• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.1-9
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• 2016

In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.

• Journal of the Korean Society of Food Science and Nutrition
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• v.43 no.2
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• pp.250-257
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• 2014

To develop vinegar with immature Citrus unshiu (IC), bacterial strains with high acetic acid-producing capabilities were isolated and identified, after which their quality characteristics, total phenolic and total flavonoid contents, and antioxidant activities were measured. Five bacterial strains were isolated from naturally fermented C. unshiu, and three were identified as Acetobacter fabarum (A. sp. RIC I) and A. pomorum (A. sp. RIC II, V). A. sp. RIC V showed the highest acetic acid-producing capability and was thus chosen as the candidate strain for further acetic fermentation using IC juice. Vinegars made with 30, 35, and 40% IC juices showed acidities of 5.38, 5.38, and 5.32% and fermentation efficiencies of 73, 72, and 70%, respectively. The fermentation periods required to reach greater than 5% acidity were 11, 9, and 9 days for vinegars containing 30, 35, and 40% IC juices, respectively. Fructose and glucose contents of the vinegars increased along with total organic acid contents including acetic acid, with increasing IC juice contents. Total phenolics were 1,546.6 and $230.9{\mu}g$ GAE/mL, whereas total flavonoids were 1,004.7 and $175.1{\mu}g$ QE/mL in vinegars made with IC and mature C. unshiu (MC) juices, respectively. DPPH free radical scavenging activities were 29% and 5%, ABTS radical scavenging activities were 62.0% and 17.9%, SOA scavenging activities were 60.9% and 41.7%, and XO scavenging activities were 32.5% and 5% in vinegars made with IC and MC juices, respectively. Therefore, vinegars made with 35% and 40% IC juices using A. sp. RIC V as the acetic acid fermentation strain showed potent antioxidant activities with greater total phenolic and flavonoid contents, promoting their use as functional vinegars.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.6
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• pp.112-126
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• 2012

The theme is to analyze the time-series changes of design elements on golf courses and golf country club and its factors influencing to the changes with regard to 81-membership country club located in the Capital Area of Seoul, created in the periods from 1964 until 2011. The research methods is to analyze the time-series changes of environmental factors influencing to the changes of the elements on the golf course by book review, and to compare and speculate the results of the analysis on the environmental factors with the time-series changes on the golf course elements of statistical analysis as like regression analysis. The research results were as follows. The first, the environmental factors influencing to the change of golf course elements were analyzed as the five elements of the golf-related policies and regulations, the economy, the numbers of golfers, PGA and KPGA golf tournaments, the golf instruments. The second, the type and scale of the location of the golf course were showing trends of transformation from flat ground to mountainous one and from small scale to large one. The third, it was analyzed that he golf course elements as like the sizes, length, numbers of golf course elements as like fairway, green, bunker, teeing ground and pond were influenced by the law and regulation, the increase of amateur golfers, the promotion of techniques of golfers, the increase of the chance of foreign course designer's involvement to domestic market through the opening of PGA and KPGA tournaments etc. The fourth, the promotion of golf instruments and the flying distance were the factors influencing to the numbers of bunker, the lengths of holes. The fifth, it was revealed that the trends of increase of sizes of ponds influenced by enacting environmenal friendly laws and regulations, considering of landscaping, reflecting of design trends followed by the opening of PGA tournaments. Finally, it was proposed that the further research would be introduced with regard to the qualitative analysis onto the changes and influential factors of golf course design.

