it has been regarded effective both in reducing costs and in increasing the rates of turnover of bed. Recently, Korea has included home nursing care in its health care delivery system, and some models of the hospital based home nursing care had been tried and its effects had been evaluated. So, author tried to run a home nursing care for the Cesarean section mothers and evaluate Its effects both in the mother's health and costs. This study was designed as a Quasi-experimental study. Subjects were thirty mothers who got Cesarean section operation in hospital in Seoul. Experimental group consisted of 15 volunteers, and control group were selected by means of matching technique. Data were gathered from February 1st to March 26th by two assistants who were trained by author. Experimental group were discharged on the 4th day after their operation, and got nursing care and assessment about their home three times on the 5th, 6th, and 7th day. Control group stayed in the hospital until 7th day as usual and were checked on the same day as above mentioned To evaluate the state of physiological recovery, vital signs, H.O.F, presence of edema in the legs, bathing, appetite, sleep, presence of pain or discomfort in the breasts, amount of lochia, color of lochia, defecation urination. To compare incidence of complication in experimental group with that in control group, specific assessment was done such variables as smell of lochia, presence of inflammation of operation wound, dizziness, and presence of immobilization in the extremities. The activities of daily living were checked Satisfaction of nursing were checked To calculate costs, author asked subjects to specify expenditure including hospital charge, traffic enpenses, and food expenses. The results were as fellows. 1. On effectiveness of home nursing careThere were n significant differences between experimental and control group in incidence of abnormal symptoms and any complication. The number of taking a bath [POD #5 P=0.001, #6 P=0.0003, #7 P=0.001] and the degree of appetite [POD #5 P=0.03, #6 P=0.02, #7 P=0.013] were significantly higher in experimental group than in control group. Contrary to author's expectation, the degree of the activities of daily living in experimental group was not higher than that of control group. All of the experimental group said they were satisfied with the home nursing care. 2. Cost analysis 1) Hospital charge of experimental group was lower than that of control group. [P=0.009] By taking home nursing care, average period of hospitalization was shortened to 3.1 days, and family members could save 22.8 hours. Total amount of money saved by early discharge was 3,443,093 Won. It is estimated that total amount of money saved by early discharge in a year will be 40,398,956 Won. 2) Home nursing care charge of 15 mothers was 1,781,633 Won. It is estimated that total amount of money Saved by it in a year Will be 20,904,493 Won. It was lower altogether than hospital charge of the three days which is 5th, 6th, 7th day of operation. The average cost of single home visit was calculated 10,940 Won. It took 87 minutes per round and it costed 1,017.3 Won. The average hour of home care was 39.0 minutes. 3) It is expected that early discharge can bring forth the increase of hospital income. On the condition that the rate of running bed is 100%, the expected increase of hospital income will be 202,374, 026 Won in a year. Suggestions for further study and nursing practice are as follows : 1. For the welfare of patients and the increased rates of running bed, home nursing care system should be included in the hospital nursing care system. 2. Studies to test effect of home nursing care on the patients with other diseases are needed. 3. Establishment of law on the practice of home nursing care is strongly recommended.

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자율주행자동차 사고시 형사책임에 따른 '자율주행자동차의 운행과 책임에 관한 법률안' 시도 (New attempt on the Autonomous Vehicles Act based on criminal responsibility)

