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The Effect of Ownership Structure on IPO Success: Empirical Evidence from Non-listed Firm (비상장기업의 소유구조가 IPO 성공에 미치는 영향)

  • Kim, Sowon;Cho, Shin;Jo, Jeehyung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.16 no.3
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    • pp.145-158
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    • 2021
  • The purpose of this study is to examine the influence of the ownership structure of unlisted firms on KOSDAQ listing. There are few studies analyzing the characteristics of listing success based on ownership structure. For startup executives, there is not enough data to refer to the ownership structure that can increase the possibility of listing. This paper examines the effects of ownership structure on IPO success through comparison between listed successful and failed companies among the companies in application for KOSDAQ listing eligibility review. The major findings are as follows; (1) Venture capital investment and shareholding have a statistically positive effect on the success of KOSDAQ listing. This results indicate that the venture capital's investment alleviate the problem of information asymmetry, and it is a valid signal for market participants. The result means the role of venture capital seems to be important when companies are listed on the KOSDAQ. (2) The largest shareholder's stake has an inverted-U shape relationship with listing success. In other words, the ownership concentration mitigates moral hazard problem, which leads to listing success. However, if the ownership concentration exceeds a certain level, the chances of success in listing will decrease due to concerns over the pursuit of private interests. The result suggests that the largest shareholder's stake reduce agency problem. This study academically contributes to the existing literature by demonstrating the ownership structure affects IPOs, and explaining the results based on agent theory and signal theory. Our results provide practical implications for companies preparing for an IPO on the KOSDAQ.

UHRF1 Induces Methylation of the TXNIP Promoter and Down-Regulates Gene Expression in Cervical Cancer

  • Kim, Min Jun;Lee, Han Ju;Choi, Mee Young;Kang, Sang Soo;Kim, Yoon Sook;Shin, Jeong Kyu;Choi, Wan Sung
    • Molecules and Cells
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    • v.44 no.3
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    • pp.146-159
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    • 2021
  • DNA methylation, and consequent down-regulation, of tumour suppressor genes occurs in response to epigenetic stimuli during cancer development. Similarly, human oncoviruses, including human papillomavirus (HPV), up-regulate and augment DNA methyltransferase (DNMT) and histone deacetylase (HDAC) activities, thereby decreasing tumour suppressor genes (TSGs) expression. Ubiquitin-like containing PHD and RING finger domain 1 (UHRF1), an epigenetic regulator of DNA methylation, is overexpressed in HPV-induced cervical cancers. Here, we investigated the role of UHRF1 in cervical cancer by knocking down its expression in HeLa cells using lentiviral-encoded short hairpin (sh)RNA and performing cDNA microarrays. We detected significantly elevated expression of thioredoxin-interacting protein (TXNIP), a known TSG, in UHRF1-knockdown cells, and this gene is hypermethylated in cervical cancer tissue and cell lines, as indicated by whole-genome methylation analysis. Up-regulation of UHRF1 and decreased TXNIP were further detected in cervical cancer by western blot and immunohistochemistry and confirmed by Oncomine database analysis. Using chromatin immunoprecipitation, we identified the inverted CCAAT domain-containing UHRF1-binding site in the TXNIP promoter and demonstrated UHRF1 knockdown decreases UHRF1 promoter binding and enhances TXNIP expression through demethylation of this region. TXNIP promoter CpG methylation was further confirmed in cervical cancer tissue by pyrosequencing and methylation-specific polymerase chain reaction. Critically, down-regulation of UHRF1 by siRNA or UHRF1 antagonist (thymoquinone) induces cell cycle arrest and apoptosis, and ubiquitin-specific protease 7 (USP7), which stabilises and promotes UHRF1 function, is increased by HPV viral protein E6/E7 overexpression. These results indicate HPV might induce carcinogenesis through UHRF1-mediated TXNIP promoter methylation, thus suggesting a possible link between CpG methylation and cervical cancer.