• Investigative Magnetic Resonance Imaging
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• v.9 no.1
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• pp.16-23
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• 2005

Purpose : In order to investigate the functional brain anatomy associated with mental calculation, functional magnetic resonance imaging was performed. Materials and Methods : In six normal right handed subjects, functional MR images were obtained using a 1.57 MR scanner and the EPI BOLD technique. The study included experiment I and experiment II. Each experiment consisted of five resting and four activation periods with each period of 30 seconds. During the activation period of both experiment I and II, calculation equations[an example: $(4+5)\times8=72$] were presented and the subjects were instructed to decide true or false of them. During the resting period of experiment I, the subjects were instructed to visually fixate on a crosshair. During the resting period of experiment II, two diagrams (an example: $(\bullet,\;\blacksquare)$)were presented and the subjects were instructed to decide they are same or not. For the post-processing of images, the SPM program was used, with the threshold of significance set at p<0.00001. The activated areas during the tasks were assessed. Results : In experiment 1, the inferior frontal gyrus, prefrontal cortex, promoter area, supplementary motor area, and intraparietal sulcus including superior parietal cortex were activated bilaterally. Although these areas were also activated in experiment II, the activated signals in the right frontal and parietal lobes were lessened. Conclusion : The left inferior frontal gyrus and prefrontal cortex and bilateral intraparietal sulci were activated during mental calculation. The right frontal and parietal lobes might be related to attention and decision making.

• Journal of Korean Society of Forest Science
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• v.83 no.2
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• pp.164-174
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• 1994

Temporal changes in growth performances, chlorophyll contents, and tissue water relations for determining their physiological responses of five economic tree species subjected to chronic water and nutrition stresses were investigated with containerized seedlings grown in different soil moisture regimes and nutrition levels. Seedlings of Quercus acutissima, Q. variabilis, Q. mongolica, Q. serrata, and Fraxinus rhynchophylla were propagated in plastic pots(I.D. $16cm{\times}Depth$ 16cm) for the experiments. The seedlings were subjected to two soil moisture regimes of dry and wet soils and two nutrition levels of fertilization with N+P+K and no fertilization through the growing season from May to September in a green house. For the purpose of analyzing their responses to the environmental stresses, seedling heights and root collar diameters, chlorophyll contents, and P-V curve parameters of the seedlings were measured in May, July, and September. The environmental stresses coming from moisture and nutrient deficits affected the growth performances of seedlings variously among species and among different growing periods, as well as between height and basal diameter growth of seedlings. The growth performances of Q. acutissima were influenced sensitively on the stresses, but those of Q. mongolica less influenced in comparison with other species. Chlorophyll contents were generally higher in Quercus spp. than F. rhynchophylla through the growing season. The chlorophyll contents changed by species and by treatment through the season within ranges of 0.14~1.96 mg/g dry wt. of chlorophyll a and within 0.16~1.79mg/g dry wt. of chlorophyll b, respectively. But the contents seemed to be decreased gradually through the chronic environmental stresses and leaf senescence. The osmotic potential at full turgor(${\Psi}{{\pi}o}$) and turgor loss point(${\Psi}{\pi}p$) had temporarily declined up to 3 to 5bars from -7.0~-12.4bars in May to -10.2~-17.5bars in September and up to 5 to 6bars from -7.6~-14.2bars in May to -12.9~-20.4bars in September, respectively, with some exceptions. The values of ${\Psi}{\pi}p$ were generally high in F. rhynchophylla in May and July, but high in Q. serrata in September. Relative water contents at turgor loss point(RWCp) were generally high in F. rhynchophylla, but the temporal changes of RWCp were quite and frequently different among species and among treatment.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.59 no.3
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• pp.325-331
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• 2014

The purpose of this study was to establish the proper sowing time and planting density of cowpeas for labor-saving cultivation. Experiments were carried out in Naju, Jeonnam Province (Latitude $35^{\circ}$ 04' N, Longitude $126^{\circ}$ 54' E) during 2012 and 2013. The intermediate-erect type strains used in this study were Jeonnam1 and Jeonnam2. Sowing was performed five times between June 25 and August 5 at approximately 10-day intervals in order to establish proper sowing time, and sowed at 5,000, 10,000, 15,000, and 20,000 plants per 10a to establish proper planting density. The days from sowing to first flowering was shortest (32 days) in plants sowed on July 25 and became longer for plants sowed on or around July 25. The days from sowing to first flowering was longest (41 days) in plants sowed on June 25. The days from first flowering to first maturing was shortest (8 days) in plants sowed on June 25 and, became considerably longer at later sowing dates. The days from first maturing to first harvesting ranged from 8 to 10 days, with little difference among the sowing periods. Plants sowed on August 5 harvested at the same time, and plants sowed between June 25 and July 25 were harvested either three or two times. The yield was highest in plants sowed on July 25: 209 kg/10a was harvested for Jeonnam1 and 221 kg/10a for Jeonnam2. Furthermore, harvested at the same time enabled when the harvesting was delayed for around 15 days because the share of the seeds first harvested was highest (91%). The proper planting density was estimated to be 15,000 plants/10a, showing the highest yields of 199 kg/10a for Jeonnam1 and 224 kg/10a for Jeonnam2.