  • 이승준
    • 법제연구
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    • 제53호
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    • pp.593-631
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    • 2017
  • 자율주행자동차의 상용화를 둘러싸고 각국은 이제 기술적 경쟁은 물론 입법 경쟁에도 뛰어 들었다. 그런데 이처럼 자국의 자율주행차 산업의 기술적 우위를 확보하려는 법적 제도화의 와중에 독일의 자율 및 커넥티드주행에 관한 윤리위원회는 최근 20여개의 지침을 제시하였다. 이 지침은 복잡한 윤리적인 딜레마와 법적 책임의 분배, 자율주행기술에 대한 지침의 투명성 요구 등 반드시 해결하고 넘어가야 할 과제들을 언급하고 있어, 향후 자율주행자동차 관련 입법의 이정표 역할을 할 것으로 판단된다. 이에 필자는 형사책임을 기초로 독일 윤리위원회의 지침에서 제시된주요내용을 포섭하는 새로운 법률안을 성안해 보았다. 그리고 그 구조는크게 총칙, 자율주행자동차의 종류와 안전기준에 관한 장, 등록 및 점검, 정비, 검사 등에 관한 장, 운행 면허에 관한 장, 제조사와 운전자의 의무에 관한 장, 보험과 사고시 책임에 관한 장, 도로와 시설, 교통체계에 관한 장, 보칙, 벌칙에 관한 장 등으로 구분할 수 있다. 우리나라에서 자율주행자동차의 상용화는 먼 미래의 일로, 자율주행자동차에 대비할 법제의 마련도 요원한 것처럼 치부할 수 있지만, 우리의 현실을 보면 오히려 선도적 입법이 필요할 수도 있다. 이에 본 논문은 자율주행자동차 사고시 확정될 형사책임을 기본으로 필요한 사항들을 규율하는 개별 법률안을 마련하였다. 여기서 자율주행자동차의 교통안전을 위해 명확한 법률의 해석과 적용이 이뤄질 수 있도록 자율주행자동차와 주행모드 등의 정의를 내렸으며, 자율주행자동차의 안전기준을 제시하였다. 아울러 운전자와 제조사의 의무를 규정하고 그에 따른 보험가입의무와손해배상 책임을 규정하였다. 나아가 이를 바탕으로 운전자와 제조사 등의 형사책임의 배분을 명시하고, 제조사에 대하여 매출액을 기준으로 한벌금형의 규정과 면책의 가능성을 검토하였다. 또한 동법의 실효성 확보와 규제의 사각지대를 막기 위해 해킹행위 등의 처벌을 위한 벌칙규정을 살펴보았다. 이러한 논의를 바탕으로 '자율주행차의 운행과 책임에 관한 법률안'을 제시하였는데, 이는 향후 자율주행자동차의 운행과 관련이 있는 여러 학문분야와 관련 산업계의 중론을 모으고 이를 바탕으로 새로운 논의가 진행될 수 있는 기초를 제공함에 목표를 두었다. 시기적으로 요원한 감이 있을 수도 있다. 그러나 건전한 자율주행자동차산업 생태계 구축을 위해서는 자율주행자동차의 주행을 규율할 법률안을 미리 예고하여 자동차산업계가 대비할 수 있는 시간이 필요하며, 국회에서의 입법 절차에 앞서자율주행자동차의 안전에 대한 사회적 공감대 형성을 위한 공론화 과정이 필요하기 때문이다.

일 대학병원 호스피스 병동 입원 환자의 간호활동시간 측정과 원가산정 (Determination of Cost and Measurement of nursing Care Hours for Hospice Patients Hospitalized in one University Hospital)