Manufacturing Technique and Conservation of Bigyeokjincheolloe Bomb Shells Excavated from the Ancient Local Government Office and Fortress of Mujang-hyeon, Gochang (고창 무장현 관아와 읍성 출토 비격진천뢰의 제작기법과 보존처리)

  • Kim, Haesol;Huh, Ilkwon
    • Conservation Science in Museum
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    • v.24
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    • pp.17-36
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    • 2020
  • This paper describes the consevation treatment of eleven bigyeokjincheolloe bomb shells that were excavated from the Joseon-period local government office and fortress of Mujang-hyeon (present-day Mujang-myeon) in Gochang in 2018. It also provides information on the production method of the shells revealed through CT scanning, gamma-ray transmission imaging, and metallographic analysis. In preparation for the special exhibition "Bigyeokjincheolloe" at the Jinju National Museum in 2019 (July 16 to August 25), contaminants were removed from the shells and their surface was reinforced during the first phase of conservation treatment. Furthermore, the closures for the shells were identified for the first time. Regarding the production of the shells, the CT scanning and gamma-ray transmission imaging identified many blowholes in the interior of the body and the use of a chaplet on the side of one shell. The side of the body proved to be relatively thinner than the top and bottom. The traces of a hole for pouring molten metal into the center of the bottom indicates that molten metal was indeed emptied into the inverted body. In the metallographic analysis of two of the bodies and one lid, cementite and pearlite structures were identified on the body, indicating that it was made by casting. The presence of the ferrite structure with a partial distribution of the pearlite along with non-metallic inclusion in the lid suggested that the lid was made by forging.

Analysis of CO/CO2 Ratio Variability According to the Origin of Greenhouse Gas at Anmyeon-do (안면도 지역 온실기체 기원에 따른 CO/CO2 비율 변동성 분석 연구)

  • Kim, Jaemin;Lee, Haeyoung;Kim, Sumin;Chung, Chu-Yong;Kim, Yeon-Hee;Lee, Greem;Choi, Kyung Bae;Lee, Yun Gon
    • Atmosphere
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    • v.31 no.5
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    • pp.625-635
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    • 2021
  • South Korea established the 2050 Carbon Neutral Plan in response to the climate crisis, and to achieve this policy, it is very important to monitor domestic carbon emissions and atmospheric carbon concentration. Both CO2 and CO are emitted from fossil fuel combustion processes, but the relative ratios depend on the combustion efficiency and the strength of local emission regulations. In this study, the relationship between CO2 and CO was analyzed using ground observation data for the period of 2018~2020 at Anmyeon-do site and the CO/CO2 ratio according to regional origin during high CO2 cases was investigated based on the footprint simulated from Stochastic Time-Inverted Lagrangian Transport (STILT) model. CO2 and CO showed a positive correlation with correlation coefficient of 0.66 (p < 0.01), and averaged footprints during high CO2 cases confirmed that air particles mainly originated from eastern and north-eastern China, and inland of Korean Peninsula. In addition, it was revealed that among the cases of high CO2 concentration, when the CO/CO2 ratio is high, the industrial area of eastern China is greatly affected, and when the ratio is low, the contribution of the domestic region is relatively high. The ratio of CO2 and CO in this study is significant in that it can be used as a useful factor in determining the possibility of domestic and foreign origins of climate pollutants.

A Study on the Lower Body Torso Shape in 40s, 50s and 60s Women for Development of Urinary Incontinence Panty

  • Cha, Su-Joung
    • Journal of the Korea Society of Computer and Information
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    • v.27 no.10
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    • pp.163-173
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    • 2022
  • This study attempted to categorize the lower body torso type and investigated its characteristics for women in their 40s, 50s, and 60s, who increase the frequency of incontinence. This study analyzed the 8th human dimension survey data of Korean Agency for Technology and Standards. The data were analyzed by SPSS 26.0 program. It was analyzed that the height item of the lower body torso decreased, the width item widen as the age increases, and the waist and abdomen circumference of the circumference item increased and the hip circumference decreased. Body length decreased with age. The components of the lower torso were classified into the lower torso horizontal factor, height factor, lower factor, and vertical factor. The lower body torso type was classified into a long inverted triangular body type, a short and high body type, a body fat body type, and a low triangular body type. It was analyzed that type 3 was the largest in the horizontal factor and height factor, and type 1 was the largest in the vertical factor and the lower part factor. A new drafting method was required in setting the horizontal part of the incontinence panty, the front and the back length.