• Journal of Animal Science and Technology
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• v.49 no.6
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• pp.761-772
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• 2007

This study was conducted to evaluate effects of dietary pine cone meal on growth performance, blood characteristics, carcass quality and fecal noxious gases compounds in finishing pigs. The total of sixty [(Landrace×Yorkshire)×Duroc] pigs(86.01±0.25kg in average initial body weight) were used in 35 days assay. Dietary treatments included 1) T1(2% cottonwood sawdust), 2) T2(1% cottonwood sawdust+1% pine cone meal) and 3) T3(2% pine cone meal). There were three dietary treatments with five replicate pens per treatment and four pigs per pen. During the overall periods, there were no significant differences in ADG(Average daily gain), ADFI(Average daily feed intake) and gain/feed ratio among treatments (P>0.05). Also, Nutrient digestibilities and blood characteristics were not affected by dietary treatments. At the end of this experiment, a*-value of logissimus dorsi muscle color and sensory evaluation color were higher in T3 treatment than T1 treatment(P<0.05). In fatty acid contents of lean, C18:1 and total MUFA were significantly lower in T1 treatment than other treatments(P<0.05). However, total ω6 and total PUFA were higher in T1 treatment than T2 treatment(P<0.05). In fatty acid contents of fats, total SFA was significantly higher in T2 treatment than T3 treatment(P<0.05). C18:1 was higher in T2 treatment than T1 treatment(P<0.05). There were no significant differences in fecal noxious gas compounds among the treatments. In conclusion, the results of the experiment was affected by dietary supplementation of pine cone meal on meat color and fatty acid composition of pork in finishing pigs.

• Pediatric Infection and Vaccine
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• v.13 no.2
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• pp.89-98
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• 2006

Purpose : The prevalence of serotypes can be changed with respect to age of the patients, regions and times of the surveillance. The aim of this study is to analyze changes in serotype distribution of pneumococcal isolates from Korean pediatric patients. Methods : Four hundred and sixty five strains of S. pneumoniae were isolated from various clinical specimens at the Seoul National University Children's Hospital during a 15 year-period, from 1991 to 2005, were subjected to serotype and penicillin susceptibility. The study period was divided into three 5 year-periods, 1991~1995(period I), 1996~2000(period II), and 2001~2005(period III). Results : Common serotypes were 19F, 23F, 19A, 6B, 14, 6A and 9V in decreasing orders of frequency, and these 7 serotypes accounted for 79% of total 465 strains. In the serotype distribution of invasive infection isolates from children <60 months of age, similar serotypes accounted for 70% of 101 strains. In total strains, the proportion of serotype 19A and 6A increased, while that of serotype 19F and 14 decreased. The majority(75~92%) of vaccine types and cross-reactive types from invasive infection isolates was penicillin-resistant, whereas 34.4% of non-vaccine types was penicillin-resistant. Conclusion : Distribution of serotypes of S. pneuomoniae isolated from Korean children has changed significantly over the last 15 years. The surveillance for pneumococcal serotypes should be continued to monitor changes in serotype distribution which are essential for the establishment of pneumococcal vaccine policy.