  • 김경운
    • 간호행정학회지
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    • 제6권3호
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    • pp.389-404
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    • 2000
  • This study was designed to determine the cost and measurement of nursing care hours for hospice patients hostpitalized in one university hospital. 314 inpatients in the hospice unit 11 nursing manpower were enrolled. Study was taken place in C University Hospital from 8th to 28th, Nov, 1999. Researcher and investigator did pilot study for selecting compatible hospice patient classification indicators. After modifying patient classification indicators and nursing care details for general ward, approved of content validity by specialist. Using hospice patient classification indicators and per 5 min continuing observation method, researcher and investigator recorded direct nursing care hours, indirect nursing care hours, and personnel time on hospice nursing care hours, and personnel time on hospice nursing care activities sheet. All of the patients were classified into Class I(mildly ill), Class II (moderately ill), Class III (acutely ill), and Class IV (critically ill) by patient classification system (PCS) which had been carefully developed to be suitable for the Korean hospice ward. And then the elements of the nursing care cost was investigated. Based on the data from an accounting section (Riccolo, 1988), nursing care hours per patient per day in each class and nursing care cost per patient per hour were multiplied. And then the mean of the nursing care cost per patient per day in each class was calculated. Using SAS, The number of patients in class and nursing activities in duty for nursing care hours were calculated the percent, the mean, the standard deviation respectively. According to the ANOVA and the $Scheff{\'{e}$ test, direct nursing care hours per patient per day for the each class were analyzed. The results of this study were summarized as follows : 1. Distribution of patient class : class IN(33.5%) was the largest class the rest were class II(26.1%) class III(22.6%), class I(17.8%). Nursing care requirements of the inpatients in hospice ward were greater than that of the inpatients in general ward. 2. Direct nursing care activities : Measurement ${\cdot}$ observation 41.7%, medication 16.6%, exercise ${\cdot}$ safety 12.5%, education ${\cdot}$ communication 7.2% etc. The mean hours of direct nursing care per patient per day per duty were needed ; 69.3 min for day duty, 64.7 min for evening duty, 88.2 min for night duty, 38.7 min for shift duty. The mean hours of direct nursing care of night duty was longer than that of the other duty. Direct nursing care hours per patient per day in each class were needed ; 3.1 hrs for class I, 3.9 hrs for class II, 4.7 hrs for class III, and 5.2 hrs for class IV. The mean hours of direct nursing care per patient per day without the PCS was 4.1 hours. The mean hours of direct nursing care per patient per day in class was increased significantly according to increasing nursing care requirements of the inpatients(F=49.04, p=.0001). The each class was significantly different(p<0.05). The mean hours of direct nursing care of several direct nursing care activities in each class were increased according to increasing nursing care requirements of the inpatients(p<0.05) ; class III and class IV for medication and education ${\cdot}$ communication, class I, class III and class IV for measurement ${\cdot}$ observation, class I, class II and class IV for elimination ${\cdot}$ irrigation, all of class for exercise ${\cdot}$ safety. 3. Indirect nursing care activities and personnel time : Recognization 24.2%, house keeping activity 22.7%, charting 17.2%, personnel time 11.8% etc. The mean hours of indirect nursing care and personnel time per nursing manpower was 4.7 hrs. The mean hours of indirect nursing care and personnel time per duty were 294.8 min for day duty, 212.3 min for evening duty, 387.9 min for night duty, 143.3 min for shift duty. The mean of indirect nursing care hours and personnel time of night duty was longer than that of the other duty. 4. The mean hours of indirect nursing care and personnel time per patient per day was 2.5 hrs. 5. The mean hours of nursing care per patient per day in each class were class I 5.6 hrs, class II 6.4 hrs, class III 7.2 hrs, class IV 7.7 hrs. 6. The elements of the nursing care cost were composed of 2,212 won for direct nursing care cost, 267 won for direct material cost and 307 won for indirect cost. Sum of the elements of the nursing care cost was 2,786 won. 7. The mean cost of the nursing care per patient per day in each class were 15,601.6 won for class I, 17,830.4 won for class II, 20,259.2 won for class III, 21,452.2 won for class IV. As above, using modified hospice patient classification indicators and nursing care activity details, many critical ill patients were hospitalized in the hospice unit and it reflected that the more nursing care requirements of the patients, the more direct nursing care hours. Emotional ${\cdot}$ spiritual care, pain ${\cdot}$ symptom control, terminal care, education ${\cdot}$ communication, narcotics management and delivery, attending funeral ceremony, the major nursing care activities, were also the independent hospice service. But it is not compensated by the present medical insurance system. Exercise ${\cdot}$ safety, elimination ${\cdot}$ irrigation needed more nursing care hours as equal to that of intensive care units. The present nursing management fee in the medical insurance system compensated only a part of nursing car service in hospice unit, which rewarded lower cost that that of nursing care.

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가정간호 기록지 분석 - 원주기독병원 가정간호 보건활동을 중심으로 - (An Analysis of Referrals, Nursing Diagnosis, and Nursing Interventions in Home Care - Wonju Christian Hospital Community Health Nursing Service -)