Design and Implementation of a COncept-based Image Retrieval System: COIRS (개념 기반 이미지 정보 검색 시스템 COIRS의 설계 및 구현)

  • Yang, Hyung-Jeong;Kim, Ho-Young;Yang, Jae-Dong;Hur, Dae-Young
    • The Transactions of the Korea Information Processing Society
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    • v.5 no.12
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    • pp.3025-3035
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    • 1998
  • In this paper, we describe the design and implementationof COIRS COncept,based Image Retricval System). It differs from extant content-based image retrieval systems in that it enables users to query based on concepts- it allows users to get images concepmally relevant. A concept is basically an aggregation of promitive objects in an image. For such a cencept based image retrieval functionality. COIRS aglopts an image descriptor called triple and includes a triple thesaurus used for capturing concepts. There are four facilities in COIRS: a visual image indeses a triple thesaurus, an inverted fiel, and a user query interface. The visnal image indeser facilitates object laeling and the percification of positionof objects. It is an assistant tool designed to minimize manual work when indexing images. The thesarrus captires the concepts by analyzing triples, thereby extracting image semantics. The triples are then for formalating queries as well as indexing images. The user query interiare enables users to formulate...

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Microanatomical Structure of Male Reproductive Organ in the Common Squid, Todarodes pacificus (Cephalopoda: Ommastrephidae) (살오징어 Todarodes pacificus 수컷 생식기관의 미세해부학적 구조)

  • So Ryung Shin;Jung Sick Lee
    • Journal of Marine Life Science
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    • v.8 no.1
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    • pp.1-7
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    • 2023
  • This study was performed to understand the reproductive ecology of cephalopods, described the microanatomical structure of the male reproductive organs and spermatophore in the common squid, Todarodes pacificus, a major cephalopods in Korea. The common squid was gonochorism and had sexual dimorphism, the color of the reproductive organs reflected on the mantle and the presence of the hectocotylus. Male reproductive organs were composed of testis, primary vas deferens, spermatophoric gland (seminal vesicle), spermatophoric sac (Needham's sac) and secondary vas deferens. The male has specialized reproductive organs such as the spermatophore forming organ, spermatophoric gland. Testis was histologically a seminiferous tubule type. The primary vas deferens was a thin and inverted triangular spring-like form that connected from the rear of the testis to the spermatophoric gland. Inside, it was filled with sperm of basophilic in H-E stain. The spermatophoric gland is an irregular oval connected to the primary vas deferens and spermatophoric sac, and there were a number of tubular glands. The spermatophoric sac is a tubular structure located between spermatophoric gland and secondary vas deferens, and a number of spermatophores have been identified in the lumen. The secondary vas deferens was connected to the posterior of the spermatophoric sac and had a spermatophore inside. The spermatophore was a long, transparent tube about 22 mm long, with a sperm mass inside.

Soil moisture estimation using the water cloud model and Sentinel-1 & -2 satellite image-based vegetation indices (Sentinel-1 & -2 위성영상 기반 식생지수와 Water Cloud Model을 활용한 토양수분 산정)

  • Chung, Jeehun;Lee, Yonggwan;Kim, Jinuk;Jang, Wonjin;Kim, Seongjoon
    • Journal of Korea Water Resources Association
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    • v.56 no.3
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    • pp.211-224
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    • 2023
  • In this study, a soil moisture estimation was performed using the Water Cloud Model (WCM), a backscatter model that considers vegetation based on SAR (Synthetic Aperture Radar). Sentinel-1 SAR and Sentinel-2 MSI (Multi-Spectral Instrument) images of a 40 × 50 km2 area including the Yongdam Dam watershed of the Geum River were collected for this study. As vegetation descriptor of WCM, Sentinel-1 based vegetation index RVI (Radar Vegetation Index), depolarization ratio (DR), and Sentinel-2 based NDVI (Normalized Difference Vegetation Index) were used, respectively. Forward modeling of WCM was performed by 3 groups, which were divided by the characteristics between backscattering coefficient and soil moisture. The clearer the linear relationship between soil moisture and the backscattering coefficient, the higher the simulation performance. To estimate the soil moisture, the simulated backscattering coefficient was inverted. The simulation performance was proportional to the forward modeling result. The WCM simulation error showed an increasing pattern from about -12dB based on the observed backscattering coefficient.