• Radiation Oncology Journal
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• v.21 no.2
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• pp.112-117
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• 2003

Purpose: The effects of hypefractionation radiation therapy, such as the failure pattern and survival, on the treatment results in advanced stage head and neck cancer were studied. Materials and Methods: Between September 1990 and October 1998, 24 patients with advanced stage (III, IV) head and neck cancers, were treated using hyperfractionation radiation therapy in the Department of Radiation Oncology at the Keimyung University Dongsan Medical Center. The male to female ratio was 7 : 1, and the age range from 38 to 71 years with the median of 56 years. With regard to the TNM stage, 11 patients were stage III and 13 were stage IV. The sites of primary cancer were the nasopharynx in six, the hypopharynx in 6, the larynx in five, the oropharynx in three, the maxillary sinus in three, and the oral cavity in one patient. The radiotherapy was delivered by 6 MV X-ray, with a fraction size of 1.2 Gy at two fractions a day, with at least 6 hours inter-fractional interval. The mean total radiation doses was 72 Gy, (ranging from 64.4 to 75.8 Gy). Follow-up periods ranged between 3 and 136 months, with the median of 52 months. Results: The overall survival rates at 3 and 5 years in all patients were 66.7$\%$, and 52.4$\%$. The disease-free survival rates at 3 and S years (3YDFS, 5YDFS) in all patients were 66.7$\%$ and 47.6$\%$. The 3YDFS and 5YDFS in stage III patients were 81.8$\%$ and 63.6$\%$, and those in stage IV patients were 53.8$\%$ and 32.3$\%$. Ten patients were alive with no local nor distant failures at the time of analyses. Six patients (25$\%$) died due to distant metastasis and 12.5$\%$ died due to local failure. Distant metastasis was the major cause of failure, but 2 patients died due to unknown failures and 3 of other diseases. The distant metastasis sites were the lung (3 patients), the bone (1 patient), and the liver (2 patients). One patient died of second esophageal cancer. There were no severe late complications, with the exception of 1 osteo-radionecrosis of the mandible 58 months after treatment. Conclusion: Although this study was peformed on small patients group, we considered hypefractionated radiation therapy for the treatment of advanced stage head and neck cancer might improve the disease free survival and decrease the local failure with no increase in late complications despite of the slight Increase in acute complications.

• Radiation Oncology Journal
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• v.26 no.2
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• pp.113-117
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• 2008

Purpose: To evaluate the long term results(local control, survival, failure, and complications) after radiation therapy for skin cancer in elderly patients. Material and Methods: The study spanned from January 1990 to October 2002. Fifteen elderly patients with skin cancer were treated by radiotherapy at the Keimyung University Dongsan Medical Center. The age distribution of the patients surveyed was 72 to 95 years, with a median age of 78.8 years. The pathologic classification of the 15 patients included squamous cell carcinoma(10 patients), basal cell carcinoma(3 patients), verrucous carcinoma(1 patient) and skin adnexal origin carcinoma(1 patient). The most common tumor location was the head(13 patients). The mean tumor diameter was 4.9 cm(range 2 to 9 cm). The radiation dose was delivered via an electron beam of 6 to 15 MeV. The dose range was adjusted to the tumor diameter and depth of tumor invasion. The total radiation dose ranged from $50{\sim}80$ Gy(mean: 66 Gy) with a 2 Gy fractional dose prescribed to the 80% isodose line once a day and 5 times a week. One patient with lymph node metastasis was treated with six MV photon beams boosted with electron beams. The length of the follow-up periods ranged from 10 to 120 months with a median follow-up period of 48 months. Results: The local control rates were 100%(15/15). In addition, the five year disease free survival rate(5YDFS) was 80% and twelve patients(80%) had no recurrence and skin cancer recurrence occurred in 3 patients(20%). Three patients have lived an average of 90 months($68{\sim}120$ months) without recurrence or metastasis. A total of 9 patients who died as a result of other causes had a mean survival time of 55.8 months after radiation therapy. No severe acute or chronic complications were observed after radiation therapy. Only minor complications including radiation dermatitis was treated with supportive care. Conclusion: The results suggest that radiation therapy is an effective and safe treatment method for the treatment of skin cancer in elderly patients who achieved a good survival rate and few minor complications.