  • 서미혜;허혜경
    • 가정∙방문간호학회지
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    • 제3권
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    • pp.53-66
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    • 1996
  • Home Health Care is one part of the total health care system. It includes health care services that link the hospital to the community. While it is important for early discharge patients, home care is also important for people with chronic illnesses or handicapping conditions. In 1989 the Korean government passed a law that opened the way for formal development of home health care services beginning with education programs to certify nurses for home care, and then demonstration home care services. Part of the mandate of the demonstration projects was evaluation of home care services. This study was done in order to provide basic data that would contribute to the development of records that could be used for evaluation through a retrospective audit and to examine the care that had been given in Home Care at Wonju Christian Hospital over a twenty year period from 1974 to 1994. The purposes of the study were : to identify to characteristics of the clients who had received home care, to identify the reasons for client referrals, to identify the nursing problems of these clients, to identify the nursing care provided to these clients, and to identify differences in these areas over the twenty year period. The study was a descriptive study involving a retrospective audit of the client records. Demographic data on all clients were included : 4,171 clients from 2,564 families. Data on referrals, nursing diagnosis and nursing interventions were from even numbered records which had a patient problem list included in the record, 2,801 clients, Frequencies and ANOVA were used in the analysis. The results of the study showed that the majority of the clients were from Wonju city /county. There were more women than men related to the high number of postpartum clients(1,300). The high number of postparttum clients and newborns was also evident in the age distribution. An the number of maternal-child clients decreased over the 20 years, the mean age of the clients increased significantly. Other factors also contributed to this change ; as increasing number of clients with brain injuries or with cancer, and fewer children with burns, osteomyelitis and tuberculosis. There was a decrease in the mean number of visits and mean length of coverage, reflecting a movement towards a short term acute care model. The number of new clents dropped sharply after 1985. The reasons for this are : the development of other treatment alternatives for clients, the establishment of an active wellbaby clinic, many more options plus a decreasing number of new cases of Hansen's Disase, and insurance that allows people with burns to be kept in hospital until skin grafts are healed. Socioeconomic changes have resulted in an increase in the number of cases of cancer, stroke, head injuries following car accidents, and of diabetes. Of the 2,801 client records, 2,541(60.9%) contained a written referral but for 1,802 it contained only the medical diagnosis. The number of records with a referral requesting specific nursing care was 739(29.1%). Many family members who were identified as in need of nursing care had no written referral. Analysis of the patient problem list showed that 41.9% of the enteries were nursing diagnoses. Others incuded medical diagnosis, symptoms, and plans. The most frequently used diagnoses were alteration in nutrition, less than body requirements(115 entries), alteration in skin integrity(114), knowledge deficit(111), pain(78), self-care deficit(66), and alteration in pattern of urinary elimination(50). These are reflected in the NANDA categories for which the highest number of diagnosis was in the Exchanging pattern(446), followed by Moving(178), Feeling(136) and Knowing (115). Analysis of the frequency of interventions showed that exercise and teaching about exercise was the most frequent intervention, followed by teaching concering the need for follow-up care, checking vital signs, managing nutritional problems, managing catheters, giving emotional support, changing dressings, teaching about medication, teaching (subject not specified), teaching about diet, IM and IV medications or fluid, and skin care, in that order. Recommendations included: development of a record that would allow for efficient recording of frequently used nursing diagnoses and nursing interventions: expansion of the catchment area for Home Care at Wonju Christian Hospital ; expansion of the service to provide complication prevention, rehabilitation services, and support to increase the health maintenance /health promotion of the people being served as well as providing client dentered care ; and development of a clinical record that will allow efficient data collection from records, even though the recording is done by a variety of health care providers.

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中國通用航空立法若干問題研究 (Some Issues on China General Aviation Legislation)

  • 란상
    • 항공우주정책ㆍ법학회지
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    • 제31권2호
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    • pp.99-143
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    • 2016
  • General aviation and air transport are two wings of the civil aviation industry. Chinese air transport is developing rapidly, and has become the world second air transport system only second to US since 2005. However, Chinese civil aviation is far behind the world average level, and cannot meet requirements of economic construction and social development. The transition and structural adjustment of Chinese economy provide the general aviation with a unprecedented broad market. The prospect of general aviation is promising and anticipated. The development of general aviation industry needs the legislative supports, and the current legislative conditions of Chinese general aviation are undoubtedly far behind the realistic requirements. Accelerating the legislation in Chinese general aviation industry requires scientific legislation concept. First, Legislation must promote development of general aviation industry. The general aviation will serves as a Chinese emerging industry that boosts domestic demand, promotes employment and expedite domestic economic development. We should, based on both the concept of promoting the industrial development of general aviation and national industrial planning, enact and rectify relative laws and regulations. And we should also straighten out the relationship between aviation security and industrial development and promote the revolution of low-altitude airspace management in an all-round way, in order to improve the utilization rate of airspace resources, classify and establish airspace, simplify examination and approval procedure and intensify operation management. In addition, what we should do is to expedite the infrastructure layout construction, guide the differentiated but coordinated development of general aviation industries in various areas, establish a united supervision mechanism of general aviation, redistrict the responsibilities of Chinese Air Control Agency and set up legislation, law enforcement and judicial systems with clarified institutions, clear positioning and classified responsibilities, so as to usher in a new era of the legislative management of Chinese general aviation industry. Second, shift the focus from regulations to both regulations and services. Considering the particularity of the general aviation, we should use American practices for reference and take into account both regulation and service functions when enacting general aviation laws. For example, we should reduce administrative licensing and market supervision, and adopt "criteria" and "approval" management systems for non-commercial and commercial aviation. Furthermore, pay attention to social benefits. Complete social rescuing mechanism through legislation. It should be clarified in legislation that general aviation operators should take the responsibilities of, and ensure to realize social benefits of environmental protection and ecological balance .Finally, rise in line with international standards. Modify Chinese regulations which is inconsistent with international ones to remove barriers to international cooperation. Specify basic legislative principles. One is the principle of coordination. Realize coordination between the civil aviation and general aviation, between military aviation and civil aviation, and among departments. Two is the principle of pertinence. The general aviation has its own rules and specialties, needing to be standardized using specialized laws and regulations. Three is the principle of efficiency. To realize time and space values of general aviation, we should complete rules in aerospace openness, general aviation airport construction, general aviation operations, and regulation enforcement. Four is the principle of security. Balance the maximum use of resources of Chinese airspace and the according potential threats to Chinese national interests and social security, and establish a complete insurance system which functions as security defense and indemnificatory measure. Establish a unified legal system. Currently, the system of Chinese general aviation laws consists of national legislation, administrative laws and regulations and civil aviation regulations (CAR). Some problems exist in three components of the system, including too general content, unclear guarantee measures, incomplete implementation details, and lacking corresponding pertinence and flexibility required by general aviation regulations, stringency of operation management and standards, and uniformity of standards. A law and regulation system, centered on laws and consisting of administrative laws regulations, industrial regulations, implementation details, industrial policies and local laws and regulations, should be established. It is suggested to modify the Civil Aviation Law to make general aviation laws complete, enact the Regulations of General Aviation Development, and accelerate the establishment, modification and abolition of Chinese general aviation laws to intensify the coordination and uniformity of regulations.