The complete plastid genome and nuclear ribosomal transcription unit sequences of Spiraea prunifolia f. simpliciflora (Rosaceae)

  • Jeongjin CHOI;Wonhee KIM;Jee Young PARK;Jong-Soo KANG;Tae-Jin YANG
    • Korean Journal of Plant Taxonomy
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    • v.53 no.1
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    • pp.32-37
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    • 2023
  • Spiraea prunifolia f. simpliciflora Nakai is a perennial shrub widely used for horticultural and medicinal purposes. We simultaneously obtained the complete plastid genome (plastome) and nuclear ribosomal gene transcription units, 45S nuclear ribosomal DNA (nrDNA) and 5S nrDNA of S. prunifolia f. simpliciflora, using Illumina short-read data. The plastome is 155,984 bp in length with a canonical quadripartite structure consisting of 84,417 bp of a large single-copy region, 18,887 bp of a short single-copy region, and 26,340 bp of two inverted repeat regions. Overall, a total of 113 genes (79 protein-coding genes, 30 tRNAs, and four rRNAs) were annotated in the plastome. The 45S nrDNA transcription unit is 5,848 bp in length: 1,809 bp, 161 bp, and 3,397 bp for 18S, 5.8S, and 26S, respectively, and 261 bp and 220 bp for internal transcribed spacer (ITS) 1 and ITS 2 regions, respectively. The 5S nrDNA unit is 512 bp, including 121 bp of 5S rRNA and 391 bp of intergenic spacer regions. Phylogenetic analyses showed that the genus Spiraea was monophyletic and sister to the clade of Sibiraea angustata, Petrophytum caespitosum and Kelseya uniflora. Within the genus Spiraea, the sections Calospira and Spiraea were monophyletic, but the sect. Glomerati was nested within the sect. Chamaedryon. In the sect. Glomerati, S. prunifolia f. simpliciflora formed a subclade with S. media, and the subclade was sister to S. thunbergii and S. mongolica. The close relationship between S. prunifolia f. simpliciflora and S. media was also supported by the nrDNA phylogeny, indicating that the plastome and nrDNA sequences assembled in this study belong to the genus Spiraea. The newly reported complete plastome and nrDNA transcription unit sequences of S. prunifolia f. simpliciflora provide useful information for further phylogenetic and evolutionary studies of the genus Spiraea, as well as the family Rosaceae.

Interpretation of Making Techniques through Surface Characteristic Analysis and Non-destructive Diagnosis for the Gilt-bronze Seated Buddha in Dangjin Sinamsa Temple, Korea (당진 신암사 금동여래좌상의 표면특성 분석과 비파괴 정밀진단을 통한 제작기술 해석)

  • CHOI Ilkyu ;YANG Hyeri ;HAN Duru;LEE Chan Hee
    • Korean Journal of Heritage: History & Science
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    • v.56 no.1
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    • pp.100-116
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    • 2023
  • The Sinamsa Temple was built in the late Goryeo Dynasty and a gilt-bronze seated Buddha is enshrined in Geungnakjeon hall in the precinct. Various damages occurred in the gilt layer of the Buddha, such as peeling of the gilt layer and deteriorating gloss. In the study, the conservation conditions of the inside and outside on the statue were accurately investigated, and the making technique was interpreted through the material characteristics and non-destructive diagnosis of the statue. As a result, it is estimated that gold-gilding layer is pure gold, coloration pigment of black is carbon, green is malachite, atacamite and verdigris, red is red lead and cinnabar, respectively. In the deterioration evaluation, peeling, cracking, break out and exfoliation of the gilt layer are confirmed as damages, but the conservation condition is relatively wholesome. However, the gloss of the gilt layer is calculated to be wider in the poorer part than the maintenance part. The ultrasonic velocity of the statue was calculated to be 1,230 to 3,987 (mean 2,608) m/s and showed a relatively wide range. In infrared thermography, peeling was not confirmed, and no special bonding marks were found. In endoscope, some biological damage and corrosion were observed on the surface of the internal metal, and sealed artifacts were identified. Manufacturing technique based on the study, it is considered that the gilt-bronze seated Buddha was cast at once, and the mold was inverted to inject molten metal.