기업합병의 성과에 영향을 주는 요인에 대한 실증적 연구 (The Gains To Bidding Firms' Stock Returns From Merger)

  • 김용갑
    • 경영과정보연구
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    • 제23권
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    • pp.41-74
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    • 2007
  • In Korea, corporate merger activities were activated since 1980, and nowadays(particuarly since 1986) the changes in domestic and international economic circumstances have made corporate managers have strong interests in merger. Korea and America have different business environments and it is easily conceivable that there exists many differences in motives, methods, and effects of mergers between the two countries. According to recent studies on takeover bids in America, takeover bids have information effects, tax implications, and co-insurance effects, and the form of payment(cash versus securities), the relative size of target and bidder, the leverage effect, Tobin's q, number of bidders(single versus multiple bidder), the time period (before 1968, 1968-1980, 1981 and later), and the target firm reaction (hostile versus friendly) are important determinants of the magnitude of takeover gains and their distribution between targets and bidders at the announcement of takeover bids. This study examines the theory of takeover bids, the status quo and problems of merger in Korea, and then investigates how the announcement of merger are reflected in common stock returns of bidding firms, finally explores empirically the factors influencing abnormal returns of bidding firms' stock price. The hypotheses of this study are as follows ; Shareholders of bidding firms benefit from mergers. And common stock returns of bidding firms at the announcement of takeover bids, shows significant differences according to the condition of the ratio of target size relative to bidding firm, whether the target being a member of the conglomerate to which bidding firm belongs, whether the target being a listed company, the time period(before 1986, 1986, and later), the number of bidding firm's stock in exchange for a stock of the target, whether the merger being a horizontal and vertical merger or a conglomerate merger, and the ratios of debt to equity capital of target and bidding firm. The data analyzed in this study were drawn from public announcements of proposals to acquire a target firm by means of merger. The sample contains all bidding firms which were listed in the stock market and also engaged in successful mergers in the period 1980 through 1992 for which there are daily stock returns. A merger bid was considered successful if it resulted in a completed merger and the target firm disappeared as a separate entity. The final sample contains 113 acquiring firms. The research hypotheses examined in this study are tested by applying an event-type methodology similar to that described in Dodd and Warner. The ordinary-least-squares coefficients of the market-model regression were estimated over the period t=-135 to t=-16 relative to the date of the proposal's initial announcement, t=0. Daily abnormal common stock returns were calculated for each firm i over the interval t=-15 to t=+15. A daily average abnormal return(AR) for each day t was computed. Average cumulative abnormal returns($CART_{T_1,T_2}$) were also derived by summing the $AR_t's$ over various intervals. The expected values of $AR_t$ and $CART_{T_1,T_2}$ are zero in the absence of abnormal performance. The test statistics of $AR_t$ and $CAR_{T_1,T_2}$ are based on the average standardized abnormal return($ASAR_t$) and the average standardized cumulative abnormal return ($ASCAR_{T_1,T_2}$), respectively. Assuming that the individual abnormal returns are normal and independent across t and across securities, the statistics $Z_t$ and $Z_{T_1,T_2}$ which follow a unit-normal distribution(Dodd and Warner), are used to test the hypotheses that the average standardized abnormal returns and the average cumulative standardized abnormal returns equal zero.

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